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Taitron Components Incorporated (TAIT-0.46%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Taitron's focus on supplying original designed and manufactured (ODM) products to original equipment manufacturers (OEMs) and contract electronic manufacturers (CEMs). The company reported net sales of $4,141,000 for 2024, a decrease from $6,108,000 in 2023, attributed to lower demand in ODM projects.
Gross profit for 2024 was $2,118,000, down from $3,448,000 in 2023. The gross profit margin decreased to 51.1% from 56.5% the previous year. Selling, general, and administrative expenses slightly decreased to $2,222,000 in 2024 from $2,248,000 in 2023.
Operating loss for 2024 was $104,000 compared to an operating income of $1,200,000 in 2023. Other income, primarily from short-term investments, was $1,230,000 in 2024, up from $836,000 in 2023.
Net income for 2024 was $902,000, a decrease from $1,845,000 in 2023. The income tax provision for 2024 was $513,000, compared to $412,000 in 2023.
Taitron's cash and cash equivalents were $4,208,000 as of December 31, 2024, down from $6,205,000 at the end of 2023. The company used $258,000 in operating activities in 2024, compared to $3,150,000 generated in 2023.
The company shifted its focus to ODM products, moving away from its 'superstore' strategy of maintaining a large inventory of electronic components. Inventory at the end of 2024 was valued at $2,949,000, net of reserves.
Taitron maintains its headquarters and main distribution facility in Valencia, California, and has additional facilities in Taiwan and China. The company reported 15 full-time employees as of March 15, 2024.
Taitron Components Incorporated does not anticipate any material legal proceedings and reported no unresolved staff comments or cybersecurity incidents in its filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Taitron Components Incorporated annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.