Syntec Optics报告2024财年销售额创纪录2，840万美元，尽管EBITDA下降，仍投资330万美元购买新设备

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 & scientific instruments manufacturers, reported financial and operational results for the full year 2024 and first half 2025.

Full Year 2024 Financial Highlights

• Sales from products increase by $1.9 million year-over-year
• Adjusted EBITDA of $2.2 million was positive but down $3.1 million from the 2023 adjusted EBITDA of $5.3 million
• Cash, including available lines of credit, was nearly $5.1 million

First Half 2025 Financial Highlights

• Net Sales of $13.6 million, up $0.3 million from $13.3 million compared to 2024
• Adjusted EBITDA as a percentage of revenue increased to 15.3% for the six months ended June 30, 2025, compared to 5.8% for the same period in 2024
• Cash, including available lines of credit, was $4.3 million
• 8% of principal on commercial bank lines was paid down during the six months ended June 30, 2025
• Net income for the six-month period ending June 30, 2025, improved by $0.9 million versus the same period in 2024

Operational and Business Highlights

• Entered a new end-market - Energy - by enabling light for space-based solar power and grid-scale fusion energy products in the first half of 2025
• Strengthened the management team in the first part of 2025 for public markets
• Continued production on night vision goggles, integrated scope, and other aiming scope optics for defense in 2024 and the first half of 2025
• Continued production for disposable optics for biomedical diagnostics in 2024 and the first half of 2025
• Continued production for Low Earth Orbit Satellite Space Optics in 2024 and the first half of 2025
• Launched one new product in optical connectivity for Artificial Intelligence deployment-based scaling of data centers in 2024, and started production runs in the first half of 2025
• Initiated engineering that expands the space optics line of products into new products for complementary ground networks and satellite path tracking

The calendar year 2024 was marked by record-high Net Sales and growth within the new end-market – Communications, a double-digit increase. This includes sales for Space Optics and AI-driven Data Center optical connectivity.

Syntec Optics leveraged a robust platform and continued to innovate, offering products for existing markets and utilizing existing capabilities to serve existing customers. Space Optics reached higher production levels. Next, low-weight hybrid optics used in night vision goggle systems are finalizing volume production OEM acceptances. Production ramp occurs after the product is produced on a higher volume line, meets customer specifications, and is integrated into the end product by the customer for final OEM acceptance.

Full Year 2024 Financial and Operating Results

Sales from products increase by $1.9 million year-over-year in the Net Sales of $28.4 million, reflecting strong gains in capacity utilization and robust product demand while moving from pilot plant to mass production on several major product lines.

Adjusted EBITDA of $2.2 million decreased from the 2023 adjusted EBITDA of $5.3 million, primarily driven by the decrease in net income resulting from the costs associated with the company's transition and reorganizing for public markets, which the company believes can be reduced in the years to follow. 

Specifically for the fourth quarter, we provided guidance at our last call that fourth-quarter revenue would exceed $7.4 million. Our actual revenue for the quarter was $7.3 million. 

We are pleased to announce that in 2024, we invested $3.3 million in state-of-the-art equipment to enhance our capacity to reliably service our customers. These investments will enable us to continue developing our key technologies for our customers in 2025 and beyond.

First Half 2025 Financial and Operating Results

Sales for the six months ended June 30, 2025, totaled $13.6 million, an increase of $0.3 million from the same period in 2024. This growth was driven by increases in biomedical industry sales of $0.8 million and defense tech industry sales of $0.6 million.  

Gross profit for the six months was $3.9 million, a $1.0 million improvement over 2024's $2.9 million gross profit, moving our gross margin from 22% for the six months ending June 30, 2024, up to 29% for the six months ending June 30, 2025.  Improvements across materials, labor, and manufacturing overhead all contributed to the improvements as the Company drives towards greater efficiencies. The company believes it will continue to improve gross profits as yields improve.

General and administrative expenses for the six months ending June 30, 2025, were $3.5M, a $0.6 million reduction from 2024. There were reductions of $0.4 million in outside consulting, $0.1 million in travel.

Adjusted EBITDA of $2.1 million increased by $1.2 million from the first half of the prior year, resulting in our adjusted EBITDA as a percentage of revenue rising from 5.8% in 2024 in the same period to 15.3% for the six months ended June 30, 2025, representing a significant improvement in profitability. 

The Company ended the second quarter of 2025 with unused lines of credit totaling $1.5 million and $2.8 million, as well as a paydown of 8% principal on other commercial bank lines for the six months ended June 30, 2025.

Net income for the six-month period ending June 30, 2025, of $0 million was an improvement of $0.9 million versus the same period in 2024, reflecting a $1.0 million improvement in gross profit and a $0.6 million reduction in general and administrative expenses, partially offset by increased interest and other expenses.