Business
Cyberlux Corporation (OTC: CYBL) Releases 2023 Annual Report of Financial and Operational Results
Cyberlux Corporation (OTC: CYBL) Releases 2023 Annual Report of Financial and Operational Results.
About this update from Cyberlux Corp.
[{"type":"text","content":"\nCyberlux Corporation (OTC: CYBL), a leading provider of innovative defense technology systems, announced that the Company achieved a record Cash Flow quarter for the period ended December 31, 2023.\n\n\nCyberlux Corporation CEO Mark Schmidt commented on the results: “2023 proved to be a noteworthy year with the strategic restructuring of all Cyberlux business units. The reorganization sharpened our focus on core Department of Defense (DoD) activities and capitalized our strengths in Unmanned Aircraft Technology (UAS) and military communications. This initiative aimed to streamline operations and enhance the company's ability to deliver high-quality products and services to our customers. As a direct result of this strategic realignment, the company achieved immediate success by adding a combined +$105 million in booked revenue, with +$80M in UAS, +$20M in Datron Military Communications (DMC), and +$5M in Special Activities (SA). Cyberlux has positioned itself for sustained growth and continued leadership in the defense industry for 2024 and beyond.”\n\n\nFinancial highlights for 2023:\n\n\n• Completed the acquisition of Datron system which provided a provider of communications solutions to government, militaries, and industrial users globally. Datron has a long history of product development and manufacturing quality products and has the infrastructure to support such activities.\n• Secured a $79 million contract with US DoD to supply Cyberlux K8 Unmanned Aircraft Systems. Cyberlux received $39 million up front cash upon signing the contract, shipped $15 million of product during 2023, and are still holding $23 million in advance payments at December 31, 2023.\n• Divested three foreign subsidiaries, which will significantly simplify Cyberlux’s business operations, financial statement, and income tax reporting. The company reported the operations of these subsidiaries as a discontinued operation in the 2023 and 2022 financial statements.\n• Improved financial and accounting capabilities with the hiring of a Fractional CFO, an outsourced accounting and tax firm and the systems/capabilities of the Datron team.\n• Finished the 2023 year with $3 million of cash.\n• Undertook the reconciliation of equity and debt transactions from the company books to the transfer agent records. ...