BK Technologies(BKTI) - 2024 Q4 - Annual Results

Revenue Growth - Full year 2024 revenue increased to $76.6 million, up from $74.1 million in 2023, representing a growth of 3.4%[10] - Fourth quarter revenue of $17.9 million increased 9.9% compared to $16.3 million in the fourth quarter of 2023[4] - For the three months ended December 31, 2024, net sales increased to $17,927,000, a 9.9% increase from $16,309,000 for the same period in 2023[27] Earnings Performance - Full year GAAP diluted EPS of $2.25 exceeded the target of $1.65 per share, while non-GAAP adjusted EPS of $2.30 surpassed the target of $1.92 per share[4] - The company reported a basic net income per share of $2.35 for the twelve months ended December 31, 2024, compared to a loss of $0.65 for the same period in 2023[27] - Adjusted earnings per share (diluted) for the twelve months ended December 31, 2024, was $2.30, compared to $0.00 for the same period in 2023[31] Profitability and Margins - Fourth quarter gross margin improved to 41.2%, up from 35.1% in the same period last year, and full year gross margin was 37.9%, compared to 30.0% in 2023[4][10] - Full year 2024 operating income totaled $7.8 million, a significant improvement from an operating loss of $777,000 in 2023[12] - Operating income for the twelve months ended December 31, 2024, was $7,828,000, compared to a loss of $777,000 for the same period in 2023[27] - Net income for the three months ended December 31, 2024, was $3,657,000, significantly up from $290,000 in the same period of 2023, representing a 1,160.3% increase[27] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $10,390,000, compared to $1,473,000 for the same period in 2023, indicating a substantial growth[31] Financial Health - Order backlog at December 31, 2024, was $21.8 million, compared to $16.0 million at December 31, 2023, indicating strong demand[5] - Total assets increased to $51,499,000 as of December 31, 2024, up from $49,408,000 as of December 31, 2023[29] - Current liabilities decreased to $13,974,000 as of December 31, 2024, down from $20,418,000 as of December 31, 2023, reflecting improved financial health[29] - Cash and cash equivalents increased to $7,075,000 as of December 31, 2024, compared to $3,456,000 as of December 31, 2023, indicating improved liquidity[29] - The company’s accumulated deficit decreased to $(15,850,000) as of December 31, 2024, from $(24,209,000) as of December 31, 2023, showing progress in profitability[29] Future Outlook - The company expects full year 2025 GAAP EPS to exceed $2.40 per diluted share and non-GAAP adjusted EPS to exceed $2.80 per diluted share[5] - The company is expanding its offerings with new software and products in 2025, including the establishment of a Solutions business unit[5] Expenses Management - Selling, General & Administrative expenses decreased to $21.2 million in 2024, down from $23.0 million in 2023[11] EBITDA Performance - Non-GAAP adjusted EBITDA for the fourth quarter of 2024 was $2.8 million, compared to $1.3 million in the fourth quarter of 2023[9]