Thu, May 23, 6:07 PM (64 days ago)
Sono-Tek Corporation, a leader in ultrasonic coating systems, reported a 31% increase in net sales for fiscal 2024, reaching $19.7 million. This growth was driven by strong shipments to the Alternative/Clean Energy, Industrial, and Medical markets. Gross profit increased by 29% to $9.8 million, although the gross profit margin slightly decreased to 50% due to product mix and increased costs. Operating income rose by 73% to $1.2 million, despite a 24% increase in operating expenses, which totaled $8.7 million. Net income more than doubled to $1.4 million, up from $636,000 in the previous year. The company maintained a strong balance sheet with no outstanding debt and increased its cash, cash equivalents, and marketable securities to $11.8 million. Looking ahead, Sono-Tek plans to leverage its core ultrasonic coating technology to expand its product portfolio, market reach, and global presence. The company also highlighted potential risks such as economic uncertainty, geopolitical tensions, and supply chain challenges.