The following is a summary of the Precision Optics Corporation, Inc. (POCI) Q3 2024 Earnings Call Transcript:
Financial Performance:
Precision Optics reported Q3 revenue of $5.24 million, a significant increase driven by new production orders and record engineering revenue.
Gross margins continued to improve, leading to a positive adjusted EBITDA of $52,000.
Company lowered its operating loss from $493,000 in Q3 fiscal 2023 to $258,000 in Q3 fiscal 2024 due to higher gross profit and reduced operating expenses.
Net loss dropped to $317,000 in Q3, a decrease from the previous year's $398,000.
Company projected similar or higher revenue for Q4 fiscal 2024, with improved margins leading to enhanced profitability.
Business Progress:
A record single-use endoscope assembly order for cystoscopy surgery denotes a significant business achievement.
New order is anticipated to yield $2.2 million and $4.6 million in revenues in fiscal 2025 and 2026 respectively.
Company increased focus in the aerospace and defense market, evident from two follow-on production orders.
Explorations of expansion opportunities are underway in both defense aerospace and medical device markets.
Consolidation of duplicate production locations and management groups is set to improve profitability.
Plans to continue growth in fiscal 2025 by leveraging their broad technical capabilities and resources.
Lingering uncertainties depend on speed new programs reach higher volumes, but company expects Q4 revenue to either mirror or surpass Q3's.
Acquisition of Lighthouse has fostered stronger connections with larger clients.
Three substantial new programs, past the prototype phase, are expected to enter production within six months, two of which are awaiting 510(k) approval.
More details: Precision Optics IR
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