BK Technologies Announces Fourth Quarter and Full Year 2024 Results
BK Technologies (NYSE American:BKTI) reported strong financial results for Q4 and full year 2024. Fourth quarter revenue reached $17.9 million, up 9.9% year-over-year, with improved gross margin of 41.2%. Full year 2024 revenue was $76.6 million.
The company achieved full year GAAP earnings of $2.25 per diluted share, exceeding their target of $1.65. Non-GAAP adjusted earnings reached $2.30 per diluted share, surpassing the $1.92 target. Q4 GAAP earnings included a one-time tax benefit of $0.37 per share.
Order backlog increased to $21.8 million as of December 31, 2024, compared to $16.0 million year-over-year. The company's BKR 9000 multiband radio saw strong market acceptance throughout 2024. For 2025, management expects single-digit revenue growth, gross margins of 42% or higher, and projects GAAP EPS to exceed $2.40 per diluted share.
BK Technologies (NYSE American:BKTI) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I ricavi del quarto trimestre hanno raggiunto i 17,9 milioni di dollari, con un incremento del 9,9% rispetto all'anno precedente, e un margine lordo migliorato del 41,2%. I ricavi per l'intero anno 2024 sono stati di 76,6 milioni di dollari.
L'azienda ha raggiunto utili GAAP per l'intero anno di 2,25 dollari per azione diluita, superando il loro obiettivo di 1,65 dollari. Gli utili rettificati non GAAP hanno raggiunto i 2,30 dollari per azione diluita, superando l'obiettivo di 1,92 dollari. Gli utili GAAP del quarto trimestre includevano un beneficio fiscale una tantum di 0,37 dollari per azione.
Il portafoglio ordini è aumentato a 21,8 milioni di dollari al 31 dicembre 2024, rispetto ai 16,0 milioni di dollari dell'anno precedente. La radio multibanda BKR 9000 dell'azienda ha visto una forte accettazione sul mercato durante tutto il 2024. Per il 2025, la direzione prevede una crescita dei ricavi a una cifra, margini lordi del 42% o superiori, e prevede che l'EPS GAAP superi i 2,40 dollari per azione diluita.
BK Technologies (NYSE American:BKTI) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre alcanzaron los 17,9 millones de dólares, un aumento del 9,9% en comparación con el año anterior, con un margen bruto mejorado del 41,2%. Los ingresos del año completo 2024 fueron de 76,6 millones de dólares.
La compañía logró ganancias GAAP del año completo de 2,25 dólares por acción diluida, superando su objetivo de 1,65 dólares. Las ganancias ajustadas no GAAP alcanzaron los 2,30 dólares por acción diluida, superando la meta de 1,92 dólares. Las ganancias GAAP del cuarto trimestre incluyeron un beneficio fiscal único de 0,37 dólares por acción.
El backlog de pedidos aumentó a 21,8 millones de dólares al 31 de diciembre de 2024, en comparación con 16,0 millones de dólares en el año anterior. La radio multibanda BKR 9000 de la compañía tuvo una fuerte aceptación en el mercado durante todo 2024. Para 2025, la dirección espera un crecimiento de ingresos de un solo dígito, márgenes brutos del 42% o más, y proyecta que el EPS GAAP supere los 2,40 dólares por acción diluida.
BK Technologies (NYSE American:BKTI)는 2024년 4분기 및 연간 강력한 재무 결과를 보고했습니다. 4분기 수익은 1,790만 달러에 달하며, 전년 대비 9.9% 증가했으며, 총 이익률은 41.2%로 개선되었습니다. 2024년 전체 수익은 7,660만 달러였습니다.
회사는 희석 주당 GAAP 수익 2.25달러를 달성하여 1.65달러의 목표를 초과했습니다. 비 GAAP 조정 수익은 희석 주당 2.30달러에 도달하여 1.92달러의 목표를 초과했습니다. 4분기 GAAP 수익에는 주당 0.37달러의 일회성 세금 혜택이 포함되었습니다.
주문 잔고는 2024년 12월 31일 기준으로 2,180만 달러로 증가했으며, 전년 대비 1,600만 달러에서 증가했습니다. 회사의 BKR 9000 다중 대역 라디오는 2024년 내내 강력한 시장 수용을 보였습니다. 2025년에는 경영진이 단일 자릿수 수익 성장, 42% 이상의 총 이익률을 예상하며, GAAP EPS가 희석 주당 2.40달러를 초과할 것으로 예상합니다.
BK Technologies (NYSE American:BKTI) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Le chiffre d'affaires du quatrième trimestre a atteint 17,9 millions de dollars, en hausse de 9,9 % par rapport à l'année précédente, avec une marge brute améliorée de 41,2 %. Le chiffre d'affaires de l'année entière 2024 s'élevait à 76,6 millions de dollars.
L'entreprise a réalisé un bénéfice GAAP de 2,25 dollars par action diluée pour l'année entière, dépassant son objectif de 1,65 dollar. Les bénéfices ajustés non GAAP ont atteint 2,30 dollars par action diluée, surpassant l'objectif de 1,92 dollar. Les bénéfices GAAP du quatrième trimestre comprenaient un avantage fiscal unique de 0,37 dollar par action.
Le carnet de commandes a augmenté à 21,8 millions de dollars au 31 décembre 2024, contre 16,0 millions de dollars l'année précédente. La radio multibande BKR 9000 de l'entreprise a connu une forte acceptation sur le marché tout au long de 2024. Pour 2025, la direction s'attend à une croissance des revenus à un chiffre, des marges brutes de 42 % ou plus, et prévoit que le BPA GAAP dépassera 2,40 dollars par action diluée.
BK Technologies (NYSE American:BKTI) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Umsatz im vierten Quartal erreichte 17,9 Millionen Dollar, was einem Anstieg von 9,9 % im Vergleich zum Vorjahr entspricht, mit einer verbesserten Bruttomarge von 41,2 %. Der Umsatz für das gesamte Jahr 2024 betrug 76,6 Millionen Dollar.
Das Unternehmen erzielte GAAP-Gewinne für das gesamte Jahr von 2,25 Dollar pro verwässerter Aktie, was über dem Ziel von 1,65 Dollar liegt. Die bereinigten Non-GAAP-Gewinne erreichten 2,30 Dollar pro verwässerter Aktie und übertrafen das Ziel von 1,92 Dollar. Die GAAP-Gewinne im vierten Quartal beinhalteten einen einmaligen Steuerbenefit von 0,37 Dollar pro Aktie.
Der Auftragsbestand stieg zum 31. Dezember 2024 auf 21,8 Millionen Dollar, verglichen mit 16,0 Millionen Dollar im Vorjahr. Das Multiband-Radio BKR 9000 des Unternehmens fand im Jahr 2024 eine starke Marktakzeptanz. Für 2025 erwartet die Geschäftsführung ein Umsatzwachstum im einstelligen Bereich, eine Bruttomarge von 42 % oder mehr und prognostiziert, dass das GAAP EPS 2,40 Dollar pro verwässerter Aktie übersteigen wird.
- Q4 revenue increased 9.9% year-over-year to $17.9 million
- Q4 gross margin improved to 41.2% from 35.1% year-over-year
- Order backlog grew to $21.8 million from $16.0 million year-over-year
- Full year GAAP earnings of $2.25 per share exceeded $1.65 target
- Working capital increased to $23.0 million from $16.8 million year-over-year
- SG&A expenses remained relatively flat at $5.2 million in Q4 2024
- Revenue growth projected to slow to single digits in 2025
Insights
BK Technologies has delivered exceptional Q4 and full-year 2024 results with impressive financial metrics across the board. Q4 revenue grew
Full-year performance was equally strong with
The company's working capital position improved to
The BKR 9000 multiband radio has gained significant market traction, expanding beyond traditional wildland fire markets into broader state and local agencies. The establishment of their Solutions business unit under the BK ONE brand represents a strategic expansion of their offerings, likely enhancing future revenue streams.
Management's 2025 guidance projects continued single-digit revenue growth,
2024 highlighted by revenue growth, sequential margin expansion and strong profitability
Full year GAAP diluted EPS of
$2.25 ; Full year non-GAAP diluted adjusted EPS of$2.30 exceeds full year non-GAAP EPS target of$1.92 Strong market acceptance and sales momentum for BKR 9000 multiband radio throughout 2024
WEST MELBOURNE, FL / ACCESS Newswire / March 27, 2025 / BK Technologies Corporation (NYSE American:BKTI) (the "Company," "BK Technologies") today announced financial and operating results for the fourth quarter and full year ended December 31, 2024. The Company will host a conference call today, March 27, 2025, at 9:00 a.m. Eastern Time.
Fourth Quarter and Full Year 2024 Financial and Operational Update
Fourth quarter revenue of
$17.9 million increased9.9% compared to$16.3 million in the fourth quarter of 2023; Full year 2024 revenue of$76.6 million .Fourth quarter gross margin of
41.2% improved as compared to gross margin of35.1% in the same period last year and improved sequentially as compared to gross margin of38.8% in the third quarter of 2024; Full year gross margin of37.9% compared to gross margin of30.0% in full year 2023.Fourth quarter GAAP earnings of
$1.03 per basic and$0.93 per diluted share; non-GAAP adjusted earnings1 of$0.67 per basic and$0.61 per diluted share.Full year 2024 GAAP earnings of
$2.25 per diluted share exceeded full year 2024 target of$1.65 per share; Full year non-GAAP adjusted earnings of$2.30 per diluted share1 exceeded target of$1.92 per share.Fourth quarter and full year 2024 GAAP earnings per share include a one-time, non-cash income tax benefit of
$0.37 and$0.27 , respectively, related to deferred tax asset provisions.Order backlog was
$21.8 million at December 31, 2024 compared to$16.0 million at December 31, 2023.
John Suzuki, CEO of BK Technologies, commented, "We achieved exceptional execution in the fourth quarter of 2024 highlighted by revenue growth, continued margin expansion, and increased profitability that substantially exceeded our expectations. Order activity for the BKR 9000 saw momentum throughout the year with considerable interest from state and local agencies seeking the radio's multiband capabilities and superior reliability at a price point they can afford. We're expanding our offerings beyond our traditional wildland fire market, with the introduction of new software and products in 2025 that we believe will significantly enhance first responder safety and capabilities in the field. To better represent our offerings, earlier this month we announced the establishment of our Solutions business unit, which expands our former SaaS solutions unit to now include SaaS, software applications and certain hardware offerings under the BK ONE brand name."
Mr. Suzuki concluded, "As we begin to move through 2025, we're strategically investing in sales and marketing to further accelerate BKR 9000 adoption and building out our engineering capabilities to strengthen our expertise and depth in the software space. With our visibility today, we believe we are positioned to achieve full year single digit revenue growth and gross margins of
Fourth Quarter 2024 Financial Review
Revenue of
Gross margin of
Selling, General & Administrative expenses totaled
Operating income totaled
BK Technologies recorded net income of
Non-GAAP adjusted EBITDA1 for the fourth quarter of 2024 was
Working capital totaled approximately
Full Year 2024 Financial Review
Revenue increased to
Selling, General & Administrative expenses decreased to
Operating income totaled
BK Technologies recorded net income of
The Company reported non-GAAP adjusted earnings1 of
Non-GAAP adjusted EBITDA1 for the full year 2024 was
Conference Call and Webcast
BK Technologies will host a conference call and webcast for investors today, March 27, 2025, at 9:00 a.m. Eastern Time.
Shareholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011 and use access code: 490729. The call and the accompanying slide deck will also be webcast at:
https://www.webcaster4.com/Webcast/Page/2208/51943
The conference call and slide deck may also be accessed via the Events page of the Company's website at www.bktechnologies.com. Please allow extra time prior to the call to visit the site.
An online archive of the webcast will be available on the Company's website for thirty (30) days following the call at www.bktechnologies.com. A replay of the conference call will be available one hour after completion of the call until April 10, 2025, by dialing (877) 481-4010 and international participants should dial (919) 882-2331. All callers must use passcode 51943 to access the replay.
Use of Non-GAAP Measures
BK Technologies prepares its consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses non-GAAP financial measures. Management believes the non-GAAP financial measures discussed in this release are important to the reader of the Consolidated Financial Statements. The Company has provided the non-GAAP financial information presented in the press release, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.
Adjusted Earnings Before Interest Taxes Depreciation and Amortization (Adjusted EBITDA). Adjusted EBITDA is considered a non-GAAP financial measure under the SEC's rules because it excludes certain amounts included in net income provided in the statement of operations attributable to the Company calculated in accordance with GAAP, the most directly comparable financial measure calculated in accordance with GAAP. Management believes Adjusted EBITDA can help the investors better understand operational factors associated with the Company's financial performance because it excludes the following from consideration: interest, taxes, depreciation and amortization, non-cash stock-based compensation expense and infrequent or unusual losses or gains (i.e., non-recurring and incremental restructuring charges that are not expected to be routinely incurred year over year because of the Company's strategy and operating experience). See Reconciliation to GAAP below for calculation methodology and details regarding Adjusted EBITDA.
Adjusted earnings per share (Adjusted EPS). Adjusted EPS is considered a non-GAAP financial measure under the SEC's rules because it excludes certain amounts included in the basic and diluted earnings per share attributable to the Company calculated in accordance with GAAP EPS, the most directly comparable financial measure calculated in accordance with GAAP. Adjusted EPS is a non-GAAP financial measure that adjusts GAAP EPS for expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. The Company has non-cash charges for stock-based compensation and changes in investment value that do not reflect the operating performance of the LMR and SaaS businesses. The Company has also entered a master Service Agreement with EastWest Manufacturing, LLC for the manufacture of LMR radio products and accessories resulted in one-time adjustments related to the transition of production operations during the fiscal year 2024. The Company also recorded a one-time, non-cash income tax benefit for NOL carryforwards during fiscal year 2024. Management believes that these one-time charges do not reflect the operational profitability of the business for 2024 compared to prior periods. See Reconciliation to GAAP below for calculation methodology and details regarding Adjusted EPS. We do not provide reconciliations of forward-looking non-GAAP guidance due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance.
About BK Technologies
BK Technologies Corporation, through its operating subsidiaries, manufactures high-specification, communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies' SaaS business focuses on new, innovative public safety smartphone services that will make the first responders safer or more productive. BK Technologies is honored to serve these heroes when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI". Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its web site at www.bktechnologies.com or directly at 1-800-821-2900.
Forward-Looking Statements
This press release contains statements about future events and expectations which are "forward-looking statements" within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Exchange Act. These forward-looking statements concern the Company's operations, economic performance, and financial condition, including, but not limited to the Company's long-term strategic plan, and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: changes or advances in technology; the success of our SaaS and Radio business lines and the products offered thereunder; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated SaaS products, and our new multiband radio product and other related products in the BKR Series product line; competition in the land mobile radio industry; general economic and business conditions, including high inflation and its impacts, high interest rates, labor and supply shortages and disruptions; federal, state and local government budget deficits and spending limitations; any impact from a prolonged shutdown of the U.S. Government, the effects of natural disasters, changes in climate, severe weather events, geopolitical events, acts of war or terrorism, global health crises and other catastrophic events, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and to consummate, acquisition, disposition or investment transactions; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; impact of rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies; our inventory and debt levels; our ability to comply with the terms, including financial covenants, of our outstanding debt, including increasing fluctuating interest rates; protection of our intellectual property rights; fluctuation in our operating results and stock price; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems or third-party information technology systems upon which we rely; widespread outages, interruptions, or other failures of operational, communication, or other systems; availability of adequate insurance coverage; environmental, social and governance matters; maintenance of our NYSE American listing; risks related to being a holding company; our ability to remediate the material weakness in our internal control over financial reporting; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statement.
This press release and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to generally accepted accounting principles ("GAAP"). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the release. We do not provide reconciliations of forward-looking non-GAAP guidance due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance.
Company Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
bktechnologies@imsinvestorrelations.com
(203) 972-9200
BK TECHNOLOGIES CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share data) (Unaudited)
| Three Months Ended |
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| Twelve Months Ended |
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| 12/31/24 |
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| 12/31/23 |
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| 12/31/24 |
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| 12/31/23 |
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Sales, net |
| $ | 17,927 |
|
| $ | 16,309 |
|
| $ | 76,592 |
|
| $ | 74,094 |
|
|
|
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|
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| |
Expenses: |
|
|
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|
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|
|
|
|
Cost of products |
|
| 10,548 |
|
|
| 10,577 |
|
|
| 47,542 |
|
|
| 51,858 |
|
Selling, general and administrative expenses |
|
| 5,170 |
|
|
| 5,332 |
|
|
| 21,222 |
|
|
| 23,013 |
|
Total expenses |
|
| 15,718 |
|
|
| 15,909 |
|
|
| 68,764 |
|
|
| 74,871 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
Operating income (loss) |
|
| 2,209 |
|
|
| 400 |
|
|
| 7,828 |
|
|
| (777 | ) |
|
|
|
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|
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|
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| |
Other (expense) income: |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Interest (expense) income |
|
| 15 |
|
|
| (146 | ) |
|
| (266 | ) |
|
| (575 | ) |
(Loss) gain on investments |
|
| - |
|
|
| 91 |
|
|
| (91 | ) |
|
| (740 | ) |
Other expense |
|
| (39 | ) |
|
| (1 | ) |
|
| (96 | ) |
|
| (84 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| 2,185 |
|
|
| 344 |
|
|
| 7,375 |
|
|
| (2,176 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax (expense) benefit |
|
| 1,472 |
|
|
| (54 | ) |
|
| 984 |
|
|
| (54 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) |
| $ | 3,657 |
|
| $ | 290 |
|
| $ | 8,359 |
|
| $ | (2,230 | ) |
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| |
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| |
Net income (loss) per share - basic |
| $ | 1.03 |
|
| $ | 0.08 |
|
| $ | 2.35 |
|
| $ | (0.65 | ) |
Net income (loss) per share - diluted |
| $ | 0.93 |
|
| $ | 0.08 |
|
| $ | 2.25 |
|
| $ | (0.65 | ) |
|
|
|
|
|
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|
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|
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|
Weighted average common shares outstanding, basic |
|
| 3,566 |
|
|
| 3,493 |
|
|
| 3,553 |
|
|
| 3,427 |
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Weighted average common shares outstanding, diluted |
|
| 3,939 |
|
|
| 3,500 |
|
|
| 3,712 |
|
|
| 3,427 |
|
BK TECHNOLOGIES CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except share data) (Unaudited)
| December 31, |
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| December 31, |
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| 2024 |
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| 2023 |
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ASSETS |
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Current assets: |
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| ||
Cash and cash equivalents |
| $ | 7,075 |
|
| $ | 3,456 |
|
Trade accounts receivable, net |
|
| 7,349 |
|
|
| 7,902 |
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Inventories, net |
|
| 17,636 |
|
|
| 23,952 |
|
Prepaid expenses and other current assets |
|
| 4,881 |
|
|
| 1,892 |
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Total current assets |
|
| 36,941 |
|
|
| 37,202 |
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|
|
|
|
|
|
|
| |
Property, plant and equipment, net |
|
| 4,911 |
|
|
| 5,366 |
|
Operating lease right-of-use (ROU) assets |
|
| 1,128 |
|
|
| 1,560 |
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Investments |
|
| - |
|
|
| 742 |
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Deferred tax assets, net |
|
| 6,788 |
|
|
| 4,116 |
|
Capitalized product development costs |
|
| 1,321 |
|
|
| - |
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Other assets |
|
| 410 |
|
|
| 422 |
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|
|
|
|
|
|
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| |
Total assets |
| $ | 51,499 |
|
| $ | 49,408 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
| $ | 6,327 |
|
| $ | 9,822 |
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Accrued compensation and related taxes |
|
| 2,289 |
|
|
| 1,302 |
|
Accrued warranty expense |
|
| 1,008 |
|
|
| 722 |
|
Accrued other expenses and other current liabilities |
|
| 1,894 |
|
|
| 363 |
|
Short-term operating lease liability |
|
| 571 |
|
|
| 525 |
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Credit facility |
|
| - |
|
|
| 6,476 |
|
Notes payable-current portion |
|
| - |
|
|
| 71 |
|
Deferred revenue |
|
| 1,885 |
|
|
| 1,137 |
|
Total current liabilities |
|
| 13,974 |
|
|
| 20,418 |
|
|
|
|
|
|
|
|
| |
Long-term operating lease liability |
|
| 714 |
|
|
| 1,260 |
|
Deferred revenue |
|
| 6,980 |
|
|
| 6,419 |
|
Total liabilities |
|
| 21,668 |
|
|
| 28,097 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock; |
|
|
|
|
|
|
|
|
shares; none issued or outstanding |
|
| - |
|
|
| - |
|
Common stock; |
|
|
|
|
|
|
|
|
3,913,959 and 3,867,082 issued, and 3,571,879 and 3,577,002 outstanding shares |
|
|
|
|
|
|
|
|
at December 31, 2024 and December 31, 2023, respectively |
|
| 2,348 |
|
|
| 2,320 |
|
Additional paid-in capital |
|
| 49,386 |
|
|
| 48,602 |
|
Accumulated deficit |
|
| (15,850 | ) |
|
| (24,209 | ) |
Treasury Stock, at cost, 342,080 and 290,080 shares at December 31, 2024 and |
|
|
|
|
|
|
|
|
December 31, 2023. |
|
| (6,053 | ) |
|
| (5,402 | ) |
|
|
|
|
|
|
|
| |
Total stockholders' equity |
|
| 29,831 |
|
|
| 21,311 |
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
| $ | 51,499 |
|
| $ | 49,408 |
|
BK TECHNOLOGIES CORPORATION
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data) (Unaudited)
| Three Months Ended |
|
| Twelve Months Ended |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
non-GAAP Adjusted EBITDA |
| 12/31/24 |
|
| 12/31/23 |
|
| 12/31/24 |
|
| 12/31/23 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Income/(Loss) |
| $ | 3,657 |
|
| $ | 290 |
|
| $ | 8,359 |
|
| $ | (2,230 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income/(loss) to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (income), net |
|
| (15 | ) |
|
| 146 |
|
|
| 266 |
|
|
| 575 |
|
Income tax provision (benefit) expense |
|
| (1,472 | ) |
|
| 54 |
|
|
| (984 | ) |
|
| 54 |
|
Depreciation and amortization |
|
| 442 |
|
|
| 358 |
|
|
| 1,692 |
|
|
| 1,635 |
|
EBITDA |
|
| 2,612 |
|
|
| 848 |
|
|
| 9,333 |
|
|
| 34 |
|
Non-cash stock-based compensation expense |
|
| 156 |
|
|
| 407 |
|
|
| 780 |
|
|
| 1,343 |
|
Severance |
|
| 50 |
|
|
| 44 |
|
|
| 277 |
|
|
| 96 |
|
Adjusted EBITDA |
| $ | 2,818 |
|
| $ | 1,299 |
|
| $ | 10,390 |
|
| $ | 1,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income (loss) to Adjusted EPS (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
| $ | 3,657 |
|
| $ | 290 |
|
| $ | 8,359 |
|
| $ | (2,230 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized (gain) loss on investments |
|
| - |
|
|
| (91 | ) |
|
| 91 |
|
|
| 740 |
|
Non-cash stock-based compensation expense |
|
| 156 |
|
|
| 407 |
|
|
| 780 |
|
|
| 1,343 |
|
Severance |
|
| 50 |
|
|
| 44 |
|
|
| 277 |
|
|
| 96 |
|
Income tax provision (benefit) expense |
|
| (1,472 | ) |
|
| 54 |
|
|
| (984 | ) |
|
| 54 |
|
Adjusted Earnings (Non-GAAP) |
| $ | 2,391 |
|
| $ | 704 |
|
| $ | 8,523 |
|
| $ | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings (loss) per share - basic |
| $ | 0.67 |
|
| $ | 0.20 |
|
| $ | 2.40 |
|
| $ | 0.00 |
|
Adjusted earnings (loss) per share - diluted |
| $ | 0.61 |
|
| $ | 0.20 |
|
| $ | 2.30 |
|
| $ | 0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic |
|
| 3,566 |
|
|
| 3,493 |
|
|
| 3,553 |
|
|
| 3,427 |
|
Weighted average common shares outstanding, diluted |
|
| 3,939 |
|
|
| 3,500 |
|
|
| 3,712 |
|
|
| 3,427 |
|
1 Represents a non-GAAP financial measure. Refer to the section entitled "Use of Non-GAAP Financial Measures" and Reconciliation to GAAP later in this press release.
SOURCE: BK Technologies Corporation
View the original press release on ACCESS Newswire