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Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports Third Quarter 2024 Financial Results
Syntec continues sequential revenue growth with positive EBITDA ROCHESTER, NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Syntec Optics (Nasdaq: OPTX), a leading
About this update from Syntec Optics Holdings, Inc.
[{"type":"text","content":"Syntec continues sequential revenue growth with positive EBITDA\nROCHESTER, NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Syntec Optics (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. Third Quarter 2024 Financial Highlights Net Sales of $7.86 million increased by 12.3% from $7.01 million in Q2 2024, and sales from products of $7.33 million increased by 17.2% from $6.26 million in Q3 2023.Adjusted EBITDA decreased to $1.10 million from $1.32 million in Q2 2024.Earnings per Share decreased to $0.00 from $0.01 in Q2 2024. Dean Rudy, CFO, said, “At the previous earnings call, we provided guidance for the third quarter 2024 revenue to be between $9.5 and $11.0 million. Our revenues came in below this projection at $7.86 million but 12.3% higher than the prior quarter, showing sequential growth. The company ramped up data center connectivity products for increased Artificial Intelligence deployment and continued its production of currently deployed night vision optics and opto-mechanicals, mission-critical biomedical products, space optics, and other diverse products.” Strong End-Market Expansion: Continued production of space optics for Low Earth Orbit (LEO) satellites. Satellite broadband could represent a significant portion of the $1 trillion global space economy by 2040.Ramped up production to nearly triple the quantity per week for the high-growth data center market driven by the deployment of Artificial Intelligence. The data center market is expected to reach $622.4 billion by 2030. Technological Leadership and Innovation: Delivered proof of concept for phase 1 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-enabled biomedical marketplace as $201 billion in total revenues.Delivered designs for complex optical systems, such as high numerical aperture lens systems for digital night vision. Third Quarter 2024 Financial and Operating Results The $7.86 million in net sales for the three months ending 2024 increased 12.3% compared to $7.01 million in Q2 2024. The overall sales increased by 19.2% compared to $6.60 millio...