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Precision Optics Corporation Inc. (POCI-6.59%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $4,526,907 from $4,824,289 in the same quarter the previous year. The decline is attributed to reduced demand for engineering design services and delays related to milestone completion.
Gross profit for the quarter was $1,069,942, compared to $1,450,976 in the previous year, with the decrease driven by changes in product sales mix and lower revenues.
Research and development expenses increased to $317,747 from $221,728, reflecting higher employee-related expenses for product improvements and new technology development.
Selling, general, and administrative expenses decreased to $1,662,216 from $1,933,411, primarily due to lower bad debt expense and stock-based compensation.
Net loss for the quarter was $969,681, compared to a net loss of $758,802 in the previous year. The increase in net loss is attributed to lower gross profit and higher research and development expenses.
Cash used in operating activities was $1,105,431, while cash used in investing activities was $60,085. Financing activities provided net cash of $972,679, primarily from a registered direct common stock offering.
The company reported $900,000 in borrowings outstanding on its line of credit, with an additional $350,000 available for use. The company did not meet its annual debt service coverage ratio but received a waiver from its lender.
Precision Optics Corporation continues to focus on developing new optical products and services, targeting the medical device market with its advanced endoscopy visualization systems and single-use endoscopes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Precision Optics Corporation Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.