Q3 2024 RF Industries Ltd Earnings Call Transcript
Key Points
- Net sales increased by 4.5% sequentially and 7.6% year over year, reaching $16.8 million.
- Gross profit margin improved by 510 basis points to 29.5%, reflecting a favorable product mix and increased efficiencies.
- Adjusted EBITDA turned positive for the second consecutive quarter, indicating a reversal from previous losses.
- The company has a strong backlog of $20.1 million, suggesting continued demand and future revenue potential.
- RF Industries Ltd (RFIL) has successfully reduced operating expenses and improved operating leverage, positioning the company for future growth.
- Operating loss was $419,000, although this is an improvement from a $2 million loss year over year.
- Consolidated net loss was $705,000, or $0.07 per diluted share, indicating ongoing financial challenges.
- Non-GAAP net loss was $95,000, or $0.01 per diluted share, showing that profitability has not yet been achieved.
- The company remains reliant on customer-supplied materials, which can impact the timing of order fulfillment.
- Microlab product line experienced volatility and was negatively impacted by carrier spending pauses, affecting overall performance.
Greetings. Welcome to RF Industries' third-quarter fiscal 2024 financial results conference call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Margaret Boyce, Investor Relations at RF Industries. Margaret, you may begin.
Thank you, Paul. Good afternoon, everyone. Welcome to RF Industries third-quarter fiscal 2024 earnings call. With me on today's call are RF Industries' Chief Executive Officer, Rob Dawson; President and COO, Ray Bibisi; and CFO, Peter Yin. We issued our Q3 earnings release after market today. That release is available on our website at rfindustries.com.
I'd like to remind everyone that during today's call, management will make forward-looking statements that involve risks and uncertainties. Please note that except for the historical statements, statements on this call today may constitute forward-looking statements under the Securities Exchange laws. When used, the words anticipate, believe
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