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Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports Second Quarter 2024 Financial Results
Syntec achieves sequential revenue growth and returns to positive EBITDA and Earnings per Share. ROCHESTER, NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Syntec
About this update from Syntec Optics Holdings, Inc.
[{"type":"text","content":"Syntec achieves sequential revenue growth and returns to positive EBITDA and Earnings per Share.\nROCHESTER, NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (“Syntec Optics” or the “Company”) (Nasdaq: OPTX), a leading provider of mission-critical products to advanced technology defense, biomedical, and communications equipment manufacturers, today reported financial results for the first quarter of 2024. Second Quarter 2024 Financial Highlights Net Sales of $7.01 million increased by 12% from $6.26 million in Q1 2024, and sales from products increased by 20% from $5.8 million in Q2 2023.Adjusted EBITDA increased to $1.32 million from negative $0.67 million in Q1 2024.Earnings per Share increased to $0.01 from negative $0.03 in Q1 2024. Dean Rudy, CFO, said, “At the previous earnings call, we provided guidance for second quarter 2024 revenue to be between $6.4 and $7.0 million. I am excited to report that our revenues came in just above $7 million, as anticipated. The company ramps up space optics, data center connectivity products for increased Artificial Intelligence deployment, night vision optics and opto-mechanicals, mission-critical biomedical products, and other diverse new launches.” Strong Order Momentum and End-Market Expansion: Secured significant orders for space optics to continue growth in Low Earth Orbit (LEO) satellites. Satellite broadband could represent a significant portion of the $1 trillion global space economy by 2040.Secured follow-up order for defense heads-up microdisplays and a new order for advanced technology – high-resolution, wide-field-of-view, innovative freeform prism subsystem that makes up high-brightness and high-contrast defense microdisplays for viewing vital information. The 2021 SPIE review valued the photonics-enabled defense marketplace at $343.6 billion.Entered the high-growth data center market driven by the deployment of Artificial Intelligence, with the first product order forecasted to more than double to $3.2 million annually within a year. The data center market is expected to reach $622.4 billion by 2030. Technological Leadership and Innovation: Developed advanced optical solutions, including high-performance, disposable optics for biomedical imaging with a multi-angled, wider field of view and increased imaging detail. SPIE assessed the 2021 photonics-en...