WEST PALM BEACH, Fla., Feb. 03, 2026 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is announcing that the Company’s Board of Directors has set April 24, 2026 as its annual meeting date and has decided to pursue the exploration of potential transactions including merger or sale opportunities.   Solitron’s annual meeting has typically been held in January. The delay in the meeting was due to Solitron receiving an unsolicited non-binding acquisition proposal that we ...

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].

Core Insights - Solitron Devices, Inc. reported a revenue increase in fiscal 2026 second quarter to $3.99 million, up from $2.70 million in the first quarter, indicating a positive sales trend [1][8] - The company's backlog reached a record level of $18.64 million at the end of the fiscal 2026 second quarter, up from $18.26 million in the first quarter [2] - Despite increased sales, the company experienced a net loss of $0.23 million in the fiscal 2026 second quarter, attributed to a one-time stock grant and other costs impacting gross margin [3][8] Financial Performance - Net sales increased by 11% to approximately $3.99 million in the fiscal 2026 second quarter compared to $3.58 million in the same quarter of fiscal 2025 [8] - Net bookings surged by 147% to $4.32 million in the fiscal 2026 second quarter, compared to $1.75 million in the prior year [8] - The gross profit for the fiscal 2026 second quarter was $835,000, compared to $738,000 in the same quarter of the previous year [7] Operational Developments - The company anticipates receiving an AMRAAM Lot 39 order in the fiscal 2026 third quarter, with expected order quantities approximately 10% above the previous year's order [4] - There is increased interest in new product development, particularly in silicon carbide, with various prototypes being tested by potential customers [5] - Solitron completed the acquisition of Micro Engineering Inc. (MEI) on September 1, 2023, which specializes in design layout and manufacturing challenges [11]

Core Insights - Solitron Devices, Inc. reported a decline in revenue for the first quarter of fiscal 2026, consistent with the previous quarter, due to delays in order fulfillment. The company anticipates a sales increase by the end of the second quarter and a more stable revenue level in the third quarter [1][4] Financial Performance - Net sales decreased by 32% to approximately $2.70 million in the first quarter of fiscal 2026 compared to $3.97 million in the same quarter of fiscal 2025 [7] - Net bookings increased by 37% to $2.80 million in the first quarter of fiscal 2026, up from $2.04 million in the prior year [7] - The backlog rose by 94% to $18.26 million at the end of the first quarter of fiscal 2026, compared to $9.41 million at the end of the first quarter of fiscal 2025 [7] - The company reported a net loss of $0.34 million, or $0.16 per share, for the first quarter of fiscal 2026, compared to a net income of $0.59 million, or $0.28 per share, for the same quarter in fiscal 2025 [7][8] Investment Activities - The company invested $1.65 million for a 6.4% stake in CBE LLC, which acquired a 25% interest in CrossingBridge Advisors for $25.9 million. This investment is expected to yield a royalty of approximately 14.9% of CrossingBridge's revenue [3] Market Opportunities - The U.S. Air Force has requested an increase in AMRAAM production from 1,200 to 2,400 units annually by 2028, which is significant as AMRAAM is the largest defense program supplied by Solitron. However, this increase requires Congressional approval [4] - The company is seeing increased interest in new product development, particularly in silicon carbide, and has developed various prototypes for testing [5][4]