WEST PALM BEACH, Fla., July 13, 2026 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTC Pink: SODI) ("Solitron" or the "Company") is pleased to announce fiscal 2027 first quarter results.
FISCAL 2027 FIRST QUARTER HIGHLIGHTS –
Net sales increased 101% to approximately $5.44 million in the fiscal 2027 first quarter versus $2.70 million in the fiscal 2026 first quarter.
Net bookings decreased 48% to $1.45 million in the fiscal 2027 first quarter versus $2.80 million in the prior year first quarter.
Backlog increased 28% to $23.34 million at the end of the fiscal 2027 first quarter as compared to $18.26 million at the end of the fiscal 2026 first quarter.
Net income was $0.99 million, or $0.46 per share, for the fiscal 2027 first quarter versus net loss of ($0.34) million, or ($0.16) per share, for the fiscal 2026 first quarter. Net income in the fiscal 2027 first quarter was impacted by an increase to the contingent consideration of $0.33 million related to the MEI earn out payment based on a large order received after the end of the fiscal quarter.
Revenue continued to be up in the first quarter, similar to the fourth quarter of fiscal year 2026, due to the Company's strong backlog. As previously noted in our last press release, we expected higher revenues in this quarter and anticipate sales to continue to be at this level or greater for the remainder of the 2027 fiscal year.
While the income statement reflects income taxes, no actual income taxes were due as the Company has deferred tax assets related to previous net operating losses.
The Company's backlog continues to be strong. Backlog decreased from $27.28 million at the beginning of the fiscal year to $23.34 million at the end of fiscal 2027 first quarter. However, as noted above the Company's backlog reported at the end of the first quarter doesn't include a $5.04 million order received by MEI after quarter end, which brings the Company's backlog to $26.97 million as of July 2026.
By law, certain U.S. Department of Defense officials and other executive branch agency officials are required to submit reports to Congress describing defense and intelligence-related priorities that were not included in the President's annual budget request. These reports, known as unfunded priorities lists (UPLs), identify certain programs, activities, or mission requirements for which appropriations were not requested, along with the funding amounts that may be necessary to resource them. In the recent unfunded priorities list it has been reported that the U.S. Air Force requested an increase in AMRAAM production from 1,200 annually to 2,400 annually by 2028. AMRAAM is the largest defense program that Solitron supplies to. While the request is positive news, any increase requires Congressional approval, and there are no assurances that approval will happen.