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Optex Systems Holdings Inc manufactures optical sighting systems and assemblies for the U.S. Department of Defense, foreign military applications, and commercial markets. Its products are installed on a variety of United States military land vehicles, such as the Abrams and Bradley fighting vehicles, and light armored and security vehicles, and have been selected for installation on the Stryker family of vehicles. The company's operating segment includes Optex Richardson and Applied Optics Center Dallas. It generates maximum revenue from the Applied Optics Center Dallas segment. Some of its products include M17 Day/Thermal Periscope; DDAN / M36 Sights; Laser Protected Periscopes; Muzzle Reference Sensor and others.
Optex Systems Holdings, Inc. (OTCQB:OPXS) reported financial results for the three and nine months ended July 3, 2022. Total revenues surged by $1.7 million (39.2%) and $2.5 million (19.0%) for these periods, driven mainly by the Applied Optics Center segment. The company anticipates a revenue increase of 21-23% for the fiscal year ending October 2, 2022. While gross margin improved, net income for the three and nine months fell by 53.0% and 75.3%, respectively. Backlog rose by $2.7 million (9.9%) year-over-year, indicating solid demand for their products.
Optex Systems Holdings (OTCQB:OPXS) announced a $1 million order for XM157 (NGWS-FC) Scope, enhancing its production backlog to over $30 million. This order represents a significant opportunity to support military operations, according to Bill Bates, GM of the Applied Optics Center. Optex specializes in precision optical sighting systems for defense applications. Established in 1987 and certified ISO 9001:2015, the company continues to provide advanced products for various military vehicles and systems.
Optex Systems Holdings (OTCQB:OPXS) reported financial highlights for the three and six months ended April 3, 2022. Revenue increased by $0.9 million (21.0%) for the quarter and $0.8 million (8.7%) for the half-year. The company anticipates a 30-35% revenue increase for the next six months and a 20-25% increase for the fiscal year. Despite a growing backlog, operating loss decreased significantly. The working capital was $12.6 million, with a cash balance of $4.9 million. Key growth drivers include increased orders in the Applied Optics Center segment.
Optex Systems Holdings (OTCQB:OPXS) has secured a $1.1 million order as part of a multi-year strategic agreement with a domestic manufacturer of premium optical devices. This order will be fulfilled at the Applied Optics Center Division and adds to the company's backlog, now exceeding $29.7 million. Since 2015, total orders for optical sub-assemblies have surpassed $26.7 million. Bill Bates, GM of AOC, emphasized their commitment to producing high-quality components for their long-standing client.
Optex Systems Holdings (OTCQB:OPXS) announced a $2.1 million order under a strategic supplier agreement with a domestic manufacturer for precision optical sighting systems. The products will be produced at their Applied Optics Center in 2022. This order reflects a strong ongoing relationship with the customer and brings the total orders since 2015 to $25.5 million. Optex's current backlog now surpasses $26.6 million.
Optex Systems Holdings, Inc. (OTCQB:OPXS) reported a 2.9% decline in revenue for Q1 2022, totaling $4.34 million, compared to $4.47 million in the same period last year. Operating income fell to $15,000, an 81% decrease from $79,000. Despite these setbacks, the backlog increased by 76.7% year-over-year to $26.5 million, reflecting strong demand for new military and commercial optical systems. The cash balance rose to $5.3 million, and management anticipates a recovery in demand, especially within the Applied Optics Center segment.
Optex Systems Holdings, Inc. (OTCQB:OPXS) was recognized with the BAE Systems Partner2Win Quality Supplier of the Year Award and Gold Medalist status for outstanding performance in 2021. This award highlights Optex's contributions to BAE Systems' Combat Mission Systems supply chain. The Partner2Win program aims to enhance operational excellence and reduce defects across suppliers, indicating Optex's role in maintaining high-quality standards. The achievement underscores the company's resilience during the COVID-19 pandemic, focusing on its critical defense applications.
Optex Systems Holdings (OTCQB:OPXS) reported financial results for the year ended October 3, 2021, with revenue declining by 29.6% to $18.2 million from the previous year. Gross margin also decreased by 58.6% to $2.5 million, leading to an operating loss of $0.5 million compared to a profit of $3.9 million a year prior. Despite challenges from the pandemic, backlog grew by 67.5% to $27.3 million, and new orders increased by 65.9% to $29.2 million. The company maintained a solid cash balance of $3.9 million as of October 3, 2021.
Optex Systems Holdings (OTCQB:OPXS) announced a significant $1.4 million order under a 5-Year Indefinite Delivery Indefinite Quantity contract for laser-protected periscopes from a U.S. Prime Customer. Deliveries are set to commence in 2022 and conclude in 2023. This order contributes to a current backlog of over $28 million, reinforcing Optex's position as a preferred supplier for the Department of Defense. CEO Danny Schoening highlighted ongoing support for both new production and spare parts for military units.
Optex Systems Holdings (OTCQB:OPXS) has initiated a $1.0 million stock repurchase program, effective immediately, following the successful completion of a prior buyback in April 2021. CFO Karen Hawkins emphasized that this move reflects the company's strong working capital position, enhancing shareholder value and market liquidity. Purchases will occur at prevailing market prices, with no guaranteed number of shares to be repurchased. The program underscores Optex's commitment to returning capital to investors.
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