In This Story
ADM Tronics Unlimited, Inc. (ADMT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $840,036 from $754,132 in the same quarter the previous year. The increase is attributed to higher sales in the engineering segment.
Gross profit for the quarter was $418,782, compared to $206,152 in the previous year, with the improvement resulting from increased sales prices and decreased cost of sales.
Operating expenses for the quarter were $464,640, up from $433,802 in the previous year, primarily due to increased selling, general, and administrative expenses.
The company reported a net loss of $52,687 for the quarter, compared to a net loss of $228,105 in the previous year.
Cash and cash equivalents as of September 30, 2024, were $427,777, down from $537,041 at the end of March 31, 2024.
Net cash used in operating activities was $437,911 for the six months ended September 30, 2024, compared to $455,621 in the previous year.
The filing also details the company's concentration of credit risk, noting that two customers accounted for 50% and 45% of net revenue for the three and six months ended September 30, 2024, respectively.
ADM Tronics does not anticipate any material changes to its risk factors as outlined in its previous annual report.
The company identified deficiencies in its internal control structure, citing inadequate staffing and supervision within accounting operations as a primary concern.
ADM Tronics continues to focus on expanding its customer base and increasing revenue through enhanced marketing and production efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ADM Tronics Unlimited, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.