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]
Precision Optics (POCI) - 2024 Q4 - Annual Report