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Tel-Instrument Electronics Corp (TIKK0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates net sales of $1,777,342 for the three months ended September 30, 2024, compared to $1,565,094 in the same period the previous year. For the six months ended September 30, 2024, net sales were $4,619,518, compared to $4,432,024 in the prior year.
Gross margin for the current quarter was $206,940, representing 12% of sales, down from $359,484 or 23% in the same quarter of the previous year. The decrease is attributed to increased fixed production costs over decreased volumes.
Operating expenses for the quarter included selling, general, and administrative expenses of $550,468, up from $521,070 in the previous year, and engineering, research, and development expenses of $656,086, up from $317,715.
The company reported a net loss of $814,594 for the three months ended September 30, 2024, compared to a loss of $435,153 in the same period the previous year. For the six months ended September 30, 2024, the net loss was $772,346, compared to $139,861 in the prior year.
The company had a working capital of $3,264,454 as of September 30, 2024, down from $4,249,777 as of March 31, 2024. Cash on hand was $242,366 with accounts receivable of $813,801.
Tel-Instrument Electronics Corp. noted a sales backlog of $7.9 million as of September 30, 2024, with anticipated improvements in revenues and profits in the second half of fiscal year 2025.
The filing also discusses the company's ongoing efforts to develop new products such as the SDR-OMNI and SDR-OMNI/MIL, which are expected to drive future revenues and profitability.
The company does not anticipate any material future capital expenditure requirements and expects cash flows from operations to be sufficient for the next 12 months.
Tel-Instrument Electronics Corp. identified a material weakness in its internal controls over financial reporting related to inventory controls and continues to implement remediation measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tel-Instrument Electronics Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.