Financial Data and Key Metrics Changes - First quarter revenue was $19.1 million, representing a 4.5% increase year-over-year and a 6.3% increase sequentially [7][15] - Gross margin improved to 47% in Q1 2025, up from 34.5% in Q1 2024 and 41.2% in Q4 2024 [15][16] - Net income for Q1 2025 was $2.1 million or $0.55 per diluted share, compared to $681,000 or $0.19 per diluted share in Q1 2024 [7][16] - Non-GAAP adjusted earnings were $2.6 million or $0.68 per diluted share, compared to $1.1 million or $0.30 per diluted share in the same period last year [7][16] - Backlog as of March 31, 2025, was $18.8 million, slightly down from $19 million at the end of Q1 2024 [8] Business Line Data and Key Metrics Changes - The BKR 5000 single band radio maintained strong demand, while the BKR 9000 multiband radio is gaining traction in the market [13] - The company expects revenue and gross margin to expand as the BKR 9000 becomes a larger contributor to overall revenues [13] Market Data and Key Metrics Changes - Federal orders were light in Q1 due to delays in passing the continuing resolution, but increased orders are expected as funding has been approved [14][36] - Approximately 95% of product revenue comes from finished goods manufactured in the USA, Mexico, and Vietnam, with ongoing monitoring of tariff impacts [10][12] Company Strategy and Development Direction - The company is focused on enhancing profitability through a shift to higher margin products and a successful transition to a contract manufacturing model [7][8] - The 2025 targets include single-digit full-year revenue growth and a gross margin of at least 42% [19] - Continued investment in sales and marketing efforts for the BKR 9000 and R&D capabilities for BK1 offerings is planned [20][21] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the uncertain macroeconomic environment, particularly regarding tariffs, but remains confident in long-term profitable growth [19][20] - The company is well-positioned to capture new customers and address new market verticals [21] Other Important Information - The balance sheet remains strong with approximately $8.9 million in cash and cash equivalents and no debt as of March 31, 2025 [17] - SG&A expenses increased to approximately $6 million in Q1 2025 from $5.3 million in the same quarter last year [15][16] Q&A Session Summary Question: Was Q1 impacted by any pull in orders? - Management indicated that Q1 was not impacted by pull-in orders, and federal orders were delayed due to the continuing resolution [23][25] Question: What are the expectations for gross margins in Q2? - Management expects gross margins to remain above 42%, despite some tariffs impacting products from Vietnam [26][27] Question: Will revenue from the BKR 9000 increase sequentially in Q1? - Management confirmed that revenue from the BKR 9000 was up sequentially in Q1 [29] Question: How does the continuing resolution affect seasonality? - Management noted that the continuing resolution has allowed key customers to receive funding, but there are delays due to personnel changes [35][36] Question: What is the long-term target for SG&A as a percentage of revenue? - Management indicated that SG&A costs are relatively fixed, but investments in marketing and new product development will lead to some incremental costs [48][49]

Financial Performance - Revenue increased to $19.1 million, driven by strong demand for BKR Series radios[7] - Gross margins significantly enhanced to 47.0%[7], surpassing the target margin level of 35%[9] - Fully diluted EPS reached $0.55, and non-GAAP adjusted EPS was $0.68[7] - Adjusted EBITDA was $3.226 million[14] - Adjusted Net Income was $2.650 million[14] Growth Drivers and Future Outlook - Strong demand for BKR 5000 single band radio and BKR 9000 multiband radio[13] - The company expects single-digit revenue growth in FY25 with a target gross margin of at least 42%[31] - Development of BKR 9500 mobile radio is underway, with revenue recognition expected to begin in 2027[31] Financial Position - Working capital increased from $23.0 million to $24.6 million[25] - Shareholders' equity increased from $29.8 million to $32.4 million[26]

BK Technologies First Quarter 2025 Results [Financial & Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20and%20Operational%20Update) BK Technologies started 2025 strongly with 4.5% revenue growth, significant gross margin improvement, and substantial EPS growth, reiterating full-year guidance Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $19.1 million | $18.2 million | +4.5% | | Gross Margin | 47.0% | 34.5% | +12.5 p.p. | | GAAP Diluted EPS | $0.55 | $0.19 | +189.5% | | Non-GAAP Adjusted Diluted EPS | $0.68 | $0.30 | +126.7% | - The company reiterated its full-year 2025 guidance, targeting GAAP EPS to exceed **$2.40** per diluted share and non-GAAP adjusted EPS to exceed **$2.80** per diluted share[5](index=5&type=chunk)[7](index=7&type=chunk) - The order backlog stood at **$18.8 million** as of March 31, 2025, slightly down from **$19.0 million** a year prior[5](index=5&type=chunk) - The significant improvement in gross margin was attributed to a favorable product sales mix and the successful manufacturing transition to East West Manufacturing, whose production in Mexico remains tariff-free under the USMCA[5](index=5&type=chunk)[6](index=6&type=chunk) [Management Commentary & Outlook](index=2&type=section&id=Management%20Commentary%20%26%20Outlook) Management attributes strong Q1 performance to improved gross margin and manufacturing transition, with solid state/local demand and emerging federal orders post-budget, reaffirming full-year outlook - Continued solid demand was observed from state and local government markets for the BKR Series radios[6](index=6&type=chunk) - Federal orders were light in Q1 2025 due to the delayed passing of a full-year continuing resolution by Congress. With the resolution now signed, increased order activity from federal customers is beginning to emerge[6](index=6&type=chunk) - The company reaffirmed its full-year 2025 guidance for GAAP EPS to exceed **$2.40** and non-GAAP adjusted EPS to exceed **$2.80** per diluted share[7](index=7&type=chunk) [Detailed Financial Review](index=2&type=section&id=First%20Quarter%202025%20Financial%20Review) Q1 2025 saw operating income surge to $2.9 million and net income more than triple, driven by higher revenue and gross margin expansion, with working capital increasing to $24.6 million Q1 2025 Income Statement Highlights (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $19.1 million | $18.2 million | | Gross Margin | 47.0% | 34.5% | | SG&A Expenses | $6.0 million | $5.3 million | | Operating Income | $2.9 million | $983,000 | | Net Income | $2.1 million | $681,000 | - Non-GAAP adjusted EBITDA more than doubled to **$3.2 million** in Q1 2025, compared to **$1.4 million** in Q1 2024[12](index=12&type=chunk) - Working capital increased to **$24.6 million** at March 31, 2025, from **$23.0 million** at December 31, 2024. The cash, cash equivalents, and trade receivables portion of working capital grew to **$19.1 million** from **$14.4 million**[12](index=12&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents detailed financial statements, including the Statement of Operations, Balance Sheets, and Reconciliation of Non-GAAP Measures, highlighting performance and financial position [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 vs Q1 2024 Statement of Operations (in thousands) | Line Item | Q1 2025 (3/31/25) | Q1 2024 (3/31/24) | | :--- | :--- | :--- | | Sales, net | $19,054 | $18,231 | | Operating income | $2,916 | $983 | | Income before income taxes | $2,802 | $702 | | Net income | $2,132 | $681 | | Diluted EPS | $0.55 | $0.19 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Highlights (in thousands) | Line Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $8,920 | $7,075 | | Total current assets | $39,803 | $36,941 | | Total assets | $56,066 | $51,499 | | Total current liabilities | $15,243 | $13,974 | | Total liabilities | $23,697 | $21,668 | | Total stockholders' equity | $32,369 | $29,831 | [Reconciliation of Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) Reconciliation to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 (3/31/25) | Q1 2024 (3/31/24) | | :--- | :--- | :--- | | Net Income | $2,132 | $681 | | Adjustments (Interest, Tax, D&A) | $1,094 | $602 | | EBITDA | $3,226 | $1,283 | | Severance | - | $127 | | **Adjusted EBITDA** | **$3,226** | **$1,410** | Reconciliation to Adjusted Earnings (Non-GAAP) (in thousands) | Line Item | Q1 2025 (3/31/25) | Q1 2024 (3/31/24) | | :--- | :--- | :--- | | Net Income | $2,132 | $681 | | Adjustments (Investments, Stock Comp, etc.) | $518 | $393 | | **Adjusted Earnings (Non-GAAP)** | **$2,650** | **$1,074** | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides standard disclosures, including investor call details, explanations of non-GAAP measures, business description, and forward-looking statements with associated risks - The company uses non-GAAP measures such as **Adjusted EBITDA** and **Adjusted EPS** to provide investors with a better understanding of operational performance by excluding items like non-cash stock compensation and other one-time charges[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - The press release contains forward-looking statements concerning the company's operations and financial condition, which are subject to various risks and uncertainties detailed in the company's SEC filings[20](index=20&type=chunk) - A conference call and webcast for investors was scheduled for May 13, 2025, at 9:00 a.m. Eastern Time to discuss the results[13](index=13&type=chunk)

Financial Performance - The net income for the three months ended March 31, 2025, was $2,132, leading to a basic income per share of $0.60 and diluted income per share of $0.55[57]. - The Company recorded an income tax expense of $670 for the three months ended March 31, 2025, resulting in an effective tax rate of 24.8%[47]. - Non-cash share-based employee compensation expense was $118 for the three months ended March 31, 2025, compared to $55 for the same period last year[58]. - The Company recorded non-cash share-based employee compensation expense of $275 for the three months ended March 31, 2025, compared to $121 for the same period last year, reflecting a significant increase of approximately 127%[61]. - The total lease cost for the three months ended March 31, 2025, was $169, slightly up from $168 for the same period last year[76]. Inventory and Receivables - Inventories as of March 31, 2025, totaled $16,233, a decrease from $17,636 as of December 31, 2024, with allowances for slow-moving inventory at approximately $1,624[46]. - The allowance for credit losses on trade receivables was approximately $50 on gross trade receivables of $10,221 as of March 31, 2025[45]. - The Company had purchase commitments for inventory totaling approximately $11,835 as of March 31, 2025[63]. Manufacturing and Operations - The Company transitioned its manufacturing activities to East West Manufacturing, which will exclusively manufacture the Company's radio product line under a three-year agreement[42]. - East West purchased 77,520 shares of the Company's common stock for $1,000, at a price per share of $12.90, based on the average closing price over the previous 30 trading days[42]. - The Company issued 89,248 shares of Common Stock to East West Manufacturing, LLC as a result of a cashless exercise of a warrant on May 2, 2025[78]. Liabilities and Legal Matters - The Company assessed its liabilities and contingencies related to legal matters, stating that no pending material claims or legal matters were present as of March 31, 2025[62]. - The Company recorded a decrease in the valuation allowance of approximately $3.6 million for deferred tax assets as of December 31, 2024[49]. Market Conditions - Geopolitical tensions have led to market volatility, which could impact the Company's operations and financial performance[65]. - Sales to United States government agencies represented approximately $2,078 (10.9%) of the Company's net total sales for the three months ended March 31, 2025, a decrease from $9,830 (53.9%) in the same period last year[64]. Credit Facilities - The Company entered into a new credit facility with Fifth Third Bank, providing a one-year revolving line of credit with a maximum commitment of $6 million, expandable to $10 million under certain conditions[41]. - The Company has not utilized funding under the $6 million Revolving Loan Commitment as of March 31, 2025, with no outstanding borrowings[66][70]. Capital Expenditures - Capitalized product development costs increased to $440 for the three months ended March 31, 2025, compared to $147 for the same period in 2024[52]. - As of March 31, 2025, the Company had outstanding stock options totaling 320,168, with a weighted average exercise price of $16.25 and an aggregate intrinsic value of $7,354,353[60]. Lease Information - The weighted average remaining lease term as of March 31, 2025, was 2.14 years, with a weighted average discount rate of 5.50%[77].

Core Insights - BK Technologies Corporation (BKTI) has experienced a significant stock price increase of 33.9% since its earnings report for the quarter ended December 31, 2024, outperforming the S&P 500 Index, which declined by 1.9% during the same period [1] Financial Performance - For Q4 2024, BK Technologies reported revenues of $17.9 million, a 9.9% increase from $16.3 million in the same quarter last year [2] - The diluted GAAP earnings per share (EPS) surged to $0.93 from $0.08, aided by a one-time, non-cash income tax benefit of $0.37 [2] - Non-GAAP adjusted diluted EPS rose to $0.61 from $0.20, marking a 205% year-over-year increase [2] - Full-year revenues reached $76.6 million, up 3.4% from $74.1 million in 2023 [3] - Full-year diluted GAAP EPS was $2.25 compared to a loss of $0.65 in the previous year, while non-GAAP adjusted EPS increased to $2.30 from break-even in 2023 [3] - Operating income for Q4 rose to $2.2 million from $0.4 million in the prior-year quarter, with full-year operating income at $7.8 million against an operating loss of $0.8 million in the previous year [3] Margins and Operational Metrics - Gross margins improved to 41.2% in Q4 from 35.1%, with a full-year gross margin of 37.9% compared to 30% in 2023 [4] - Non-GAAP adjusted EBITDA for Q4 was $2.8 million, up 116.9% from $1.3 million a year ago, while full-year adjusted EBITDA rose to $10.4 million from $1.5 million [5] - SG&A expenses for Q4 were $5.2 million, down 3% from $5.3 million in the same period last year [5] - The company ended 2024 with a backlog of $21.8 million, up from $16 million at the end of 2023, indicating strong future demand [5] Balance Sheet and Working Capital - Working capital improved to $23 million from $16.8 million a year earlier, with a strengthened balance sheet showing $7.1 million in cash and no long-term debt [6] - Shareholders' equity increased to $29.8 million from $21.3 million at the end of 2023 [6] Management Commentary - CEO John Suzuki highlighted Q4 as a period of exceptional execution, with revenue growth, margin expansion, and profitability exceeding expectations [7] - The success was attributed to strong market adoption of the BKR 9000 multiband radio, expanding sales beyond traditional segments [7] - Management noted a decrease in revenue expected from federal agencies, projecting only 35% of 2025 revenue from this source, down from 49% in 2023, indicating broader market penetration [7] Pricing and Future Outlook - The company implemented price increases of 5–10% on radios and accessories in early 2025, which are expected to be margin-accretive [8] - For fiscal 2025, BKTI targets single-digit revenue growth with gross margins of at least 42% and expects GAAP diluted EPS to exceed $2.40 and non-GAAP adjusted EPS to surpass $2.80 [11] New Developments - In March 2025, BK Technologies announced the rebranding and expansion of its SaaS business under the BK ONE Solutions unit, which includes new offerings aimed at enhancing first-responder communications [12] - Development is underway for the BKR 9500 mobile radio, expected to enter the market in 2027 [13]

Analyst's Disclosure: I/we have a beneficial long position in the shares of BKTI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. BK Technologies ( BKTI ) it's a story of significant margin expansion thanks to its new BKR 9000 radios and the development of proprietary sof ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 increased by 9.9% to $17.9 million, with full-year revenue reaching $76.6 million, up from $74.1 million in 2023 [7][23] - Gross margin for Q4 2024 was 41.2%, compared to 35.1% in Q4 2023, and full-year gross margin improved to 37.9% from 30% in 2023 [23][25] - Fully diluted GAAP EPS for Q4 2024 was $0.93, significantly up from $0.08 in the prior year, while full-year GAAP EPS was $2.35 compared to a loss of $0.65 in 2023 [25][27] Business Line Data and Key Metrics Changes - The BKR 9000 product line showed strong order activity, with a backlog of $21.8 million at year-end, up $5.8 million from the previous year [12] - The shift in product mix towards the BKR 9000 contributed to improved gross margins, with expectations for continued momentum in 2025 [11][14] Market Data and Key Metrics Changes - The federal government is expected to contribute only 35% of revenue in 2025, down from 49% in 2023, indicating a shift towards state and local government markets [17] - Initial customer feedback on recent price increases of 5% to 10% has been supportive, with no observed demand changes [15] Company Strategy and Development Direction - The company aims for single-digit revenue growth in 2025, targeting a gross margin of at least 42% and GAAP diluted EPS exceeding $2.40 [31] - Investments in sales and marketing will be increased to accelerate the adoption of the BKR 9000, alongside R&D investments to enhance software capabilities [32][34] - The rebranding of the SaaS business unit to BK One Solutions aims to address interoperability challenges in public safety communications [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment, particularly regarding tariffs, and emphasized the importance of delivering quality products while maintaining profitability [14][17] - The company is optimistic about its growth trajectory and believes it is well-positioned to enhance shareholder value through 2025 and beyond [37] Other Important Information - The company reported a significant improvement in its balance sheet, with cash and cash equivalents of approximately $7.1 million and no debt as of December 31, 2024 [29] - Non-GAAP adjusted EBITDA for the full year 2024 was $10.4 million, a substantial increase from $1.5 million in 2023 [21][27] Q&A Session Summary Question: How has order activity been year to date? - Management indicated that first-quarter order volume is in line with expectations, with federal government funding expected to flow in the second quarter [40][42] Question: Where is the most interest for the BKR 9000? - Interest is primarily in the state and local markets, where the multiband capabilities of the BKR 9000 are particularly attractive [44][46] Question: What is the timeline for the software initiative to become a bigger part of the P&L? - Management is still assessing the market for the software solutions and expects to provide clarity on the potential size of the solutions business by the end of 2025 [48][52] Question: Can margin improvement continue even before the price increase? - Management expects healthy margins in Q1 but anticipates a drop in gross margin in Q2 due to tariffs, with expectations to stabilize in the second half of the year [82][84] Question: Will the software side become a revenue source? - While the software business is currently small, it is expected to grow, particularly with the addition of new products to the portfolio [92][94]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 increased by 9.9% to $17.9 million, with full year revenue reaching $76.6 million, up from $74.1 million in 2023 [7][23] - Gross margin for Q4 2024 was 41.2%, compared to 35.1% in Q4 2023, and full year gross margin improved to 37.9% from 30% in 2023 [23][25] - Fully diluted GAAP EPS for Q4 2024 was $0.93, significantly up from $0.08 in the prior year, while full year GAAP EPS was $2.35 compared to a net loss of $0.65 in 2023 [25][27] Business Line Data and Key Metrics Changes - The BKR 9000 product line showed strong momentum, contributing to increased order activity and a backlog of $21.8 million at year-end, up $5.8 million from the previous year [11][12] - Non-GAAP adjusted EPS for Q4 2024 was $0.61, a significant increase from $0.20 in Q4 2023, with full year non-GAAP adjusted EPS reaching $2.30 compared to breakeven in 2023 [10][27] Market Data and Key Metrics Changes - The federal government is expected to contribute only 35% of revenue in 2025, down from 49% in 2023, indicating a shift towards state and local government markets [17] - Initial customer feedback on recent price increases of 5% to 10% has been supportive, with no observed demand changes [15] Company Strategy and Development Direction - The company aims for single-digit revenue growth in 2025, targeting a gross margin of at least 42% and GAAP diluted EPS exceeding $2.40 [31] - Investments in sales and marketing will be increased to accelerate the adoption of the BKR 9000, alongside R&D investments to enhance software capabilities [32] - The rebranding of the SaaS business unit to BK One Solutions aims to address interoperability challenges in public safety communications [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment, particularly regarding tariffs, and emphasized the importance of delivering quality products while maintaining profitability [14][17] - The company is optimistic about its growth trajectory, believing it is well-positioned to enhance shareholder value through 2025 and beyond [38] Other Important Information - The company reported a significant improvement in its balance sheet, with cash and cash equivalents of approximately $7.1 million and no debt as of December 31, 2024 [29] - Non-GAAP adjusted EBITDA for Q4 2024 was $2.8 million, compared to $1.3 million in Q4 2023, with full year adjusted EBITDA of $10.4 million [27][21] Q&A Session Summary Question: How has order activity been year to date and are sales cycles lengthening? - Management indicated that first quarter order volume is in line with expectations, with federal government funding now available for the second quarter [40][42] Question: Where is the most interest for the BKR 9000? - Interest is primarily in the state and local markets, where the multiband capabilities of the BKR 9000 are particularly attractive [44][46] Question: What is the timeline for the software initiative becoming a bigger part of the P&L? - Management is still assessing the market for the software solutions, with hopes to provide clarity by the end of 2025 [48][52] Question: Can the company continue to show margin improvement despite backlog not including price increases? - Management expects healthy margins in Q1 but anticipates a drop in gross margin in Q2 due to tariffs, with a return to around 42% in the second half of the year [84][86] Question: Will the software solutions become a revenue source? - While currently small, the software solutions are expected to grow and could become a breakeven or profit center in the future [92][96]

NYSE American: BKTI Fourth Quarter & Full Year 2024 Earnings Results Thursday, March 27th, 2025 Safe Harbor Statement 2 This press release contains statements about future events and expectations which are "forward-looking statements" within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Exchange Act.. These forward-looking statements concern the Company's operations, economic performance, and financial condition, including, but not limited to the Company's long-term s ...

Revenue Growth - Full year 2024 revenue increased to $76.6 million, up from $74.1 million in 2023, representing a growth of 3.4%[10] - Fourth quarter revenue of $17.9 million increased 9.9% compared to $16.3 million in the fourth quarter of 2023[4] - For the three months ended December 31, 2024, net sales increased to $17,927,000, a 9.9% increase from $16,309,000 for the same period in 2023[27] Earnings Performance - Full year GAAP diluted EPS of $2.25 exceeded the target of $1.65 per share, while non-GAAP adjusted EPS of $2.30 surpassed the target of $1.92 per share[4] - The company reported a basic net income per share of $2.35 for the twelve months ended December 31, 2024, compared to a loss of $0.65 for the same period in 2023[27] - Adjusted earnings per share (diluted) for the twelve months ended December 31, 2024, was $2.30, compared to $0.00 for the same period in 2023[31] Profitability and Margins - Fourth quarter gross margin improved to 41.2%, up from 35.1% in the same period last year, and full year gross margin was 37.9%, compared to 30.0% in 2023[4][10] - Full year 2024 operating income totaled $7.8 million, a significant improvement from an operating loss of $777,000 in 2023[12] - Operating income for the twelve months ended December 31, 2024, was $7,828,000, compared to a loss of $777,000 for the same period in 2023[27] - Net income for the three months ended December 31, 2024, was $3,657,000, significantly up from $290,000 in the same period of 2023, representing a 1,160.3% increase[27] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $10,390,000, compared to $1,473,000 for the same period in 2023, indicating a substantial growth[31] Financial Health - Order backlog at December 31, 2024, was $21.8 million, compared to $16.0 million at December 31, 2023, indicating strong demand[5] - Total assets increased to $51,499,000 as of December 31, 2024, up from $49,408,000 as of December 31, 2023[29] - Current liabilities decreased to $13,974,000 as of December 31, 2024, down from $20,418,000 as of December 31, 2023, reflecting improved financial health[29] - Cash and cash equivalents increased to $7,075,000 as of December 31, 2024, compared to $3,456,000 as of December 31, 2023, indicating improved liquidity[29] - The company’s accumulated deficit decreased to $(15,850,000) as of December 31, 2024, from $(24,209,000) as of December 31, 2023, showing progress in profitability[29] Future Outlook - The company expects full year 2025 GAAP EPS to exceed $2.40 per diluted share and non-GAAP adjusted EPS to exceed $2.80 per diluted share[5] - The company is expanding its offerings with new software and products in 2025, including the establishment of a Solutions business unit[5] Expenses Management - Selling, General & Administrative expenses decreased to $21.2 million in 2024, down from $23.0 million in 2023[11] EBITDA Performance - Non-GAAP adjusted EBITDA for the fourth quarter of 2024 was $2.8 million, compared to $1.3 million in the fourth quarter of 2023[9]