Syntec Optics Posts Record Q2 Revenue, Swings to Profit, Raises Guidance
OPTX has more than doubled off its 52-week low of $1.18 on light trading volume (0.2× avg).
Summary
Syntec Optics posted record Q2 revenue of $8.3 million, up 26% year-over-year, driven by defense and communications, with gross margin improving to 26% from 15% in Q1 and a swing to a net profit of $0.3 million. The company's balance sheet was transformed with $14 million in cash after repaying $6.8 million in debt, eliminating the revolver, following a $21.4 million equity raise that diluted shareholders but enabled restructuring. Management raised revenue guidance, and the company now sees Q3 revenue of $8.3 million to $9 million and Q4 revenue of $8.75 million to $9.25 million. The earnings call on August 12 is expected to provide details on the guidance raise and margin targets.
At the time of this announcement, OPTX was trading at $7.79 on NASDAQ in the Technology sector, with a market capitalization of approximately $305.3M. The 52-week trading range was $1.18 to $14.92. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.