Sharps Technology's CEO Issues Shareholder Letter Highlighting Hungary Manufacturing Facility Expansion Plans to Increase SecureGard and SoloGard Product Supply and Revenue

Core Insights - Sharps Technology, Inc. has signed a significant sales agreement worth over $50 million with a U.S.-based pharmaceutical company for the supply of customized 10mL SoloGard syringes, which will lead to the production of at least 500 million syringes and full utilization of current manufacturing capacity [1][3] - The company anticipates initial production and commercial deliveries to commence in Q1 2025, with a phased ramp-up throughout the year [1] - Sharps has also secured new sales agreements with a European medical supply company for the sale of 1mL and 3mL SecureGard inventory, with expectations to sell all available inventory in the coming months [2] Sales and Revenue Projections - The Hungary facility is projected to generate up to$400,000 in revenue in December 2024, with internal revenue targets of over $5 million in 2025,$15 million in 2026, and $20 million in 2027 [4] - The expansion in Hungary will increase the annual production capacity for SecureGard to over 100 million units and SoloGard to over 125 million units [4] Market Demand and Growth - There is a growing demand for Sharps' injection solutions due to the preference for injectables in various therapies, including vaccines and biologics, as well as challenges faced by competitors, such as increased tariffs and quality issues with Chinese syringes [3] - The company is exploring collaborations with Hungarian investment opportunities to support the expansion of manufacturing capacity [3] Manufacturing and Compliance - Sharps is in the process of acquiring manufacturing assets at the InjectEZ facility in Columbia, SC, with updates expected after the new year [5] - The company has regained compliance with NASDAQ's listing rules, as confirmed in a notification received on November 13, 2024 [6]