Cemtrex Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

Core Insights - Cemtrex, Inc. reported a revenue increase of 13% for the fiscal year 2024, totaling $66.9 million, driven by strong demand for Advanced Industrial Services (AIS) products and services, despite a decline in security technology revenue from the Vicon brand [15][23][36] - The company experienced an operating loss of $5.3 million for the full year 2024, compared to a loss of $1.5 million in 2023, primarily due to increased general and administrative expenses [3][15][42] - AIS segment revenue surged by 39% to $34.8 million, attributed to strategic acquisitions and growing market demand, while Vicon's revenue decreased by 7% to $32.0 million [15][41][40] Financial Performance - Fourth quarter revenue for 2024 increased by 9% to $18.1 million, compared to $16.6 million in the fourth quarter of 2023 [7][23] - Gross profit for the year was $27.5 million, representing 41% of revenues, a slight decrease from 43% in the previous year [24] - The net loss for the full year 2024 was $7.7 million, an improvement from a net loss of $9.2 million in 2023, with a net income of $4.4 million in Q4 2024 compared to a net loss of $1.2 million in Q4 2023 [25][15] Segment Highlights - AIS achieved record revenue growth of 39% in fiscal 2024, with significant contracts awarded, including a $6.7 million project in the wastewater infrastructure market [16][40] - Vicon launched the NEXT Modular Camera System, integrating advanced AI analytics, and secured a $10.4 million order for expanding a surveillance system [20][22][36] - The security segment's revenue for the year decreased by 7% due to weaker industry demand, while AIS's growth was bolstered by strategic acquisitions [41][15] Balance Sheet Overview - As of September 30, 2024, total assets were $44.1 million, down from $48.5 million in 2023, with current assets decreasing to $26.7 million [4][43] - Cash and cash equivalents, along with restricted cash, totaled $5.4 million, a decrease from $6.3 million in the previous year [43][6] - Total liabilities were reported at $39.2 million, slightly down from $40.1 million in 2023 [30]