Solitron Devices, Inc. Announces Fiscal 2025 Third Quarter Bookings of $8 Million

WEST PALM BEACH, Fla., December 26, 2024 (GLOBE NEWSWIRE) — Solitron Gadgets, Inc. (OTC Pink: SODI) (“Solitron” or the “Firm”) is happy to announce that bookings for the third quarter of fiscal 2025 exceeded $8 million.

Bookings within the third quarter of fiscal 2025 have been roughly $8.0 million, in comparison with roughly $4.8 million within the third quarter of fiscal 2024. Bookings within the first 9 months of fiscal 2025 have been roughly $11.8 million, in comparison with roughly $10.6 million within the first 9 months of fiscal yr 2024. It needs to be famous that the postings for the primary 9 months of the fiscal yr 2024 consists of just one quarter for MAY, whereas bookings for the primary 9 months of fiscal 2025 embrace three quarters for MAY.

The backlog was roughly $12.3 million at November 30, 2024, in comparison with roughly $13.0 million at November 30, 2023.

We’ve got not acquired the massive end-of-life order we quoted. As a substitute, we have been instructed to order a good portion of the end-of-life element. This enables us to proceed supplying the half for the subsequent twenty years, relying on buyer demand.

We nonetheless haven’t acquired the order for our largest program wherein we take part. We’re advised it would price round $5 million and shall be launched quickly.

Solitron expects income to be roughly $3.4 million within the third quarter of fiscal 2025, in comparison with roughly $4.1 million within the third quarter of 2024. The decline in income is primarily because of the firm’s early had a decrease backlog within the third quarter of fiscal yr 2025. in comparison with the earlier yr, together with a better stage of rework within the third quarter of fiscal 2025.

We proceed to see elevated curiosity in new product growth, together with silicon carbide. We’ve got developed a number of prototypes for testing by potential clients and stay optimistic about creating further income streams.

The unaudited monetary info disclosed on this press launch for the three and 9 months ended November 30, 2024 relies on administration’s evaluation of the enterprise for the interval and data out there to the Firm as of the date hereof press launch. The Firm’s outcomes contained herein have been ready by and are the accountability of the Firm’s administration. The Firm’s impartial auditors have audited the Firm’s outcomes for the fiscal yr ended February 29, 2024. The monetary outcomes offered herein shouldn’t be thought-about an alternative to the data filed or required to be filed with the SEC within the Annual Report of the Firm on Kind 10-Ok and Quarterly Report on Kind 10-Q for the respective intervals as such reviews grow to be out there.

About Solitron Gadgets, Inc.

Solitron Gadgets, Inc., a Delaware firm, designs, develops, manufactures and sells solid-state semiconductor parts and associated units primarily for the navy and aerospace markets. The corporate produces all kinds of bipolar and steel oxide semiconductor (“MOS”) energy transistors, energy and management hybrids, junction and energy MOS subject impact transistors (“Energy-MOSFETS”) and different associated merchandise. A lot of the firm’s merchandise are custom-made below contracts with clients whose finish merchandise are offered to the US authorities. Different merchandise, reminiscent of Joint Military/Navy (“JAN”) transistors, diodes and voltage regulators per Normal Navy Drawings, are offered as customary or catalog objects.

Efficient September 1, 2023, Solitron accomplished its acquisition of Micro Engineering Inc. (MAY), based mostly in Apopka, Florida. MEI makes a speciality of fixing design, structure and manufacturing challenges whereas maximizing effectivity and sustaining flexibility to fulfill distinctive buyer wants. Since 1980, the MEI crew has been dedicated to overcoming obstacles to realize cost-efficient and quick outcomes. MEI makes a speciality of small to medium quantity initiatives that require technical dedication, high quality techniques and environment friendly manufacturing.

Ahead-Trying Statements

This press launch comprises forward-looking statements concerning future occasions and the long run efficiency of Solitron Gadgets, Inc. that contain dangers and uncertainties that might materially have an effect on precise outcomes, together with statements in regards to the Firm’s expectations concerning future efficiency and tendencies, together with manufacturing ranges, authorities company expenditures, backlogs and supply instances, new product growth, our efforts and efficiency following our acquisition of MEI, and potential future revenues and tendencies with respect thereto from any of the foregoing. Elements that might trigger precise outcomes to vary from present expectations and forward-looking statements contained on this press launch embrace, however should not restricted to, the dangers and uncertainties arising from potential hostile developments or modifications in authorities budgetary expenditures and insurance policies, together with with respect to the warfare in Ukraine, which can be affected by, amongst different issues, the upcoming presidential elections and the potential of decrease authorities spending for applications wherein we take part relying on the result thereof and the coverage pursuits of elected officers, inflation, elevated rates of interest, hostile tendencies in economics and the potential of a recession, the probability of which seems to have elevated based mostly on current financial knowledge, the chance that administration’s estimates and assumptions concerning bookings, gross sales and different measures could show to be incorrect; the timing and quantity of orders from our clients, our supply schedules and our liquidity and money place; our capacity to make acceptable changes to our price construction; our capacity to correctly account for stock sooner or later; the demand for our merchandise and the potential loss or discount of income from substantial clients; our dependence on authorities contracts, that are topic to termination, value renegotiations and regulatory compliance and which might be adversely affected by, amongst different issues, the elements described elsewhere herein, our capacity to proceed to combine MEI in an environment friendly and efficient method, and the chance that such acquisition or some other acquisition or strategic transaction we pursue could not obtain the specified or anticipated outcomes or advantages. Descriptions of different threat elements and uncertainties are included within the firm’s filings with the Securities and Trade Fee, together with its most up-to-date Annual Report on Kind 10-Ok for the fiscal yr ended February 29, 2024.

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