Solitron Devices, Inc. Announces Fiscal 2026 Third Quarter Results
Globenewswire·2026-01-13 21:15

Core Insights - Solitron Devices, Inc. reported significant growth in revenue and bookings for the fiscal 2026 third quarter, indicating a positive trend in sales and operational performance [3][10]. Financial Performance - Revenue for the fiscal 2026 third quarter increased to $5.02 million, up from $3.99 million in the previous quarter, marking a 49% increase compared to $3.37 million in the fiscal 2025 third quarter [3][10]. - Net income for the fiscal 2026 third quarter was $0.65 million, or $0.31 per share, compared to $0.27 million, or $0.13 per share, in the fiscal 2025 third quarter [10]. - For the first nine months of fiscal 2026, net sales increased by 7% to approximately $11.71 million from $10.92 million in the prior fiscal year period [10]. Backlog and Bookings - The company's backlog grew significantly, increasing from $18.64 million at the end of the fiscal 2026 second quarter to $27.48 million at the end of the fiscal 2026 third quarter, representing a 124% increase compared to $12.28 million at the end of the fiscal 2025 third quarter [5][10]. - Net bookings for the fiscal 2026 third quarter rose by 73% to $13.91 million compared to $8.05 million in the prior year third quarter [10]. Cost and Expenses - Despite increased sales, gross profit decreased due to higher material and tariff costs, with SG&A expenses rising primarily due to a one-time stock grant totaling $344,000 [4]. - SG&A expenses for the fiscal 2026 third quarter were $794,000, compared to $675,000 in the fiscal 2025 third quarter [11]. Product Development and Market Position - The company is experiencing increased interest in new product development, having developed various prototypes for testing by potential customers [7]. - Solitron continues to focus on military and aerospace markets, manufacturing a variety of semiconductor components tailored to government contracts [12]. Acquisition Impact - The acquisition of Micro Engineering Inc. (MEI) is expected to enhance Solitron's capabilities in design layout and manufacturing, potentially leading to improved operational efficiency and customer satisfaction [13].