Core Insights - Electro-Sensors, Inc. reported record annual revenue of $9.373 million for the year ended December 31, 2024, representing a 9.6% increase from $8.555 million in 2023, primarily driven by higher sales of HazardPRO wireless sensors in agricultural applications [2][3][6] - The company's gross margin decreased slightly to 48.9% from 49.6% year-over-year, reflecting a reduction of 70 basis points [2][6] - Operating income improved significantly, with a loss of $4 thousand in FY24 compared to a loss of $28 thousand in FY23, indicating an 85.7% improvement [2][5] - Net income for FY24 was $446 thousand, up from $275 thousand in FY23, marking a substantial increase [5][6] - Earnings per share (diluted) rose to $0.13 from $0.08, reflecting a 62.5% increase [2][7] Financial Performance - Net sales increased to $9,373,000 in FY24 from $8,555,000 in FY23, a growth of 9.6% [2][5] - Gross profit for FY24 was $4,582,000, compared to $4,245,000 in FY23 [5] - Operating expenses rose to $4,586,000 in FY24 from $4,273,000 in FY23 [5] - Non-operating income increased to $440,000 in FY24 from $406,000 in FY23 [5] Balance Sheet Highlights - Total assets as of December 31, 2024, were $14,885,000, up from $14,445,000 in 2023 [8][9] - Cash and investments increased to $10,004,000 in FY24 from $9,926,000 in FY23 [8] - Stockholders' equity rose to $14,333,000 in FY24 from $13,755,000 in FY23 [9] Market Position - The company experienced growth in both wired and wireless product families, with HazardPRO wireless products growing at a faster rate than traditional wired products [3] - International sales accounted for 11.5% of net sales in FY24, up from 10.3% in FY23 [2]
Electro-Sensors, Inc. Announces 2024 Year-End Financial Results