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Tel-Instrument Electronics Corp. (TIKK0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $2,972,137 for the three months ended December 31, 2024, an increase from $2,403,099 in the same period the previous year. For the nine months ended December 31, 2024, net sales were $7,591,655, compared to $6,835,123 in the previous year.
Gross margin for the quarter was $634,401, representing 21% of sales, down from 40% in the same quarter of the previous year. This decline is attributed to increased costs for the CRAFT test set and additional charges related to the CRAFT ECP project.
The company reported a net loss of $456,483 for the quarter, compared to a net income of $133,809 in the previous year. For the nine months ended December 31, 2024, the net loss was $1,228,829, compared to a net loss of $6,052 in the prior year.
Tel-Instrument Electronics Corp. had a working capital of $2,663,404 as of December 31, 2024, down from $4,249,777 as of March 31, 2024. The company has a sales backlog of $8.4 million and expects future revenue growth from its SDR-OMNI and SDR-OMNI/MIL products.
The company's line of credit with Bank of America was renewed at $1,000,000, fully drawn as of December 31, 2024. The company also received short-term advances from its CEO totaling $120,500.
Tel-Instrument Electronics Corp. continues to focus on expanding its product portfolio and market reach, particularly with its SDR-OMNI and SDR-OMNI/MIL products, which have garnered positive reviews and orders from major clients like Airbus and the U.S. Department of Defense.
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 February 13, 2025. To report an error, please email earnings@qz.com.