Solitron Devices, Inc. Announces Fiscal 2025 Third Quarter Bookings of $8 Million

WEST PALM BEACH, Fla., Dec. 26, 2024 (GLOBE NEWSWIRE) — Solitron Gadgets, Inc. (OTC Pink: SODI) (“Solitron” or the “Firm”) is happy to announce fiscal 2025 third quarter bookings have been in extra of $8 million.  

Bookings within the fiscal 2025 third quarter have been roughly $8.0 million as in comparison with roughly $4.8 million within the fiscal 2024 third quarter. Bookings within the first 9 months of fiscal 2025 have been roughly $11.8 million as in comparison with roughly $10.6 million within the first 9 months of fiscal 2024.   It ought to be famous that bookings for the primary 9 months of fiscal 2024 included just one quarter for MEI, whereas bookings for the primary 9 months of fiscal 2025 included three quarters for MEI.

Backlog as of November 30, 2024, was roughly $12.3 million as in comparison with roughly $13.0 million as of November 30, 2023.

We didn’t obtain the big finish of life order that we quoted. As a substitute, we have been instructed to order a considerably great amount of the end-of-life element.  This can enable us to proceed to ship the half over the subsequent twenty years, topic to buyer demand.

We nonetheless haven’t obtained the order from our largest program that we take part in. We have now been instructed that will probably be for roughly $5 million and shall be coming quickly.

Solitron expects fiscal 2025 third quarter income to be roughly $3.4 million as in comparison with roughly $4.1 million within the fiscal third quarter of 2024. The decline in income is primarily as a result of firm having a decrease backlog initially of the fiscal 2025 third quarter as in comparison with the earlier 12 months together with an elevated stage of rework within the third quarter of fiscal 2025.

We proceed to see elevated curiosity in new product improvement, together with silicon carbide. We have now developed varied prototypes for testing by potential prospects and proceed to be optimistic about creating further income sources.

The unaudited monetary info disclosed on this press launch for the three and 9 months ended November 30, 2024, is predicated on administration’s evaluation of operations for that interval and the knowledge obtainable to the Firm as of the date of this press launch. The Firm’s outcomes included herein have been ready by, and are the duty of, the Firm’s administration. The Firm’s unbiased auditors have audited the Firm’s outcomes for the fiscal 12 months ending February 29, 2024. The monetary outcomes offered herein shouldn’t be thought of an alternative choice to the knowledge filed or to be filed with the SEC within the Firm’s Annual Report on Kind 10-Okay and Quarterly Report on Kind 10-Q for the respective intervals as soon as such studies develop into obtainable.  

About Solitron Gadgets, Inc.

Solitron Gadgets, Inc., a Delaware company, designs, develops, manufactures, and markets stable state semiconductor elements and associated units primarily for the navy and aerospace markets. The Firm manufactures a big number of bipolar and steel oxide semiconductor (“MOS”) energy transistors, energy and management hybrids, junction and energy MOS subject impact transistors (“Energy MOSFETS”), and different associated merchandise. A lot of the Firm’s merchandise are customized made pursuant to contracts with prospects whose finish merchandise are bought to the USA authorities. Different merchandise, similar to Joint Military/Navy (“JAN”) transistors, diodes, and Customary Navy Drawings voltage regulators, are bought as customary or catalog objects.

Efficient September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based mostly in Apopka, Florida.     MEI focuses on fixing design format and manufacturing challenges whereas maximizing effectivity and preserving flexibility to fulfill distinctive buyer wants. Since 1980 the MEI crew has been devoted to overcoming obstacles to offer value environment friendly and fast outcomes. MEI focuses on low to mid quantity tasks that require engineering dedication, high quality methods and environment friendly manufacturing.

Ahead-Trying Statements

This press launch comprises forward-looking statements concerning future occasions and the long run efficiency of Solitron Gadgets, Inc. that contain dangers and uncertainties that might materially have an effect on precise outcomes, together with statements concerning the Firm’s expectations concerning future efficiency and traits, together with manufacturing ranges, authorities spending, backlog and supply timelines, new product improvement, our efforts and efficiency following our acquisition of MEI, and potential future income and traits with respect thereto from every of the foregoing.   Components that might trigger precise outcomes to range from present expectations and forward-looking statements contained on this press launch embrace, however usually are not restricted to, the dangers and uncertainties arising from potential adversarial developments or adjustments in authorities budgetary spending and coverage together with with respect to the warfare in Ukraine, which can amongst different elements be affected by the upcoming presidential election and the opportunity of diminished authorities spending on applications during which we take part relying on the result thereof and the coverage pursuits of elected officers, inflation, elevated rates of interest, adversarial traits within the financial system and the opportunity of a recession the chance of which seems to have elevated based mostly on current financial information, the likelihood that administration’s estimates and assumptions concerning bookings, gross sales and different metrics show to be incorrect; the timing and measurement of orders from our shoppers, our supply schedules and our liquidity and money place; our potential to make the suitable changes to our value construction; our potential to correctly account for stock sooner or later; the demand for our merchandise and potential lack of, or discount of enterprise from, substantial shoppers our dependence on authorities contracts, that are topic to termination, value renegotiations and regulatory compliance and which can amongst different elements be adversely affected by the elements described elsewhere herein, our potential to proceed to combine MEI in an environment friendly and efficient method, and the likelihood that such acquisition or some other acquisition or strategic transaction we might pursue doesn’t yield the outcomes or advantages desired or anticipated. Descriptions of different danger elements and uncertainties are contained within the Firm’s Securities and Change Fee filings, together with its most up-to-date Annual Report on Kind 10-Okay for the fiscal 12 months ended February 29, 2024.

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