Revenue Performance - Revenues for Q4 2024 were $9.8 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 $44.9 million, up from $43.6 million in 2023, driven by price increases and higher volumes[5] - Total revenue for 2024 increased to $44,917,000 from $43,629,000 in 2023, representing a growth of 2.95%[19] Profitability - Gross profit in Q4 2024 declined to $1.2 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 $8.3 million, or 18.4% of revenue, compared to $7.8 million, or 17.9% for 2023[5] - Gross profit rose to $8,266,000 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 $0.7 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 $0.5 million in Q4 2023[3] - Operating expenses decreased to $9.3 million, or 20.6% of sales in 2024, down from $9.9 million, or 22.7% in 2023[5] - Operating loss improved to $1,009,000 in 2024 from $2,113,000 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) per diluted share, compared to a loss of ($3.5) million, or ($1.44) per diluted share in 2023[5] - Net loss for 2024 decreased significantly to $1,623,000 from $10,787,000 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 $4.37 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) 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 $245,000 in 2023, indicating a net increase of $16,000[20] - Total current assets decreased to $27,779,000 in 2024 from $29,567,000 in 2023, a decline of 6.05%[18] - Total assets decreased to $34,832,000 in 2024 from $36,587,000 in 2023, a decline of 4.8%[18] Liabilities and Financial Position - Total liabilities decreased to $11,328,000 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 $9,288,000 in 2024 from $12,065,000 in 2023, a decline of 23.0%[18]
Servotronics(SVT) - 2024 Q4 - Annual Results