Q4 2024 Precision Optics Corporation Inc Earnings Call Transcript
Key Points
- Precision Optics Corp Inc (POCI) reported final revenue numbers of $19.1 million for the fiscal year, slightly above the preannounced range.
- The company successfully rebuilt its revenue base despite losing significant programs, with new programs moving from product development to production.
- Record-breaking $9 million production order announced in May, with expectations of increased revenue from this order in fiscal 2025.
- Product development revenue grew by nearly 24% year over year, indicating strong market demand.
- The company has strengthened its team and invested in operational infrastructure, including a new ERP system and additional engineering talent.
- Revenue for fiscal 2024 was down 6.6% compared to fiscal 2023, excluding one-time technology license revenue.
- Gross margins decreased to 30% for the year, compared to 38% last year, due to lower revenue and less absorption of fixed costs.
- The company faced specific delays in key programs, impacting fourth-quarter revenue by approximately $500,000 to $600,000.
- Net loss for fiscal 2024 was $3 million, significantly higher than the $145,000 loss last year.
- Adjusted EBITDA was negative $1.6 million for fiscal 2024, compared to a positive adjusted EBITDA of $491,000 last year.
Good afternoon, and welcome to the Precision Optics fourth-quarter and fiscal-year 2024 financial results conference call. (Operator Instructions)
I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead.
Thank you very much, Gary, and everyone, joining the call today. As the operator mentioned, on today's call, we will discuss Precision Optics' fourth-quarter and fiscal-year 2024 financial results for the period ending June 30, 2024. With us on the call representing the company today is Dr. Joe Forkey, Precision Optics' Chief Executive Officer; and Mr. Wayne Coll, the company's Chief Financial Officer.
At the conclusion of today's prepared remarks, we'll open the call for a question-and-answer session. (Operator Instructions)
Before we begin with prepared remarks, we submit, for the record, the following statement. Statements made by the management team of Precision Optics during the course of this conference call may contain forward-looking
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