Taitron Announces Voluntary Nasdaq Delisting, CFO Resignation and Third Quarter 2025 Results
LOS ANGELES, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Taitron Components Incorporated (NASDAQ:TAIT) announces the Company will voluntarily delist its common stock from The Nasdaq Stock Market ("Nasdaq") and, based upon ownership of its shares by fewer than 300 holders of record, deregister its common stock under the Securities Exchange Act of 1934 and suspend its public reporting obligations.
Our Board of Directors concluded that the costs of maintaining the Nasdaq listing and remaining a public reporting company, including costs of compliance, the demands on management time and the Company resources required to maintain its listed and registered status, outweigh the benefits to the Company and its stockholders of continued Nasdaq listing and SEC reporting.
The Company will file a Form 25 with the Securities and Exchange Commission on or about November 24, 2025, and the Nasdaq delisting is expected to become effective on or about December 4, 2025, at which time trading on Nasdaq will cease. The common stock may thereafter be eligible for quotation on the Pink tier of OTC Markets Group if market makers commit to making a market in the Company's shares. The Company can provide no assurance that trading in its common stock will continue on the OTC Markets Group or otherwise. After the Nasdaq delisting becomes effective, the Company will file a Form 15 with the Securities and Exchange Commission on or about December 8, 2025, at which time the Company anticipates that its obligation to file periodic reports under the Exchange Act, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company, including the requirement to file current and periodic reports, will terminate permanently 90 days thereafter.
Departure of Chief Financial Officer
On November 10, 2025, David Vanderhorst resigned as Chief Financial Officer and Secretary of the Company, effective immediately. Mr. Vanderhorst will remain an employee of the Company, serving as the Company's Controller. The Company's President and Chief Executive Officer, Stewart Wang, has assumed the duties of principal financial officer and principal accounting officer of the Company.
Third Quarter 2025 Results
On November 14, 2025 the Company announced its Third Quarter 2025 results.
| TAITRON COMPONENTS INCORPORATED Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net product revenue | $ | 529,000 | $ | 1,187,000 | $ | 2,778,000 | $ | 3,374,000 | |||||||
| Cost of products sold | 202,000 | 635,000 | 1,109,000 | 1,664,000 | |||||||||||
| Gross profit | 327,000 | 552,000 | 1,669,000 | 1,710,000 | |||||||||||
| Selling, general and administrative expenses | 516,000 | 530,000 | 1,651,000 | 1,683,000 | |||||||||||
| Restructuring and severance expenses | - | - | 1,680,000 | - | |||||||||||
| Operating income (loss) | (189,000 | ) | 22,000 | (1,662,000 | ) | 27,000 | |||||||||
| Interest income, net | 54,000 | 68,000 | 158,000 | 223,000 | |||||||||||
| Other income (expense), net | 77,000 | 163,000 | 841,000 | 976,000 | |||||||||||
| Income (loss) before income taxes | (58,000 | ) | 253,000 | (663,000 | ) | 1,226,000 | |||||||||
| Income tax provision | - | (8,000 | ) | (8,000 | ) | (23,000 | ) | ||||||||
| Net income (loss) | $ | (58,000 | ) | $ | 245,000 | $ | (671,000 | ) | $ | 1,203,000 | |||||
| Net income (loss) per share: Basic | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.20 | |||||
| Diluted | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.20 | |||||
| Weighted average shares outstanding: Basic | 6,021,180 | 6,021,180 | 6,021,180 | 6,021,180 | |||||||||||
| Diluted | 6,021,180 | 5,999,180 | 6,021,180 | 6,011,180 | |||||||||||
| Cash dividends declared per common share | $ | 0.035 | $ | 0.050 | $ | 0.135 | $ | 0.150 | |||||||
| Net income (loss) | $ | (58,000 | ) | $ | 245,000 | $ | (671,000 | ) | $ | 1,203,000 | |||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency translation adjustment | 5,000 | 36,000 | (19,000 | ) | 8,000 | ||||||||||
| Comprehensive income (loss) | (53,000 | ) | 281,000 | (690,000 | ) | 1,211,000 | |||||||||
| TAITRON COMPONENTS INCORPORATED Condensed Consolidated Balance Sheets | |||||||
| September 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Assets | (Unaudited) | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 3,960,000 | $ | 4,208,000 | |||
| Accounts receivable, less allowances of $7,000 | 445,000 | 421,000 | |||||
| Short-term investments (Note 2) | 5,929,000 | 5,179,000 | |||||
| Inventories, less reserves for obsolescence of $5,161,000, and $5,152,000, respectively (Note 3) | 2,098,000 | 2,949,000 | |||||
| Prepaid expenses and other current assets (Note 4) | 227,000 | 308,000 | |||||
| Total current assets | 12,659,000 | 13,065,000 | |||||
| Property and equipment, net | 2,883,000 | 3,029,000 | |||||
| Deferred taxes | 1,543,000 | 1,542,000 | |||||
| Total assets | $ | 17,085,000 | $ | 17,636,000 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 492,000 | $ | 251,000 | |||
| Accrued liabilities | 275,000 | 822,000 | |||||
| Accrued restructuring reserve | 1,256,000 | - | |||||
| Total current liabilities | 2,023,000 | 1,073,000 | |||||
| Commitments and contingencies (Note 6) | |||||||
| Equity: | |||||||
| Shareholders' equity: | |||||||
| Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding | - | - | |||||
| Class A common stock, $0.001 par value. Authorized 20,000,000 shares; 5,258,568 shares issued and outstanding | 5,000 | 5,000 | |||||
| Class B common stock, $0.001 par value. Authorized, issued and outstanding 762,612 shares | 1,000 | 1,000 | |||||
| Additional paid-in capital | 11,486,000 | 11,484,000 | |||||
| Accumulated other comprehensive loss | (68,000 | ) | (49,000 | ) | |||
| Retained earnings | 3,638,000 | 5,122,000 | |||||
| Total equity | 15,062,000 | 16,563,000 | |||||
| Total liabilities and equity | $ | 17,085,000 | $ | 17,636,000 | |||
Safe Harbor Statement
Statements contained in the exhibit to this report that state the Company's or its management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.
CONTACTS:
Taitron Components Incorporated
Stewart Wang – T: 661-257-6060
