In This Story
BK Technologies Corporation (BKTI+15.86%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $76.6 million for 2024, an increase from $74.1 million in 2023. The increase is attributed to sales of BKR9000 portable LMR products to federal, state, and municipal public safety agencies.
Gross profit margins improved to 37.9% in 2024 from 30.0% in the previous year, reflecting efficiencies from the transition of production to East West Manufacturing, LLC.
Selling, general, and administrative expenses were $21.2 million, or 27.7% of sales, compared to $23.0 million, or 31.1% of sales, in the prior year.
The company reported an operating income of $7.8 million for 2024, compared to an operating loss of $0.8 million in 2023.
Net income for 2024 was $8.4 million, or $2.35 per basic share and $2.25 per diluted share, compared to a net loss of $2.2 million, or $0.65 per basic and diluted share, in 2023.
BK Technologies Corporation's working capital as of December 31, 2024, was $23.0 million, including $14.4 million in cash, cash equivalents, and trade receivables.
The company completed the transition of its manufacturing production to East West Manufacturing, LLC in the third quarter of 2024.
BK Technologies Corporation entered into a new credit facility with Fifth Third Bank, National Association, providing a one-year revolving line of credit with a maximum commitment of $6 million, with an accordion feature for up to $10 million.
The company identified a material weakness in its internal control over financial reporting related to the income tax provision and is taking steps to remediate it.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BK Technologies Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.