Nortech Systems Reports Fourth Quarter Results
Nortech Systems (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for complex electromedical and electromechanical products, reported Q4 2024 results. The company faced unexpected challenges in Q4 due to delays in defense customers' approvals for production transfers from the closed Blue Earth facility to their Bemidji plant.
CEO Jay D. Miller expressed optimism about long-term prospects despite short-term challenges. The company has completed a significant restructuring of back office and plant operations, consolidating its North American footprint to improve efficiency and reduce costs. Nortech is investing in R&D, particularly in fiber optics technologies, while monitoring regulatory changes and geopolitical uncertainties that could impact global operations.
Nortech Systems (NASDAQ: NSYS), fornitore di soluzioni ingegneristiche e di produzione per prodotti elettromedicali ed elettromeccanici complessi, ha riportato i risultati del quarto trimestre del 2024. L'azienda ha affrontato sfide inaspettate nel quarto trimestre a causa dei ritardi nelle approvazioni dei clienti del settore della difesa per i trasferimenti di produzione dalla chiusa struttura di Blue Earth al loro impianto di Bemidji.
Il CEO Jay D. Miller ha espresso ottimismo riguardo alle prospettive a lungo termine nonostante le sfide a breve termine. L'azienda ha completato una significativa ristrutturazione delle operazioni di back office e degli impianti, consolidando la sua presenza in Nord America per migliorare l'efficienza e ridurre i costi. Nortech sta investendo in ricerca e sviluppo, in particolare nelle tecnologie delle fibre ottiche, monitorando nel contempo i cambiamenti normativi e le incertezze geopolitiche che potrebbero influenzare le operazioni globali.
Nortech Systems (NASDAQ: NSYS), un proveedor de soluciones de ingeniería y fabricación para productos electromédicos y electromecánicos complejos, informó sobre los resultados del cuarto trimestre de 2024. La compañía enfrentó desafíos inesperados en el cuarto trimestre debido a retrasos en las aprobaciones de los clientes del sector defensa para las transferencias de producción de la cerrada instalación de Blue Earth a su planta en Bemidji.
El CEO Jay D. Miller expresó optimismo sobre las perspectivas a largo plazo a pesar de los desafíos a corto plazo. La empresa ha completado una reestructuración significativa de las operaciones de back office y de planta, consolidando su presencia en América del Norte para mejorar la eficiencia y reducir costos. Nortech está invirtiendo en I+D, especialmente en tecnologías de fibra óptica, mientras monitorea los cambios regulatorios y las incertidumbres geopolíticas que podrían impactar las operaciones globales.
노르텍 시스템즈 (NASDAQ: NSYS), 복잡한 전자 의료 및 전자 기계 제품을 위한 엔지니어링 및 제조 솔루션 제공업체, 2024년 4분기 실적을 발표했습니다. 이 회사는 폐쇄된 블루 어스 시설에서 베미지 공장으로의 생산 이전에 대한 방산 고객의 승인 지연으로 인해 4분기에 예상치 못한 도전에 직면했습니다.
CEO 제이 D. 밀러는 단기적인 도전에도 불구하고 장기적인 전망에 대한 낙관론을 표명했습니다. 이 회사는 효율성을 개선하고 비용을 절감하기 위해 북미 지역의 운영을 통합하여 백 오피스 및 공장 운영의 중요한 구조 조정을 완료했습니다. 노르텍은 특히 광섬유 기술에 대한 연구 개발에 투자하고 있으며, 글로벌 운영에 영향을 미칠 수 있는 규제 변화와 지정학적 불확실성을 모니터링하고 있습니다.
Nortech Systems (NASDAQ: NSYS), un fournisseur de solutions d'ingénierie et de fabrication pour des produits électromédicaux et électromécaniques complexes, a annoncé les résultats du quatrième trimestre 2024. L'entreprise a rencontré des défis inattendus au quatrième trimestre en raison de retards dans les approbations des clients du secteur de la défense pour les transferts de production de l'installation fermée de Blue Earth vers leur usine de Bemidji.
Le PDG Jay D. Miller a exprimé son optimisme quant aux perspectives à long terme malgré les défis à court terme. L'entreprise a achevé une restructuration significative de ses opérations de back office et d'usine, consolidant sa présence en Amérique du Nord pour améliorer l'efficacité et réduire les coûts. Nortech investit dans la R&D, en particulier dans les technologies de la fibre optique, tout en surveillant les changements réglementaires et les incertitudes géopolitiques qui pourraient affecter les opérations mondiales.
Nortech Systems (NASDAQ: NSYS), ein Anbieter von Ingenieur- und Fertigungslösungen für komplexe elektromedizinische und elektromechanische Produkte, hat die Ergebnisse des vierten Quartals 2024 veröffentlicht. Das Unternehmen sah sich im vierten Quartal unerwarteten Herausforderungen gegenüber, da es zu Verzögerungen bei den Genehmigungen der Verteidigungskunden für die Produktionsverlagerungen von der geschlossenen Blue Earth-Anlage zu ihrem Werk in Bemidji kam.
CEO Jay D. Miller äußerte trotz kurzfristiger Herausforderungen Optimismus hinsichtlich der langfristigen Perspektiven. Das Unternehmen hat eine umfassende Umstrukturierung der Backoffice- und Werksabläufe abgeschlossen und seine Präsenz in Nordamerika konsolidiert, um die Effizienz zu verbessern und Kosten zu senken. Nortech investiert in Forschung und Entwicklung, insbesondere in Technologien der Glasfaseroptik, während es regulatorische Veränderungen und geopolitische Unsicherheiten überwacht, die die globalen Operationen beeinflussen könnten.
- Completed significant restructuring to improve operational efficiency
- Strategic consolidation of North American manufacturing footprint
- Ongoing investments in R&D, particularly in fiber optics technologies
- Unexpected Q4 sales decline due to defense customer approval delays
- Production transfer delays affecting operational timeline
- Facing uncertainties from regulatory changes and geopolitical environment
Insights
Nortech Systems' Q4 2024 report signals operational challenges with absent financial metrics raising concerns. The company attributes revenue disruption to unexpected delays in customer approvals for production transfers from their closed Blue Earth facility to their Bemidji plant, with resolution expected by Q2 2025.
The report's structure is telling - management commentary dominates while actual financial figures are conspicuously missing from the press release. This presentation pattern typically indicates disappointing results, as companies tend to prominently feature positive financial metrics when available.
Their reference to a completed "significant restructuring" of back office and plant operations suggests material expenses likely impacted Q4 results. The North American footprint consolidation represents a substantial operational shift aimed at improving efficiency and reducing cost structure, but such transitions typically create short-term financial strain.
Most concerning is the statement referencing "COMPREHENSIVE (LOSS) INCOME" in their financial statements, suggesting the quarter likely resulted in losses. Yet management maintains they're "very optimistic" about long-term prospects, pointing to investments in R&D (particularly fiber optics) as future growth drivers.
This appears to be a transitional quarter with short-term pain for potential long-term operational improvements. The lack of transparent financial figures, however, prevents investors from quantifying the actual impact of these challenges.
MINNEAPOLIS, March 31, 2025 (GLOBE NEWSWIRE) -- Nortech Systems Incorporated (Nasdaq: NSYS) (“Nortech” or the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported financial results for the fourth quarter ended December 31, 2024.
2024 Q4 Highlights:
| ● | Net sales of | |
| ● | Net loss of ( | |
| ● | Adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of ( | |
| ● | 90-day backlog of |
Management Commentary
“Fourth quarter net sales were unexpectedly impacted by the timing of our defense customers’ approvals for transfers from our closed Blue Earth facility to our Bemidji plant. This unforeseen delay includes additional protocols and requirements that we must complete before receiving customer approval for these transfers. We anticipate clearing the majority of this approval backlog during the second quarter of 2025,” said Jay D. Miller, President and CEO of Nortech. “Despite this short-term challenge, we remain very optimistic about the long-term prospects of our business.”
“We have just completed a significant restructuring of our back office and plant operations to better serve our customers by delivering high-quality products and services on-time with shorter lead times,” Miller noted. “We are incredibly proud of the resiliency and dedication demonstrated by our team throughout the third and fourth quarters of 2024. Their hard work and adaptability have enabled us to consolidate the Company’s North American footprint and move customer programs to manufacturing locations that better fit our customers’ needs. These strategic moves are designed to better scale the business, improve efficiency, and reduce our ongoing cost structure. Our investments in research and development, particularly in fiber optics technologies, and our commitment to continuous improvement, position us well for long-term growth and success. We are also proactively monitoring the shifting regulatory environment, trade policies and uncertainties in the current geopolitical environment, which may significantly impact our global business operations.”
Summary Financial Information
The following table provides summary financial information comparing the fourth quarter 2024 (“Q4 2024”) financial results to the same quarter in 2023 (“Q4 2023”) as well as the year ended December 31, 2024 (“2024”) information to the same period in 2023 (“2023”).
| ($ in thousands) | Q4 2024 | Q4 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||
| Net sales | $ | 28,620 | $ | 36,054 | (20.6 | )% | $ | 128,133 | $ | 139,332 | (8.0 | )% | ||||||||||||
| Gross profit | $ | 2,822 | $ | 6,827 | (58.7 | )% | $ | 16,722 | $ | 23,104 | (27.6 | )% | ||||||||||||
| Operating expenses | $ | 4,049 | $ | 4,150 | (2.4 | )% | $ | 16,917 | $ | 17,151 | (1.4 | )% | ||||||||||||
| Net (loss) income | $ | (1,478 | ) | $ | 4,352 | (134.0 | )% | $ | (1,295 | ) | $ | 6,874 | (118.8 | )% | ||||||||||
| EBITDA | $ | (889 | ) | $ | 3,188 | (127.9 | )% | $ | 1,543 | $ | 8,003 | (80.7 | )% | |||||||||||
| Adjusted EBITDA | $ | (585 | ) | $ | 3,188 | (118.4 | )% | $ | 2,114 | $ | 8,003 | (73.6 | )% | |||||||||||
Conference Call
The Company will hold a live conference call and webcast at 3:30 p.m. central time on Monday, March 31, to discuss the Company’s 2024 fourth quarter results. The call will be hosted by Jay D. Miller, Chief Executive Officer and President and Andrew D. C. LaFrence, Chief Financial Officer. To access the live audio conference call, US participants may call 888-506-0062 and international participants may call 973-528-0011. Participant Access Code: 277848. Participants may also access the call via webcast at: https://www.webcaster4.com/Webcast/Page/2814/51665.
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About Nortech Systems Incorporated
Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech primarily serves the medical imaging, medical device, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire, cable, and interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has six manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding future financial results, gaining approval of customers relating to moving production from one facility to another Company-owned facility, strengthening of customer relationships, achieving long-term strategic goals, effects of restructuring and consolidating manufacturing facilities, sustained long-term health and growth, ability to scale our business, reducing cost structure and optimism about customer pipeline. While this release is based on management’s best judgment and current expectations, actual results may differ materially from those expressed or implied and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) commodity cost increases coupled with challenges in raising prices and/or customer pressure to reduce prices; (2) supply chain disruptions leading to shortages of critical components; (3) volatility in market conditions which may affect demand for the Company’s products; (4) increased competition and/or reduced demand; (5) changes in the reliability and efficiency of operating facilities or those of third parties; (6) risks related to the availability of labor; (7) the unanticipated loss of any key member of senior management; (8) geopolitical, economic, financial and business conditions; (9) the Company’s ability to steadily improve manufacturing output and product quality; (10) the impact of global health epidemics on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition; or (11) challenges with customers with respect to moving production from one facility to another Company-owned facility. Some of the above-mentioned factors are described in further detail in the section entitled “Risk Factors” in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and prospects may have changed since such date. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
Reconciliation of Generally Accepted Accounting Principles (“GAAP”) Measures to Non-GAAP Financial Measure
EBITDA is a non-GAAP financial measure used by management that we believe provides useful information to investors because it reflects ongoing performance excluding certain non-recurring items during comparable periods and facilitates comparisons between peer companies since interest, taxes, depreciation, and amortization can differ greatly between different organizations as a result of differing capital structures and tax strategies. EBITDA is defined as net income (loss) plus interest expense, plus income tax expense plus depreciation expense and amortization expense. EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA reflects the impact of restructuring and non-recurring items. EBITDA and Adjusted EBITDA are not a measurement of our financial performance under GAAP and should not be considered an alternative to net sales or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA and Adjusted EBITDA have limitations as an analytical metric, and you should not consider it in isolation or as a substitute for analysis of our operating results as reported under GAAP.
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS, EXCEPT SHARE DATA)
| THREE MONTHS ENDED | TWELVE MONTHS ENDED | |||||||||||||||
| DECEMBER 31, | DECEMBER 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 28,620 | $ | 36,054 | $ | 128,133 | $ | 139,332 | ||||||||
| Cost of goods sold | 25,798 | 29,227 | 111,411 | 116,228 | ||||||||||||
| Gross profit | 2,822 | 6,827 | 16,722 | 23,104 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling | 841 | 832 | 3,446 | 3,598 | ||||||||||||
| General and administrative | 2,606 | 3,026 | 11,709 | 12,354 | ||||||||||||
| Research and development | 298 | 292 | 1,191 | 1,199 | ||||||||||||
| Restructuring charges | 304 | - | 571 | - | ||||||||||||
| Total operating expenses | 4,049 | 4,150 | 16,917 | 17,151 | ||||||||||||
| (Loss) income from operations | (1,227 | ) | 2,677 | (195 | ) | 5,953 | ||||||||||
| Other expense | ||||||||||||||||
| Interest expense | (196 | ) | (122 | ) | (744 | ) | (487 | ) | ||||||||
| (Loss) income before income taxes | (1,423 | ) | 2,555 | (939 | ) | 5,466 | ||||||||||
| Income tax expense (benefit) | 55 | (1,797 | ) | 356 | (1,408 | ) | ||||||||||
| Net (loss) income | $ | (1,478 | ) | $ | 4,352 | $ | (1,295 | ) | $ | 6,874 | ||||||
| Net (loss) income per common share: | ||||||||||||||||
| Basic (in dollars per share) | $ | (0.54 | ) | $ | 1.59 | $ | (0.47 | ) | $ | 2.53 | ||||||
| Weighted average number of common shares outstanding - basic (in shares) | 2,756,943 | 2,739,848 | 2,755,041 | 2,722,135 | ||||||||||||
| Diluted (in dollars per share) | $ | (0.54 | ) | $ | 1.51 | $ | (0.47 | ) | $ | 2.38 | ||||||
| Weighted average number of common shares outstanding - diluted (in shares) | 2,756,943 | 2,879,654 | 2,755,041 | 2,885,879 | ||||||||||||
| Other comprehensive (loss) income | ||||||||||||||||
| Foreign currency translation | (310 | ) | 156 | (445 | ) | (162 | ) | |||||||||
| Comprehensive (loss) income, net of tax | $ | (1,788 | ) | $ | 4,508 | $ | (1,740 | ) | $ | 6,712 | ||||||
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023
(IN THOUSANDS, EXCEPT SHARE DATA)
| DECEMBER 31, 2024 | DECEMBER 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 916 | $ | 960 | ||||
| Restricted cash | - | 715 | ||||||
| Accounts receivable, less allowances of | 14,875 | 19,279 | ||||||
| Inventories, net | 21,638 | 21,660 | ||||||
| Contract assets | 13,792 | 14,481 | ||||||
| Prepaid assets and other assets | 4,094 | 1,698 | ||||||
| Total current assets | 55,315 | 58,793 | ||||||
| Property and equipment, net | 6,232 | 6,513 | ||||||
| Operating lease assets | 8,139 | 6,917 | ||||||
| Deferred tax assets | 2,575 | 2,641 | ||||||
| Other intangible assets, net | 174 | 263 | ||||||
| Total assets | $ | 72,435 | $ | 75,127 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 11,582 | $ | 15,924 | ||||
| Accrued payroll and commissions | 1,841 | 4,138 | ||||||
| Customer deposits | 5,140 | 4,068 | ||||||
| Current portion of operating leases | 1,175 | 1,033 | ||||||
| Current portion of finance lease obligations | 143 | 356 | ||||||
| Other accrued liabilities | 1,547 | 1,063 | ||||||
| Total current liabilities | 21,428 | 26,582 | ||||||
| Long-term liabilities: | ||||||||
| Long-term line of credit | 8,634 | 5,815 | ||||||
| Long-term operating lease obligations, net of current portion | 7,773 | 6,763 | ||||||
| Long-term finance lease obligations, net of current portion | 311 | 209 | ||||||
| Other long-term liabilities | 284 | 414 | ||||||
| Total long-term liabilities | 17,002 | 13,201 | ||||||
| Total liabilities | 38,430 | 39,783 | ||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, | 250 | 250 | ||||||
| Common stock - | 28 | 27 | ||||||
| Additional paid-in capital | 17,329 | 16,929 | ||||||
| Accumulated other comprehensive loss | (977 | ) | (532 | ) | ||||
| Retained earnings | 17,375 | 18,670 | ||||||
| Total shareholders’ equity | 34,005 | 35,344 | ||||||
| Total liabilities and shareholders’ equity | $ | 72,435 | $ | 75,127 | ||||
NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
| DECEMBER 31, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net (loss) income | $ | (1,295 | ) | $ | 6,874 | |||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||
| Depreciation | 1,649 | 1,891 | ||||||
| Amortization | 89 | 159 | ||||||
| Compensation on stock-based awards | 461 | 423 | ||||||
| Deferred taxes | (12 | ) | (2,362 | ) | ||||
| Change in accounts receivable allowances | (162 | ) | 24 | |||||
| Change in inventory reserves | 280 | 26 | ||||||
| Gain on disposal of property and equipment | (23 | ) | - | |||||
| Changes in current operating items | ||||||||
| Accounts receivable | 4,405 | (3,432 | ) | |||||
| Employee retention credit receivable | - | 2,650 | ||||||
| Inventories | (400 | ) | 716 | |||||
| Contract assets | 689 | (4,514 | ) | |||||
| Prepaid expenses | (2,049 | ) | (147 | ) | ||||
| Income taxes | (333 | ) | (832 | ) | ||||
| Accounts payable | (3,956 | ) | 483 | |||||
| Accrued payroll and commissions | (2,289 | ) | (661 | ) | ||||
| Customer deposits | 1,071 | 553 | ||||||
| Other accrued liabilities | (375 | ) | (82 | ) | ||||
| Net cash (used in) provided by operating activities | (2,250 | ) | 1,769 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Proceeds from sale of property and equipment | 7 | - | ||||||
| Purchases of property and equipment | (1,270 | ) | (1,284 | ) | ||||
| Net cash used in investing activities | (1,263 | ) | (1,284 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from line of credit | 129,793 | 124,552 | ||||||
| Payments to line of credit | (126,944 | ) | (125,602 | ) | ||||
| Proceeds from notes payable | 345 | - | ||||||
| Principal payments on financing leases | (367 | ) | (390 | ) | ||||
| Share repurchases | (100 | ) | - | |||||
| Stock option exercises | 38 | 159 | ||||||
| Net cash provided by (used in) financing activities | 2,765 | (1,281 | ) | |||||
| Effect of exchange rate changes on cash | (11 | ) | (10 | ) | ||||
| Net change in cash and cash equivalents | (759 | ) | (806 | ) | ||||
| Cash and cash equivalents - beginning of year | 1,675 | 2,481 | ||||||
| Cash and cash equivalents - end of year | $ | 916 | $ | 1,675 | ||||
| Reconciliation of cash and restricted cash reported within the consolidated balance sheets: | ||||||||
| Cash | $ | 916 | $ | 960 | ||||
| Restricted cash | - | 715 | ||||||
| Total cash and restricted cash reported in the consolidated statements of cash flows | $ | 916 | $ | 1,675 | ||||
| THREE MONTHS ENDED December 31, | TWELVE MONTHS ENDED December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| RECONCILIATION OF NET (LOSS) INCOME TO EBITDA | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Net (loss) income | $ | (1,478 | ) | $ | 4,352 | $ | (1,295 | ) | $ | 6,874 | ||||||
| Interest | 196 | 122 | 744 | 487 | ||||||||||||
| Taxes | 55 | (1,797 | ) | 356 | (1,408 | ) | ||||||||||
| Depreciation | 333 | 471 | 1,649 | 1,891 | ||||||||||||
| Amortization | 5 | 40 | 89 | 159 | ||||||||||||
| EBITDA | (889 | ) | 3,188 | 1,543 | 8,003 | |||||||||||
| Restructuring charges | 304 | - | 571 | - | ||||||||||||
| ADJUSTED EBITDA | $ | (585 | ) | $ | 3,188 | $ | 2,114 | $ | 8,003 | |||||||
There were no material adjustments to EBITDA in 2023.
Adjustment to EBITDA in 2024 includes ($ in thousands):
| ● | In the second quarter of 2024, we announced the closure of our Blue Earth, Minnesota facility by the end of 2024. In connection with this action, we incurred |
| ($ in millions) | Last Twelve Months (LTM) Ended in Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 115.2 | $ | 123.8 | $ | 126.1 | $ | 132.0 | $ | 134.1 | $ | 138.3 | $ | 140.8 | $ | 138.9 | $ | 139.3 | $ | 138.7 | $ | 137.5 | $ | 135.6 | $ | 128.1 | ||||||||||||||||||||||||||
| Gross Profit $ - Adjusted | 11.2 | 13.7 | 15.1 | 18.1 | 20.5 | 21.9 | 22.4 | 21.4 | 23.1 | 23.1 | 22.2 | 20.7 | 16.7 | |||||||||||||||||||||||||||||||||||||||
| Gross Margin % - Adjusted | 9.7 | % | 11.0 | % | 12.0 | % | 13.7 | % | 15.3 | % | 15.8 | % | 15.9 | % | 15.4 | % | 16.6 | % | 16.6 | % | 16.1 | % | 14.9 | % | 13.1 | % | ||||||||||||||||||||||||||
| EBITDA - Adjusted | $ | (0.2 | ) | $ | 1.9 | $ | 2.5 | $ | 4.2 | $ | 5.8 | $ | 6.7 | $ | 6.8 | $ | 6.0 | $ | 8.0 | $ | 8.1 | $ | 7.3 | $ | 5.9 | $ | 2.1 | |||||||||||||||||||||||||
Contact
Andrew D. C. LaFrence
Chief Financial Officer and Senior Vice President of Finance
alafrence@nortechsys.com
952-345-2243
FAQ
What caused the unexpected impact on Nortech Systems (NSYS) Q4 2024 sales?
When does Nortech Systems (NSYS) expect to clear the approval backlog for facility transfers?
What restructuring measures has Nortech Systems (NSYS) implemented in 2024?
What are the key investment areas for Nortech Systems (NSYS) future growth?
