Nortech Systems Reports Second Quarter Results
Nortech Systems (NASDAQ: NSYS) reported its Q2 2024 financial results, showing a 3.2% decrease in net sales to $33.9 million compared to Q2 2023. The company's net income fell by 75.2% to $157,000, or $0.06 per diluted share. Adjusted EBITDA was $919,000, down 43.3% from the previous year. Despite these declines, Nortech maintains a 90-day backlog of $30.1 million as of June 30, 2024.
CEO Jay D. Miller highlighted efforts to optimize post-Covid supply chain strategies and near-shoring activities. The company is implementing facility optimization in Minnesota, which is expected to reduce costs by at least $1.6 million in 2025 and beyond, positioning Nortech for improved growth despite short-term financial impacts.
Nortech Systems (NASDAQ: NSYS) ha riportato i risultati finanziari per il secondo trimestre del 2024, registrando una decrease del 3,2% nelle vendite nette a 33,9 milioni di dollari rispetto al secondo trimestre del 2023. Il reddito netto dell'azienda è sceso del 75,2% a 157.000 dollari, ovvero 0,06 dollari per azione diluita. L'EBITDA rettificato è stato di 919.000 dollari, in calo del 43,3% rispetto all'anno precedente. Nonostante queste diminuzioni, Nortech mantiene un portafoglio ordini di 30,1 milioni di dollari al 30 giugno 2024.
Il CEO Jay D. Miller ha sottolineato gli sforzi per ottimizzare le strategie di supply chain post-Covid e le attività di near-shoring. L'azienda sta implementando ottimizzazioni impiantistiche in Minnesota, che si prevede ridurranno i costi di almeno 1,6 milioni di dollari nel 2025 e oltre, posizionando Nortech per una crescita migliorata nonostante gli impatti finanziari a breve termine.
Nortech Systems (NASDAQ: NSYS) informó sobre sus resultados financieros del segundo trimestre de 2024, mostrando una disminución del 3.2% en las ventas netas a 33.9 millones de dólares en comparación con el segundo trimestre de 2023. La rentabilidad neta de la empresa cayó un 75.2% a 157,000 dólares, o 0.06 dólares por acción diluida. El EBITDA ajustado fue de 919,000 dólares, un 43.3% menos que el año anterior. A pesar de estas caídas, Nortech mantiene un backlog de 30.1 millones de dólares al 30 de junio de 2024.
El CEO Jay D. Miller destacó los esfuerzos para optimizar las estrategias de la cadena de suministro post-Covid y las actividades de near-shoring. La empresa está implementando optimizaciones en sus instalaciones en Minnesota, que se espera reduzcan los costos en al menos 1.6 millones de dólares en 2025 y más allá, posicionando a Nortech para un crecimiento mejorado a pesar de los impactos financieros a corto plazo.
Nortech Systems (NASDAQ: NSYS)는 2024년 2분기 재무 결과를 발표하며 순매출이 3.2% 감소하여 3,390만 달러에 이르렀다고 보고했습니다. 회사의 순이익은 75.2% 하락하여 157,000달러, 즉 희석 주당 0.06달러에 달했습니다. 조정된 EBITDA는 919,000달러로, 전년 대비 43.3% 감소했습니다. 이러한 감소에도 불구하고 Nortech은 2024년 6월 30일 기준으로 3,010만 달러의 주문잔고를 유지하고 있습니다.
CEO 제이 D. 밀러는 포스트 코로나 공급망 전략 최적화 및 근거리 생산 활동을 강조했습니다. 회사는 미네소타에서 시설 최적화를 시행하고 있으며, 이는 2025년부터 최소 160만 달러의 비용을 절감할 것으로 예상되며, 단기 재정적 영향에도 불구하고 Nortech의 더 나은 성장을 위한 위치를 마련하고 있습니다.
Nortech Systems (NASDAQ: NSYS) a annoncé ses résultats financiers du deuxième trimestre 2024, affichant une diminution de 3,2% des ventes nettes à 33,9 millions de dollars par rapport au deuxième trimestre 2023. Le revenu net de l'entreprise a chuté de 75,2% à 157 000 dollars, soit 0,06 dollar par action diluée. L'EBITDA ajusté était de 919 000 dollars, en baisse de 43,3% par rapport à l'année précédente. Malgré ces baisses, Nortech maintient un carnet de commandes de 30,1 millions de dollars au 30 juin 2024.
Le PDG Jay D. Miller a souligné les efforts pour optimiser les stratégies de chaîne d'approvisionnement post-Covid et les activités de near-shoring. L'entreprise met en œuvre une optimisation de ses installations dans le Minnesota, qui devrait réduire les coûts d'au moins 1,6 million de dollars en 2025 et au-delà, positionnant Nortech pour une meilleure croissance malgré les impacts financiers à court terme.
Nortech Systems (NASDAQ: NSYS) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und zeigt einen Rückgang der Nettoumsätze um 3,2% auf 33,9 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Der Nettoertrag des Unternehmens fiel um 75,2% auf 157.000 Dollar, das entspricht 0,06 Dollar pro verwässerter Aktie. Das bereinigte EBITDA betrug 919.000 Dollar, was einen Rückgang von 43,3% im Vergleich zum Vorjahr darstellt. Trotz dieser Rückgänge hält Nortech einen Auftragsbestand von 30,1 Millionen Dollar zum 30. Juni 2024 aufrecht.
CEO Jay D. Miller hob die Bemühungen hervor, die Post-Covid-Lieferkettenstrategien und Near-Shoring-Aktivitäten zu optimieren. Das Unternehmen implementiert im Minnesota eine Optimierung der Einrichtungen, die voraussichtlich die Kosten um mindestens 1,6 Millionen Dollar im Jahr 2025 und darüber hinaus senken wird, wodurch Nortech für ein verbessertes Wachstum positioniert wird, trotz der kurzfristigen finanziellen Auswirkungen.
- 90-day backlog of $30.1 million as of June 30, 2024
- Anticipated cost reduction of at least $1.6 million in 2025 due to Minnesota facilities optimization
- Effective management of operating expenses with a 2.3% decrease in Q2 2024
- Net sales decreased by 3.2% to $33.9 million in Q2 2024 compared to Q2 2023
- Net income fell by 75.2% to $157,000 in Q2 2024
- Gross profit declined by 15.7% in Q2 2024 compared to Q2 2023
- Adjusted EBITDA decreased by 43.3% to $919,000 in Q2 2024
Insights
Nortech Systems' Q2 2024 results reveal a mixed financial picture. Net sales decreased by
The company's gross profit margin contracted from
The 90-day backlog of
Nortech's focus on optimizing post-Covid supply chain strategies is a prudent move in the current market environment. The emphasis on near-shoring activities and customer-specific collaborations to reduce lead times aligns with global trends towards more resilient and agile supply chains.
However, the short-term negative impact on financials due to facility optimization in Minnesota highlights the challenges of supply chain restructuring. The anticipated
The
Nortech's performance should be viewed in the context of its key markets: medical, aerospace & defense and industrial. The slight decline in sales might reflect broader market trends or shifts in customer priorities post-pandemic.
The company's strategy to strengthen customer relationships through supply chain collaborations is important in these specialized markets. However, the effectiveness of this approach remains to be seen, given the current financial performance.
Nortech's vertically integrated capabilities across design and manufacturing could be a significant differentiator, especially in complex electromedical devices. The company should leverage this strength to capture more market share and improve its financial position. Investors should closely monitor Nortech's ability to translate its strategic initiatives into tangible financial improvements in the coming quarters.
MINNEAPOLIS, Aug. 08, 2024 (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 second quarter ended June 30, 2024 financial results.
2024 Q2 Highlights:
● | Net sales of | |
● | Net income of | |
● | Adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of | |
● | 90-day backlog of | |
Management Commentary
“We are working closely with our customers to optimize post Covid supply chain strategies which includes continued near-shoring activities and the development of customer specific collaborations to further reduce lead times,” said Jay D. Miller, President and CEO of Nortech. “We believe that these actions will further strengthen our customer relationships which are key to our achieving our long-term strategic objectives.”
“We continue to effectively manage operating expenses while focusing on long-term growth,” Miller noted. “During the quarter we have rapidly implemented the announced optimization of our Minnesota facilities by the end of 2024. While having a short-term negative impact on our financials, we anticipate these actions will significantly improve our efficiency and reduce our cost structure by at least
Summary Financial Information
The following table provides summary financial information comparing the second quarter 2024 (“Q2 2024”) financial results to the same quarter in 2023 (“Q2 2023”) as well as the six-month ended June 30, 2024 (“YTD 24”) information to the same period in 2023 (“YTD 2023”).
($ in thousands) | Q2 24 | Q2 23 | % Change | YTD 24 | YTD 23 | % Change | ||||||||||||||||||
Net sales | $ | 33,891 | $ | 35,021 | (3.2 | )% | $ | 68,106 | $ | 69,909 | (2.6 | )% | ||||||||||||
Gross profit | $ | 4,617 | $ | 5,474 | (15.7 | )% | $ | 10,065 | $ | 10,958 | (8.1 | )% | ||||||||||||
Operating expenses | $ | 4,273 | $ | 4,375 | (2.3 | )% | $ | 8,566 | $ | 8,806 | (2.7 | )% | ||||||||||||
Net income | $ | 157 | $ | 634 | (75.2 | )% | $ | 922 | $ | 1,315 | (29.9 | )% | ||||||||||||
EBITDA | $ | 828 | $ | 1,622 | (49.0 | )% | $ | 2,465 | $ | 3,180 | (22.5 | )% | ||||||||||||
Adjusted EBITDA | $ | 919 | $ | 1,622 | (43.3 | )% | $ | 2,556 | $ | 3,180 | (19.6 | )% | ||||||||||||
Conference Call
The Company will hold a live conference call and webcast at 7:30 a.m. central time on Thursday, August 8, 2024, to discuss the Company’s 2024 second 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: 394178. Participants may also access the call via webcast at: https://www.webcaster4.com/Webcast/Page/2814/50979.
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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, 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/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven 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, nearshoring, customer specific collaboration, improved efficiency, expense management, and effects of consolidation of our facilities including growth of net sales and profits. 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; (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 throughout the remainder of 2024 or (10) the impact of global health epidemics on our customers, employees, manufacturing facilities, suppliers, the capital markets and our financial condition. 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. It is not a measurement of our financial performance under GAAP and should not be considered an alternative to revenue 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 has 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.
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
JUNE 30, | JUNE 30, | |||||||||||||||
INCOME STATEMENTS | 2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands USD, except share and per share amounts) | ||||||||||||||||
Net sales | $ | 33,891 | $ | 35,021 | $ | 68,106 | $ | 69,909 | ||||||||
Cost of goods sold | 29,274 | 29,547 | 58,041 | 58,951 | ||||||||||||
Gross profit | 4,617 | 5,474 | 10,065 | 10,958 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling | 909 | 953 | 1,714 | 1,843 | ||||||||||||
General and administrative | 2,982 | 3,105 | 6,152 | 6,370 | ||||||||||||
Research and development | 291 | 317 | 609 | 593 | ||||||||||||
Restructuring charges | 91 | - | 91 | - | ||||||||||||
Total operating expenses | 4,273 | 4,375 | 8,566 | 8,806 | ||||||||||||
Income from operations | 344 | 1,099 | 1,499 | 2,152 | ||||||||||||
Other expense | ||||||||||||||||
Interest expense | (165 | ) | (125 | ) | (332 | ) | (235 | ) | ||||||||
Income before income taxes | 179 | 974 | 1,167 | 1,917 | ||||||||||||
Income tax expense | 22 | 340 | 245 | 602 | ||||||||||||
Net income | $ | 157 | $ | 634 | $ | 922 | $ | 1,315 | ||||||||
Net income per common share: | ||||||||||||||||
Basic (in dollars per share) | $ | 0.06 | $ | 0.23 | $ | 0.34 | $ | 0.49 | ||||||||
Weighted average number of common shares outstanding - basic (in shares) | 2,760,052 | 2,718,066 | 2,751,330 | 2,705,121 | ||||||||||||
Diluted (in dollars, per share) | $ | 0.05 | $ | 0.22 | $ | 0.32 | $ | 0.46 | ||||||||
Weighted average number of common shares outstanding - diluted (in shares) | 2,935,671 | 2,870,848 | 2,922,113 | 2,887,313 | ||||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation | (175 | ) | (281 | ) | (358 | ) | (241 | ) | ||||||||
Comprehensive income (loss), net of tax | $ | (18 | ) | $ | 353 | $ | 564 | $ | 1,074 |
CONDENSED BALANCE SHEET ($ in thousands) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 1,542 | $ | 960 | ||||
Restricted cash | - | 715 | ||||||
Accounts receivable, less allowances of | 17,577 | 19,279 | ||||||
Inventories, net | 22,793 | 21,660 | ||||||
Contract assets | 14,957 | 14,481 | ||||||
Prepaid assets and other assets | 2,292 | 1,698 | ||||||
Total current assets | 59,161 | 58,793 | ||||||
Property and equipment, net | 6,001 | 6,513 | ||||||
Operating lease assets, net | 8,274 | 6,917 | ||||||
Deferred tax assets | 2,640 | 2,641 | ||||||
Other intangible assets, net | 183 | 263 | ||||||
Total assets | $ | 76,259 | $ | 75,127 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of finance lease obligations | $ | 214 | $ | 356 | ||||
Current portion of operating lease obligations | 1,169 | 1,033 | ||||||
Accounts payable | 12,728 | 15,924 | ||||||
Accrued payroll and commissions | 2,612 | 4,138 | ||||||
Customer deposits | 5,453 | 4,068 | ||||||
Other accrued liabilities | 1,120 | 1,063 | ||||||
Total current liabilities | 23,296 | 26,582 | ||||||
Long-term liabilities: | ||||||||
Long-term line of credit | 8,314 | 5,815 | ||||||
Long-term finance lease obligations, net of current portion | 146 | 209 | ||||||
Long-term operating lease obligations, net of current portion | 7,949 | 6,763 | ||||||
Other long-term liabilities | 409 | 414 | ||||||
Total long-term liabilities | 16,818 | 13,201 | ||||||
Total liabilities | 40,114 | 39,783 | ||||||
Shareholders’ equity: | ||||||||
Preferred stock, | 250 | 250 | ||||||
Common stock - | 28 | 27 | ||||||
Additional paid-in capital | 17,165 | 16,929 | ||||||
Accumulated other comprehensive loss | (890 | ) | (532 | ) | ||||
Retained earnings | 19,592 | 18,670 | ||||||
Total shareholders’ equity | 36,145 | 35,344 | ||||||
Total liabilities and shareholders’ equity | $ | 76,259 | $ | 75,127 |
SIX MONTHS ENDED | ||||||||
CASH FLOW STATEMENTS | JUNE 30, | |||||||
($ in thousands) | 2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 922 | $ | 1,315 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 966 | 1,027 | ||||||
Compensation on stock-based awards | 206 | 192 | ||||||
Change in inventory reserves | 113 | (53 | ) | |||||
Change in accounts receivable allowances | (88 | ) | (31 | ) | ||||
Other, net | (59 | ) | (116 | ) | ||||
Changes in current operating assets and liabilities: | ||||||||
Accounts receivable | 1,690 | (1,580 | ) | |||||
Employee retention credit receivable | - | 2,650 | ||||||
Inventories | (1,288 | ) | 1,350 | |||||
Contract assets | (476 | ) | (1,620 | ) | ||||
Prepaid expenses and other current assets | (531 | ) | (1,042 | ) | ||||
Accounts payable | (2,546 | ) | 586 | |||||
Accrued payroll and commissions | (1,516 | ) | (1,788 | ) | ||||
Customer deposits | 1,385 | (195 | ) | |||||
Other accrued liabilities | (236 | ) | (414 | ) | ||||
Net cash (used in) provided by operating activities | (1,458 | ) | 281 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from sale of property and equipment | 9 | - | ||||||
Purchases of property and equipment | (1,020 | ) | (956 | ) | ||||
Net cash used in investing activities | (1,011 | ) | (956 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from line of credit | 68,323 | 65,886 | ||||||
Payments to line of credit | (65,809 | ) | (65,726 | ) | ||||
Principal payments on financing leases | (202 | ) | (189 | ) | ||||
Stock option exercises | 31 | 173 | ||||||
Net cash provided by financing activities | 2,343 | 144 | ||||||
Effect of exchange rate changes on cash | (7 | ) | (35 | ) | ||||
Net change in cash and cash equivalents | (133 | ) | (566 | ) | ||||
Cash and cash equivalents - beginning of period | 1,675 | 2,481 | ||||||
Cash and cash equivalents - end of period | $ | 1,542 | $ | 1,915 | ||||
Reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets: | ||||||||
Cash | $ | 1,542 | $ | 781 | ||||
Restricted cash | - | 1,134 | ||||||
Total cash and restricted cash reported in the condensed consolidated statements of cash flows | $ | 1,542 | $ | 1,915 |
THREE MONTHS ENDED June 30, | SIX MONTHS ENDED June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
RECONCILIATION OF NET INCOME TO EBITDA | ||||||||||||||||
($ in thousands) | ||||||||||||||||
Net Income | $ | 157 | $ | 634 | $ | 922 | $ | 1,315 | ||||||||
Interest | 165 | 125 | 332 | 235 | ||||||||||||
Taxes | 22 | 340 | 245 | 602 | ||||||||||||
Depreciation | 444 | 483 | 886 | 948 | ||||||||||||
Amortization | 40 | 40 | 80 | 80 | ||||||||||||
EBITDA | 828 | 1,622 | 2,465 | 3,180 | ||||||||||||
Restructuring Charges | 91 | - | 91 | - | ||||||||||||
ADJUSTED EBITDA | $ | 919 | $ | 1,622 | $ | 2,556 | $ | 3,180 |
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 accrued | |
There were no adjustments to EBITDA in 2022 and 2023.
Adjustments to EBITDA in 2021 include ($ in thousands):
● | In the third quarter of 2021, we recognized | |
● | CARES Act Paycheck Protection Program (PPP) loan forgiveness gain of | |
● | Restructuring expense in 2021 of | |
● | Gain on sale of assets in 2021 of | |
● | Loss on abandonment of intangible assets in 2021 of |
($ in millions) | Last Twelve Months (LTM) Ended in Quarter | |||||||||||||||||||||||||||||||||||||||||||||||
Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |||||||||||||||||||||||||||||||||||||
Net Sales | $ | 105.5 | $ | 115.2 | $ | 123.8 | $ | 126.1 | $ | 132.0 | $ | 134.1 | $ | 138.3 | $ | 140.8 | $ | 138.9 | $ | 139.3 | $ | 138.7 | $ | 137.5 | ||||||||||||||||||||||||
Gross Profit $ - Adjusted | 10.3 | 11.2 | 13.7 | 15.1 | 18.1 | 20.5 | 21.9 | 22.4 | 21.4 | 23.1 | 23.1 | 22.2 | ||||||||||||||||||||||||||||||||||||
Gross Margin % - Adjusted | 9.7 | % | 9.7 | % | 11.0 | % | 12.0 | % | 13.7 | % | 15.3 | % | 15.8 | % | 15.9 | % | 15.4 | % | 16.6 | % | 16.6 | % | 16.1 | % | ||||||||||||||||||||||||
EBITDA - Adjusted | $ | (0.7 | ) | $ | (0.2 | ) | $ | 1.9 | $ | 2.5 | $ | 4.2 | $ | 5.8 | $ | 6.7 | $ | 6.8 | $ | 6.0 | $ | 8.0 | $ | 8.1 | $ | 7.3 |
Contact
Andrew D. C. LaFrence
Chief Financial Officer and Senior Vice President of Finance
alafrence@nortechsys.com
952-345-2243
FAQ
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