Workflow
Sono-Tek (SOTK)
icon
Search documents
Sono-Tek (SOTK) - 2025 Q3 - Quarterly Results
2025-01-13 12:10
Financial Performance - Third quarter fiscal 2025 net sales were $5,190,595, a decrease of 9% compared to $5,690,022 in the same quarter of fiscal 2024[3] - Revenue for the first nine months of fiscal 2025 increased by 3% year over year to $15.4 million, compared to $14.9 million[3] - Net income for the third quarter of fiscal 2025 was $274,000, a decrease of 60% from $690,000 in the prior year[17] - Net income for the nine months ended November 30, 2024, was $945,700, down from $1,284,848 in the prior year, reflecting a decline of 26%[31] - Operating income decreased 73% to $197,637 compared to $720,522 in the same quarter last year[3] - Operating income for the nine months ended November 30, 2024, decreased to $721,923 from $1,194,764 in the same period of 2023[31] - Gross profit margin for the third quarter of fiscal 2025 declined to 45%, down from 51% in the prior year[3] - Gross profit for the nine months ended November 30, 2024, was $7,313,783, a decrease of 3% from $7,503,809 in the prior year[31] - The company reported a basic earnings per share of $0.06 for the nine months ended November 30, 2024, down from $0.08 in the same period of 2023[31] Market Performance - Sales to the Alternative/Clean Energy market grew 42% to $3.0 million, driven by customers transitioning to production scale systems[3] - Sales in the Alternative Energy market increased by 42% to $2,959,000 for the three months ended November 30, 2024, compared to $2,083,000 in 2023[34] - Sales in the Electronics/Microelectronics market decreased by 26% to $1,016,000 for the three months ended November 30, 2024, compared to $1,374,000 in 2023[34] - Multi-Axis Coating systems sales increased by 20% to $3.56 million in the third quarter of fiscal 2025[12] Financial Position - Backlog at the end of the third quarter of fiscal 2025 was strong at $10.6 million, slightly down from $10.7 million at the end of the third quarter of fiscal 2024[6] - Cash, cash equivalents, and marketable securities totaled $12.7 million with no outstanding debt as of November 30, 2024[21] - Total current assets as of November 30, 2024, were $19,821,290, an increase from $18,746,566 as of February 29, 2024[29] - Total stockholders' equity increased to $17,400,774 as of November 30, 2024, from $16,278,998 as of February 29, 2024[29] Guidance and Projections - Guidance for fiscal year 2025 projects revenue of over $20 million with continued profitability[2] Research and Development - Research and product development costs for the nine months ended November 30, 2024, were $2,054,846, a decrease of 7% from $2,221,712 in the same period of 2023[31]
Sono-Tek Reports Third Quarter and Nine Months Fiscal 2025 Financial Results
Globenewswire· 2025-01-13 12:00
Core Insights - Sono-Tek Corporation reported its third consecutive quarter of revenue exceeding $5 million, with a year-over-year revenue growth of 3% for the first nine months of fiscal year 2025 [1][2][4] - The company maintains a strong backlog of $10.6 million, indicating robust future revenue potential [1][12] - Guidance for fiscal year 2025 projects revenue to exceed $20 million with continued profitability [2][4] Financial Performance - For the third quarter of fiscal 2025, net sales were $5.19 million, a decrease of 9% compared to $5.69 million in the same quarter of fiscal 2024 [5][8] - Gross profit for the third quarter was $2.34 million, down 20% from $2.93 million in the prior year, resulting in a gross profit margin of 45% [5][13] - Operating income fell 73% to $198,000, with an operating margin of 4%, compared to 13% in the previous year [5][16] - Net income decreased by 60% to $274,000, reflecting the decline in revenue and gross profit [5][17] Market and Product Insights - Sales to the Alternative/Clean Energy market grew by 42% to $3 million, driven by customer transitions from R&D systems to production-scale systems with higher average selling prices (ASPs) [7][8] - Multi-Axis Coating systems sales increased by 20% to $3.56 million, contributing significantly to revenue [9][30] - Sales in the Electronics, Medical, and Industrial markets saw declines of 26%, 33%, and 59% respectively, indicating challenges in these sectors [10][31] Geographic Sales Performance - Approximately 54% of sales were to the U.S. and Canada, down from 60% in the prior year, with a 17% decrease in sales to this region [11][33] - Sales in the Asia Pacific region increased by 64%, while EMEA sales decreased by 35% [11][33] - Latin American sales surged by 165%, attributed to a significant order in the medical device sector [11][33] Balance Sheet and Cash Flow - As of November 30, 2024, the company had $12.7 million in cash and cash equivalents, with no outstanding debt [21] - Total stockholders' equity stood at $17.4 million, reflecting a solid financial position [21]
Sono-Tek's $2M Buyback: A Buying Opportunity in Clean Tech
MarketBeat· 2024-11-07 12:16
Core Viewpoint - Sono-Tek is positioned as a leader in ultrasonic coating systems, presenting a compelling investment opportunity due to its innovative technology, debt-free status, and recent share buyback program, indicating potential undervaluation [1][5]. Group 1: Technology and Applications - Sono-Tek utilizes high-frequency sound waves to atomize coating materials, resulting in precise and controlled application, which offers advantages such as reduced material waste and energy consumption [2]. - The company's technology has diverse applications across high-growth markets, including microelectronics, alternative energy, medical devices, and industrial manufacturing, supported by a comprehensive product portfolio [3]. Group 2: Leadership and Strategy - The leadership team, including Executive Chairman Dr. Christopher L. Coccio and CEO Steve Harshbarger, possesses extensive experience in ultrasonic technology, which is crucial for the company's growth and market penetration [4]. - Sono-Tek's strategic focus on higher-value offerings, including spare parts and application consulting, enhances revenue potential and strengthens customer relationships [3]. Group 3: Financial Performance - In Q2 FY2025, Sono-Tek reported an 8% year-over-year revenue decline, attributed to a strong prior year, but showed a sequential growth of 3%, indicating underlying momentum [6]. - The first half of FY2025 saw revenue increase by 10% year-over-year to $10.2 million, reflecting a solid foundation for future expansion [6]. Group 4: Stock and Buyback Program - The recently announced $2 million share buyback program, representing approximately 1.27% of outstanding shares, signals management's confidence in the stock's undervaluation [5]. - Sono-Tek's cash position of $11.6 million and zero debt further support the potential for increased earnings per share (EPS) and stock price appreciation [5]. Group 5: Market Trends and Growth - Sales to the alternative/clean energy market surged by 37%, driven by government investments and the adoption of high-ASP production systems [9]. - The electronics market experienced a 51% increase in sales, primarily due to demand in the semiconductor industry, while medical and industrial sales are expected to recover in the latter half of the fiscal year [10]. Group 6: Backlog and Future Outlook - Sono-Tek's record backlog of $11.7 million represents a 50% sequential increase and a 7% year-over-year jump, indicating a strong pipeline for future revenue growth [8]. - The company's commitment to innovative product development and its debt-free balance sheet reinforce a positive outlook for long-term potential [12].
Sono-Tek Announces Share Buyback
Prism Media Wire· 2024-11-04 10:55
Core Viewpoint - Sono-Tek Corporation has announced a share repurchase program of up to $2.0 million, reflecting its financial strength and confidence in long-term growth strategy [1][2]. Financial Position - As of August 31, 2024, Sono-Tek had approximately $11.6 million in cash, cash equivalents, and marketable securities, with no debt on its balance sheet [3]. - The company had approximately 15,751,000 shares of common stock outstanding as of the same date [3]. Repurchase Program Details - The repurchase program allows Sono-Tek to buy back shares through open market purchases or other means, with the timing and volume at the company's discretion [2]. - The program does not obligate the company to repurchase a specific number of shares and can be modified or discontinued at any time [2]. Business Overview - Sono-Tek is a leader in ultrasonic coating systems, serving various industries including microelectronics, alternative energy, and medical devices [4]. - The company is focusing on clean energy applications, showing transformative results in next-gen solar cells, fuel cells, and carbon capture [4]. Product and Market Strategy - The product line is evolving from R&D to high-volume production machines, indicating market leadership and adaptability [5]. - Sono-Tek's solutions are designed to be environmentally friendly and efficient, reducing overspray and saving raw materials, water, and energy [6]. Growth Strategy - The growth strategy emphasizes leveraging innovative technologies and global reach to enhance customer outcomes [7].
Sono-Tek Announces Participation at The Spartan Capital Investor Conference
Prism Media Wire· 2024-10-29 11:03
Company Overview - Sono-Tek Corporation is a global leader in the design and manufacture of ultrasonic coating systems, impacting various industries such as microelectronics, alternative energy, medical devices, and advanced industrial manufacturing [3][4] - The company is making significant advancements in the clean energy sector, particularly in next-generation solar cells, fuel cells, green hydrogen generation, and carbon capture applications [3] Product and Technology - Sono-Tek's product line is evolving from research and development to high-volume production machines, which feature significantly higher average selling prices, demonstrating market leadership and adaptability [4] - The company's ultrasonic coating solutions are environmentally friendly, efficient, and reliable, leading to reductions in overspray, raw material, water, and energy usage, while improving process repeatability and transfer efficiency [5] Growth Strategy - The growth strategy of Sono-Tek focuses on leveraging innovative technologies, proprietary know-how, and global reach to enhance thin film coating technologies, ultimately improving customer product outcomes [6] - The company employs a strategic distribution network that includes direct sales personnel, independent distributors, and experienced sales representatives to ensure efficient market reach across diverse sectors [4] Investor Engagement - Sono-Tek will participate in the Spartan Capital Securities investor conference on November 4th, where CEO Steve Harshbarger will present to investors [1][2]
Sono-Tek Corporation (SOTK) Q2 Earnings Match Estimates
ZACKS· 2024-10-15 13:11
Sono-Tek Corporation (SOTK) came out with quarterly earnings of $0.02 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.03 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced earnings of $0.02, delivering a surprise of 100%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. SonoTek, which belongs to ...
Sono-Tek Reports Fiscal Second Quarter and First Half 2025 Financial Results, Record Backlog and Provides Revenue Guidance
Prism Media Wire· 2024-10-15 11:01
Sono-Tek Reports Fiscal Second Quarter and First Half 2025 Financial Results, Record Backlog and Provides Revenue Guidance SONO TEK Q2 Sequential Revenue Growth Meets Quarterly Guidance of 2%-5% Record Equipment and Service Backlog of $11.7 Million First Half Revenue Growth of 10% YOY, First Half Net Income Growth of 13% YOY Expects Continued Revenue Growth for Full Fiscal Year 2025 Conference Call Today at 10:00 am ET MILTON, N.Y., October 15, 2024 – PRISM MediaWire – Sono-Tek Corporation (Nasdaq: SOTK), t ...
Sono-Tek Announces Fiscal Second Quarter and First Half 2025 Earnings Conference Call
Prism Media Wire· 2024-10-08 11:00
Sono-Tek Announces Fiscal Second Quarter and First Half 2025 Earnings Conference Call Conference Call on Tuesday, October 15, 2024 at 10:00 am ET MILTON, NY, October 8, 2024 – PRISM MediaWire – Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that the Company will hold a conference call to discuss its fiscal second quarter and first half 2025 financial results, ended August 31, 2024, on Tuesday, October 15, 2024 at 10:00 am ET. The se ...
Sono-Tek to Present at August 20th Virtual Investor Summit Microcap Event
Prism Media Wire· 2024-08-15 14:16
Sono-Tek to Present at August 20th Virtual Investor Summit Microcap Event MILTON, NY, August 15, 2024 — Sono-Tek Corporation (Nasdaq: SOTK), a leading developer and manufacturer of ultrasonic coating systems, announced today that it will be presenting at the upcoming Virtual Investor Summit on August 20, 2024. Investors may request a one-on-one meeting with management by registering here: https://investorsummitgroup.com. Event: Q3 Investor Summit Date: August 20, 2024 Presentation Time: 1:30 PM ET Location: ...
Sono-Tek Announces Additional $2.95 Million Order from Specialty Clean Energy Customer
Prism Media Wire· 2024-08-13 11:00
Sono-Tek Announces Additional $2.95 Million Order from Specialty Clean Energy Customer 4 System Order Expected to be Shipped in Fiscal 2026 Company Experiencing Strong Demand from Clean Energy Sector MILTON, NY, August 13, 2024 — Sono-Tek Corporation (Nasdaq: SOTK), a leading developer and manufacturer of ultrasonic coating systems, is pleased to announce the receipt of an additional $2.95 million order from an existing clean energy customer. This new order, identical in value and scope to a recent record-b ...