Syntec Optics Holdings, Inc. (“Syntec Optics” or the “Company”)
(Nasdaq: OPTX), a leading provider of mission-critical products to
advanced technology defense, biomedical, and communications
equipment manufacturers, today reported financial results for the
first quarter of 2024.
Second Quarter 2024 Financial Highlights
- Net Sales of $7.01 million increased by 12% from $6.26 million
in Q1 2024, and sales from products increased by 20% from
$5.8 million in Q2 2023.
- Adjusted EBITDA increased to $1.32
million from negative $0.67 million in Q1 2024.
- Earnings per Share increased
to $0.01 from negative $0.03 in Q1 2024.
Dean Rudy, CFO, said, “At the previous earnings call, we
provided guidance for second quarter 2024 revenue to be between
$6.4 and $7.0 million. I am excited to report that our revenues
came in just above $7 million, as anticipated. The company ramps up
space optics, data center connectivity products
for increased Artificial Intelligence deployment, night
vision optics and opto-mechanicals, mission-critical biomedical
products, and other diverse new launches.”
Strong Order Momentum and End-Market
Expansion:
- Secured significant
orders for space optics to continue growth in Low Earth Orbit (LEO)
satellites. Satellite broadband could represent a significant
portion of the $1 trillion global space economy by
2040.
- Secured follow-up
order for defense heads-up microdisplays and a new order for
advanced technology – high-resolution, wide-field-of-view,
innovative freeform prism subsystem that makes up high-brightness
and high-contrast defense microdisplays for viewing vital
information. The 2021 SPIE review valued the
photonics-enabled defense marketplace at $343.6 billion.
- Entered the
high-growth data center market driven by the deployment of
Artificial Intelligence, with the first product order
forecasted to more than double to $3.2 million annually within a
year. The data center market is expected to reach $622.4
billion by 2030.
Technological Leadership and
Innovation:
- Developed advanced
optical solutions, including high-performance, disposable optics
for biomedical imaging with a multi-angled, wider field of view and
increased imaging detail. SPIE assessed the 2021
photonics-enabled biomedical marketplace as $201
billion in total revenues.
- Demonstrated
expertise in designing and manufacturing complex optical systems,
such as high numerical aperture lens systems for digital night
vision. These systems allow more light to reach the camera sensor,
thus enabling better performance in low-light conditions. Such
pioneering systems require Syntec’s high technical skills to
architect and make the system.
- Developed dedicated
production cells to ramp volumes with high yield for space optics
and data center connectivity. According to SPIE, one of
the ten major end-markets in optics and photonics, communications
was valued at nearly $43 billion in the global
marketplace.
Operational Excellence and Strategic
Growth:
- Enhanced
manufacturing capabilities to support increased production volumes
and meet customer demands – launched process development for a
fully automated high-volume production line to make disposable
medical optics.
- Implemented a
strategic growth plan with executive changes to optimize
organizational structure and focus on key priorities – Chairman Al
Kapoor extended his role to CEO to oversee strategy and inorganic
growth. At the same time, then-CEO Joe Mohr took the role of Chief
Manufacturing Officer to focus on manufacturing excellence.
- Strengthened
financial leadership by appointing a new CFO to support the
company's growth trajectory.
Second Quarter 2024 Financial and Operating
Results
The $7.01 million in net sales for the three months ending
2024 increased 12% compared to $6.3 million in Q1 2024. The overall
sales decreased by 8.9% compared to $7.7 million
in Q1 2023, but the sales from products increased by 20%
as the company shifts from development to production ramp-up.
The decrease in net sales compared to the prior year is due to
decreases in our custom tooling and non-recurring engineering
revenue streams. Custom tooling revenue decreased by $0.8 million
for the three months ended 2024 compared to 2023, and non-recurring
engineering revenue decreased by $1.1 million for the three months
ended 2024 compared to 2023. An increase in product sales revenue
partially offset these decreases. For the three months ending June
2024, product revenue was $7.0M compared to $5.8M in 2023, a 20%
increase.
The second quarter of 2024 adjusted EBITDA was
$1.32 million for the three months ending 2024, compared to a
negative $0.7 million adjusted EBITDA in the first quarter of 2024
and $1.8 million in 2023. The increase over the previous quarter
was achieved by a reduction in accounting and production-related
expenses. Contributing factors to the year-over-year decrease
include a $0.2 million decrease in gross profit and an increase in
general and administrative expenses to enable future product
launches.
The Company ended the second quarter of 2024 with an unused $3.7
million line of credit, an unused $4.8 million equipment line of
credit, and a paydown of 3.2% principal on other commercial bank
lines.
Our net income for the three months ended in the second quarter
of 2024 was $0.3 million, or $0.01 per share, up from negative $1.2
million or negative $0.03 per share for Q1 2024, and compared to
$0.6 million, or $0.02 per share, for Q2 2023.
Guidance
Our recent increases in ongoing sales into the communications,
medical, and defense industries are expected to accelerate in the
third quarter, particularly within our space communications optics
and datacom microlens arrays. As such, the third quarter 2024
revenue is expected to be in the range of $9.5 - $11.0
million.
We expect our gross margin to hold level or slightly improve
based on the profitability of ramping up products. General and
administrative costs are expected to increase modestly to enable
ramped-up engineering, quality, and pilot production to support
continued growth in the third quarter.
Looking to the fourth quarter, we anticipate continued strength
from the communications and biomedical end-markets, with
additional growth coming from defense-based product launches.
Our products are propelled by tailwinds as we move towards
laser-based satellite communications versus radar-based for low
latency, biomedical automation, defense equipment modernization,
and on-shoring. Mission-critical products use proprietary
techniques that provide an economic moat.
Lastly, we expect positive net income in the second half of the
year, enabling further investments to energize our continued
growth.
About Syntec Optics
Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in
Rochester, NY, is a provider of advanced technology products to
diverse end-market equipment manufacturers in the United
States. Operating for over two decades, Syntec Optics runs a
state-of-the-art facility with extensive core capabilities of
various optics manufacturing processes, both horizontally and
vertically integrated, to provide a competitive advantage for
mission-critical OEMs. Syntec Optics recently launched new
products, including Low Earth Orbit (LEO) satellite optics,
lightweight night vision goggle optics, biomedical equipment
optics, and precision microlens arrays. To learn more, visit
www.syntecoptics.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended, including certain
financial forecasts and projections. All statements other than
statements of historical fact contained in this press release,
including statements as to the transactions contemplated by the
business combination and related agreements, future results of
operations and financial position, revenue and other metrics,
planned products and services, business strategy and plans,
objectives of management for future operations of Syntec Optics,
market size, and growth opportunities, competitive position and
technological and market trends, are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions. All forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the control of Syntec Optics), which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by Syntec Optics and its management, as the
case may be, are inherently uncertain and many factors may cause
the actual results to differ materially from current expectations
which include, but are not limited to: 1) risk outlined in any
prior SEC filings; 2) ability of Syntec Optics to successfully
increase market penetration into its target markets; 3) the
addressable markets that Syntec Optics intends to target do not
grow as expected; 4) the loss of any key executives; 5) the loss of
any relationships with key suppliers including suppliers abroad; 6)
the loss of any relationships with key customers; 7) the inability
to protect Syntec Optics’ patents and other intellectual property;
8) the failure to successfully execute manufacturing of announced
products in a timely manner or at all, or to scale to mass
production; 9) costs related to any further business combination;
10) changes in applicable laws or regulations; 11) the possibility
that Syntec Optics may be adversely affected by other economic,
business and/or competitive factors; 12) Syntec Optics’ estimates
of its growth and projected financial results for the future and
meeting or satisfying the underlying assumptions with respect
thereto; 13) the impact of any pandemic, including any mutations or
variants thereof and the Russian/Ukrainian or Israeli conflict, and
any resulting effect on business and financial conditions; 14)
inability to complete any investments or borrowings in connection
with any organic or inorganic growth; 15) the potential for events
or circumstances that result in Syntec Optics’ failure to timely
achieve the anticipated benefits of Syntec Optics’ customer
arrangements; and 16) other risks and uncertainties set forth in
the sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in prior SEC filings including
registration statement on Form S-4 filed with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Syntec Optics does
not give any assurance that Syntec Optics will achieve its expected
results. Syntec Optics does not undertake any duty to update these
forward-looking statements except as otherwise required by law.
For further information, please contact:
Sara Hart
Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
SYNTEC OPTICS HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETSJUNE 30, 2024 AND DECEMBER 31,
2023
|
|
2024 (unaudited) |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
830,479 |
|
|
$ |
2,158,245 |
|
Accounts Receivable, Net |
|
|
5,939,091 |
|
|
|
6,800,064 |
|
Inventory |
|
|
7,501,090 |
|
|
|
5,834,109 |
|
Prepaid Expenses and Other Assets |
|
|
302,134 |
|
|
|
359,443 |
|
|
|
|
|
|
|
|
|
|
Total Current
Assets |
|
|
14,572,794 |
|
|
|
15,151,861 |
|
Property and
Equipment, Net |
|
|
10,651,951 |
|
|
|
11,101,052 |
|
Deferred Income
Taxes |
|
|
283,104 |
|
|
|
- |
|
Intangible Assets,
Net |
|
|
265,000 |
|
|
|
295,000 |
|
Total
Assets |
|
$ |
25,772,849 |
|
|
$ |
26,547,913 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
2,574,836 |
|
|
$ |
3,042,315 |
|
Accrued Expenses |
|
|
1,197,066 |
|
|
|
1,071,257 |
|
Federal Income Tax Payable |
|
|
51,966 |
|
|
|
370,206 |
|
Deferred Revenue |
|
|
280,763 |
|
|
|
- |
|
Line of Credit |
|
|
6,263,863 |
|
|
|
6,537,592 |
|
Current Maturities of Debt Obligations |
|
|
454,522 |
|
|
|
362,972 |
|
|
|
|
|
|
|
|
|
|
Total Current
Liabilities |
|
|
10,823,016 |
|
|
|
11,384,342 |
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities |
|
|
|
|
|
|
|
|
Long-Term Debt Obligations |
|
|
2,813,391 |
|
|
|
2,024,939 |
|
Deferred Income Taxes |
|
|
- |
|
|
|
74,890 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term
Liabilities |
|
|
2,813,391 |
|
|
|
2,099,829 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
13,636,407 |
|
|
|
13,484,171 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (Note 15) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Stockholder’s
Equity |
|
|
|
|
|
|
|
|
CL A Common Stock, Par value $.0001 per share; 121,000,000
authorized; 36,688,266 issued and outstanding as of June 30, 2024;
36,688,266 issued and outstanding as of December 31, 2023 |
|
|
3,669 |
|
|
|
3,669 |
|
Common Stock Value |
|
|
3,669 |
|
|
|
3,669 |
|
Additional Paid-In Capital |
|
|
1,927,204 |
|
|
|
1,927,204 |
|
Retained Earnings |
|
|
10,205,569 |
|
|
|
11,132,869 |
|
|
|
|
|
|
|
|
|
|
Total Stockholder’s
Equity |
|
|
12,136,442 |
|
|
|
13,063,742 |
|
Total Liabilities and
Stockholder’s Equity |
|
$ |
25,772,849 |
|
|
$ |
26,547,913 |
|
SYNTEC OPTICS HOLDINGS,
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2024 AND 2023
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
7,006,000 |
|
|
$ |
7,692,296 |
|
|
$ |
13,261,908 |
|
|
$ |
14,576,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
|
|
4,831,673 |
|
|
|
5,315,662 |
|
|
|
10,380,138 |
|
|
|
10,488,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
|
2,174,327 |
|
|
|
2,376,634 |
|
|
|
2,881,770 |
|
|
|
4,088,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expenses |
|
|
2,015,783 |
|
|
|
1,609,270 |
|
|
|
4,130,326 |
|
|
|
3,127,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
|
158,544 |
|
|
|
767,364 |
|
|
|
(1,248,556 |
) |
|
|
961,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Including Amortization of Debt Issuance
Costs |
|
|
(167,242 |
) |
|
|
(131,562 |
) |
|
|
(327,109 |
) |
|
|
(261,583 |
) |
Other Income |
|
|
319,623 |
|
|
|
49,056 |
|
|
|
338,972 |
|
|
|
49,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income
(Expense), Net |
|
|
152,381 |
|
|
|
(82,506 |
) |
|
|
11,863 |
|
|
|
(211,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before
Provision for (Benefit) Income Taxes |
|
|
310,925 |
|
|
|
684,858 |
|
|
|
(1,236,693 |
) |
|
|
749,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (Benefit)
for Income Taxes |
|
|
29,082 |
|
|
|
117,093 |
|
|
|
(309,393 |
) |
|
|
128,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
281,843 |
|
|
$ |
567,765 |
|
|
$ |
(927,300 |
) |
|
$ |
620,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per
Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
(0.03 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
36,688,266 |
|
|
|
31,600,000 |
|
|
|
36,688,266 |
|
|
|
31,600,000 |
|
SYNTEC OPTICS HOLDINGS,
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2024
AND 2023
|
|
2024 |
|
|
2023 |
|
Cash Flows From
Operating Activities |
|
|
|
|
|
|
|
|
Net (Loss) Income |
|
$ |
(927,300 |
) |
|
$ |
620,787 |
|
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) |
|
|
|
|
|
|
|
|
Provided By Operating Activities: |
|
|
|
|
|
|
|
|
Adjustments to Reconcile (Loss) Income to Net Cash (Used In)
Provided By Operating Activities: |
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
1,385,606 |
|
|
|
1,404,552 |
|
Amortization of Debt Issuance Costs |
|
|
4,387 |
|
|
|
4,825 |
|
Gain on Disposal of Property and Equipment |
|
|
(309,000 |
) |
|
|
- |
|
Change in Allowance for Expected Credit Losses |
|
|
(24,395 |
) |
|
|
48,080 |
|
Change in Reserve for Obsolescence |
|
|
291,576 |
|
|
|
(8,032 |
) |
Deferred Income Taxes |
|
|
(357,994 |
) |
|
|
(461,514 |
) |
(Increase) Decrease in: |
|
|
|
|
|
|
|
|
Accounts Receivable |
|
|
885,368 |
|
|
|
(1,177,615 |
) |
Inventory |
|
|
(1,958,557 |
) |
|
|
(942,781 |
) |
Prepaid Expenses and Other Assets |
|
|
57,309 |
|
|
|
159,125 |
|
Increase (Decrease) in: |
|
|
|
|
|
|
|
|
Accounts Payables and Accrued Expenses |
|
|
(993,406 |
) |
|
|
773,821 |
|
Federal Income Tax Payable |
|
|
(318,240 |
) |
|
|
449,245 |
|
Deferred Revenue |
|
|
280,763 |
|
|
|
(282,845 |
) |
|
|
|
|
|
|
|
|
|
Net Cash (Used In)
Provided By Operating Activities |
|
|
(1,983,883 |
) |
|
|
587,648 |
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of Property and Equipment |
|
|
(254,767 |
) |
|
|
(828,299 |
) |
Proceeds from Disposal of Property and Equipment |
|
|
309,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
(Used in) Investing Activities |
|
|
54,233 |
|
|
|
(828,299 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities |
|
|
|
|
|
|
|
|
(Repayments) Borrowing on Line of Credit, Net |
|
|
(273,729 |
) |
|
|
324,114 |
|
Borrowing on Debt Obligations |
|
|
1,100,388 |
|
|
|
- |
|
Repayments on Debt Obligations |
|
|
(224,775 |
) |
|
|
(486,402 |
) |
Distributions |
|
|
- |
|
|
|
(62,065 |
) |
|
|
|
|
|
|
|
|
|
Net Cash Provided By
(Used in) Financing Activities |
|
|
601,884 |
|
|
|
(224,353 |
) |
|
|
|
|
|
|
|
|
|
Net Decrease in
Cash |
|
|
(1,327,766 |
) |
|
|
(465,004 |
) |
|
|
|
|
|
|
|
|
|
Cash -
Beginning |
|
|
2,158,245 |
|
|
|
526,182 |
|
|
|
|
|
|
|
|
|
|
Cash -
Ending |
|
$ |
830,479 |
|
|
$ |
61,178 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow
Disclosures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Paid for
Interest |
|
$ |
276,809 |
|
|
$ |
267,220 |
|
|
|
|
|
|
|
|
|
|
Cash Paid for
Taxes |
|
$ |
537,510 |
|
|
$ |
140,810 |
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosures of Non-Cash Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Acquired and Included
in Accounts Payable and Accrued Expenses |
|
$ |
651,736 |
|
|
$ |
22,364 |
|
NON-GAAP RECONCILIATION OF
EBITDA
FOR THE THREE
MONTHS AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Net (Loss)
Income |
|
$ |
281,843 |
|
|
$ |
567,765 |
|
|
$ |
(927,300 |
) |
|
$ |
620,787 |
|
Depreciation & Amortization |
|
|
692,194 |
|
|
|
685,439 |
|
|
|
1,389,993 |
|
|
|
1,409,377 |
|
Interest Expenses |
|
|
164,828 |
|
|
|
129,448 |
|
|
|
322,722 |
|
|
|
256,757 |
|
Taxes |
|
|
29,082 |
|
|
|
117,093 |
|
|
|
(309,393 |
) |
|
|
128,541 |
|
Non-Recurring
Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income - Sale of Equipment & Accessories |
|
|
- |
|
|
|
(10,068 |
) |
|
|
- |
|
|
|
(10,068 |
) |
Discount Income |
|
|
- |
|
|
|
192 |
|
|
|
- |
|
|
|
192 |
|
Non-Recurring Transaction Fees |
|
|
- |
|
|
|
158,056 |
|
|
|
25,265 |
|
|
|
158,056 |
|
Non-Recurring Contributions, Management Fees & Expenses |
|
|
149,235 |
|
|
|
131,258 |
|
|
|
149,235 |
|
|
|
212,516 |
|
Adjusted
EBITDA |
|
$ |
1,317,182 |
|
|
$ |
1,779,183 |
|
|
$ |
650,522 |
|
|
$ |
2,776,158 |
|
Use of Non-GAAP Financial Measures
The Company provides non-GAAP financial
measures, including EBITDA and Adjusted EBITDA, as a supplement to
GAAP financial information to enhance the overall understanding of
the Company’s financial performance and to assist investors in
evaluating the Company’s results of operations, period over period.
Adjusted non-GAAP measures exclude significant unusual items.
Investors should consider these non-GAAP measures as a supplement
to, and not a substitute for financial information prepared on a
GAAP basis.
Non-GAAP Financial Measures
This Annual Report includes a non-GAAP measure
that the Company uses to supplement our results presented in
accordance with U.S. GAAP. EBITDA is defined as earnings before
interest and other income, tax and depreciation and amortization.
Adjusted EBITDA is calculated as EBITDA adjusted for non-recurring
items, and business combination expenses. Adjusted EBITDA is a
performance measure that we believe is useful to investors and
analysts because it illustrates the underlying financial and
business trends relating to our core, recurring results of
operations and enhances comparability between periods.
Adjusted EBITDA is not a recognized measure
under U.S. GAAP and is not intended to be a substitute for any U.S.
GAAP financial measure and, as calculated, may not be comparable to
other similarly titled measures of performance of other companies
in other industries or within the same industry. Investors should
exercise caution in comparing our non-GAAP measure to any similarly
titled measure used by other companies. This non-GAAP measure
excludes certain items required by U.S. GAAP and should not be
considered as an alternative to information reported in accordance
with U.S. GAAP.
Adjusted EBITDA
The Company defines adjusted EBITDA, a non-GAAP
financial measure, as net earnings (loss) before interest and other
expenses, net, income tax expense, depreciation and amortization,
as adjusted to exclude non-recurring items as outlined in our 10-Q.
The Company utilizes adjusted EBITDA as an internal performance
measure in the management of our operations because we believe the
exclusion of these non-cash and non-recurring charges allows for a
more relevant comparison of our results of operations to other
companies in our industry and is in accordance with the
Non-GAAP Financial Measures Compliance & Disclosure
Interpretations (Reference Question 102.03).
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