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RF Industries Ltd. (RFIL+2.18%) has submitted its annual report on Form 10-K for the fiscal year ended October 31, 2024 filing.
The filing details a decrease in net sales to $64.9 million from $72.2 million in the previous year. The decline is attributed to reduced sales in the RF Connector segment, primarily due to decreased demand from distributor customers.
Gross profit for the year was $18.9 million, with a gross margin increase to 29.1% from 27.1% in the prior year. The improvement in gross margin was due to product mix and cost-saving initiatives.
Operating expenses totaled $21.7 million, a decrease from $23.3 million in the previous year, primarily due to reduced selling and general expenses.
The company reported a net loss of $6.6 million, compared to a net loss of $3.1 million in the previous year. The increase in net loss was primarily due to a higher provision for income taxes.
RF Industries ended the fiscal year with $0.8 million in cash and cash equivalents, down from $4.9 million at the end of the previous year. The decrease in cash was primarily due to debt repayments and capital expenditures.
The company has a working capital of $11.0 million and a current ratio of 1.6:1 as of October 31, 2024.
RF Industries entered into a new loan and security agreement with Eclipse Business Capital in March 2024, replacing its previous credit facility with Bank of America.
The company's backlog of unfilled orders increased to $19.5 million from $16.1 million at the end of the previous year, driven by demand for Direct Air Cooling and small cell deployment.
RF Industries operates through two segments: the RF Connector and Cable Assembly segment and the Custom Cabling Manufacturing and Assembly segment. The RF Connector segment experienced a decline in sales, while the Custom Cabling segment saw an increase in sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RF Industries Ltd. annual 10-K report dated January 21, 2025. To report an error, please email earnings@qz.com.