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Giga-tronics (OTCQB: GIGA) reported a significant revenue drop of 42% in Q1 fiscal 2022, earning $2.1 million compared to $3.6 million in Q1 fiscal 2021. Revenue from Microsource filters fell 18% to $2.0 million, due to delayed orders. RADAR/EW test revenue plummeted to $51,000 from $1.1 million. Gross profit decreased to $0.8 million, leading to a net loss of $860,000 or $0.32 per share, versus a net income of $72,000 or $0.03 in the prior year. However, management is optimistic about future orders, citing $3.7 million in new orders since the fiscal year began.
Giga-tronics Incorporated (OTCQB: GIGA) reported its financial results for the fourth fiscal quarter and the year ended March 27, 2021. Revenue increased by 5% to $2.7 million in Q4 2021, driven mainly by a 54% rise in Microsource filter revenue. Full-year revenue grew 11% to $13.1 million, with a notable increase in RADAR/EW product sales. However, the company incurred a net loss of $0.8 million in Q4 2021, with total operating expenses rising significantly. Adjusted EBITDA improved to $311,000 for the full year. Management remains optimistic about future growth in the EW test business.
Giga-tronics Incorporated (OTCQB:GIGA) will host a conference call on June 30, 2021, at 4:30 p.m. EDT to discuss its fourth-quarter and fiscal year results ending March 27, 2021. The call aims to provide insights into company operations. Participants can join by dialing (888) 517-2513 or (847) 619-6533, entering PIN Code 8782791#. A replay will be accessible on the company’s website under “Investor Relations.” Giga-tronics specializes in electronic warfare test solutions for the defense sector and RADAR filters for fighter aircraft.
Giga-tronics Incorporated (OTCQB: GIGA) announced a $1.5 million private placement and preliminary unaudited results for the fourth quarter of fiscal 2021, ending March 27, 2021. The company issued 461,538 prefunded warrants at $3.25 each, with plans to use the proceeds for working capital.
Net sales for the fourth quarter are projected at $2.7 million, representing a 5% increase year-over-year, driven by a 64% boost in Microsource filter revenue. However, Radar/EW test revenue declined significantly to $0.2 million due to order delays, leading to an expected net loss of approximately $825,000 for the quarter.
Giga-tronics Incorporated (OTCQB: GIGA) announced a $2.9 million production order for its high-performance RADAR filters from a major defense contractor. This order is expected to drive revenue recognition in the current quarter ending March 27, 2021. CEO John Regazzi expressed satisfaction with the ongoing relationship and trust from the customer, emphasizing the company's commitment to quality and reliability in its filter business, which underpins their growth prospects.
Giga-tronics Incorporated (OTCQB: GIGA) reported a strong third quarter for fiscal year 2021, with revenue up 55% to $4.1 million and net income of $830,000, compared to a loss of $1.4 million in the same quarter last year. Engineering expenses rose 42% primarily due to R&D on RADAR/EW products. The first nine months saw revenue increase to $10.3 million, driven by the Radar/EW test segment, which generated $3.5 million. Liquidity improved significantly, with cash more than doubling to $1.3 million as of December 26, 2020.
Giga-tronics Incorporated (OTCQB: GIGA) announced a $4.96 million order from Boeing for custom microwave filters for the F-15 aircraft. Preliminary operating results for Q2 FY2021 showed net revenues of approximately $2.7 million, an 11% decline year-over-year, attributed to a decrease in Microsource filter revenues. However, the company anticipates a 20% increase in Microsource filter revenues this fiscal year. An operating loss of about $450,000 is expected due to reduced revenues and a significant 60% rise in R&D expenses. A Shareholder Rights Plan has been adopted to protect against unwanted takeovers.
Giga-tronics announced the appointment of Thomas E. Vickers to its Board of Directors, enhancing its financial and operational capabilities. Vickers brings over 35 years of experience, including key roles in finance at OmniComm Systems and Ocwen Financial. He replaces Jamie Weston, who served four years on the board. CEO John Regazzi expressed confidence that Vickers' expertise will aid in expanding solutions for a broader customer base. Giga-tronics is traded on OTCQB under the symbol 'GIGA' and focuses on RADAR filters and components for military applications.
Giga-tronics Incorporated (OTCQB:GIGA) announced its participation in the LD 500 investor conference on September 2, 2020, at 9:40 AM PST. The Chief Operating and Financial Officer, Lutz Henckels, will present live, and a webcast will be available. Additionally, Dr. Henckels will hold virtual meetings throughout the day for interested investors. The LD 500, running from September 1-4, 2020, marks a significant milestone, allowing broader access to unique microcap companies. Giga-tronics specializes in RADAR filters and electronic warfare products for defense applications.