Financial Data and Key Metrics Changes - For Q4 2024, the company reported record revenue of $31,100,000, representing a growth of 41.8% compared to Q4 2023 [7][18] - Full year revenue reached $103,500,000, up 32.8% from $78,000,000 in 2023 [21] - Gross margin improved to 36.5% in Q4, an increase of 800 basis points from 28.5% in the prior year quarter [8][19] - The company achieved positive adjusted EBITDA of $200,000 in Q4, compared to a negative $6,000,000 in the prior year quarter [9][20] Business Line Data and Key Metrics Changes - SafetyTech segment revenue was $13,000,000 in Q4, up 73% from $7,500,000 in the prior year quarter, with gross margin improving to 23% [22] - Aeronautics segment revenue reached $13,400,000 in Q4, a 26.7% increase from $10,600,000 in the prior year quarter, with gross margin expanding to 51.1% [23] - Architectural segment revenue was $4,100,000 in Q4, up 31.8% from $3,100,000 in the prior year quarter, with gross margin at 37.6% [24] - Automotive segment revenue was $700,000 in Q4, slightly down from $800,000 in the prior year quarter, with expectations for improvement in 2025 [25] Market Data and Key Metrics Changes - The company noted that 80% of its 2024 revenue was recurring from existing customers, indicating strong customer retention and demand [7][8] - The U.S. market is seeing the fastest growth in the architecture segment, now representing over half of sales in that segment [12] Company Strategy and Development Direction - The company plans to focus on innovation and operational excellence to strengthen relationships with global OEMs [9][30] - A ten-year committed and contracted backlog of $409,000,000 was introduced, providing visibility into long-term growth potential [17][29] - The company aims to balance strong growth with financial discipline, targeting positive adjusted EBITDA for the full year 2025 [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory due to strong demand across all segments and the introduction of new technologies [28][30] - The company expects the second half of 2025 to be stronger than the first half, driving growth and profitability [26][39] Other Important Information - The company ended the year with total liquidity of $40,600,000, including $5,600,000 in cash and cash equivalents [25] - Total debt at year-end was $38,400,000, with plans for a $10,000,000 debt financing arrangement to support operations [53][55] Q&A Session Summary Question: Insights on 2025 revenue guidance and backlog visibility - Management indicated that less than 50% of the $409,000,000 backlog is expected to be shipped in 2025, with strong recurring customer orders contributing to revenue [34][35] Question: Seasonal revenue patterns - Management confirmed that Q1 is typically the slowest quarter, with Q4 being the strongest, and the second half of the year expected to drive growth [36][38] Question: Revenue segment contributions - SafetyTech is expected to lead in growth contribution, followed by Aeronautics, with all segments showing significant growth [39][40] Question: Variables impacting backlog and revenue - Management clarified that the backlog is 100% committed and contracted, with no assurance of changes due to macroeconomic factors [46][47] Question: Cash flow and CapEx expectations - The company expects to be EBITDA positive in 2025 and cash flow positive in 2026, with planned CapEx of about $10,000,000 for 2025 [69][70]