Core Insights - Electro-Sensors, Inc. reported record annual revenue of 8.555 million in 2023, primarily driven by higher sales of HazardPRO wireless sensors in agricultural applications [2][3][6] - The company's gross margin decreased slightly to 48.9% from 49.6% year-over-year, reflecting a reduction of 70 basis points [2][6] - Operating income improved significantly, with a loss of 28 thousand in FY23, indicating an 85.7% improvement [2][5] - Net income for FY24 was 275 thousand in FY23, marking a substantial increase [5][6] - Earnings per share (diluted) rose to 0.08, reflecting a 62.5% increase [2][7] Financial Performance - Net sales increased to 8,555,000 in FY23, a growth of 9.6% [2][5] - Gross profit for FY24 was 4,245,000 in FY23 [5] - Operating expenses rose to 4,273,000 in FY23 [5] - Non-operating income increased to 406,000 in FY23 [5] Balance Sheet Highlights - Total assets as of December 31, 2024, were 14,445,000 in 2023 [8][9] - Cash and investments increased to 9,926,000 in FY23 [8] - Stockholders' equity rose to 13,755,000 in FY23 [9] Market Position - The company experienced growth in both wired and wireless product families, with HazardPRO wireless products growing at a faster rate than traditional wired products [3] - International sales accounted for 11.5% of net sales in FY24, up from 10.3% in FY23 [2]
Electro-Sensors, Inc. Announces 2024 Year-End Financial Results