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Cemtrex Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results
CETXCemtrex(CETX) GlobeNewswire·2024-12-30 21:15

Core Insights - Cemtrex, Inc. reported a revenue increase of 13% for the fiscal year 2024, totaling 66.9million,drivenbystrongdemandforAdvancedIndustrialServices(AIS)productsandservices,despiteadeclineinsecuritytechnologyrevenuefromtheViconbrand[15][23][36]−Thecompanyexperiencedanoperatinglossof66.9 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 1.5millionin2023,primarilyduetoincreasedgeneralandadministrativeexpenses[3][15][42]−AISsegmentrevenuesurgedby391.5 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 32.0million[15][41][40]FinancialPerformance−Fourthquarterrevenuefor2024increasedby932.0 million [15][41][40] Financial Performance - Fourth quarter revenue for 2024 increased by 9% to 18.1 million, compared to 16.6millioninthefourthquarterof2023[7][23]−Grossprofitfortheyearwas16.6 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 7.7million,animprovementfromanetlossof7.7 million, an improvement from a net loss of 9.2 million in 2023, with a net income of 4.4millioninQ42024comparedtoanetlossof4.4 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 6.7millionprojectinthewastewaterinfrastructuremarket[16][40]−ViconlaunchedtheNEXTModularCameraSystem,integratingadvancedAIanalytics,andsecureda6.7 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 44.1million,downfrom44.1 million, down from 48.5 million in 2023, with current assets decreasing to 26.7million[4][43]−Cashandcashequivalents,alongwithrestrictedcash,totaled26.7 million [4][43] - Cash and cash equivalents, along with restricted cash, totaled 5.4 million, a decrease from 6.3millioninthepreviousyear[43][6]−Totalliabilitieswerereportedat6.3 million in the previous year [43][6] - Total liabilities were reported at 39.2 million, slightly down from $40.1 million in 2023 [30]