Sono-Tek Announces Preliminary Q4 Revenue Of $4.8M Vs $3.7M YoY; Sees Q1 FY2025, Ending May 31, 2024, Are Expected To Increase ~35%-40% YoY

- 12-Month Net Sales Reached ~$19.7 million, Gain of ~31% for FY2024 ended Feb 29, 2024-

 

- Q4 Net Sales Grew ~30% YOY; Backlog Grew ~7% YOY and Remains Strong-

- Strong Sales Projected for Q1 FY2025-

MILTON, N.Y., April 08, 2024 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (NASDAQ:SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary net sales and backlog for the fourth quarter of fiscal year 2024, ended February 29, 2024, and for the full fiscal year.

• Preliminary net sales for the fourth quarter of FY2024 were approximately $4.8 million, compared to net sales of $3.7 million for the fourth quarter a year ago, an increase of approximately 30%.
• Preliminary net sales for the twelve months of FY2024, were approximately $19.7 million, an increase of approximately 31% from net sales of $15.1 million in FY2023.
• The preliminary estimate for equipment related backlog at February 29, 2024 is approximately $9.1 million, a year-over-year increase of 7% compared to backlog of $8.5 million at February 28, 2023, reflecting strong orders in the second, third, and fourth quarters of FY2024.
• Net sales for the first quarter of FY2025, ending May 31, 2024, are expected to increase approximately 35%-40% year-over-year, compared to a weaker supply chain constrained period in last year's first quarter.

Dr. Christopher L. Coccio, Executive Chairman of Sono-Tek, said, "Sono-Tek's preliminary results remained strong for the fourth quarter and we ended the fiscal year at nearly $20 million in net sales, a new record for the Company and approximately 31% ahead of the previous year. Record shipments drove the increase, reflecting robust orders and delivery of several large orders which were delayed by Covid-related supply chain issues of the previous year. We expect a strong first quarter as well, against a weaker first quarter last year, and continued year over year growth for the full fiscal year ahead (FY2025, ending February 28, 2025), even though quarterly comparisons will be against record shipments for the year just ended.

"Backlog is strong and activity levels in our development labs remain high. By working together with our customers and engineers, Sono-Tek's advanced technology and ultrasonic coating systems have become critical elements in our customers' manufacturing processes, including in the clean energy sector in applications such as next-gen solar cells, fuel cells, green hydrogen generation, and carbon capture. The announcement from several of our largest customers of their own multiple multi-million dollar orders supports our outlook for growth and we look forward to the year ahead."

Sono-Tek's final fourth quarter and FY2024 financial results, ended February 29, 2024, will be released in May 2024, and an investor conference call will be held at that time as well.