Zacks Investment Research has recently initiated coverage of Syntec Optics Holdings, Inc. (OPTX) with a Neutral rating, reflecting a balanced outlook on the company’s growth potential and financial challenges.Syntec Optics is well-positioned to capitalize on rising demand for Low Earth Orbit (LEO) satellite optics, securing $2.1 million in new space optics orders to support the expanding commercial space industry. The company’s dedicated production cell for space optics enables it to fulfill increasing orde ...

ROCHESTER, NEW YORK, Dec. 19, 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 announced the appointment of Matt Carey to head Business Development and Delivery. Having worked at Syntec Optics previously and returning, Carey brings a wealth of experience and a deep understanding of the Company’s engineering, cust ...

ROCHESTER, NEW YORK, Dec. 16, 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 announced the appointment of Michael J. Ransford as Site Manager. In this role, Ransford will oversee technology and operations. With over 30 years of experience in engineering, operations, and business leadership, Ransford brings a we ...

Shares of Syntec Optics Holdings, Inc. (OPTX) have seen significant volatility since their latest earnings release for the quarter ended Sept. 30, 2024. Since the announcement, the company's stock price has dropped by 36.1%, a stark contrast to the modest 2% decrease seen in the S&P 500 index over the same period. This downward trajectory has also extended over the past month, with Syntec's stock declining by 27.2% compared to a slight 0.6% uptick in the S&P 500.The third-quarter financial results reveal so ...

ROCHESTER, 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 decr ...

Financial Performance - Net sales for the three months ended September 30, 2024, were $7,866,355, an increase of 19.2% compared to $6,600,525 for the same period in 2023[7] - Gross profit for the three months ended September 30, 2024, was $1,833,720, slightly down from $1,844,058 in the same period of 2023, reflecting a gross margin of 23.3%[7] - The company reported a net loss of $13,289 for the three months ended September 30, 2024, compared to a net income of $353,980 for the same period in 2023[7] - Total revenue for the three months ended September 30, 2024, was $7,866,355, a 19.2% increase from $6,600,525 in the same period of 2023[32] - For the nine months ended September 30, 2024, total revenue reached $21,128,263, slightly down by 0.2% compared to $21,177,257 in the same period of 2023[32] - Net loss for 2024 was $(940,589), compared to a net income of $974,767 in 2023[13] Expenses and Costs - The cost of goods sold for the nine months ended September 30, 2024, was $16,412,773, compared to $15,244,863 for the same period in 2023, indicating a year-over-year increase of 7.7%[7] - General and administrative expenses for the three months ended September 30, 2024, increased to $1,727,480 from $1,314,885 in the same period of 2023, representing a rise of 31.4%[7] - Cash paid for interest in 2024 was $459,994, compared to $451,580 in 2023[13] - Cash paid for taxes in 2024 was $568,143, significantly higher than $118,616 in 2023[13] - Depreciation expenses for the three months ended September 30, 2024, were approximately $722,000, compared to $692,000 for the same period in 2023[35] - Total lease cost for the three months ended September 30, 2024, was $76,801, compared to $4,236 for the same period in 2023[46] Assets and Liabilities - Total assets as of September 30, 2024, were $12,123,153, a decrease from $13,063,742 as of December 31, 2023[9] - The company’s retained earnings decreased to $10,192,280 as of September 30, 2024, down from $11,132,869 as of December 31, 2023[9] - Inventory as of September 30, 2024, totaled $7,560,983, an increase of 29.5% from $5,834,109 at the end of 2023[34] - Long-term debt as of September 30, 2024, was $3,232,905, up from $2,441,067 in 2023, reflecting a 32.4% increase[41] - The company had $6,063,863 outstanding under its line of credit as of September 30, 2024, down from $6,537,592 at the end of 2023[39] - The present value of lease obligations as of September 30, 2024, was $2,072,986, with total undiscounted lease obligations amounting to $2,492,686[49] Revenue Segments - Consumer segment revenue for the three months ended September 30, 2024, was $961,058, a decrease of 41.6% from $1,646,128 in 2023[33] - Communication segment revenue increased significantly to $2,305,316 for the three months ended September 30, 2024, compared to $492,439 in 2023, marking a 367.5% growth[33] - Medical segment revenue for the nine months ended September 30, 2024, was $6,972,517, down 9.5% from $7,702,227 in the same period of 2023[33] Shareholder Information - The weighted average number of common shares outstanding was 36,688,266 for both the three and nine months ended September 30, 2024[7] - The net income (loss) per common share for the three months ended September 30, 2024, was $(0.00), compared to $0.01 for the same period in 2023[7] - The company has 14,107,989 warrants outstanding as of September 30, 2024, with an exercise price of $11.50 per share[50] - The company has reserved 2,773,972 shares for the 2023 Equity Incentive Plan, approved by the Board of Directors[56] - The company plans to issue up to 2,000,000 shares as Performance-based Earnout based on achieving specific revenue and EBITDA targets[57] Operational Changes - The merger between OmniLit Acquisition Corporation and Legacy Syntec was completed on November 7, 2023, resulting in Legacy Syntec becoming a wholly owned subsidiary of New Syntec[15] - The historical financial statements of Legacy Syntec became the basis for New Syntec's financial statements post-merger[16] - The company recognizes revenue primarily from three categories: products, custom tooling, and non-recurring engineering services[24] Accounts Receivable - Accounts receivable increased by $845,314 in 2024, while inventory decreased by $(2,010,070)[13] - Accounts receivable balance as of January 1, 2024, was $6,800,064, up from $5,925,724 in 2023[29] - The outstanding accounts receivable from significant customers was approximately $3,622,000 as of September 30, 2024[61] - Deferred revenue balance as of January 1, 2024, was $0, down from $348,095 in 2023[29] Tax Information - The effective income tax rate for the nine months ended September 30, 2024, was 29.17%, compared to 12.52% for the same period in 2023[45] Future Projections - Future lease liabilities for 2025 are projected at $432,009[49] - The weighted average discount rate for finance leases as of September 30, 2024, was 8.40%[48]

Core Viewpoint - Syntec Optics is set to restart manufacturing components for precision-guided munitions in Q1 2025, reinforcing its role as a critical supplier in the defense sector [1][2][6] Group 1: Manufacturing and Supply Chain - The company has been a trusted supplier for the precision-guided munition program since 2004, receiving an excellence award for its contributions [2] - The restart of manufacturing capabilities is expected to fulfill consistent demand over the next five years, beginning with initial orders from the original equipment manufacturer (OEM) [2] - Syntec Optics has a strong track record in delivering innovative laser guidance optics solutions, supported by state-of-the-art manufacturing facilities and an experienced engineering team [3] Group 2: Technology and Product Development - The guidance system includes a laser seeker and optics that enhance precision and reduce collateral damage by adjusting the munition's trajectory towards a laser-marked target [4] - The company manufactures advanced optical and optomechanical components essential for precise guidance and targeting capabilities [5] - Syntec Optics is committed to innovation and continuous improvement, ensuring its products meet high-quality standards in smart optical technologies [6] Group 3: Company Overview - Syntec Optics Holdings, Inc. is one of the largest custom optics and photonics manufacturers in the U.S., operating for over two decades with a competitive advantage in various optics manufacturing processes [7] - Recent product launches include optics for Low Earth Orbit (LEO) satellites, lightweight night vision goggles, biomedical equipment, and precision microlens arrays [7]

ROCHESTER, NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) -- With nearly 11% of the global GDP light-enabled, Syntec Optics Chairman and CEO Al Kapoor is excited to deliver a keynote speech at the Global Photonics Forum, which will be held in Malaga, Spain, on October 1-2, 2024. At this event organized by Optica, a Society that advances optics and photonics worldwide, 300 leaders in the global Photonics ecosystem will discuss the field's impact. Al Kapoor shall reveal how light-enabled products will serve future ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41034 SYNTEC OPTICS HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) | --- | |-------------------------------------- ...

ROCHESTER, 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 ...