Core Viewpoint - Precision Optics Corporation reported its first quarter fiscal year 2025 results, showing a slight decline in revenue and increased net loss compared to the same quarter last year, but anticipates significant revenue growth and improved adjusted EBITDA in the upcoming quarters [2][4]. Financial Performance - Revenue for Q1 2025 was $4.2 million, a decrease from $4.3 million in Q1 2024, aligning with prior expectations [2][4]. - Engineering revenue remained stable at $1.9 million, while production revenue decreased to $2.3 million from $2.4 million year-over-year [2]. - Gross margins fell to 26.6% from 33.9% in the same quarter of the previous year [2]. - The net loss for the quarter was $1.3 million, compared to a loss of $0.5 million in the same quarter last year [2][4]. - Adjusted EBITDA was $(1.0) million, worsening from $(0.2) million in the same quarter of the previous year [2]. Recent Developments - In October 2024, the company accelerated production deliveries for a $9 million order following FDA clearance for a urological endoscope, estimating $3.6 million in product deliveries for the fiscal year ending June 2025 [3]. - Precision Optics received a $340,000 initial production order from a global medical device company for a new single-use ophthalmic endoscope, with expectations for follow-on orders [3]. Management Commentary - CEO Joseph Forkey stated that the first quarter results met expectations and highlighted a rapid ramp-up in production revenue, with expectations for substantial growth and improved adjusted EBITDA in Q2 2025 [4]. - The anticipated revenue growth is driven by product development programs transitioning into production, particularly in single-use applications [4].
Precision Optics Reports First Quarter Fiscal Year 2025 Financial Results