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Lifeloc Technologies Reports 2024 Full Year Results

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Lifeloc Technologies (OTC PINK:LCTC) reported its 2024 fiscal year results, showing an 8% revenue decline to $8.538 million from $9.330 million in 2023. The company posted a net loss of ($1.053) million, or ($0.41) per diluted share, compared to a net profit of $205.6 thousand in 2023. Gross margin decreased to 40.4% from 43.3%.

The decline was attributed to normalized demand following 2023's pent-up demand and inflation's impact on customer budgets. The company's L-series devices (LX9 and LT7) are gaining market penetration with features like smartphone pairing and local language customization.

Lifeloc is heavily investing in SpinDx technology development, a 'Lab on a Disk' platform for rapid drug detection. Beta testing of the SpinDx saliva testing system for THC detection is planned for Q2 2025, with commercial launch projected for early 2026. To support development, the company secured a $750,000 debenture in late 2024 and an additional $75,000 in Q1 2025.

Lifeloc Technologies (OTC PINK:LCTC) ha riportato i risultati per l'anno fiscale 2024, evidenziando una diminuzione del fatturato dell'8%, scendendo a 8,538 milioni di dollari rispetto ai 9,330 milioni del 2023. L'azienda ha registrato una perdita netta di ($1,053) milioni, ovvero ($0,41) per azione diluita, rispetto a un utile netto di 205,6 mila dollari nel 2023. Il margine lordo è diminuito al 40,4% dal 43,3%.

Il calo è stato attribuito a una domanda normalizzata dopo la domanda accumulata del 2023 e all'impatto dell'inflazione sui budget dei clienti. I dispositivi della serie L dell'azienda (LX9 e LT7) stanno guadagnando penetrazione di mercato grazie a funzionalità come il collegamento con smartphone e la personalizzazione della lingua locale.

Lifeloc sta investendo pesantemente nello sviluppo della tecnologia SpinDx, una piattaforma 'Lab on a Disk' per la rapida rilevazione di droghe. I test beta del sistema di test della saliva SpinDx per la rilevazione del THC sono previsti per il secondo trimestre del 2025, con un lancio commerciale previsto per l'inizio del 2026. Per supportare lo sviluppo, l'azienda ha ottenuto un prestito di 750.000 dollari alla fine del 2024 e un ulteriore finanziamento di 75.000 dollari nel primo trimestre del 2025.

Lifeloc Technologies (OTC PINK:LCTC) reportó sus resultados para el año fiscal 2024, mostrando una disminución del 8% en los ingresos, cayendo a 8.538 millones de dólares desde 9.330 millones en 2023. La compañía registró una pérdida neta de ($1.053) millones, o ($0.41) por acción diluida, en comparación con una ganancia neta de 205.6 mil dólares en 2023. El margen bruto disminuyó al 40.4% desde el 43.3%.

La disminución se atribuyó a una demanda normalizada tras la demanda acumulada de 2023 y al impacto de la inflación en los presupuestos de los clientes. Los dispositivos de la serie L de la compañía (LX9 y LT7) están ganando penetración en el mercado con características como la vinculación a teléfonos inteligentes y la personalización del idioma local.

Lifeloc está invirtiendo fuertemente en el desarrollo de la tecnología SpinDx, una plataforma 'Lab on a Disk' para la detección rápida de drogas. Las pruebas beta del sistema de prueba de saliva SpinDx para la detección de THC están programadas para el segundo trimestre de 2025, con un lanzamiento comercial proyectado para principios de 2026. Para apoyar el desarrollo, la compañía aseguró un debenture de 750,000 dólares a finales de 2024 y un adicional de 75,000 dólares en el primer trimestre de 2025.

라이플록 테크놀로지스 (OTC PINK:LCTC)는 2024 회계연도 결과를 발표하며 2023년 9,330만 달러에서 8,538만 달러로 8%의 수익 감소를 보였습니다. 회사는 2023년 205.6천 달러의 순이익에 비해 ($1.053) 백만 달러, 즉 희석 주당 ($0.41)의 순손실을 기록했습니다. 총 마진은 43.3%에서 40.4%로 감소했습니다.

이 감소는 2023년의 억눌린 수요 이후 정상화된 수요와 인플레이션이 고객 예산에 미친 영향 때문으로 분석되었습니다. 회사의 L시리즈 장치(LX9 및 LT7)는 스마트폰 연결 및 지역 언어 맞춤화와 같은 기능으로 시장 침투를 확대하고 있습니다.

라이플록은 빠른 약물 검출을 위한 'Lab on a Disk' 플랫폼인 SpinDx 기술 개발에 막대한 투자를 하고 있습니다. THC 검출을 위한 SpinDx 타액 검사 시스템의 베타 테스트는 2025년 2분기로 예정되어 있으며, 상업적 출시가 2026년 초로 예상됩니다. 개발을 지원하기 위해 회사는 2024년 말에 750,000 달러의 전환사채를 확보하고 2025년 1분기에 추가로 75,000 달러를 확보했습니다.

Lifeloc Technologies (OTC PINK:LCTC) a publié ses résultats pour l'exercice fiscal 2024, montrant une baisse de 8 % des revenus, passant de 9,330 millions de dollars en 2023 à 8,538 millions de dollars. L'entreprise a enregistré une perte nette de ($1,053) millions, soit ($0,41) par action diluée, par rapport à un bénéfice net de 205,6 mille dollars en 2023. La marge brute a diminué de 43,3 % à 40,4 %.

Cette baisse a été attribuée à une demande normalisée après la demande refoulée de 2023 et à l'impact de l'inflation sur les budgets des clients. Les appareils de la série L de l'entreprise (LX9 et LT7) gagnent en pénétration de marché grâce à des fonctionnalités telles que l'association avec des smartphones et la personnalisation de la langue locale.

Lifeloc investit massivement dans le développement de la technologie SpinDx, une plateforme 'Lab on a Disk' pour la détection rapide de drogues. Les tests bêta du système de test de salive SpinDx pour la détection de THC sont prévus pour le deuxième trimestre 2025, avec un lancement commercial prévu pour début 2026. Pour soutenir le développement, l'entreprise a obtenu une obligation de 750 000 dollars fin 2024 et un financement supplémentaire de 75 000 dollars au premier trimestre 2025.

Lifeloc Technologies (OTC PINK:LCTC) hat seine Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und einen Rückgang der Einnahmen um 8 % auf 8,538 Millionen Dollar im Vergleich zu 9,330 Millionen Dollar im Jahr 2023 verzeichnet. Das Unternehmen meldete einen Nettoverlust von ($1,053) Millionen, oder ($0,41) pro verwässerter Aktie, im Vergleich zu einem Nettogewinn von 205,6 Tausend Dollar im Jahr 2023. Die Bruttomarge sank von 43,3 % auf 40,4 %.

Der Rückgang wurde auf eine normalisierte Nachfrage nach der aufgestauten Nachfrage von 2023 und den Einfluss der Inflation auf die Budgets der Kunden zurückgeführt. Die L-Serie Geräte des Unternehmens (LX9 und LT7) gewinnen mit Funktionen wie Smartphone-Paarung und lokaler Sprachanpassung an Marktdurchdringung.

Lifeloc investiert stark in die Entwicklung der SpinDx-Technologie, einer 'Lab on a Disk'-Plattform zur schnellen Drogenanalyse. Die Beta-Tests des SpinDx-Speicheltestsystems zur THC-Detektion sind für das 2. Quartal 2025 geplant, mit einem kommerziellen Start, der für Anfang 2026 vorgesehen ist. Zur Unterstützung der Entwicklung sicherte sich das Unternehmen Ende 2024 eine Anleihe über 750.000 Dollar und zusätzlich 75.000 Dollar im 1. Quartal 2025.

Positive
  • Development of SpinDx technology progressing with beta testing planned for Q2 2025
  • Secured $825,000 in total financing for SpinDx development
  • L-series devices gaining market penetration with advanced features
  • SpinDx successfully validated against LCMS for multiple drug detection
Negative
  • 8% revenue decline to $8.538 million in 2024
  • Net loss of $1.053 million compared to $205.6K profit in 2023
  • Gross margin declined to 40.4% from 43.3%
  • Increased costs and record R&D investment impacting profitability

WHEAT RIDGE, CO / ACCESS Newswire / March 28, 2025 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2024 fiscal year ended December 31, 2024.

2024 Financial Highlights
Lifeloc Technologies posted annual net revenue of $8.538 million resulting in a net loss of ($1.053) million in 2024, or ($0.41) per diluted share. These results compare to net revenue of $9.330 million for 2023, with net profit of $205.6 thousand, or $0.08 per diluted share. Revenues for 2024 declined by 8% versus 2023, in part because revenue in 2023 reflected pent-up demand that had leveled out by 2024, and in part from the adverse increasing impact of inflation on customer budgets. Total gross margin in 2024 declined to 40.4% versus 43.3% for 2023, due to a combination of reduced volume as well as component inflation. The sales decline, increased costs, as well as record research and development investment all contributed to the loss for the year. We expect more broadly applied price increases to improve margins in 2025.

We believe our core alcohol detection product line-up is strong. The L-series LX9 and LT7 units have features and performance that are driving market penetration by meeting previously unaddressable market needs, such as smart phone pairing, wider temperature use ranges and fast customization that incorporates local languages. We expect that sales of our newer L-series devices will be incremental to FC-series devices rather than displacing FC sales. The L-series devices have been certified to meet the requirements of most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. We continue to evolve the capability and certifications of these units to add more value and gain market share. Our FC-series devices remain popular with many law enforcement and international organizations. Our Easycal® automated calibration station, the only automated calibration available for portable breath alcohol testers, builds valuable protection around our brand and contributes to market share gains across the board, especially for our workplace Phoenix® 6.0 BT and EV 30 devices.

We believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse with Lifeloc's proven capability to build easy-to-use portable testing equipment. We are therefore focusing our research and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to as "Lab on a Disk," to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic labs and workplace test sites to achieve a rapid and quantitative measure for a panel of drugs of abuse. SpinDx has been demonstrated in our laboratory to effectively detect for delta-9-THC, cocaine, fentanyl, amphetamine methamphetamine, morphine, MDMA, and benzodiazepines. Testing has validated the SpinDx measurement technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement utilizing human samples. The LCMS data have validated the SpinDx test results on real-world human saliva tests at a limit of detection of approximately 10 ng/ml. With our research and development work, we continue to improve our technology's robustness, speed, and convenience of operation. We are currently performing validation testing of the microfluidic action and full drug assay utilizing the current disk design. This testing has resulted in the need for some additional design work before moving into beta testing and production tooling.

We plan to start beta testing of our SpinDx saliva testing system utilizing the delta-9-THC disks in the second quarter of 2025 using prototype readers as shown in the photograph below. The initial product release is projected to be a device with a disk that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant) from a test subject's saliva, followed by a disk for a panel of other drugs. Commercial launch of our first SpinDx application is projected to occur in early 2026. Following initial commercialization, we expect more offerings from this technology platform to include expanded drug panels and samples collected from blood and breath. Following the release of our SpinDx saliva testing system, we expect to accelerate development of combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system.

"Lifeloc has made great progress in 2024. We have invested significant resources into pushing this SpinDx development towards launch. This included choosing long term value creation over short term profitability to fund this opportunity. We anticipate continued high research and development expenses in this final push toward commercialization. And we look forward to beginning to show off the device to key customers at upcoming industry trade shows," commented Dr. Wayne Willkomm, President and CEO.

Because of the high research and development investment and the need for manufacturing equipment for SpinDx, the company has sought to strengthen its financial resources. At the end of 2024, the company closed on a $750,000 debenture, followed by an additional investment of $75,000 on the same terms in Q1 2025, to assist in the SpinDx development prior to moving forward into production and commercialization.

About Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC PINK:LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings.

Phoenix® and Easycal® are registered trademarks of Lifeloc Technologies, Inc.

SpinDx™ is a trademark of Sandia Corporation.

Amy Evans
Lifeloc Technologies, Inc.
http://www.lifeloc.com
(303) 431-9500

LIFELOC TECHNOLOGIES, INC.
Balance Sheets

ASSETS

December 31, 2024

December 31, 2023

CURRENT ASSETS:

Cash and cash equivalents

$

1,243,746

$

1,766,621

Accounts receivable, net

732,541

812,126

Inventories, net

2,996,397

3,024,834

Federal and state income taxes receivable

80,560

-

Prepaid expenses and other

40,045

105,967

Total current assets

5,093,289

5,709,548

PROPERTY, PLANT AND EQUIPMENT:

Land

317,932

317,932

Building

1,928,795

1,928,795

Real-time Alcohol Detection And Recognition equipment and software

569,448

569,448

Production equipment, software and space modifications

1,349,839

1,154,803

Training courses

432,375

432,375

Office equipment, software and space modifications

254,333

216,618

Sales and marketing equipment and space modifications

226,356

226,356

Research and development equipment, software and space modifications

787,664

480,684

Research and development equipment, software and space modifications not in service

128,007

-

Less accumulated depreciation

(3,613,452

)

(3,326,837

)

Total property and equipment, net

2,381,297

2,000,174

OTHER ASSETS:

Patents, net

78,723

64,439

Deposits and other

12,261

111,157

Deferred income taxes

1,159,199

806,652

Total other assets

1,250,183

982,248

Total assets

$

8,724,769

$

8,691,970

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

251,627

$

402,231

Term loan payable, current portion

53,195

51,588

Income taxes payable

-

44,952

Customer and tenant deposits

43,814

195,719

Accrued expenses

293,981

329,311

Deferred revenue, current portion

54,458

79,036

Product warranty reserve

46,500

46,500

Total current liabilities

743,575

1,149,337

TERM LOAN PAYABLE, net of current portion and

debt issuance costs

1,119,152

1,170,243

SUBORDINATED DEBENTURE PAYABLE, net of current

portion and debt issuance costs

630,000

-

DEFERRED REVENUE, net of current portion

6,165

11,565

Total liabilities

2,498,892

2,331,145

COMMITMENTS AND CONTINGENCIES (Note 6)

STOCKHOLDERS' EQUITY:

Common stock, no par value; 50,000,000 shares authorized, 2,664,116

shares outstanding (2,454,116 outstanding at December 31, 2023)

5,586,014

4,668,014

Retained earnings

639,863

1,692,811

Total stockholders' equity

6,225,877

6,360,825

Total liabilities and stockholders' equity

$

8,724,769

$

8,691,970

LIFELOC TECHNOLOGIES, INC.
Statements of Income (Loss)

Years Ended December 31,

REVENUES:

2024

2023

Product sales

$

8,470,985

$

9,228,843

Royalties

34,382

32,299

Rental income

32,778

68,424

Total

8,538,145

9,329,566

COST OF SALES

5,092,046

5,289,896

GROSS PROFIT

3,446,099

4,039,670

OPERATING EXPENSES:

Research, development, and sustaining engineering

2,242,869

1,835,164

Sales and marketing

1,358,211

1,225,381

General and administrative

1,253,236

1,170,260

Total

4,854,316

4,230,805

OPERATING (LOSS)

(1,408,217

)

(191,135

)

OTHER INCOME (EXPENSE):

Interest income

42,867

70,062

Interest expense

(40,145

)

(41,566

)

Total

2,722

28,496

NET (LOSS) BEFORE PROVISION FOR TAXES

(1,405,495

)

(162,639

)

BENEFIT FROM FEDERAL AND STATE INCOME TAXES

352,547

368,253

NET INCOME (LOSS)

$

(1,052,948

)

$

205,614

NET INCOME (LOSS) PER SHARE, BASIC

$

(0.41

)

$

0.08

NET INCOME (LOSS) PER SHARE, DILUTED

$

(0.41

)

$

0.08

WEIGHTED AVERAGE SHARES, BASIC

2,546,493

2,454,116

WEIGHTED AVERAGE SHARES, DILUTED

2,546,493

2,454,116

Lifeloc Technologies, Inc.
Statements of Changes in Stockholders' Equity
For The Years Ended December 31, 2024 and 2023

Common
Stock
Shares

Common
Stock
Amount

Retained
Earnings

Total

Balance, December 31, 2022

2,454,116

$

4,668,014

$

1,487,197

$

6,155,211

Net income (loss)

-

-

205,614

205,614

Balance, December 31, 2023

2,454,116

4,668,014

1,692,811

6,360,825

Issuance of common stock for cash, net of issuance costs

210,000

798,000

-

798,000

Warrants issued with subordinated debenture

-

120,000

-

120,000

Net (loss)

-

-

(1,052,948

)

(1,052,948

)

Balance, December 31, 2024

2,664,116

$

5,586,014

$

639,863

$

6,225,877

LIFELOC TECHNOLOGIES, INC.
Statements of Cash Flows

Years Ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

2024

2023

Net income (loss)

$

(1,052,948

)

$

205,614

Adjustments to reconcile net income (loss) to net cash

(used in) operating activities-

Depreciation and amortization

298,293

264,824

Provision for doubtful accounts, net change

2,000

-

Provision for inventory obsolescence, net change

70,000

-

Deferred taxes, net change

(352,547

)

(485,223

)

Changes in operating assets and liabilities-

Accounts receivable

77,585

(184,207

)

Inventories

(41,563

)

(292,371

)

Federal and state income taxes receivable

(80,560

)

107,575

Prepaid expenses and other

65,922

(47,764

)

Deposits and other

98,896

(110,657

)

Accounts payable

(150,604

)

(11,726

)

Customer and tenant deposits

(151,905

)

(5,312

)

Income taxes payable

(44,952

)

44,952

Accrued expenses

(35,330

)

(15,633

)

Deferred revenue

(29,978

)

4,188

Net cash (used in) operating

activities

(1,327,691

)

(525,740

)

CASH FLOWS (USED IN) INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(539,731

)

(6,811

)

Purchases of research and development equipment, software and

space modifications not in service

(128,007

)

-

Patent filing cost

(21,708

)

(1,404

)

Net cash (used in) investing activities

(689,446

)

(8,215

)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:

Principal payments made on term loan

(53,738

)

(52,178

)

Proceeds from issuance of subordinated debenture

750,000

-

Proceeds from issuance of 210,000 shares of common stock

798,000

-

Net cash provided from (used in) financing

activities

1,494,262

(52,178

)

NET (DECREASE) IN CASH

(522,875

)

(586,133

)

CASH, BEGINNING OF YEAR

1,766,621

2,352,754

CASH, END OF YEAR

$

1,243,746

$

1,766,621

SUPPLEMENTAL INFORMATION:

Cash paid for interest

$

35,891

$

37,262

Cash paid for income tax

$

125,512

$

72,996

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Warrants issued with subordinated debenture

$

120,000

$

-

SOURCE: Lifeloc Technologies, Inc.



View the original press release on ACCESS Newswire

FAQ

What caused LCTC's revenue decline in 2024?

LCTC's 8% revenue decline was due to normalized demand after 2023's pent-up demand and inflation's impact on customer budgets.

When will LCTC launch its SpinDx THC testing system commercially?

LCTC plans to launch the SpinDx THC testing system commercially in early 2026, with beta testing starting in Q2 2025.

What financing did LCTC secure for SpinDx development?

LCTC secured a $750,000 debenture in late 2024 and an additional $75,000 in Q1 2025 for SpinDx development.

How much was LCTC's net loss per share in 2024?

LCTC reported a net loss of $0.41 per diluted share in 2024, compared to a profit of $0.08 per share in 2023.

What drugs can LCTC's SpinDx technology detect?

SpinDx can detect delta-9-THC, cocaine, fentanyl, amphetamine, methamphetamine, morphine, MDMA, and benzodiazepines.
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