Qualstar Corporation Reports Fourth Quarter 2024 Results
Qualstar (QBAK) has released its Q4 and full-year 2024 financial results, reporting mixed performance across its business segments. The company experienced a significant revenue decline of 40% in Q4 2024 and 24% for the full year compared to 2023, primarily due to reduced power supplies shipments and lower data storage product deliveries.
The data storage segment maintained profitability for the 8th consecutive year, generating pre-tax income of $49,000 in Q4 and $127,000 for the full year 2024. However, the power supplies segment reported losses of $56,000 in Q4 and $595,000 for the year. Gross margin slightly declined to 34% in Q4 2024 from 36% in Q4 2023.
The company ended 2024 with $2.4 million in cash and has extended its stock repurchase program through December 31, 2026 for up to 100,000 additional shares, following the repurchase of 471,161 shares during 2021-2024.
Qualstar (QBAK) ha pubblicato i risultati finanziari del quarto trimestre e dell'intero anno 2024, riportando una performance mista nei suoi segmenti di business. L'azienda ha registrato un significativo declino dei ricavi del 40% nel Q4 2024 e del 24% per l'intero anno rispetto al 2023, principalmente a causa della riduzione delle spedizioni di alimentatori e delle consegne di prodotti per l'archiviazione dei dati.
Il segmento dell'archiviazione dei dati ha mantenuto la redditività per l'ottavo anno consecutivo, generando un reddito ante imposte di $49,000 nel Q4 e $127,000 per l'intero anno 2024. Tuttavia, il segmento degli alimentatori ha riportato perdite di $56,000 nel Q4 e $595,000 per l'anno. Il margine lordo è leggermente diminuito al 34% nel Q4 2024 rispetto al 36% nel Q4 2023.
L'azienda ha chiuso il 2024 con $2,4 milioni in contante e ha esteso il suo programma di riacquisto di azioni fino al 31 dicembre 2026 per un massimo di 100,000 azioni aggiuntive, dopo il riacquisto di 471,161 azioni durante il periodo 2021-2024.
Qualstar (QBAK) ha publicado sus resultados financieros del cuarto trimestre y del año completo 2024, reportando un desempeño mixto en sus segmentos de negocio. La compañía experimentó un declive significativo de ingresos del 40% en el Q4 2024 y del 24% para el año completo en comparación con 2023, principalmente debido a la reducción en los envíos de fuentes de alimentación y menores entregas de productos de almacenamiento de datos.
El segmento de almacenamiento de datos mantuvo la rentabilidad por octavo año consecutivo, generando un ingreso antes de impuestos de $49,000 en el Q4 y $127,000 para el año completo 2024. Sin embargo, el segmento de fuentes de alimentación reportó pérdidas de $56,000 en el Q4 y $595,000 para el año. El margen bruto disminuyó ligeramente al 34% en el Q4 2024 desde el 36% en el Q4 2023.
La compañía cerró 2024 con $2.4 millones en efectivo y ha extendido su programa de recompra de acciones hasta el 31 de diciembre de 2026 para un máximo de 100,000 acciones adicionales, tras la recompra de 471,161 acciones durante 2021-2024.
Qualstar (QBAK)는 2024년 4분기 및 연간 재무 결과를 발표하며 사업 부문에서 혼합된 성과를 보고했습니다. 이 회사는 2024년 4분기 매출이 40% 감소했으며 2023년 대비 연간 24% 감소했다고 밝혔습니다. 이는 주로 전원 공급 장치의 출하 감소와 데이터 저장 제품의 배송 감소 때문입니다.
데이터 저장 부문은 8년 연속으로 수익성을 유지하며 4분기에는 세전 수익이 $49,000, 2024년 전체 연도에는 $127,000을 기록했습니다. 그러나 전원 공급 장치 부문은 4분기에 $56,000, 연간 $595,000의 손실을 보고했습니다. 총 이익률은 2023년 4분기 36%에서 2024년 4분기 34%로 소폭 감소했습니다.
회사는 2024년을 $2.4백만의 현금으로 마감했으며, 2021-2024년 동안 471,161주를 재매입한 후 2026년 12월 31일까지 최대 100,000주 추가 매입을 위한 자사주 매입 프로그램을 연장했습니다.
Qualstar (QBAK) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, rapportant des performances mixtes à travers ses segments d'activité. L'entreprise a connu un déclin significatif de 40% des revenus au Q4 2024 et de 24% pour l'année complète par rapport à 2023, principalement en raison de la réduction des expéditions d'alimentations et des livraisons de produits de stockage de données.
Le segment de stockage de données a maintenu sa rentabilité pour la huitième année consécutive, générant un revenu avant impôts de 49 000 $ au Q4 et de 127 000 $ pour l'année complète 2024. Cependant, le segment des alimentations a signalé des pertes de 56 000 $ au Q4 et de 595 000 $ pour l'année. La marge brute a légèrement diminué à 34% au Q4 2024 contre 36% au Q4 2023.
L'entreprise a terminé 2024 avec 2,4 millions de dollars en liquidités et a prolongé son programme de rachat d'actions jusqu'au 31 décembre 2026 pour un maximum de 100 000 actions supplémentaires, après avoir racheté 471 161 actions entre 2021 et 2024.
Qualstar (QBAK) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und berichtet von gemischten Leistungen in seinen Geschäftsfeldern. Das Unternehmen verzeichnete einen Umsatzrückgang von 40% im Q4 2024 und 24% für das Gesamtjahr im Vergleich zu 2023, hauptsächlich aufgrund reduzierter Lieferungen von Stromversorgungen und geringeren Lieferungen von Datenspeicherprodukten.
Der Datenspeicherbereich hielt die Rentabilität für das achte Jahr in Folge aufrecht und erzielte im Q4 einen Vorsteuergewinn von 49.000 $ und für das Gesamtjahr 2024 von 127.000 $. Der Bereich der Stromversorgungen hingegen meldete Verluste von 56.000 $ im Q4 und 595.000 $ für das Jahr. Die Bruttomarge sank leicht von 36% im Q4 2023 auf 34% im Q4 2024.
Das Unternehmen schloss das Jahr 2024 mit 2,4 Millionen Dollar in bar ab und hat sein Aktienrückkaufprogramm bis zum 31. Dezember 2026 für bis zu 100.000 zusätzliche Aktien verlängert, nachdem es 471.161 Aktien im Zeitraum von 2021 bis 2024 zurückgekauft hat.
- Data storage segment profitable for 8th consecutive year
- Strong cash position of $2.4M
- Extended stock repurchase program through 2026
- Improved Adjusted EBITDA in Q4 2024 ($88,000 vs -$73,000 in Q4 2023)
- Revenue declined 40% in Q4 2024 and 24% for full year
- Loss of major power supplies customer
- Power supplies segment lost $595,000 in 2024
- Gross margin declined to 34% from 36% in Q4
Data Storage Segment Reports 8th Consecutive Year of Income
Consolidated Financial Results (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands except per share data and percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | $ ∆ | % ∆ | 2024 | 2023 | $ ∆ | % ∆ | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,033 | $ | 3,404 | $ | (1,371) | (40.3) | % | $ | 8,044 | $ | 10,616 | $ | (2,572) | (24.2) | % | ||||||||||||||||||||||||||||||||||||||
Gross profit | $ | 683 | $ | 1,213 | $ | (530) | (43.7) | % | $ | 2,458 | $ | 3,280 | $ | (822) | (25.1) | % | ||||||||||||||||||||||||||||||||||||||
Gross margin | 33.6 | % | 35.6 | % | 30.6 | % | 30.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | $ | 62 | $ | 323 | $ | (468) | $ | 140 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (10) | $ | 320 | $ | (471) | $ | 191 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per share | $ | (0.01) | $ | 0.21 | $ | (0.33) | $ | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 88 | $ | (73) | $ | (70) | $ | (96) | ||||||||||||||||||||||||||||||||||||||||||||||
Key Highlights:
- Revenue decreased
40% for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, and decreased24% for the year ended December 31, 2024, compared to the prior year. The declines in revenues were primarily due to lower shipments of our power supplies products in 2024 compared to 2023, and also in part to lower shipments of our data storage products this year compared to last year. In our power supplies business, as previously reported, we experienced the loss of a large customer in 2024, and this is expected to significantly reduce revenues for the foreseeable future. - Gross margin percentage declined slightly to
34% for the three months ended December 31, 2024, compared to36% for the three months ended December 31, 2023, and was approximately flat at31% for the years ended December 31, 2024 and 2023. The gross margin percentage changes were due to changes in the mix of our products, services, and customers. - The Company's data storage business segment reported pre-tax income of
$49,000 $127,000 $56,000 $595,000 - Net loss for the three months and year ended December 31, 2024 were impacted by revenue levels and also by certain non-routine expenses and non-cash charges. As discussed below, we use an Adjusted EBITDA financial measure to evaluate our core operating performance. Adjusted EBITDA for the three months ended December 31, 2024 was
$88,000 $73,000 $70,000 $96,000 - The Company has repurchased 471,161 shares of its common stock during the years 2021 to 2024 under a stock repurchase program. In March 2025, the Company's Board of Directors approved an extension of the Company's stock repurchase program through December 31, 2026 for up to an additional 100,000 shares of common stock.
- We continue to pursue acquisitions and partnerships with companies in the data management software and hardware systems spaces.
- We ended the year with
$2.4 million
Qualstar makes available its annual financial statements, quarterly financial statements, and other significant reports and amendments to such reports, free of charge, on its website as soon as reasonably practicable after such reports are prepared. Please visit www.qualstar.com to view the Company's financial results in more detail.
About Qualstar Corporation
Qualstar Corporation, founded in 1984, manufactures and markets data storage system products and compact, high efficiency power solutions.
Our data storage systems are marketed under the Qualstar™ brand and include highly scalable automated magnetic tape libraries used to store, retrieve and manage electronic data primarily in the network computing environment. Our products, sold through resellers, system integrators and OEMs, range from entry-level to enterprise and are a cost-effective solution for organizations requiring backup, recovery and archival storage of critical electronic information.
The Company's power solutions, marketed under the N2Power™ brand, include standard, semi-custom and custom versions and provide OEM designers with increased functionality while reducing thermal loads and cooling requirements and lowering operating costs. These products are sold to OEMs in a wide range of markets, including telecom/networking equipment, audio/visual, industrial, gaming and medical.
More information is available at www.qualstar.com and www.n2power.com or by phone at 805-583-7744.
Non-GAAP Financial Measure
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with
We define Adjusted EBITDA for a particular period as net income (loss) before interest, taxes, depreciation and amortization, and as further adjusted for non-routine expenses that may not be indicative of our core business operating results such as severance compensation, provisions (recoveries) for inventory net realizable value, gains/losses on marketable securities, gains/losses on foreign currency transactions, and non-cash expenses such as stock-based compensation expense.
We use this non-GAAP financial measure for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe this non-GAAP financial measure is useful to investors both because (1) is allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) it is used by our investors to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
The following table reconciles Net Income (Loss) to Adjusted EBITDA for the three months and years ended December 31, 2024 and 2023:
Three Months Ended | Year Ended | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(in thousands) | ||||||||||||
Net income (loss) | $ | (10) | $ | 320 | $ | (471) | $ | 191 | ||||
Adjustments to arrive at earnings before interest, taxes, depreciation, and amortization (EBITDA): | ||||||||||||
Interest income | (21) | (21) | (80) | (45) | ||||||||
Depreciation and amortization expense | 2 | 9 | 26 | 37 | ||||||||
EBITDA | (29) | 308 | (525) | 183 | ||||||||
Adjustments to arrive at Adjusted EBITDA: | ||||||||||||
Severance compensation | — | — | 57 | 9 | ||||||||
Provisions (recoveries) for inventory net realizable value | (19) | (389) | 145 | (279) | ||||||||
(Gains) losses on marketable securities, net | 56 | 35 | 49 | (5) | ||||||||
(Gains) losses on foreign currency transactions, net | 34 | (27) | 29 | (4) | ||||||||
Stock-based compensation expense | 46 | — | 175 | — | ||||||||
Adjusted EBITDA | $ | 88 | $ | (73) | $ | (70) | $ | (96) | ||||
Contact Information:
Steven N. Bronson
Chief Executive Officer
Qualstar Corporation
805-617-4419
IR@Qualstar.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/qualstar-corporation-reports-fourth-quarter-2024-results-302394032.html
SOURCE Qualstar Corporation
FAQ
What caused Qualstar's (QBAK) revenue decline in 2024?
How much pre-tax income did QBAK's data storage segment generate in 2024?
What is QBAK's new stock repurchase program extension?
How did Qualstar's Q4 2024 gross margin compare to Q4 2023?
What was QBAK's cash position at the end of 2024?
