Business
Cemtrex Reports Third Quarter 2024 Financial Results
Q3’24 Industrial Services Segment Revenue Increased 49% to $8.5M; Management to Host Conference Call Today at 5:00 p.m. ET Hauppauge, NY, Aug. 14, 2024 (GLOBE
About this update from Cemtrex Inc.
[{"type":"text","content":"Q3’24 Industrial Services Segment Revenue Increased 49% to $8.5M; Management to Host Conference Call Today at 5:00 p.m. ET\nHauppauge, NY, Aug. 14, 2024 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, has reported its unaudited financial and operational results for the fiscal third quarter ended June 30, 2024. Key Third Quarter FY 2024 and Subsequent Highlights Revenue for Q3’24 was flat at $14.7 million, compared to revenue of $14.7 million for Q3’23. Security segment revenues decreased 31% to $6.2 million in Q3’24 due primarily to the delay of multiple projects for the segment’s products and services.Industrial Services segment revenues for Q3’24 increased 49% to $8.5 million, on increased demand and additional revenue from the Heisey Mechanical acquisition completed in Q4’23. Revenue for the nine months ended June 30, 2024 increased 14% to $48.7 million, compared to revenue in the prior year period of $42.8 million. Security segment revenues for the nine months ended June 30, 2024, decreased 10% to $23.4 million compared to $25.9 million for the nine months ended June 30, 2023.Industrial Services segment revenues for the nine months ended June 30, 2024, increased 50% to $25.3 million compared to $16.8 million for the nine months ended June 30, 2023. Closed $10 million upsized underwritten public offering to conduct operations, increase marketing efforts, invest in existing business initiatives and products, and for the partial repayment of indebtedness.Cash, cash equivalents and restricted cash as of June 30, 2024 was $7.6 million, compared to $6.3 million as of September 30, 2023. Management Commentary Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “In the third quarter we continued to see momentum in our segments, sustaining revenue year over year at $14.7 million. Significant demand for AIS products and services drove a 49% increase in revenue to $8.5 million, offset by decreases in Vicon revenue due to the delay of multiple projects and a weaker industrywide demand for security solutions. “Operating loss for the third quarter was $3.2 million, compared to operating income of $0.1 million a year ago, mainly due to decreased gross profit in our Security segment and increased G&A expenses. The operating loss for the nine-month perio...