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SCI Engineered Materials Inc (SCIA-4.43%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $22,870,192 for 2024, a decrease from $27,984,083 in 2023. The decline is attributed to lower costs of key raw materials and a change in product mix.
Gross profit for the year was $5,068,301, down from $5,251,633 in the previous year. The gross margin increased to 22.2% from 18.8% due to lower raw material costs.
Operating expenses rose to $3,023,535 in 2024 from $2,757,385 in 2023, primarily due to increased compensation and professional fees.
Net income for the year was $1,861,389, compared to $2,193,899 in 2023. The decrease in net income is attributed to lower gross profit and higher operating expenses.
Cash on hand was reported at $6,753,403 as of December 31, 2024, up from $5,673,994 at the end of 2023. The increase is due to cash provided by operating activities.
The company identified niche markets that could benefit from its expertise in custom powder solutions, including near-infrared doped phosphors and short-wave infrared applications.
SCI Engineered Materials Inc. continues to focus on developing new products and expanding its presence in current and additional niche markets.
The company reported no debt outstanding as of December 31, 2024, following the final payment on its finance lease obligations during the third quarter of the year.
The filing also discusses various risks, including dependence on key customers, potential impacts of global economic conditions, and cybersecurity threats.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SCI Engineered Materials Inc annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.