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Climb Global Solutions Inc. (CLMB+1.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting net sales of $465.6 million, an increase of 32% from $352.0 million in the previous year. This growth was attributed to organic expansion and acquisitions.
Gross profit for the year was $91.1 million, up from $64.2 million in 2023, with a gross margin of 19.6%. The increase in gross profit was driven by higher sales volumes and improved product mix.
Net income for the year was $18.6 million, compared to $12.3 million in the prior year. The increase in net income was primarily due to higher sales and gross profit.
The company completed the acquisition of Douglas Stewart Software & Services, LLC in 2024 for approximately $20.3 million, expanding its reach in the North American education market.
Climb Global Solutions operates in two segments: Distribution and Solutions. The Distribution segment accounted for 95% of net sales, while the Solutions segment contributed 5%.
The company reported $29.8 million in cash and cash equivalents at the end of 2024, a decrease from $36.3 million at the end of 2023, primarily due to acquisition-related expenses.
Climb Global Solutions does not anticipate significant changes in its dividend policy, having paid $0.68 per share in dividends during 2024.
The company identified key risks, including reliance on vendor relationships, competition, and potential impacts from economic fluctuations.
Climb Global Solutions continues to focus on expanding its vendor and customer base, leveraging its strategic acquisitions to enhance its market position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Climb Global Solutions Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.