Business
Lifeloc Technologies Reports 2024 Full Year Results
WHEAT RIDGE, CO / ACCESS Newswire / March 28, 2025 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2024 fiscal year ended ...
About this update from Lifeloc Technologies, Inc.
[{"type":"text","content":"WHEAT RIDGE, CO / ACCESS Newswire / March 28, 2025 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2024 fiscal year ended December 31, 2024.","length":266,"tagName":"p"},{"type":"text","content":"2024 Financial HighlightsLifeloc Technologies posted annual net revenue of $8.538 million resulting in a net loss of ($1.053) million in 2024, or ($0.41) per diluted share. These results compare to net revenue of $9.330 million for 2023, with net profit of $205.6 thousand, or $0.08 per diluted share. Revenues for 2024 declined by 8% versus 2023, in part because revenue in 2023 reflected pent-up demand that had leveled out by 2024, and in part from the adverse increasing impact of inflation on customer budgets. Total gross margin in 2024 declined to 40.4% versus 43.3% for 2023, due to a combination of reduced volume as well as component inflation. The sales decline, increased costs, as well as record research and development investment all contributed to the loss for the year. We expect more broadly applied price increases to improve margins in 2025.","length":862,"tagName":"p"},{"type":"text","content":"We believe our core alcohol detection product line-up is strong. The L-series LX9 and LT7 units have features and performance that are driving market penetration by meeting previously unaddressable market needs, such as smart phone pairing, wider temperature use ranges and fast customization that incorporates local languages. We expect that sales of our newer L-series devices will be incremental to FC-series devices rather than displacing FC sales. The L-series devices have been certified to meet the requirements of most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. We continue to evolve the capability and certifications of these units to add more value and gain market share. Our FC-series devices remain popular with many law enforcement and international organizations. Our Easycal® automated calibration station, the only automated calibration available for portable breath alcohol testers, builds valuable protection around our brand and contributes to market share gains across the board, especially for our workplace ...