Silynxcom Announces Results for First Half of 2024; Significant Revenue Growth and Improvement in Gross Margin
Silynxcom (NYSE American: SYNX), a manufacturer of ruggedized tactical communication headset devices, reported strong financial results for the first half of 2024. Key highlights include:
- Revenue increased 73% to $5,356,000
- Gross profit grew 121% to $2,650,000
- Gross margin improved to 49.47% from 38.59%
- Operating profit of $267,000, compared to a loss of $2,328,000 in 2023
- Non-IFRS operating profit increased 46% to $695,000
- Cash and equivalents rose to $3,659,000 following a successful IPO
The company expanded collaborations, secured new orders, and launched products for law enforcement. CEO Nir Klein attributed the growth to market expansion and enhanced financial stability.
Silynxcom (NYSE American: SYNX), un produttore di dispositivi per cuffie di comunicazione tattica robusti, ha riportato risultati finanziari solidi per il primo semestre del 2024. I punti salienti includono:
- Ricavi aumentati del 73% a 5.356.000 $
- Utile lordo cresciuto del 121% a 2.650.000 $
- Margine lordo migliorato al 49,47% rispetto al 38,59%
- Utile operativo di 267.000 $, rispetto a una perdita di 2.328.000 $ nel 2023
- Utile operativo non-IFRS aumentato del 46% a 695.000 $
- Cassa e equivalenti aumentati a 3.659.000 $ dopo un'IPO di successo
La società ha ampliato le collaborazioni, ha assicurato nuovi ordini e ha lanciato prodotti per le forze dell'ordine. Il CEO Nir Klein ha attribuito la crescita all'espansione del mercato e a una maggiore stabilità finanziaria.
Silynxcom (NYSE American: SYNX), un fabricante de dispositivos de auriculares de comunicación táctica resistentes, informó resultados financieros sólidos para la primera mitad de 2024. Los aspectos destacados incluyen:
- Ingresos aumentados en un 73% a 5,356,000 $
- Beneficio bruto crecido un 121% a 2,650,000 $
- Margen bruto mejorado al 49.47% desde el 38.59%
- Beneficio operativo de 267,000 $, comparado con una pérdida de 2,328,000 $ en 2023
- Beneficio operativo no-IFRS aumentado un 46% a 695,000 $
- Efectivo y equivalentes aumentados a 3,659,000 $ tras una exitosa oferta pública inicial
La empresa ha expandido colaboraciones, asegurado nuevos pedidos y lanzado productos para la policía. El CEO Nir Klein atribuyó el crecimiento a la expansión del mercado y a una mayor estabilidad financiera.
실린크스콤 (NYSE American: SYNX), 내구성이 뛰어난 전술 통신 헤드셋 장치를 제조하는 회사, 2024년 상반기 강력한 재무 결과를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 수익이 73% 증가하여 5,356,000 달러에 도달
- 총 이익이 121% 성장하여 2,650,000 달러에 도달
- 총 마진이 38.59%에서 49.47%로 개선됨
- 영업 이익이 267,000 달러로, 2023년의 2,328,000 달러 손실 대비
- 비 IFRS 영업 이익이 46% 증가하여 695,000 달러에 도달
- 현금 및 현금성 자산이 성공적인 IPO 이후 3,659,000 달러로 증가함
회사는 협업을 확대하고, 신규 주문을 확보하며, 법 집행을 위한 제품을 출시했습니다. CEO Nir Klein은 이 성장을 시장 확장 및 재정 안정성 향상에 기인한다고 밝혔습니다.
Silynxcom (NYSE American: SYNX), un fabricant de dispositifs d'écoute de communication tactique robustes, a annoncé des résultats financiers solides pour le premier semestre 2024. Les moments forts incluent :
- Revenus en hausse de 73 % à 5 356 000 $
- Profit brut en hausse de 121 % à 2 650 000 $
- Marge brute améliorée à 49,47 % contre 38,59 %
- Profit d'exploitation de 267 000 $, par rapport à une perte de 2 328 000 $ en 2023
- Profit d'exploitation non-IFRS augmenté de 46 % à 695 000 $
- Trésorerie et équivalents en hausse à 3 659 000 $ après une introduction en bourse réussie
L'entreprise a élargi ses collaborations, sécurisé de nouvelles commandes et lancé des produits pour les forces de l'ordre. Le PDG Nir Klein a attribué cette croissance à l'expansion du marché et à une plus grande stabilité financière.
Silynxcom (NYSE American: SYNX), ein Hersteller von robusten taktischen Kommunikationskopfstationen, meldete für das erste Halbjahr 2024 starke Finanzzahlen. Die wichtigsten Punkte sind:
- Umsatz stieg um 73% auf 5.356.000 $
- Bruttogewinn wuchs um 121% auf 2.650.000 $
- Bruttomarge verbesserte sich von 38,59% auf 49,47%
- Betriebsgewinn von 267.000 $, im Vergleich zu einem Verlust von 2.328.000 $ im Jahr 2023
- Nicht-IFRS Betriebsgewinn stieg um 46% auf 695.000 $
- Bargeld und Äquivalente stiegen auf 3.659.000 $ nach einem erfolgreichen Börsengang
Das Unternehmen hat die Zusammenarbeit ausgeweitet, neue Aufträge gesichert und Produkte für die Strafverfolgung auf den Markt gebracht. CEO Nir Klein führte das Wachstum auf die Markterweiterung und verbesserte finanzielle Stabilität zurück.
- Revenue increased by 73% to $5,356,000 for H1 2024
- Gross profit grew by 121% to $2,650,000
- Gross margin improved from 38.59% to 49.47%
- Non-IFRS operating profit increased by 46% to $695,000
- Cash and cash equivalents rose to $3,659,000 after successful IPO
- Secured orders worth $4.85 million from Israeli defense and police forces
- Received orders totaling over $4.5 million from a leading global defense firm
- Expanded sales in the Asia Pacific region
- Net loss of $696,000 for H1 2024, including $879,000 in listing expenses
Insights
Silynxcom's H1 2024 results demonstrate strong growth and improved profitability. Revenue increased by
The company's successful IPO in January 2024 raised
Non-IFRS metrics show even stronger performance, with operating profit up
Silynxcom's product developments and market expansion efforts are promising. The collaboration with 3M PELTOR for next-generation headset solutions indicates a commitment to innovation in ruggedized tactical communication devices. This partnership could lead to enhanced product offerings and market share growth.
The company's expansion into the Asia Pacific region and new orders from global defense firms demonstrate increasing market penetration. The
The launch of a new in-ear headset with encrypted security for law enforcement and a system compatible with terrestrial trunked radio and P25 systems shows Silynxcom's ability to adapt to specific market needs. These product introductions could open up new revenue streams and strengthen the company's competitive position in the tactical communication market.
NETANYA, Israel, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, reported its consolidated financial results as of and for the six months ended June 30, 2024.
Key Financial Highlights for the First Half of 2024:
- Revenues - for the six months ended June 30, 2024 were
$5,356 thousand , an increase of73% from the equivalent period in 2023. - Gross profit - for the six months ended June 30, 2024 was
$2,650 thousand , an increase of121% from the equivalent period in 2023. - Gross margin for the six months ended June 30, 2024 was
49.47% , compared to38.59% in the equivalent period in 2023. - Cash and Cash Equivalents - On January 17, 2024, Silynxcom successfully completed its initial public offering (the “IPO”), raising
$5 million in gross proceeds by issuing 1.25 million ordinary shares, adding to a cash and cash equivalents and marketable securities balance of$3,659 thousand as of June 30, 2024, up from$568 thousand as of December 31, 2023, demonstrating strong liquidity to support ongoing investments and operations. - Operating profit - Operating profit was
$267 thousand for the six months ended June 30, 2024, compared to an operating loss of$2,328 thousand for the equivalent period in 2023, reflecting a decrease in share-based compensation expenses. Non-IFRS operating profit amounted to$695 thousand for the six months ended June 30, 2024, representing an increase of more than46% compared to$476 thousand for the equivalent period in 2023. A reconciliation between operating profit (loss) and non-IFRS operating profit (loss) is provided in Appendix A of this press release. - Net loss - Net loss was
$696 thousand for the six months ended June 30, 2024, including$879 thousand in listing expenses, compared to a net loss of$2,326 thousand for the equivalent period in 2023. Non-IFRS net income for the six months ended June 30, 2024 totaled$611 thousand , representing an increase of more than27% compared to$478 thousand for the equivalent period in 2023. A reconciliation between net income (loss) and non-IFRS net income is provided in Appendix A of this press release.
"The first half of 2024 was a period of business expansion, growth and strategic investment for Silynxcom, as highlighted by our public listing on the NYSE American following a successful IPO in January 2024," said Nir Klein, Chief Executive Officer of Silynxcom. "Our revenue increased during the first half of 2024 and we became cashflow positive, which we believe underscores our successful market expansion and enhanced financial stability."
"In 2023, we laid the foundation for new and advanced products and increased compatibility for leading systems in our target markets. In addition, we forged new relationships with key players in the global defense and law enforcement sectors, which have already led to purchase orders in 2024,” added Mr. Klein.
Recent Corporate Highlights:
- In April 2024, the Company announced the strengthening of its collaboration with 3M PELTOR to deliver next generation headset solutions.
- The Company expanded sales in the Asia Pacific region.
- Since October 2023, the Company has secured orders amounting to
$4.85 million from the Israel Defense Forces and Israeli police forces. - In February 2024, the Company announced a third order from a leading global defense firm, bringing its total orders from this client to over
$4.5 million . - The Company received its first order for the newly designed in-ear headset with an encrypted security system intended for use by law enforcement.
- In March 2024, the Company launched a new system for law enforcement, compatible with commonly used terrestrial trunked radio and P25 systems.
Use of Non-IFRS Financial Results
In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, this press release contains certain financial measures that are not prepared under IFRS. These measures may be different from non-IFRS financial measures used by other companies. The Company defines non-IFRS operating profit (loss) as operating profit (loss) excluding the effect of share-based compensation expenses. The Company defines non-IFRS net income as net income (loss) excluding the effect of share-based compensation expenses and listing expenses. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations because it provides management and investors with measurements of the Company’s operations and profitability excluding the impact of share-based compensation, an item that the Company does not consider to be indicative of its core operating performance, and listing expenses that are non-recurring and expensed in connection with the Company’s IPO. Management also uses both IFRS and non-IFRS information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with IFRS and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Reconciliations between IFRS measures and non-IFRS measures are provided in Appendix A to this press release.
About Silynxcom Ltd.
For over a decade, the Company been developing, manufacturing, marketing, and selling ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations and weapons training courses. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company’s headset devices are compatible and easily integrate with various communication equipment devices currently being used by tens of thousands of military and law enforcement personnel in leading military and law enforcement units around the globe. The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units around the world. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses its belief that its revenue increase and cashflow positive status underscores the Company’s successful market expansion and enhanced financial stability. Forward-looking statements are based on Silynxcom’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report for the year ended December 31, 2023, filed with the SEC on April 30, 2024. Forward-looking statements contained in this announcement are made as of the date of this press release and Silynxcom undertakes no duty to update such information except as required under applicable law.
Investor Relations Contact:
Silynxcom Ltd.
ir@silynxcom.com
| Silynxcom Ltd. Consolidated Statements of Financial Position U.S dollars in thousands | ||||||||||
| June 30, | December 31, | |||||||||
| 2024 | 2023 | |||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | 668 | 568 | ||||||||
| Marketable securities | 2,991 | - | ||||||||
| Deposits with banking corporations | 39 | 29 | ||||||||
| Trade receivables, net | 2,060 | 2,452 | ||||||||
| Other current assets | 347 | 430 | ||||||||
| Inventory | 2,577 | 2,482 | ||||||||
| 8,682 | 5,961 | |||||||||
| Non-current assets | ||||||||||
| Property, plant & equipment, net | 114 | 94 | ||||||||
| Long-term deposits | 66 | 16 | ||||||||
| Right of use assets | 64 | 95 | ||||||||
| 244 | 205 | |||||||||
| Total assets | 8,926 | 6,166 | ||||||||
| Current liabilities | ||||||||||
| Current maturities of loans from banking corporations | 60 | 73 | ||||||||
| Lease liabilities – current | 49 | 60 | ||||||||
| Loans from related parties | 11 | 43 | ||||||||
| Trade payable | 947 | 1,315 | ||||||||
| Warrants at fair value | - | 165 | ||||||||
| SAFE | - | 409 | ||||||||
| Other accounts payables | 1,053 | 1,791 | ||||||||
| 2,120 | 3,856 | |||||||||
| Non-current liabilities | ||||||||||
| Loans from banking corporations | - | 26 | ||||||||
| Commitment to issue shares | 148 | - | ||||||||
| Lease liabilities | 13 | 33 | ||||||||
| Liabilities for employee benefits, net | 29 | 30 | ||||||||
| 190 | 89 | |||||||||
| Shareholders’ equity | ||||||||||
| Share capital | - | 52 | ||||||||
| Premium and other capital reserves | 26,043 | 20,900 | ||||||||
| Capital reserve for transactions with controlling shareholders | 1,542 | 1,542 | ||||||||
| Accumulated loss | (20,969 | ) | (20,273 | ) | ||||||
| 6,616 | 2,221 | |||||||||
| Total liabilities and shareholders’ equity | 8,926 | 6,166 | ||||||||
| Silynxcom Ltd. Consolidated Statements of Comprehensive Loss U.S dollars in thousands | |||||||
| For the six month period ended June 30 | |||||||
| 2024 | 2023 | ||||||
| Revenue | 5,356 | 3,096 | |||||
| Cost of revenue | 2,706 | 1,901 | |||||
| Gross profit | 2,650 | 1,195 | |||||
| Research and development expenses | 259 | 569 | |||||
| Selling and marketing expenses | 699 | 1,989 | |||||
| General and administrative expenses | 1,425 | 965 | |||||
| Operating profit (loss) | 267 | (2,328 | ) | ||||
| Listing expenses | 879 | - | |||||
| Finance expenses | 232 | 35 | |||||
| Finance income | 148 | 37 | |||||
| Income (loss) before income tax | (696 | ) | (2,326 | ) | |||
| Income tax expenses | - | - | |||||
| Net income (loss) | (696 | ) | (2,326 | ) | |||
| Silynxcom Ltd. Consolidated Statements of Cash Flows U.S dollars in thousands | |||||||||||
| For the six month period ended June 30 | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | (696 | ) | (2,326 | ) | |||||||
| Adjustments Required to Present Cash Flows from Operating Activities | |||||||||||
| Income and expenses not involving cash flows | |||||||||||
| Depreciation and amortization | 54 | 67 | |||||||||
| Increase (decrease) in liability for employee benefits, net | (1 | ) | (1 | ) | |||||||
| Revaluation of derivatives measured at fair value through profit and loss | - | (31 | ) | ||||||||
| Other finance expenses | 11 | ||||||||||
| 20 | |||||||||||
| Share-based compensation | 428 | 2,804 | |||||||||
| 501 | 2,850 | ||||||||||
| Changes in asset and liability line items: | |||||||||||
| Decrease (increase) in trade receivable | 392 | 1,993 | |||||||||
| Decrease (increase) in other current assets | 114 | (227 | ) | ||||||||
| Decrease (increase) in inventory | (95 | ) | (231 | ) | |||||||
| Increase (decrease) in trade payables | (368 | ) | (1,021 | ) | |||||||
| Increase (decrease) in other accounts payables | (488 | ) | (635 | ) | |||||||
| (445 | ) | (121 | ) | ||||||||
| Net cash provided by (used in) operating activities | (640 | ) | 403 | ||||||||
| Cash flows from investing activities | |||||||||||
| Increase in long-term bank deposit | (10 | ) | (11 | ) | |||||||
| Increase in long-term deposit others | (50 | ) | - | ||||||||
| Purchase of marketable securities, net | (2,961 | ) | - | ||||||||
| Purchase of property, plant and equipment | (42 | ) | (4 | ) | |||||||
| Net cash used in investing activities | (3,063 | ) | (15 | ) | |||||||
| Cash flows from financing activities | |||||||||||
| Repayment of loans from related parties | (32 | ) | (17 | ) | |||||||
| Repayment of warrants | (165 | ) | - | ||||||||
| Repayment of loans from banking corporations | (39 | ) | (40 | ) | |||||||
| Repayment to former share holders | (250 | ) | - | ||||||||
| Issuance of Ordinary Shares in the IPO, net | 4,324 | - | |||||||||
| Repayment of lease liabilities | (33 | ) | (44 | ) | |||||||
| Net cash provided by (used in) financing activities | 3,805 | (101 | ) | ||||||||
| Exchange rate differentials for cash and cash equivalent balances | (2 | ) | (5 | ) | |||||||
| Increase (decrease) in cash and cash equivalents | 100 | 282 | |||||||||
| Balance of cash and cash equivalents at beginning of year | 568 | 69 | |||||||||
| Balance of cash and cash equivalents as at end of year | 668 | 351 | |||||||||
| Appendix A RECONCILIATION OF IFRS TO NON-IFRS MEASURES (Unaudited) U.S. dollars in thousands | ||||||||||||
| For the six month period ended June 30 | ||||||||||||
| 2024 | 2023 | |||||||||||
| IFRS Operating profit (loss) | 267 | (2,328 | ) | |||||||||
| Share-based compensation in Selling and marketing expenses | 142 | 1,623 | ||||||||||
| Share-based compensation in General and administrative expenses | 138 | 546 | ||||||||||
| Share-based compensation in Research and development expenses | 84 | 355 | ||||||||||
| Share-based compensation in Cost of revenue | 64 | 280 | ||||||||||
| Non-IFRS Operating profit | 695 | 476 | ||||||||||
| IFRS Net income (loss) | (696 | ) | (2,326 | ) | ||||||||
| Listing expenses | 879 | - | ||||||||||
| Share-based compensation expenses | 428 | 2,804 | ||||||||||
| Non-IFRS Net income | 611 | 478 | ||||||||||
FAQ
What was Silynxcom's (SYNX) revenue growth in the first half of 2024?
How much did Silynxcom (SYNX) raise in its IPO in January 2024?
What was Silynxcom's (SYNX) gross margin for the first half of 2024?
How much in orders did Silynxcom (SYNX) secure from Israeli defense and police forces since October 2023?
