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BK Technologies(BKTI) - 2024 Q3 - Quarterly Results
BKTIBK Technologies(BKTI)2024-11-14 12:23

Revenue Performance - Revenue for Q3 2024 was 20.2million,consistentwithQ32023revenue[3]−Revenueforthefirstninemonthsof2024was20.2 million, consistent with Q3 2023 revenue[3] - Revenue for the first nine months of 2024 was 58.7 million, compared to 57.8millioninthesameperiodof2023[12]−ForthethreemonthsendedSeptember30,2024,netsalesincreasedto57.8 million in the same period of 2023[12] - For the three months ended September 30, 2024, net sales increased to 20,179,000 compared to 20,069,000forthesameperiodin2023,representingagrowthof0.5520,069,000 for the same period in 2023, representing a growth of 0.55%[23] Profitability Metrics - Gross margin improved to 38.8% from 31.9% in Q3 2023 and 37.3% in Q2 2024[3] - GAAP earnings per share (EPS) were 0.67 basic and 0.63diluted,comparedto0.63 diluted, compared to 0.03 EPS in Q3 2023[10] - Non-GAAP adjusted EPS increased to 0.75basicand0.75 basic and 0.71 diluted from 0.33inQ32023[10]−OperatingincomeforQ32024was0.33 in Q3 2023[10] - Operating income for Q3 2024 was 2.6 million, compared to 594,000inQ32023[9]−Non−GAAPadjustedEBITDAforQ32024was594,000 in Q3 2023[9] - Non-GAAP adjusted EBITDA for Q3 2024 was 3.1 million, up from 662,000inQ32023[11]−NetincomeforthethreemonthsendedSeptember30,2024,was662,000 in Q3 2023[11] - Net income for the three months ended September 30, 2024, was 2,357,000, compared to a net income of 90,000forthesameperiodin2023,reflectingasubstantialincreaseof2,51990,000 for the same period in 2023, reflecting a substantial increase of 2,519%[23] - The company reported a net income per share (diluted) of 0.63 for the three months ended September 30, 2024, compared to 0.03forthesameperiodin2023,asignificantincreaseof2,0000.03 for the same period in 2023, a significant increase of 2,000%[23] Guidance and Future Outlook - Full year 2024 GAAP EPS guidance raised to exceed 1.65 from 1.50,andnon−GAAPEPStargetincreasedto1.50, and non-GAAP EPS target increased to 1.92 from 1.77[3]OrderandBacklogInformation−Orderbacklogreached1.77[3] Order and Backlog Information - Order backlog reached 27.0 million, up from 21.8millioninQ32023and21.8 million in Q3 2023 and 26.9 million in Q2 2024[3] Asset and Liability Management - Total current assets decreased to 34,916,000asofSeptember30,2024,downfrom34,916,000 as of September 30, 2024, down from 37,202,000 at the end of 2023, a decline of 8.66%[24] - Total liabilities decreased to 20,417,000asofSeptember30,2024,comparedto20,417,000 as of September 30, 2024, compared to 28,097,000 at the end of 2023, a reduction of 27.49%[25] - The accumulated deficit improved to (19,507,000)asofSeptember30,2024,from(19,507,000) as of September 30, 2024, from (24,209,000) at the end of 2023, reflecting a reduction of 19.67%[25] Shareholder Information - The weighted average common shares outstanding, basic, increased to 3,539,841 for the three months ended September 30, 2024, compared to 3,411,813 for the same period in 2023, an increase of 3.77%[26] Investment in Development - The company has capitalized product development costs of $751,000 as of September 30, 2024, indicating ongoing investment in new product development[24]