Core Viewpoint - Precision Optics Corporation reported its first quarter fiscal year 2025 results, showing a slight decline in revenue and increased net loss compared to the same quarter last year, but anticipates significant revenue growth and improved adjusted EBITDA in the upcoming quarters [2][4]. Financial Performance - Revenue for Q1 2025 was $4.2 million, a decrease from $4.3 million in Q1 2024, aligning with prior expectations [2][4]. - Engineering revenue remained stable at $1.9 million, while production revenue decreased to $2.3 million from $2.4 million year-over-year [2]. - Gross margins fell to 26.6% from 33.9% in the same quarter of the previous year [2]. - The net loss for the quarter was $1.3 million, compared to a loss of $0.5 million in the same quarter last year [2][4]. - Adjusted EBITDA was $(1.0) million, worsening from $(0.2) million in the same quarter of the previous year [2]. Recent Developments - In October 2024, the company accelerated production deliveries for a $9 million order following FDA clearance for a urological endoscope, estimating $3.6 million in product deliveries for the fiscal year ending June 2025 [3]. - Precision Optics received a $340,000 initial production order from a global medical device company for a new single-use ophthalmic endoscope, with expectations for follow-on orders [3]. Management Commentary - CEO Joseph Forkey stated that the first quarter results met expectations and highlighted a rapid ramp-up in production revenue, with expectations for substantial growth and improved adjusted EBITDA in Q2 2025 [4]. - The anticipated revenue growth is driven by product development programs transitioning into production, particularly in single-use applications [4].

Financial Performance - Total revenues for the quarter ending September 30, 2024, were $4,197,053, a decrease of $124,202 or 2.9% compared to $4,321,255 for the same period in the prior year[62]. - Revenue from Engineering Design Services decreased by 2.6% to $1,851,371, while revenue from Optical Components increased by 9.3% to $2,080,188[62][63]. - Revenue from Finished Products and Assemblies decreased by 48.6% to $265,494, primarily due to a manufacturing pause for a defense/aerospace customer[64]. - Gross profit decreased to $1,117,330, with a gross margin of 26.6%, down from 33.9% in the prior year[65]. Expenses - Research and Development (R&D) expenses increased by $187,901 to $400,659, reflecting investments in product improvements and new technologies[66]. - Selling, General and Administrative (SG&A) expenses rose by 18.6% to $1,963,612, driven by increased recruitment and consulting costs[67]. Cash Flow and Financing - Net cash used in operating activities for the three months ending September 30, 2024, totaled $318,622, including a net loss of $1,311,247[70]. - The company raised a net of $1,204,542 through the issuance of new shares in a registered direct common stock offering during the quarter[73][76]. - Contractual cash commitments related to open purchase orders as of September 30, 2024, amounted to approximately $4,549,000[78]. Strategic Focus - The company is focusing on developing new optical products and services, particularly in Microprecision optics and single-use endoscopes, which are expected to grow at two to three times the rate of the overall minimally invasive surgical market[56]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act[80]. - The company has elected scaled disclosure reporting obligations, thus not required to provide certain market risk information[80].

GARDNER, Mass., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (Nasdaq: POCI) (the "Company"), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, today announced that it has scheduled a conference call to discuss the Company’s first quarter fiscal year 2025 financial results on Thursday, November 14, 2024, at 5:00pm ET. The Company intends to release its financial results and to file its 10-Q after the close of the mark ...

GARDNER, Mass., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2024. FY 2024 Financial Highlights (Year Ended June 30, 2024): Revenue was $19.1 million compared to $21.0 million in the previous fiscal year. Revenue of $19.1 million, exceeded the high ...

Revenue Performance - Total revenues for the fiscal year ended June 30, 2024, were $19,104,350, a decrease of $1,940,117, or 9.2%, compared to $21,044,467 for the prior year[106] - Revenue from Engineering Design Services increased by 23.7% to $8,323,433, driven by increasing demand and expansion of engineering capacity[107] - Revenue from Optical Components decreased by 20.3% to $8,384,140, attributed to reduced industry demand and lower order volumes[107] - Revenue from Finished Products and Assemblies decreased by 36.8% to $2,396,777, primarily due to timing differences in customer program transitions[108] Profitability - Gross profit decreased to $5,797,777, with a gross margin of 30.3%, down from 36.8% in the prior year[109] Expenses - R&D expenses decreased to $981,781, reflecting a focus on product improvements and new technology development[110] - SG&A expenses increased by 2.2% to $7,540,329, primarily due to higher salaries, travel, and marketing expenses[112] Cash Position - Cash and cash equivalents decreased to $405,278 at June 30, 2024, from $2,925,852 at June 30, 2023, a decrease of $2,520,574[113] Financing Activities - The company entered into securities purchase agreements resulting in gross proceeds of approximately $1.4 million[116] - Contractual cash commitments related to open purchase orders as of June 30, 2024, are approximately $6,250,000[116]

GARDNER, Mass., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (Nasdaq: POCI) (the "Company"), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, today announced that it has scheduled a conference call to discuss the Company's fourth quarter and fiscal year 2024 financial results on Monday, September 30, 2024, at 5:00pm ET. The Company intends to release its financial results and to file its 10-K after the close of the ...

Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "Ophthalmic Lens and Precision Optics Manufacturing Machines - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. The global market for Ophthalmic Lens and Precision Optics Manufacturing Machines was valued at an estimated US$500.8 Million in 2023 and is projected to reach US$596.3 Million by 2030, growing at a CAGR of 2.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, dri ...

Company Overview - Precision Optics Corporation, Inc. is a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, founded in 1982 [7] - The company focuses on leveraging proprietary micro-optics and 3D imaging technologies to provide innovative solutions for healthcare and defense/aerospace applications [7] Leadership Changes - Clay Schwabe has been appointed as the Vice President of Sales and Marketing, bringing over fifteen years of experience in medical device market access and commercialization [4] - Jeff DiRubio, the current Senior Vice President of Sales and Marketing, will transition to a consulting role after contributing to a sales increase of over 700% during his tenure [5][2] Strategic Focus - The company aims to meet the increasing demands of the surgical community for enhanced and smaller imaging systems, particularly for minimally invasive surgery and 3D endoscopy systems [7] - Precision Optics is also leveraging its technical proficiency in micro-optics to support defense/aerospace applications that require high quality standards and optimization of size, weight, and power [7]

GARDNER, Mass., July 08, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced the appointment of Clay Schwabe, as the Company's Vice President of Sales and Marketing. Mr. Schwabe has over fifteen years of experience in medical device market access, sales, sales management, global product marketing, and commercialization. He is an emerging technologies specialist ...

GARDNER, Mass., May 23, 2024 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ:POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced that Dr. Joe Forkey, Chief Executive Officer, will participate in a webcasted presentation and host one-on-one meetings with investors at the Lytham Partners Spring 2024 Investor Conference, taking place virtually on Thursday, May 30, 2024. Company Webcast The webcasted presentation will ...