Welcome to our dedicated page for Optex Systems news (Ticker: OPXS), a resource for investors and traders seeking the latest updates and insights on Optex Systems stock.
Optex Systems Holdings, Inc. reports developments tied to its business as a manufacturer of precision optical sighting systems and assemblies for defense and commercial applications. The company’s updates commonly cover contract awards for optical assemblies, laser protection filters, night vision goggle components, periscopes, rifle and surveillance sights, and other products used on military vehicle and optical programs.
News about OPXS also includes earnings releases, backlog and margin commentary, research and development activity, and appointments in optical engineering and optical coatings technology. Its recurring customer channels include direct military sales and work with prime contractors, with product references spanning platforms such as Abrams, Bradley, Light Armored and Armored Security Vehicles, and the Stryker family of vehicles.
Optex Systems Holdings announced the uplisting of its stock to the Nasdaq Capital Market, effective March 15, 2023. This approval allows the company's shares, ticker symbol OPXS, to move from OTCQB to Nasdaq without implementing a reverse split, a measure approved earlier by shareholders. CEO Danny Schoening expressed optimism about increased visibility and liquidity as a result of this change. Founded in 1987, Optex manufactures optical systems for the Department of Defense, serving U.S. military applications.
Optex Systems Holdings, Inc. (OTCQB:OPXS) reported a revenue decline of 6.9% for the three months ended January 1, 2023, totaling $4.04 million compared to $4.34 million in the same period last year. The gross profit also decreased by 12.9%, attributed to material shortages and labor issues. Operating income fell to a loss of $282,000, down from a profit of $15,000 previously. However, the company recorded new orders of $11.2 million, up 220% year-over-year, leading to a backlog increase of 51.3% to $40.1 million. The CEO anticipates improved sales performance in Q2-Q4 2023 despite ongoing supply chain challenges.
Optex Systems Holdings, Inc. (OTCQB:OPXS) reported a strong financial performance for the year ending October 2, 2022, with revenues rising by 22.8% to $22.4 million. The Applied Optics Center segment drove this growth, leading to a 94.3% increase in gross margin to $4.9 million. Operating income improved to $1.6 million, reversing last year's loss. However, supply chain challenges are anticipated to impact first-quarter 2023 revenues, projected to be 8-9% lower than the previous year. The company remains optimistic about continued growth in 2023.
Optex Systems Holdings (OTCQB:OPXS) received the BAE Systems Partner2Win Gold Supplier of the Year Award on November 1, 2022. This award recognizes Optex's exceptional performance and contributions to the supply chain for BAE's combat and amphibious vehicle programs. BAE Systems' Partner2Win program aims to promote operational excellence among suppliers, enhancing quality standards. Optex manufactures precision optical sighting systems primarily for military applications, contributing to various U.S. military vehicles and systems.
Optex Systems Holdings (OTCQB:OPXS) has received a 5-year IDIQ contract valued at $7.5 million for spare Light Interference Filters for Night Vision Goggles.
The average annual revenue is projected to be between $1 million and $1.5 million. The contract confirms the company’s strong performance on a prior contract. The backlog now exceeds $40.2 million. With its ISO certification, Optex specializes in optical systems primarily for military applications. This contract underscores Optex's reliability and growth potential in defense contracts.
Optex Systems Holdings (OTCQB:OPXS) has secured a $3.4 million contract from the Government of Israel for the repair and refurbishment of night vision equipment. The majority of the work will be conducted at their Richardson, Texas facility throughout 2023. This new order contributes to an existing backlog exceeding $40 million. CEO Danny Schoening expressed confidence in Optex's capabilities, citing their expertise and vertical integration, which enables in-house repairs to meet original equipment specifications.
Optex Systems Holdings (OTCQB:OPXS) announced the appointment of Dayton Judd to its Board of Directors, enhancing its leadership team. Judd brings diverse industry experience, previously serving as CEO of FitLife Brands and holding positions at Q Investments and McKinsey. Chairman and CEO Danny Schoening expressed confidence that Judd's expertise will support Optex's growth trajectory. Founded in 1987, Optex specializes in optical sighting systems for military applications, supplying products to the U.S. Department of Defense.
Optex Systems Holdings (OTCQB:OPXS) announces a $720,000 order from a major US Prime Contractor for the US Army's Mobile Protected Firepower (MPF) tank program. This order will help broaden Optex's product portfolio with Laser Protected Periscopes and Muzzle Reference Sensors, predominantly produced at their Richardson facility. The company's current backlog exceeds $36.6 million, indicating solid demand for its optical sighting systems.
Optex Systems Holdings announces a $1.75 million order to support the M1 Abrams Tank Program, reinforcing its ongoing partnership since the 1980s. This contract highlights Optex's role as a primary supplier of vital optical components for military vehicles. The company's backlog now exceeds $32.7 million, indicating strong demand for its products. Bill Bates, GM of the Applied Optics Center, expressed optimism about future requirements for these optics, essential for U.S. Armed Forces. Optex continues to manufacture vital components for military applications.
Optex Systems Holdings (OTCQB:OPXS) announced the final results of its modified Dutch auction tender offer, which purchased approximately $4.25 million worth of its common stock. A total of 1,727,926 shares were tendered, with Optex accepting 1,603,774 shares at $2.65 each, representing 19.3% of outstanding shares. Due to oversubscription, a pro-rated portion of shares was accepted, with a pro-ration factor of approximately 92.8%. Following the settlement, approximately 6,716,637 shares will be outstanding. Payment will be processed promptly according to legal requirements.