Sono-Tek Announces Preliminary Record Revenue With Continued Strong Backlog For Q3 FY2024 And Increases Revenue Guidance For Fiscal Year 2024; Sees Q3 Revenue $5.7M Vs $5.18M Est.; Projects 30% Revenue Growth For Fiscal Year Ending February 29, 2024
- Sales Grew 58% YOY; Backlog Grew 68% YOY and Remains Strong at $10.4 Million; Company Projects 30% Revenue Growth for Fiscal Year ending February 29, 2024-
MILTON, N.Y., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (NASDAQ:SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary sales and backlog for the third quarter of fiscal year 2024, ended November 30, 2023.
- Preliminary sales for the third quarter of FY2024 were approximately $5.7 million, compared to sales of $3.6 million for the third quarter a year ago, an increase of approximately 58%.
- The Company's preliminary estimate of backlog at November 30, 2023, is approximately $10.4 million, a year-over-year increase of 68% compared to backlog of $6.2 million at November 30, 2022. Backlog is also just slightly less than the record high quarter end backlog of $10.7 million at the end of the second fiscal quarter on August 30, 2023.
- Revenue for the twelve months of fiscal year 2024, ending February 29, 2024, is expected to reach another record and increase approximately 30% year-over-year, which is higher than Sono-Tek's previous estimates and is based on strength in shipments, backlog and proposal activity.
"The preliminary results indicate another record quarter for revenue and a near record for backlog for the third quarter of fiscal year 2024," said Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek. "Sales growth was fueled by strong shipments to the clean energy, medical and industrial markets and consisted of a combination of new orders and shipments from previously supply chain constrained backlog, of which we have now largely caught up.
"Backlog remained high despite the record sales. Backlog at November 30th increased to $10.4 million, 68% higher than the $6.2 million backlog in the year ago quarter. This is the second highest reported backlog in our history - the second quarter of this year was the highest - and it reflects the increasing order activity from the clean energy sector in particular, as well as continuing strength in our other business segments."
Sono-Tek's final third quarter FY2024 financial results, ended November 30, 2023, will be released in mid-January 2024.