In This Story
Cemtrex Inc. (CETX-0.97%) has submitted its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The filing details Cemtrex's operations in two segments: Security and Industrial Services. The Security segment operates under the Vicon brand, providing security solutions including video monitoring systems and analytics-based recognition systems. The Industrial Services segment, operating under the Advanced Industrial Services brand, offers services such as rigging and equipment maintenance.
The company reported total revenues of $66,863,884 for the fiscal year 2024, an increase from $59,368,562 in the previous year. The Security segment contributed $32,021,899, while the Industrial Services segment contributed $34,841,985.
Gross profit for the year was $27,478,204, representing 41% of revenues, compared to $25,685,826 or 43% of revenues in the prior year. The Security segment maintained a gross profit margin of 50%, while the Industrial Services segment saw a decrease in its margin to 32%.
General and administrative expenses increased to $28,860,019 from $23,929,340, primarily due to increased salaries and other expenses related to the acquisition of Heisey Mechanical.
The company recorded a goodwill impairment of $530,475 related to its Security segment. Total operating expenses for the year were $32,747,949, leading to an operating loss of $5,269,745.
Other expenses totaled $2,206,604, including interest expenses and a loss on the excess fair value of warrants issued in May 2024. The company also recorded a gain from changes in the fair value of warrant liabilities.
The company ended the year with a net loss of $7,635,505. After accounting for noncontrolling interests, the net loss attributable to Cemtrex Inc. stockholders was $7,229,491.
As of September 30, 2024, Cemtrex had total assets of $44,115,458 and total liabilities of $39,154,616, resulting in stockholders' equity of $4,710,677.
Cemtrex's management has expressed substantial doubt about the company's ability to continue as a going concern, citing substantial losses and significant short-term debt obligations. Management plans to address these concerns through potential equity offerings and operational improvements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cemtrex Inc. annual 10-K report dated December 30, 2024. To report an error, please email earnings@qz.com.