Syntec Optics Q3 Sales Jump 23% to $8.5M, Swings to Profit
OPTX has more than doubled off its 52-week low of $1.18 on elevated volume (2.2× avg).
Summary
Syntec Optics posted Q3 sales of $8.5M, up 23% year over year, and flipped to a $0.25M profit from a loss a year earlier. The company ended the quarter with $14.4M of cash following its spring equity raise. The top-line growth lands on top of a steady run of order announcements — space satellite waveguides, $5M in added defense orders, the Space Force win, Artemis III actuators, and the 25% increase in space reconnaissance orders reported Nov. 2. The swing to profitability is the key change for a small-cap that has been burning cash. Still unresolved: the five material weaknesses in internal controls disclosed in the Aug. 25 auditor change to WithumSmith+Brown remain unremediated.
At the time of this announcement, OPTX was trading at $7.27 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $285.2M. 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 7 out of 10. Source: Dow Jones Newswires.