Sono-Tek Announces $2.19 Million Order from Specialty Clean Energy Customer, Second Part of Expected Multi-System Program
-3 System Order Expected to be Shipped in First Half of Fiscal 2025-
-Largest Order Received to Date From Clean Energy Sector and in Company History-
MILTON, NY, Aug. 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Sono-Tek Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that it has received an additional order from an existing clean energy customer. This order is the second part of an expected multi-system program and is valued at
The new order is for three production scale systems and follows an order for one production scale system that is scheduled to ship in the current fiscal year, ending February 29, 2024. The customer initially purchased an R&D system from Sono-Tek for development before progressing to the production scale systems. The new order is planned for shipment during the first half of fiscal 2025.
Steve Harshbarger, President and COO of Sono-Tek, commented, “This new order from an existing clean energy customer is our largest from the sector to date and the largest in Sono-Tek’s history. It’s also the third order from this customer who is building out the production line for their specialty clean energy product after starting with the purchase of an R&D unit and perfecting their manufacturing process with the assistance of our application engineers. Additional orders from this customer are expected after the successful integration of these production systems built with Sono-Tek’s proprietary thin film application.
“Funding from the large scale government initiatives for the clean energy sector has begun to be distributed and it is fueling demand for our proprietary ultrasonic coating systems from across the sector, including carbon capture, hydrogen generation, fuel cell, and advanced solar energy applications. We expect that the higher average selling prices (ASPs) that these systems command will benefit Sono-Tek in the years ahead.”
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com .
Safe Harbor Statement
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These “forward-looking statements’ are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations and could cause actual results to differ materially.
These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; inflationary and supply chain pressures; residual effects from COVID-19 pandemic; continuing beneficial effects on demand for our products resulting from government funding initiatives in the clean energy sector; maintenance of increased order backlog and timely completion and shipment of related product; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; maintenance of increased order backlog; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual revenues within the forecasted range of sales guidance. We undertake no obligation to update any forward-looking statement.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
