Envela (ELA) - 2024 Q4 - Annual Report

Sales Performance - In Fiscal 2024, the consumer segment sold 2.2 metric tons of refining-grade precious metals, an increase from 2.0 metric tons in Fiscal 2023[37] - The commercial segment sold 1,267,632 individual units of secondary electronics and components in Fiscal 2024, compared to 1,202,838 units in Fiscal 2023[39] - The commercial segment also sold 12,837.7 metric tons of electronic scrap in Fiscal 2024, slightly down from 12,862.4 metric tons in Fiscal 2023[39] Business Expansion - The company opened 5 new stores under the Four Nines brand in Fiscal 2024, enhancing its bricks-and-mortar footprint[22] - The consumer segment entered into a purchase agreement for the acquisition of a bespoke jewelry fabricator in Scottsdale, Arizona in September 2024[21] - The company aims to maximize market reach through a multi-brand retail strategy, consolidating multiple retail merchants[17] Operational Focus - The commercial segment focused on unifying its systems and enhancing business intelligence platforms in Fiscal 2024[23] - The company’s electricity, natural gas, and water consumption costs represented 0.2% and 0.3% of sales for Fiscal 2024 and 2023, respectively[34] - The company employed 309 persons in Fiscal 2024, an increase from 289 in Fiscal 2023[42] Compliance and Governance - The company emphasizes a culture of trust and compliance, providing confidential reporting channels for employees[43] - The company is subject to various federal, state, and local laws, which may impact future compliance costs due to business expansion[51] - The company is classified as a "Smaller Reporting Company," exempting it from certain market risk disclosures[200] Safety and Reporting - Safety performance is tracked using total recordable injury frequency rate (TRIFR) and total lost time injury frequency rate (LTIFR)[44] - Annual and quarterly reports are filed with the SEC and are available on the company's website[54] - The company uses its website to disclose material non-public information in compliance with Regulation FD[55] Financial Information - Interest payments on notes payable are based on rates effective as of December 31, 2024, with actual payments potentially differing[201] - The company is incorporated in Nevada and its common stock is listed on the NYSE under the symbol "ELA"[53]