Sono-Tek Corporation - SOTK STOCK NEWS

Sono-Tek Corporation (Nasdaq: SOTK), a leader in ultrasonic coating systems, will ring the Nasdaq Stock Market Closing Bell on September 3, 2021. This event marks a significant milestone following the start of trading of its common shares on the Nasdaq Capital Market on August 27. Dr. Christopher L. Coccio, CEO, expressed pride in this achievement, highlighting the company’s innovative products for global markets, including microelectronics and medical applications. Sono-Tek aims to leverage its technologies for continued growth in environmentally-friendly coating solutions.

Sono-Tek Corporation (SOTK) has received approval to list its common stock on the Nasdaq Capital Market, effective August 27, 2021. This uplisting marks a key milestone for the company, enhancing its visibility in the investment community and potentially increasing institutional ownership and trading liquidity. The company specializes in ultrasonic coating systems for various industries, promoting environmentally-friendly and efficient solutions. The leadership believes this move reflects their years of dedication and strategic growth initiatives aimed at creating long-term shareholder value.

Sono-Tek Corporation (SOTK) held its Annual Shareholders Meeting on August 19, 2021, discussing Fiscal Year 2021 results. Revenue was flat at $14.8 million, with net income unchanged at $1.1 million. The company reported a 6% revenue increase and 56% net income growth in Q1 2022 compared to the previous year. Sono-Tek anticipates stronger revenue in Q2 2022 and aims for record sales this fiscal year. The company is focusing on sectors like semiconductors, medical devices, and clean energy, driven by climate change concerns.

Sono-Tek Corporation (SOTK) reported Q1 FY2022 sales of $3.64M, up 6% year-over-year, driven by demand in the semiconductor and electronic diagnostic markets. Gross profit rose 17% to $1.82M with a gross margin of 50%. Operating income increased 86% to $343K, while net income rose 56% to $261K, excluding $1M from PPP forgiveness. Backlog increased 14% to $4.38M. The company projects double-digit sales growth in Q2 and its highest annual sales in history for FY2022.

Sono-Tek Corporation (OTCQX: SOTK) announced a partnership to develop Roll-to-Roll coating equipment for high-volume proton-exchange membrane (PEM) fuel cells, enhancing its position in the alternative energy market. This two-year program aims to improve throughput speeds and product offerings. Sono-Tek's President highlighted the company's strong financial position, projecting record revenue for fiscal year 2022. The advancements from this project are expected to benefit both PEM fuel cell clients and applications in CO2 reduction technology.

Sono-Tek Corporation (OTCQX: SOTK) reported a 9.5% year-over-year increase in backlog as of February 28, 2021, despite facing challenges during the COVID-19 pandemic. Fiscal 2021 net sales reached $14.83 million, a 3% decrease from the previous year. Gross profit margin held steady at 47.2%, while cash and equivalents rose to a record $8.6 million. For fiscal 2022, the company anticipates exceeding pre-COVID sales levels of $15.5 million. Operating income increased by 20% to $1.34 million, indicating ongoing efficiency improvements.

Sono-Tek Corporation (OTCQX: SOTK) announced that CEO Dr. Chris Coccio and President Steve Harshbarger will present at the Q1 Virtual Investor Summit on March 23, 2021, at 10:00 AM EST. The conference will be held online from March 23-25, featuring over 100 companies and more than 300 investors. Participants can attend the presentation by registering via a provided link. Sono-Tek specializes in ultrasonic coating systems for various markets, offering environmentally-friendly solutions that reduce waste and improve efficiency. More details about the company can be found on their website.

Sono-Tek Corporation (OTCQX: SOTK) reported preliminary sales of approximately $14.9 million for the fiscal year ending February 28, 2021, a 4% decrease from the $15.4 million recorded in the previous year. The operating income is expected to match last year's historic high of $1.1 million. Despite challenges from COVID-19, the company maintained strong sales throughout the year, barring a dip in the fourth quarter. Looking ahead, Sono-Tek forecasts a revenue increase of 4-8% for the first quarter of fiscal 2022 and anticipates record revenue growth for the fiscal year ending February 28, 2022.

On February 16, 2021, Sono-Tek Corporation (SOTK) announced the sale of its 300th ultrasonic coating system for fuel cells and electrolyzers. This milestone includes a large platform electrolyzer system aimed at reducing CO2 emissions. Since 2008, Sono-Tek has transitioned from R&D to production-scale manufacturing, increasing average selling prices from below $50,000 to over $150,000 per unit. The company's innovations continue to support the growing demand in the hydrogen fuel market, even amid the challenges posed by the global pandemic.