Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports Full Year 2024 and First Half 2025 Financial Results
Rhea-AI Summary
Syntec Optics (Nasdaq: OPTX) reported full-year 2024 results and first-half 2025 updates on Oct 6, 2025. For FY2024, net sales were $28.4M (product sales +$1.9M YoY) and adjusted EBITDA was $2.2M, down from $5.3M in 2023. For H1 2025, net sales were $13.6M (up $0.3M YoY), gross margin rose to 29% (from 22%), adjusted EBITDA margin improved to 15.3% (from 5.8%), and EPS improved to $0.00 from -$0.03. Cash including available credit was about $4.3M at H1 2025. The company invested $3.3M in equipment in 2024 and highlighted new end-markets (energy, fusion) and product ramps in space, defense, biomedical, and AI data-center optics.
Positive
- Gross margin improved to 29% for H1 2025
- Adjusted EBITDA margin rose to 15.3% for H1 2025
- Invested $3.3M in state-of-the-art equipment in 2024
- H1 2025 EPS improved to $0.00 from -$0.03
Negative
- FY2024 adjusted EBITDA decreased by $3.1M versus 2023
- Cash including available credit declined to $4.3M at H1 2025
- Q4 2024 revenue missed prior guidance by $0.1M ($7.3M vs >$7.4M)
News Market Reaction
On the day this news was published, OPTX gained 17.42%, reflecting a significant positive market reaction. Argus tracked a peak move of +16.3% during that session. Argus tracked a trough of -2.4% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $11M to the company's valuation, bringing the market cap to $71M at that time. Trading volume was very high at 3.4x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Adjusted EBITDA Grew to
ROCHESTER, NEW YORK, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (“Syntec Optics” or the “Company”) (Nasdaq: OPTX), a leading provider of mission-critical products to advanced technology defense, biomedical, and communications equipment & scientific instruments manufacturers, reported financial and operational results for the full year 2024 and first half 2025.
Full Year 2024 Financial Highlights
- Sales from products increase by
$1.9 million year-over-year - Adjusted EBITDA of
$2.2 million was positive but down$3.1 million from the 2023 adjusted EBITDA of$5.3 million - Cash, including available lines of credit, was nearly
$5.1 million
First Half 2025 Financial Highlights
- Net Sales of
$13.6 million , up$0.3 million from$13.3 million compared to 2024 - Adjusted EBITDA as a percentage of revenue increased to
15.3% for the six months ended June 30, 2025, compared to5.8% for the same period in 2024 - Cash, including available lines of credit, was
$4.3 million 8% of principal on commercial bank lines was paid down during the six months ended June 30, 2025- Net income for the six-month period ending June 30, 2025, improved by
$0.9 million versus the same period in 2024
Operational and Business Highlights
- Entered a new end-market - Energy - by enabling light for space-based solar power and grid-scale fusion energy products in the first half of 2025
- Strengthened the management team in the first part of 2025 for public markets
- Continued production on night vision goggles, integrated scope, and other aiming scope optics for defense in 2024 and the first half of 2025
- Continued production for disposable optics for biomedical diagnostics in 2024 and the first half of 2025
- Continued production for Low Earth Orbit Satellite Space Optics in 2024 and the first half of 2025
- Launched one new product in optical connectivity for Artificial Intelligence deployment-based scaling of data centers in 2024, and started production runs in the first half of 2025
- Initiated engineering that expands the space optics line of products into new products for complementary ground networks and satellite path tracking
The calendar year 2024 was marked by record-high Net Sales and growth within the new end-market – Communications, a double-digit increase. This includes sales for Space Optics and AI-driven Data Center optical connectivity.
Syntec Optics leveraged a robust platform and continued to innovate, offering products for existing markets and utilizing existing capabilities to serve existing customers. Space Optics reached higher production levels. Next, low-weight hybrid optics used in night vision goggle systems are finalizing volume production OEM acceptances. Production ramp occurs after the product is produced on a higher volume line, meets customer specifications, and is integrated into the end product by the customer for final OEM acceptance.
Full Year 2024 Financial and Operating Results
Sales from products increase by
Adjusted EBITDA of
Specifically for the fourth quarter, we provided guidance at our last call that fourth-quarter revenue would exceed
We are pleased to announce that in 2024, we invested
First Half 2025 Financial and Operating Results
Sales for the six months ended June 30, 2025, totaled
Gross profit for the six months was
General and administrative expenses for the six months ending June 30, 2025, were
Adjusted EBITDA of
The Company ended the second quarter of 2025 with unused lines of credit totaling
Net income for the six-month period ending June 30, 2025, of
Future Growth
Syntec Optics’ strategy is to lead the large yet often overlooked market for light-enabled products by offering a diverse product portfolio tailored to the needs of blue-chip customers. This approach leverages our operational strengths, including the horizontal and vertical integration of optics manufacturing processes and techniques. We believe that, as more products become light-enabled, we will continue to have growth opportunities for many years to come. Here is how we are currently executing on our strategy.
We have implemented a clear, three-pronged execution plan that provides a roadmap for sustainable growth and involves everyone in the company, including technicians who design and manufacture the intricate optics. By focusing first on operational excellence, then scaling our talented team, and finally expanding into new, high-growth, light-enabled markets, we are positioning Syntec Optics to capitalize on the immense opportunities.
The Company’s execution plan is centered on the following three pillars:
1. Operational Excellence to Maximize Capacity: The first prong focuses on improving yield and maximizing capacity utilization to meet robust demand for our current products. All key customers are demanding increased volumes, in most cases,
2. Scaling Production with Increased Staffing: Second, simultaneously targeted yield improvements from
3. Expansion into New Breakthrough Applications: The third prong centers on innovation and market expansion. As more products across end-markets become light-enabled, Syntec is securing new customers in breakthrough applications. Key new areas of delivering products include Fusion Energy (a new end-market), Hyperspectral Imaging (Defense), Ground Network for Satellite Communications (Space), and furthering Quantum Computing / DNA Sequencing, all simultaneously positioning the Company at the forefront of next-generation technology.
Syntec intends to codify this execution plan so that it can be applied to future inorganic growth through acquisitions.
About Syntec Optics
Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom and diverse end-market optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. As more products become light-enabled, Syntec Optics continues to add more product lines, including recent Low Earth Orbit (LEO) satellite optics for communication, lightweight night vision goggle optics for defense, biomedical optics for defense, and data center optics for Artificial Intelligence. To learn more, visit www.syntecoptics.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Syntec Optics, market size, and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings including registration statement on Form S-4 filed with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.
For further information, please contact:
Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 598,787 | $ | 2,158,245 | ||||
| Accounts Receivable, Net | 5,739,205 | 6,800,064 | ||||||
| Inventory | 6,953,278 | 5,834,109 | ||||||
| Prepaid Expenses and Other Assets | 596,589 | 359,443 | ||||||
| Income Tax Receivable | 9,794 | - | ||||||
| Total Current Assets | 13,897,653 | 15,151,861 | ||||||
| Property and Equipment, Net | 11,668,859 | 11,101,052 | ||||||
| Intangible Assets, Net | - | 295,000 | ||||||
| Deferred Tax Asset | 439,942 | - | ||||||
| Total Assets | $ | 26,006,454 | $ | 26,547,913 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ | 2,706,392 | $ | 3,042,315 | ||||
| Accrued Expenses | 814,600 | 1,071,256 | ||||||
| Federal Income Tax Payable | - | 370,206 | ||||||
| Deferred Revenue | 36,512 | - | ||||||
| Line of Credit | 6,263,863 | 6,537,592 | ||||||
| Current Maturities of Debt Obligations | 467,742 | 362,972 | ||||||
| Current Maturities of Finance Lease Obligations | 284,002 | - | ||||||
| Total Current Liabilities | 10,573,111 | 11,384,341 | ||||||
| Long-Term Liabilities | ||||||||
| Long-Term Debt Obligations | 2,614,812 | 2,024,939 | ||||||
| Long-Term Finance Lease Obligations | 1,784,449 | - | ||||||
| Deferred Income Tax | - | 74,890 | ||||||
| Total Long-Term Liabilities | 4,399,261 | 2,099,829 | ||||||
| Total Liabilities | 14,972,372 | 13,484,170 | ||||||
| Commitments and Contingencies | - | - | ||||||
| Stockholder’s Equity | ||||||||
| CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,688,266 issued and outstanding as of December 31, 2024; 36,688,266 issued and outstanding as of December 31, 2023 | 3,669 | 3,669 | ||||||
| Common Stock Value | 3,669 | 3,669 | ||||||
| Additional Paid-In Capital | 2,377,204 | 1,927,204 | ||||||
| Retained Earnings | 8,653,209 | 11,132,870 | ||||||
| Total Stockholder’s Equity | 11,034,082 | 13,063,743 | ||||||
| Total Liabilities and Stockholder’s Equity | $ | 26,006,454 | $ | 26,547,913 | ||||
SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |||||||
| Net Sales | $ | 28,449,941 | $ | 29,441,180 | ||||
| Cost of Goods Sold | 22,747,615 | 21,520,189 | ||||||
| Gross Profit | 5,702,326 | 7,920,991 | ||||||
| General and Administrative Expenses | 8,278,720 | 6,379,879 | ||||||
| Income (Loss) from Operations | (2,576,394 | ) | 1,541,112 | |||||
| Other Income (Expense) | ||||||||
| Other Income | 346,835 | 370,914 | ||||||
| Interest Expense, Including Amortization of Debt Issuance Costs | (764,934 | ) | (654,765 | ) | ||||
| Total Other (Expense) | (418,099 | ) | (283,851 | ) | ||||
| (Loss) Income Before Provision for (Benefit) Income Taxes | (2,994,493 | ) | 1,257,261 | |||||
| Provision (Benefit) for Income Taxes | (514,832 | ) | (719,172 | ) | ||||
| Net Income (Loss) | $ | (2,479,661 | ) | $ | 1,976,433 | |||
| Net Income (Loss) per Common Share | ||||||||
| Basic and diluted | $ | (0.07 | ) | $ | 0.06 | |||
| Weighted Average Number of Common Shares Outstanding | ||||||||
| Basic and diluted | 36,688,266 | 32,366,725 | ||||||
SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net (Loss) Income | $ | (2,479,661 | ) | $ | 1,976,433 | |||
| Adjustments to Reconcile (Loss) Income to Net Cash (Used In) | ||||||||
| Provided By Operating Activities: | ||||||||
| Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities: | ||||||||
| Depreciation and Amortization | 2,765,713 | 2,769,284 | ||||||
| Amortization of Debt Issuance Costs | 15,057 | 12,451 | ||||||
| Stock-Based Compensation | 450,000 | - | ||||||
| Grant Revenue Income | - | (300,000 | ) | |||||
| Gain on Disposal of Property and Equipment | (309,000 | ) | - | |||||
| Change in Allowance for Expected Credit Losses | (121,767 | ) | (25,820 | ) | ||||
| Change in Reserve for Obsolescence | 186,285 | 124,911 | ||||||
| Deferred Income Taxes | (514,832 | ) | (1,199,214 | ) | ||||
| (Increase) Decrease in: | ||||||||
| Accounts Receivable | 1,182,626 | (848,520 | ) | |||||
| Inventory | (1,305,454 | ) | (2,332,660 | ) | ||||
| Prepaid Expenses and Other Assets | (237,146 | ) | 340,298 | |||||
| Increase (Decrease) in: | ||||||||
| Accounts Payables and Accrued Expenses | (231,163 | ) | 2,493,826 | |||||
| Federal Income Tax Payable | (380,000 | ) | 129,328 | |||||
| Deferred Revenue | 36,512 | (348,095 | ) | |||||
| Net Cash (Used In) Provided By Operating Activities | (942,830 | ) | 2,792,222 | |||||
| Cash Flows From Investing Activities | ||||||||
| Purchases of Property and Equipment | (1,239,866 | ) | (1,921,181 | ) | ||||
| Proceeds from Disposal of Property and Equipment | 309,000 | - | ||||||
| Net Cash Used in Investing Activities | (930,866 | ) | (1,921,181 | ) | ||||
| Cash Flows From Financing Activities | ||||||||
| (Repayments) Borrowing on Line of Credit, Net | (273,729 | ) | 137,592 | |||||
| Borrowing on Debt Obligations | 1,100,388 | 1,745,573 | ||||||
| Repayments on Debt Obligations | (420,802 | ) | (2,908,502 | ) | ||||
| Repayments on Finance Lease Obligations | (91,619 | ) | - | |||||
| Cash proceeds from OLIT | - | 45,946 | ||||||
| Net proceeds from OLIT Trust | - | 1,802,479 | ||||||
| Distributions | - | (62,065 | ) | |||||
| Net Cash Provided By Financing Activities | 314,238 | 761,023 | ||||||
| Net Decrease in Cash | (1,559,458 | ) | 1,632,064 | |||||
| Cash - Beginning | 2,158,245 | 526,182 | ||||||
| Cash - Ending | $ | 598,787 | $ | 2,158,245 | ||||
| Supplemental Cash Flow Disclosures: | ||||||||
| Cash Paid for Interest | $ | 738,010 | $ | 652,778 | ||||
| Cash Paid for Taxes | $ | 568,143 | $ | 283,561 | ||||
| Supplemental Disclosures of Non-Cash Investing Activities: | ||||||||
| Assets Acquired and Included in Accounts Payable and Accrued Expenses | $ | 198,584 | $ | 642,547 | ||||
| Issuance of finance lease for acquisition of equipment | $ | 2,160,070 | $ | - | ||||
| De-recognition of PPE and Intangible Asset transaction | $ | 560,000 | $ | - | ||||
NON-GAAP RECONCILIATION OF EBITDA
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |||||||
| Net (Loss) Income | $ | (2,479,661 | ) | $ | 1,976,433 | |||
| Stock-Based Compensation expense | 450,000 | - | ||||||
| Depreciation & Amortization | 2,765,713 | 2,769,284 | ||||||
| Amortization of Debt Issuance Costs | 9,222 | 12,451 | ||||||
| Interest Expenses | 738,010 | 642,314 | ||||||
| Taxes | (514,832 | ) | (719,172 | ) | ||||
| Non-Recurring Items | ||||||||
| Anomalous Executive Transition expenses | 379,389 | - | ||||||
| Nonrecurring professional Fees | 174,500 | - | ||||||
| Technology Start-up Costs | 344,496 | - | ||||||
| Optical Molding Evaluation Expenses | 201,908 | - | ||||||
| Glass Molding Evaluation Expenses | 130,196 | - | ||||||
| Sale of Equipment & Accessories | - | (10,068 | ) | |||||
| Transaction Filing Fees | - | 344,752 | ||||||
| Management Fees & Expenses | - | 318,334 | ||||||
| Adjusted EBITDA | $ | 2,198,941 | $ | 5,334,328 | ||||
SYNTEC OPTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2025 AND DECEMBER 31, 2024
| 2025 (unaudited) | 2024 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 287,085 | $ | 598,787 | ||||
| Accounts Receivable, Net | 6,038,305 | 5,739,205 | ||||||
| Inventory | 7,992,617 | 6,953,278 | ||||||
| Income Tax Receivable | - | 9,794 | ||||||
| Prepaid Expenses and Other Assets | 321,301 | 596,589 | ||||||
| Total Current Assets | 14,639,308 | 13,897,653 | ||||||
| Property and Equipment, Net | 10,385,435 | 11,668,859 | ||||||
| Deferred Tax Asset | 270,360 | 439,942 | ||||||
| Total Assets | $ | 25,295,103 | $ | 26,006,454 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ | 1,854,077 | $ | 2,706,392 | ||||
| Accrued Expenses | 821,676 | 814,600 | ||||||
| Deferred Revenue | 33,993 | 36,512 | ||||||
| Line of Credit | 6,763,863 | 6,263,863 | ||||||
| Current Maturities of Debt Obligations | 482,973 | 467,742 | ||||||
| Current Maturities of Finance Lease Obligations | 340,492 | 284,002 | ||||||
| Total Current Liabilities | 10,297,074 | 10,573,111 | ||||||
| Long-Term Liabilities | ||||||||
| Long-Term Debt Obligations | 2,372,985 | 2,614,812 | ||||||
| Long-Term Finance Lease Obligations | 1,611,218 | 1,784,449 | ||||||
| Total Long-Term Liabilities | 3,984,203 | 4,399,261 | ||||||
| Total Liabilities | 14,281,277 | 14,972,372 | ||||||
| Commitments and Contingencies | - | - | ||||||
| Stockholders’ Equity | ||||||||
| CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,920,226 issued and outstanding as of June 30, 2025; 36,688,266 issued and outstanding as of December 31, 2024; | 3,692 | 3,669 | ||||||
| Common stock value | 3,692 | 3,669 | ||||||
| Additional Paid-In Capital | 2,377,181 | 2,377,204 | ||||||
| Retained Earnings | 8,632,953 | 8,653,209 | ||||||
| Total Stockholders’ Equity | 11,013,826 | 11,034,082 | ||||||
| Total Liabilities and Stockholders’ Equity | 25,295,103 | 26,006,454 | ||||||
SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
| Net Sales | $ | 6,559,455 | $ | 7,006,000 | $ | 13,628,497 | $ | 13,261,908 | ||||||||
| Cost of Goods Sold | 4,961,489 | 4,831,673 | 9,721,913 | 10,380,138 | ||||||||||||
| Gross Profit | 1,597,966 | 2,174,327 | 3,906,584 | 2,881,770 | ||||||||||||
| General and Administrative Expenses | 1,744,216 | 2,015,783 | 3,524,382 | 4,130,326 | ||||||||||||
| Income (Loss) from Operations | (146,250 | ) | 158,544 | 382,202 | (1,248,556 | ) | ||||||||||
| Other Income (Expense) | ||||||||||||||||
| Interest Expense, Including Amortization of Debt Issuance Costs | (208,969 | ) | (167,242 | ) | (409,865 | ) | (327,109 | ) | ||||||||
| Other Income | 11,298 | 319,623 | 16,995 | 338,972 | ||||||||||||
| Total Other (Expense) | (197,671 | ) | 152,381 | (392,870 | ) | 11,863 | ||||||||||
| Income (Loss) Before Provision for (Benefit) Income Taxes | (343,921 | ) | 310,925 | (10,668 | ) | (1,236,693 | ) | |||||||||
| Provision (Benefit) for Income Taxes | - | 29,082 | 9,588 | (309,393 | ) | |||||||||||
| Net (Loss) Income | $ | (343,921 | ) | $ | 281,843 | $ | (20,256 | ) | $ | (927,300 | ) | |||||
| Net Income (Loss) per Common Share | ||||||||||||||||
| Basic and diluted | $ | (0.01 | ) | $ | 0.01 | $ | (0.00 | ) | $ | (0.03 | ) | |||||
| Weighted Average Number of Common Shares Outstanding | ||||||||||||||||
| Basic and diluted | 36,920,226 | 36,688,266 | 36,920,226 | 36,688,266 | ||||||||||||
SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
| 2025 | 2024 | |||||||
| Cash Flows From Operating Activities | ||||||||
| Net Loss | $ | (20,256 | ) | $ | (927,300 | ) | ||
| Adjustments to Reconcile Loss to Net Cash (Used In) | ||||||||
| Provided By Operating Activities: | ||||||||
| Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities: | ||||||||
| Depreciation and Amortization | 1,387,427 | 1,385,606 | ||||||
| Amortization of Debt Issuance Costs | 4,834 | 4,387 | ||||||
| Gain on Disposal of Property and Equipment | - | (309,000 | ) | |||||
| Change in Allowance for Expected Credit Losses | 75,727 | (24,395 | ) | |||||
| Change in Reserve for Obsolescence | (18,881 | ) | 291,576 | |||||
| Deferred Income Taxes | - | (357,994 | ) | |||||
| (Increase) Decrease in: | ||||||||
| Accounts Receivable | (374,827 | ) | 885,368 | |||||
| Inventory | (1,020,458 | ) | (1,958,557 | ) | ||||
| Decrease in Federal Income Tax Receivable | 179,376 | - | ||||||
| Prepaid Expenses and Other Assets | 275,288 | 57,309 | ||||||
| Increase (Decrease) in: | ||||||||
| Accounts Payables and Accrued Expenses | (344,470 | ) | (993,406 | ) | ||||
| Federal Income Tax Payable | - | (318,240 | ) | |||||
| Deferred Revenue | (2,519 | ) | 280,763 | |||||
| Net Cash Provided By (Used In) Operating Activities | 141,241 | (1,983,883 | ) | |||||
| Cash Flows From Investing Activities | ||||||||
| Purchases of Property and Equipment | (604,772 | ) | (254,767 | ) | ||||
| Proceeds from Disposal of Property and Equipment | - | 309,000 | ||||||
| Net Cash (Used in) Provided in Investing Activities | (604,772 | ) | 54,233 | |||||
| Cash Flows From Financing Activities | ||||||||
| (Repayments) Borrowing on Line of Credit, Net | 500,000 | (273,729 | ) | |||||
| Borrowing on Debt Obligations | - | 1,100,388 | ||||||
| Repayments on Debt Obligations | (231,430 | ) | (224,775 | ) | ||||
| Repayments on Finance Lease Obligations | (116,741 | ) | - | |||||
| Net Cash Provided By Financing Activities | 151,829 | 601,884 | ||||||
| Net Decrease in Cash | (311,702 | ) | (1,327,766 | ) | ||||
| Cash - Beginning | 598,787 | 2,158,245 | ||||||
| Cash - Ending | $ | 287,085 | $ | 830,479 | ||||
| Supplemental Cash Flow Disclosures: | ||||||||
| Cash Paid for Interest | $ | 409,579 | $ | 276,809 | ||||
| Cash Paid for Taxes | $ | - | $ | 537,510 | ||||
| Supplemental Disclosures of Non-Cash Investing Activities: | ||||||||
| Assets Acquired and Included in Accounts Payable and Accrued Expenses | $ | 40,362 | $ | 651,736 | ||||
| Issuance of restricted stock from stock-based compensation | $ | 23 | $ | - | ||||
NON-GAAP RECONCILIATION OF EBITDA
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
| Net (Loss) Income | $ | (343,921 | ) | $ | 281,843 | $ | (20,256 | ) | $ | (927,300 | ) | |||||
| Depreciation & Amortization | 676,623 | 692,194 | 1,387,427 | 1,389,993 | ||||||||||||
| Debt Issuance Costs | 2,418 | - | 4,834 | - | ||||||||||||
| Interest Expenses | 207,623 | 164,828 | 409,579 | 322,722 | ||||||||||||
| Taxes | - | 29,082 | 9,588 | (309,393 | ) | |||||||||||
| Non-Recurring Items | ||||||||||||||||
| Executive Transition | 135,246 | - | 249,189 | - | ||||||||||||
| One time Contract exit costs | 11,750 | - | 21,063 | - | ||||||||||||
| Non-recurring property damage | - | - | 21,261 | - | ||||||||||||
| Professional & Transaction Fees | - | - | - | 25,265 | ||||||||||||
| Technology Start-up Costs | - | - | - | 165,034 | ||||||||||||
| Optical Molding Evaluation Expenses | - | - | - | 38,104 | ||||||||||||
| Glass Molding Evaluation Expenses | - | - | - | 68,392 | ||||||||||||
| Adjusted EBITDA | $ | 689,739 | $ | 1,167,947 | $ | 2,082,685 | $ | 772,817 | ||||||||
FAQ
What were Syntec Optics (OPTX) net sales for full-year 2024 and H1 2025?
How did Syntec Optics' profitability change in H1 2025 versus 2024 for OPTX?
What cash and liquidity did Syntec Optics (OPTX) report at June 30, 2025?
What investments did Syntec Optics announce that may affect future capacity (OPTX)?
Did Syntec Optics (OPTX) report any new markets or product ramps in 2025?
How did Syntec Optics' adjusted EBITDA for full-year 2024 compare to 2023 (OPTX)?
