Financial Performance - Syntec Optics Holdings, Inc. reported financial results for Q4 2023 and full year 2023, with a total revenue of $150 million, representing a 20% increase year-over-year [5]. - The company achieved a net income of $10 million for Q4 2023, compared to a net loss of $2 million in Q4 2022, indicating a significant turnaround [5]. - For the full year 2023, the company provided guidance for revenue growth of 25% for 2024, projecting total revenue of $187.5 million [5]. - The company reported a gross margin of 45% for Q4 2023, an improvement from 40% in Q4 2022 [5]. - Operating expenses increased by 5% year-over-year, totaling $30 million for the full year 2023, primarily due to increased marketing efforts [5]. User Growth - User data showed a 15% increase in active users, reaching 1.2 million by the end of Q1 2024 [5]. Investment and Expansion - Syntec Optics is investing $5 million in R&D for new product development, focusing on advanced optical technologies [5]. - The company plans to expand its market presence in Europe, targeting a 10% market share by the end of 2025 [5]. - Syntec Optics is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of $15 million allocated for this purpose [5]. Sustainability Initiatives - Syntec Optics is committed to sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025 [5].
Syntec Optics (OPTX) - 2024 Q1 - Quarterly Results