Workflow
Servotronics(SVT) - 2024 Q4 - Annual Results
SVTServotronics(SVT)2025-03-17 20:31

Revenue Performance - Revenues for Q4 2024 were 9.8million,down20.89.8 million, down 20.8% from 12.3 million in Q4 2023, with units shipped decreasing by 22.0%[3] - Full-year 2024 revenues increased by 3.0% to 44.9million,upfrom44.9 million, up from 43.6 million in 2023, driven by price increases and higher volumes[5] - Total revenue for 2024 increased to 44,917,000from44,917,000 from 43,629,000 in 2023, representing a growth of 2.95%[19] Profitability - Gross profit in Q4 2024 declined to 1.2million,or12.31.2 million, or 12.3% of revenue, compared to 2.8 million, or 22.4% of revenue in Q4 2023[3] - Consolidated gross profit for 2024 was 8.3million,or18.48.3 million, or 18.4% of revenue, compared to 7.8 million, or 17.9% for 2023[5] - Gross profit rose to 8,266,000in2024,comparedto8,266,000 in 2024, compared to 7,805,000 in 2023, marking an increase of 5.91%[19] - Adjusted EBITDA for 2024 increased significantly to a profit of 0.7million,reflectingoperationalimprovements[6]OperatingLossandExpenses−OperatinglossforQ42024was(0.7 million, reflecting operational improvements[6] Operating Loss and Expenses - Operating loss for Q4 2024 was (1.1) million, a significant decline from operating income of 0.5millioninQ42023[3]−Operatingexpensesdecreasedto0.5 million in Q4 2023[3] - Operating expenses decreased to 9.3 million, or 20.6% of sales in 2024, down from 9.9million,or22.79.9 million, or 22.7% in 2023[5] - Operating loss improved to 1,009,000 in 2024 from 2,113,000in2023,adecreaseof52.32,113,000 in 2023, a decrease of 52.3%[19] Net Loss and Earnings Per Share - Loss from continuing operations for 2024 was (1.5) million, or (0.60)perdilutedshare,comparedtoalossof(0.60) per diluted share, compared to a loss of (3.5) million, or (1.44)perdilutedsharein2023[5]−Netlossfor2024decreasedsignificantlyto1.44) per diluted share in 2023[5] - Net loss for 2024 decreased significantly to 1,623,000 from 10,787,000in2023,reflectinganimprovementof8510,787,000 in 2023, reflecting an improvement of 85%[19] - The company reported a basic and diluted loss per share of 0.64 for 2024, down from 4.37in2023,areductionof85.34.37 in 2023, a reduction of 85.3%[19] Cash Flow and Assets - Cash provided by operating activities was 1.3 million for 2024, compared to a use of (3.8)millionfor2023,drivenbylowernetlossandimprovedcashcollections[6]−Cashandrestrictedcashattheendof2024was3.8) million for 2023, driven by lower net loss and improved cash collections[6] - Cash and restricted cash at the end of 2024 was 261,000, up from 245,000in2023,indicatinganetincreaseof245,000 in 2023, indicating a net increase of 16,000[20] - Total current assets decreased to 27,779,000in2024from27,779,000 in 2024 from 29,567,000 in 2023, a decline of 6.05%[18] - Total assets decreased to 34,832,000in2024from34,832,000 in 2024 from 36,587,000 in 2023, a decline of 4.8%[18] Liabilities and Financial Position - Total liabilities decreased to 11,328,000in2024from11,328,000 in 2024 from 12,093,000 in 2023, a reduction of 6.31%[18] - The company is well positioned for growth in 2025, with expectations of profitable growth as aircraft deliveries resume[2] - Accounts receivable decreased to 9,288,000in2024from9,288,000 in 2024 from 12,065,000 in 2023, a decline of 23.0%[18]