Group 1 - Cemtrex Inc. has regained compliance with Nasdaq's minimum stockholders' equity requirement, allowing its securities to continue being listed and traded on the Nasdaq Stock Market [1][3] - The company previously received a notification from Nasdaq on August 23, 2024, indicating that its stockholders' equity was below the required minimum [2] - As of December 30, 2024, Cemtrex's stockholders' equity was reported at $4,710,677, confirming compliance with Nasdaq's requirements [3] Group 2 - Cemtrex Inc. operates two subsidiaries: Vicon Industries Inc. and Advanced Industrial Services Inc. [4] - Vicon Industries specializes in advanced security and surveillance technology, providing solutions for various sectors including businesses and municipalities [5] - Advanced Industrial Services offers industrial contracting services across multiple markets, ensuring safe and efficient installation of production equipment [6]

Financial Performance - The company incurred substantial losses of $7.2 million and $9.2 million for fiscal years 2024 and 2023, respectively[144] - The company incurred substantial losses of $7,229,491 and $9,196,875 for fiscal years 2024 and 2023, respectively[68] - The company's gross profit was $27,478,204 and $25,685,826 for fiscal years 2024 and 2023, respectively[6] - The company's operating loss was $5,269,745 and $1,511,508 for fiscal years 2024 and 2023, respectively[6] - The company's net loss attributable to Cemtrex, Inc. stockholders was $7,229,491 and $9,196,875 for fiscal years 2024 and 2023, respectively[6] - The company's total operating expenses were $32,747,949 and $27,197,334 for fiscal years 2024 and 2023, respectively[6] - The company's revenues were $66,863,884 and $59,368,562 for fiscal years 2024 and 2023, respectively[6] - The company's cost of revenues was $39,385,680 and $33,682,736 for fiscal years 2024 and 2023, respectively[6] - The company's general and administrative expenses were $28,860,019 and $23,929,340 for fiscal years 2024 and 2023, respectively[6] - Net loss for the year ended September 30, 2024 was $7,635,505, compared to $9,233,438 in the previous year[8] - Comprehensive loss attributable to Cemtrex, Inc. stockholders was $7,356,900 for the year ended September 30, 2024, compared to $8,497,694 in the previous year[8] - Net loss for the year ended September 30, 2024, was $7,635,505, compared to $9,233,438 in 2023[16] - Net loss for 2024 was $(7,635,505), an improvement from $(9,233,438) in 2023[499] - The company's net loss improved to $(7,635,505) in 2024 from $(13,292,242) in 2022[499] - The company incurred net losses of $7.2 million in 2024, $9.2 million in 2023, and $13.0 million in 2022, with an accumulated deficit of $71.4 million as of September 30, 2024[196] Revenue Recognition - Revenue from fixed price contracts is recognized using the percentage-of-completion method[151] - Revenue from time and material price contracts is recognized based on costs incurred and projected markup[152] - The company's contracts generally contain one performance obligation, recognized as revenue over time[153] - Over time revenue recognition increased to 57% in 2024 from 48% in 2023[155] - Point-in-time revenue recognition decreased to 43% in 2024 from 52% in 2023[155] International Operations - International operations accounted for approximately 5.9% of net sales in 2024[140] - Foreign currency translation loss for the year ended September 30, 2024 was $127,409, compared to a gain of $699,181 in the previous year[8] Tax and Warranty Provisions - The company did not take any uncertain tax positions for the years ended September 30, 2024 and 2023[158] - The company may recognize tax benefits from uncertain tax positions only if more likely than not to be sustained[159] - The company provides for estimated costs of product warranties and processes[155] Credit and Inventory Reserves - The company's allowance for credit losses was $155,918 and $234,924 at September 30, 2024, and 2023, respectively[79] - The company's inventory obsolescence reserve was $1,044,530 and $618,021 at September 30, 2024, and 2023, respectively[84] - Inventory obsolescence reserve increased to $1,044,530 as of September 30, 2024, compared to $618,021 in 2023[404] Cash Flow and Financing - Net cash used by operating activities for 2024 was $3,949,360, an improvement from $4,724,305 in 2023[16] - Depreciation and amortization expenses increased to $1,328,741 in 2024 from $1,026,075 in 2023[16] - Goodwill impairment of $530,475 was recorded in 2024, compared to none in 2023[16] - Inventory increased by $1,893,759 in 2024, compared to an increase of $48,598 in 2023[16] - Net cash used by investing activities decreased to $1,257,393 in 2024 from $5,628,400 in 2023[16] - Proceeds from offerings in 2024 amounted to $10,035,292, with expenses of $995,333[16] - Total cash, cash equivalents, and restricted cash decreased to $5,420,392 in 2024 from $6,349,562 in 2023[19] - The company raised $9,039,959 in net proceeds through its May 2024 equity financing[36] - The company anticipates an additional $5 to $10 million when the Series B warrants are exercised[36] - The company raised approximately $9.0 million in net proceeds through May 2024 equity financing and anticipates an additional $5 to $10 million from Series B warrants[193] Stock and Equity - Paid-in additional capital increased to $73,262,536 as of September 30, 2024, up from $68,882,750 in the previous year[11] - Accumulated deficit increased to $71,355,386 as of September 30, 2024, up from $64,125,895 in the previous year[11] - Cemtrex stockholders' equity decreased to $4,710,677 as of September 30, 2024, down from $7,687,614 in the previous year[11] - Noncontrolling interest decreased to $250,165 as of September 30, 2024, down from $656,179 in the previous year[11] - Share-based compensation for the year ended September 30, 2024 was $30,235, compared to $106,839 in the previous year[11][13] - Treasury stock purchases for the year ended September 30, 2024 amounted to $69,705[11] - Shares issued to pay for services during the year ended September 30, 2024 amounted to $169,000[11] - The company completed a 60:1 reverse stock split on October 2, 2024, and a 35:1 reverse stock split on November 26, 2024[23] - The company completed a 60:1 reverse stock split on October 2, 2024, and a 35:1 reverse stock split on November 26, 2024[55] - The company has 1,724,162 shares of common stock outstanding as of December 23, 2024[45] - The company’s common stock had an aggregate market value of $4,249,917 based on the average bid and asked price of $8,799 on March 28, 2024[44] - The company issued 123,167 shares of Series 1 Preferred Stock to pay dividends on October 7, 2024[398] - The company's equity compensation plans had 18 outstanding options with a weighted average exercise price of $105,258.92 as of September 30, 2024[393] Nasdaq Compliance and Delisting - The company received a Nasdaq notification on August 21, 2024, for not meeting the minimum stockholder's equity requirement of $2,500,000[28] - The company may be subject to delisting if it fails to evidence compliance with the stockholders' equity requirement by March 31, 2025[31] - The Company received a Nasdaq notification on July 29, 2022, for failing to meet the minimum bid price requirement of $1.00 for Series 1 Preferred Stock[56] - The Company's Series 1 Preferred Stock was delisted from NASDAQ on January 22, 2024, and is now quoted on OTC Markets under the symbol "CETXP"[57] - The Company received a Nasdaq notification on June 14, 2024, for failing to meet the minimum bid price requirement of $1.00 for common stock[58] - The Company received a Nasdaq notification on August 21, 2024, for failing to meet the minimum stockholder's equity requirement of $2,500,000[59] Corporate Governance - The Company's disclosure controls and procedures were effective as of September 30, 2024[452] - The Board of Directors held four meetings during the fiscal year ended September 30, 2024[469] - The Company is classified as a "Controlled Company" under NASDAQ Listing Rule 5615 and is not required to have a Compensation Committee[481] - Saagar Govil owns 153,153 shares of Series 1 Preferred Stock, representing 1.3% of the voting stock[513] - All directors and executive officers as a group own 203,189 shares, representing 73.1% of the voting stock[513] Related Party Transactions - The company recognized $665,520 of revenue from CXR, Inc. during fiscal year 2024[530] - Trade receivables due from CXR, Inc. amounted to $685,788 as of September 30, 2024[530] - The company's total assets included $456,611 in long-term royalties receivable from CXR, Inc. as of September 30, 2024[530] - The company discounted royalties due to $660,621 and recognized $53,126 in royalties for 2024[529] Segment Performance - Identifiable assets for Security segment decreased to $17,253,328 from $21,829,183[191] - Identifiable assets for Industrial Services segment increased to $24,576,055 from $23,781,349[191] - Total assets decreased to $44,115,458 from $48,453,743[191] Liquidity and Capital Resources - The company has $3,897,511 in cash as of September 30, 2024[36] - The company secured a line of credit for its Vicon brand with available capacity of $1,874,989 as of September 30, 2024[36] - The company’s working capital and current debt indicate substantial doubt regarding its ability to continue as a going concern[36] - The company has approximately $3.9 million in cash as of September 30, 2024[193] - The company secured a line of credit for its Vicon brand with $1.9 million available capacity and a $3.5 million line of credit for its AIS brand as of September 30, 2024[193] - The company’s ability to meet debt obligations depends on financial and operating performance, which is subject to external economic and competitive factors[200] - The company’s ability to secure sufficient credit arrangements is critical for continued operations, with no assurance of obtaining additional equity or debt financing[201] - The company’s substantial debt could adversely affect its ability to raise additional capital and meet obligations[198] - The company’s plans to meet capital demands for the next twelve months may prove inadequate, despite current safeguards[193] Product Development and Market Acceptance - The company’s Vicon brand is introducing new innovative products to grow revenues[36] - The company’s future operating results depend on successful research, development, and marketing of new products and services in the Security segment[210] - The company’s success is heavily dependent on the market acceptance of its technology, which impacts sales, profits, and cash flow[203] Accounting Adjustments - Short-term investments reclassified to Prepaid expenses and other current assets, resulting in a revised amount of $2,112,022[169] - Gain/(loss) on marketable securities reclassified to Prepaid expenses and other current assets, resulting in a revised amount of $(458,476)[169] - Non-cash royalty income correction resulted in a revised Trade receivables - related party amount of $(1,099,070)[171] - Shares issued to pay for services correction resulted in a revised Accounts payable amount of $3,145,469[171] - Trade receivables, net under ASC 326 adoption showed no impact, remaining at $234,924[176] - Contract assets, net increased by $8,696 due to ASC 326 adoption[176] - Royalties receivable, net - related party remained unchanged at $10,000 post ASC 326 adoption[176] Executive Compensation - Total compensation for the PEO in 2024 was $1,089,451, with $702,443 actually paid[499] Share Repurchase Program - The Company repurchased 71,951 shares of Series 1 Preferred Stock for $69,705 under the Share Repurchase Program approved on August 22, 2023[57]

Core Insights - Cemtrex, Inc. reported a revenue increase of 13% for the fiscal year 2024, totaling $66.9 million, driven by strong demand for Advanced Industrial Services (AIS) products and services, despite a decline in security technology revenue from the Vicon brand [15][23][36] - The company experienced an operating loss of $5.3 million for the full year 2024, compared to a loss of $1.5 million in 2023, primarily due to increased general and administrative expenses [3][15][42] - AIS segment revenue surged by 39% to $34.8 million, attributed to strategic acquisitions and growing market demand, while Vicon's revenue decreased by 7% to $32.0 million [15][41][40] Financial Performance - Fourth quarter revenue for 2024 increased by 9% to $18.1 million, compared to $16.6 million in the fourth quarter of 2023 [7][23] - Gross profit for the year was $27.5 million, representing 41% of revenues, a slight decrease from 43% in the previous year [24] - The net loss for the full year 2024 was $7.7 million, an improvement from a net loss of $9.2 million in 2023, with a net income of $4.4 million in Q4 2024 compared to a net loss of $1.2 million in Q4 2023 [25][15] Segment Highlights - AIS achieved record revenue growth of 39% in fiscal 2024, with significant contracts awarded, including a $6.7 million project in the wastewater infrastructure market [16][40] - Vicon launched the NEXT Modular Camera System, integrating advanced AI analytics, and secured a $10.4 million order for expanding a surveillance system [20][22][36] - The security segment's revenue for the year decreased by 7% due to weaker industry demand, while AIS's growth was bolstered by strategic acquisitions [41][15] Balance Sheet Overview - As of September 30, 2024, total assets were $44.1 million, down from $48.5 million in 2023, with current assets decreasing to $26.7 million [4][43] - Cash and cash equivalents, along with restricted cash, totaled $5.4 million, a decrease from $6.3 million in the previous year [43][6] - Total liabilities were reported at $39.2 million, slightly down from $40.1 million in 2023 [30]

Core Insights - Cemtrex Inc.'s subsidiary Vicon Industries received a record order of $10.4 million for a state government corrections facility, marking the largest single order in Vicon's 57-year history [1][2][3] - The order will enhance the Valerus surveillance security system with additional hardware and is expected to be fulfilled in the second fiscal quarter of 2025 [2][4] - The demand for Vicon's advanced surveillance technology is increasing, driven by the need for reliable video surveillance and access control solutions in a dynamic environment [3][4] Company Overview - Cemtrex Inc. operates through two subsidiaries: Vicon Industries Inc. and Advanced Industrial Services Inc. [5] - Vicon Industries specializes in advanced security and surveillance technology, providing comprehensive security solutions for various sectors including corrections, schools, and municipalities [6] Market Potential - The video surveillance market is projected to grow to $88.71 billion by 2030, indicating significant growth potential for Vicon [4] - The increasing demand for security solutions across various sectors is expected to drive orders and revenue momentum for the company [4]

Core Insights - Cemtrex Inc.'s subsidiary Vicon Industries received a record order of $10.4 million for a state government corrections facility, marking the largest order in Vicon's 57-year history [1][2] - The order will enhance the Valerus surveillance security system with additional hardware and is expected to be fulfilled in the second fiscal quarter of 2025 [1][2] - The demand for Vicon's advanced surveillance technology is increasing, driven by the need for reliable video surveillance and access control solutions in a dynamic environment [3][4] Company Overview - Cemtrex Inc. operates through two subsidiaries: Vicon Industries Inc. and Advanced Industrial Services Inc. [5] - Vicon Industries specializes in advanced security and surveillance technology, providing mission-critical systems for various sectors including businesses, schools, and municipalities [6] Market Potential - The video surveillance market is projected to grow to $88.71 billion by 2030, indicating significant growth potential for Vicon [4] - Increasing demand for security solutions across sectors such as corrections, school districts, and border protection is expected to drive orders and revenue momentum for the company [4]

Core Points - Cemtrex Inc. has regained compliance with the minimum bid price requirement for continued listing on the Nasdaq Stock Market [1][2] - The company previously received a notification on June 14, 2024, regarding non-compliance due to a closing bid price below $1 per share [2] - A 1-for-35 reverse stock split was executed on November 26, 2024, allowing the company to meet the listing requirements [3] Company Overview - Cemtrex Inc. operates through two subsidiaries: Vicon Industries Inc. and Advanced Industrial Services Inc. [4] - Vicon Industries specializes in advanced security and surveillance technology, providing solutions for various sectors including businesses and municipalities [5] - Advanced Industrial Services offers industrial contracting services, including millwrighting, rigging, and electrical work, across multiple industrial markets [6]

Core Insights - Cemtrex Inc.'s subsidiary, Vicon Industries, has partnered with Hailo to integrate the Hailo-15 System-on-a-Chip into Vicon's NEXT Modular Camera System, enhancing video intelligence capabilities [1][2] Company Overview - Cemtrex Inc. operates two subsidiaries: Vicon Industries and Advanced Industrial Services [8] - Vicon Industries is a leader in advanced security and surveillance technology, providing solutions for various sectors including businesses, schools, and municipalities since 1967 [9] Partnership Details - The collaboration with Hailo aims to pioneer advancements in the security industry by embedding high-performance AI technology into Vicon's NEXT camera system [2] - Vicon is among the first to market the Hailo-15, which offers edge-based AI processing capabilities that surpass traditional camera technologies [2] Product Features - The NEXT camera system includes advanced AI video enhancement, color forensics, smart object classification, and real-time analytics to improve threat detection and response [3] - The Hailo-15 chip provides enhanced video analytics, including object detection and behavioral analysis, while ensuring data privacy by processing information on the edge [4] Technological Advancements - NEXT features onboard technologies such as high-powered microphones and programmable signal lightbars for real-time audio warnings and situational awareness [4][5] - The integration of AI capabilities allows the camera to act as a proactive deterrent rather than just a reactive device, enhancing security operations [5] Market Availability - Vicon is currently taking orders for the NEXT solution, which is expected to start shipping in Q1 2025 [7]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 remained flat at $14.7 million compared to Q3 2023, with a significant increase in the Industrial Services segment offset by a decline in the Security segment [4][9] - Operating loss for Q3 2024 was $3.2 million, a decrease from operating income of $0.1 million in Q3 2023, primarily due to decreased gross profit in the Security segment and increased G&A expenses [5][10] - Net loss for Q3 2024 was $9.1 million, compared to a net loss of $1.2 million in Q3 2023 [10] Business Line Data and Key Metrics Changes - The Security segment revenues decreased by 31% to $6.2 million in Q3 2024, attributed to project delays and overall economic conditions [9] - The Industrial Services segment revenues increased by 49% to $8.5 million, driven by strong demand and additional revenue from the Heisey acquisition [9] Market Data and Key Metrics Changes - The company reported a decrease in inventories to $7.5 million as of June 30, 2024, down from $8.7 million on September 30, 2023, indicating improved operational efficiency [10] Company Strategy and Development Direction - The company aims to achieve positive operating income in the future and is focused on evaluating acquisition opportunities to enhance market reach and service capabilities [7][11] - Investments in sales and marketing resources in the Security segment are expected to drive future sales growth, alongside the launch of new technologies [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong revenue growth in the Security segment in fiscal year 2025, despite current project delays [6] - The company is well-positioned for growth following a $10 million upsized public offering, which also helped improve the balance sheet [7][11] Other Important Information - The operating loss for the nine-month period was $5 million, compared to $1.5 million a year ago, influenced by one-time expenses totaling approximately $2 million [5] Q&A Session Summary - There were no questions raised during the Q&A session, indicating a lack of immediate inquiries from analysts or participants [11][12]

Financial Performance - Revenues for the three months ended June 30, 2024, were $14,686,398, a slight decrease from $14,730,140 for the same period in 2023, representing a decline of approximately 0.3%[5] - Gross profit for the nine months ended June 30, 2024, was $19,898,962, compared to $18,859,530 for the same period in 2023, reflecting an increase of about 5.5%[5] - Operating loss for the three months ended June 30, 2024, was $(3,179,516), compared to an operating income of $53,774 for the same period in 2023[5] - Net loss attributable to Cemtrex, Inc. stockholders for the three months ended June 30, 2024, was $(8,981,026), compared to a net loss of $(1,146,524) for the same period in 2023[5] - The company reported a net loss before income taxes of $(9,082,009) for the three months ended June 30, 2024, compared to $(1,165,759) for the same period in 2023[5] - Total operating expenses for the nine months ended June 30, 2024, were $24,848,991, up from $20,352,319 for the same period in 2023, indicating an increase of approximately 22.3%[5] - Comprehensive loss attributable to Cemtrex, Inc. stockholders for the nine months ended June 30, 2024, was $(12,478,586), compared to $(8,148,694) for the same period in 2023[6] - For the nine months ended June 30, 2024, the net loss was $12,012,943 compared to a net loss of $8,048,022 for the same period in 2023, indicating a significant increase in losses[14] Assets and Liabilities - As of June 30, 2024, total current assets decreased to $26,405,347 from $29,293,041 as of September 30, 2023, representing a decline of approximately 9.8%[3] - Total liabilities rose to $43,474,220 as of June 30, 2024, compared to $40,109,950 as of September 30, 2023, indicating an increase of approximately 5.9%[3] - Long-term debt significantly increased to $16,893,184 from $9,929,348, reflecting a rise of approximately 70.5%[3] - The accumulated deficit grew to $(75,787,626) as of June 30, 2024, compared to $(64,125,895) as of September 30, 2023, marking an increase of about 18.2%[3] - Total stockholders' equity decreased to $47,956 from $7,687,614, a decline of approximately 99.4%[3] - The total assets decreased to $43,827,143 from $48,453,743, indicating a decline of approximately 9.3%[3] Cash Flow and Financing - Cash and cash equivalents increased to $6,468,197 from $5,329,910, showing a growth of about 21.4%[3] - Net cash used by operating activities for continuing operations was $2,076,477, an improvement from $5,394,048 in the prior year[14] - The company’s cash flows from investing activities resulted in a net cash outflow of $406,224, compared to $735,265 in the previous year[14] - The company’s cash flows from financing activities provided a net cash inflow of $3,867,544, contrasting with a net cash outflow of $1,280,991 in the prior year[14] - The company has secured a line of credit for its Vicon brand with available capacity of $2,269,675 as of June 30, 2024[28] - The company incurred cash paid for interest of $705,504 during the period, compared to $382,575 in the prior year[15] Segment Performance - The Company’s Security segment revenues decreased by $2,821,792 or 31% to $6,193,487 for the three months ended June 30, 2024, compared to $9,015,279 for the same period in 2023[81] - The Industrial Services segment revenues increased by $2,778,050 or 49% to $8,492,911 for the three months ended June 30, 2024, compared to $5,714,861 for the same period in 2023, driven by increased demand and the Heisey acquisition[81] - Security segment revenues for the nine months ended June 30, 2024, decreased by $2,487,701 or 10% to $23,446,220, attributed to project delays and weakening economic conditions[84] - Industrial Services segment revenues for the nine months ended June 30, 2024, increased by $8,438,081 or 50% to $25,277,939, driven by increased demand and the Heisey acquisition[84] Shareholder Information - The company has 17,437,456 shares of common stock outstanding as of August 9, 2024[1] - The weighted average number of shares for basic and diluted earnings per share was 31,346,628 for the three months ended June 30, 2024, compared to 897,897 for the same period in 2023[5] - The Company repurchased 71,951 shares for $69,705 under the Share Repurchase Program approved on August 22, 2023, with shares cancelled on April 8, 2024[25] - The Company raised approximately $10,035,293 in gross proceeds from a public offering that closed on May 3, 2024, selling 11,764,705 units[26] - The Company filed a Certificate of Amendment to increase authorized shares of common stock from 50,000,000 to 70,000,000 on August 2, 2024[24] Accounting and Compliance - The company has adopted the CECL model for measuring credit losses, effective October 1, 2023, with no material impact on financial statements[33] - The company is evaluating the impact of recently issued accounting standards, including ASU 2022-03 and ASU 2023-07, on its financial statements[36] - The Company received a notification from Nasdaq on January 26, 2023, granting an additional 180 days to regain compliance with the minimum bid price requirement, which was set to expire on July 24, 2023[23] - The Company announced a special meeting for Series 1 Preferred Stock shareholders on December 26, 2023, to approve a reverse stock split, but the meeting was adjourned due to insufficient votes[23] - The Company’s Series 1 Preferred Stock was delisted from NASDAQ on January 22, 2024, and is now quoted on the OTC Markets under the symbol "CETXP"[25] Research and Development - Research and development expenses for the three months ended June 30, 2024, were $1,049,909, a decrease from $2,664,688 for the same period in 2023[5] - Research and Development expenses for the nine months ended June 30, 2024, were $2,664,688, a decrease of $1,231,029 or 32% compared to the same period in 2023[86] Other Financial Metrics - The company reported a loss per share of $(1.36) for continuing operations, adjusted from a previously reported $(1.29) for the six months ended June 30, 2023[31] - The company reported a pretax loss on the sale of Cemtrex Advanced Technologies, Inc. and Cemtrex XR, Inc. of $(2,455,341)[38] - The company recognized $13,282 and $39,845 in amortization of discounted royalties for the three and nine months ended June 30, 2024, respectively[39] - The company has recognized share-based compensation expenses of $22,675 for the three months ended June 30, 2024, and $93,313 for the nine months ended June 30, 2024[74]

Financial Data and Key Metrics Changes - The operating loss for the second quarter was $1 million compared to operating income of $0.4 million a year ago [3] - The net loss for the second quarter of 2024 was $1.6 million compared to a net loss of $0.6 million in the second quarter of 2023 [18] - Total operating expenses for the three months ended March 31, 2024, were $8 million compared to $7 million in the prior year's quarter [18] - Cash, cash equivalents, and restricted cash totaled $4.1 million at March 31, 2024, down from $6.3 million at September 30, 2023 [18] Business Line Data and Key Metrics Changes - Revenue for the Security segment decreased by 18% to $8.1 million due to delays in certain projects [15] - The Industrial Services segment revenues increased by 47% to $9.1 million, driven by increased demand and the Heisey acquisition [6][16] - Gross profit for the second quarter was $6.9 million or 40% of revenues, down from $7.3 million or 46% of revenues for the same quarter last year [6] Market Data and Key Metrics Changes - The company secured significant orders in the Industrial Services segment, including a $1.6 million order for relocation projects and a $0.5 million order for equipment removal [24] - The company anticipates that the Industrial Services segment could achieve more than 30% annual growth in fiscal year 2024 [16] Company Strategy and Development Direction - The company continues to invest in sales and marketing resources in the Security segment to drive sales growth [4] - There is a focus on exploring acquisition opportunities to enhance market reach and service capabilities [8] - The company aims to achieve positive operating income for the full fiscal year 2024 while maintaining tight cost controls [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive operating income for the full year and highlighted the importance of diligent balance sheet management [8][27] - The company is well-positioned to build on its momentum and expects to drive further growth through new technologies and improvements to its core software platform [4][27] Other Important Information - The company launched Anavio, a new cloud security platform, which aims to enhance user access control and situational awareness [23] - Inventories decreased to $7.4 million at March 31, 2024, from $8.7 million at September 30, 2023 [26] Q&A Session Summary - The conference call concluded with an invitation for participants to reach out to the investor relations firm for any unanswered questions [20]