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Silynxcom Announces Results for First Half of 2024; Significant Revenue Growth and Improvement in Gross Margin
Silynxcom (NYSE American: SYNX), a manufacturer of ruggedized tactical communication headset devices, reported strong financial results for the first half of 2024. Key highlights include:
- Revenue increased 73% to $5,356,000
- Gross profit grew 121% to $2,650,000
- Gross margin improved to 49.47% from 38.59%
- Operating profit of $267,000, compared to a loss of $2,328,000 in 2023
- Non-IFRS operating profit increased 46% to $695,000
- Cash and equivalents rose to $3,659,000 following a successful IPO
The company expanded collaborations, secured new orders, and launched products for law enforcement. CEO Nir Klein attributed the growth to market expansion and enhanced financial stability.
- Revenue increased 73% to $5,356,000
- Gross profit grew 121% to $2,650,000
- Gross margin improved to 49.47% from 38.59%
- Operating profit of $267,000, compared to a loss of $2,328,000 in 2023
- Non-IFRS operating profit increased 46% to $695,000
- Cash and equivalents rose to $3,659,000 following a successful IPO
The company expanded collaborations, secured new orders, and launched products for law enforcement. CEO Nir Klein attributed the growth to market expansion and enhanced financial stability.
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