Solitron Devices, Inc. Announces Fiscal 2026 First Quarter Results

About this update from Solitron Devices, Inc.

[{"type":"text","content":"WEST PALM BEACH, Fla., July 11, 2025 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is pleased to announce fiscal 2026 first quarter results.","length":184,"tagName":"p"},{"type":"text","content":"FISCAL 2026 FIRST QUARTER HIGHLIGHTS –","length":38,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales decreased 32% to approximately $2.70 million in the fiscal 2026 first quarter versus $3.97 million in the fiscal 2025 first quarter.","length":142,"tagName":"p"}]},{"val":[{"type":"text","content":"Net bookings increased 37% to $2.80 million in the fiscal 2026 first quarter versus $2.04 million in the prior year first quarter.","length":130,"tagName":"p"}]},{"val":[{"type":"text","content":"Backlog increased 94% to $18.26 million at the end of the fiscal 2026 first quarter as compared to $9.41 million at the end of the fiscal 2025 first quarter.","length":157,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income (loss) was ($0.34) million, or ($0.16) per share, for the fiscal 2026 first quarter versus net income of $0.59 million, or $.28 per share, for the fiscal 2025 first quarter.","length":184,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":613,"olType":false},{"type":"text","content":"Revenue continued to be down in the first quarter, similar to the fourth quarter of fiscal year 2025, due to the lag time between receipt of orders and production/fulfillment of those orders. As previously noted in our last press release, we expected lower revenues in this quarter and anticipate sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter.","length":416,"tagName":"p"},{"type":"text","content":"On a positive note, the Company’s backlog remains at record levels. Backlog increased from $18.11 million at the beginning of the fiscal year to $18.26 million at the end of fiscal 2026 first quarter.","length":200,"tagName":"p"},{"type":"text","content":"During the quarter we invested $1.65 million for 6.4% of the units in CBE LLC (“CBE”). CBE purchased a 25% interest in CrossingBridge Advisors (“CrossingBridge”), a subsidiary of ENDI Corp., for $25.9 million. CBE will be entitled to a royalty equal to approximately 14.9% of the revenue of CrossingBridge, which equated to an initial “cap” ra...

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