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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 (OTCQB:OPXS) announced financial results for the three and nine months ended June 27, 2021. Revenue fell by $1.4 million (24.2%) for the quarter and $5.5 million (29.6%) year-to-date. Gross margin also decreased significantly, leading to a net operating loss of $0.3 million for the nine-month period. Despite implementing cost-saving measures, a 30-32% reduction in expected annual performance is anticipated due to decreased orders attributed to COVID-19 impacts. The company reported a backlog of $12.9 million, down from $16.3 million.
Optex Systems Holdings (OTCQB:OPXS) has secured an $8.4 million purchase order for laser filters, awarded as part of a 24-month contract. This order is expected to enhance the company's backlog, which now exceeds $23 million. Bill Bates, GM of the Applied Optics Center, emphasized the importance of developing next-generation laser filters to protect military personnel and equipment. Founded in 1987, Optex specializes in precision optical systems for military and commercial applications, contributing to various U.S. military vehicles.
Optex Systems Holdings reported a steep revenue decrease of $2.7 million (38.9%) and $4.1 million (32.1%) for the three and six-month periods ended March 28, 2021, respectively. The gross margin also declined significantly by $1.2 million (76.7%) and $1.9 million (60.7%). Operating income shifted to a loss of $0.4 million for the quarter and $0.3 million for six months. The company attributes these declines to reduced production volume and fixed manufacturing costs. Despite challenges, CEO Danny Schoening expressed optimism for improved margins as revenues rise following cost-reduction measures.
Optex Systems Holdings reported a 24.1% revenue decline to $4.5 million for Q1 2021, reflecting lower customer order backlog. Gross margin also decreased by 43.1% to $835,000.
Despite a $1.1 million net income, operating income fell 89% to $79,000 due to reduced production and unfavorable overhead costs. The backlog decreased by 8% to $15 million, while cash reserves remain stable at $4.6 million. The company anticipates a 25-30% revenue drop in H1 2021, influenced by the ongoing impacts of COVID-19 on government procurement.
Optex Systems Holdings (OTCQB:OPXS) has announced the launch of mil-spec quality High Efficiency Anti-Reflective Coatings for Infrared applications, enhancing its offerings for military and commercial sectors. Manufactured at its Applied Optics Center in Dallas, Texas, these coatings will serve U.S. government and prime contractors, building on a legacy of critical optical components for major military platforms. The company plans to expand its product range in the infrared market through ongoing investments in engineering and equipment.
Optex Systems Holdings (OTCQB:OPXS) reported a 9.4% increase in revenue for Q3 FY2020, totaling $5.8 million, and a 1.9% increase in revenue for the nine-month period at $18.7 million. The company anticipates higher revenue in Q4 due to new contract shipments and backlog adjustments. Despite a significant increase in gross margin to 25.3%, net income turned negative at $(95,000) due to losses on warrant fair value changes. Backlog decreased by 18.7% year-over-year to $20 million. The company remains optimistic about future revenue growth despite COVID-19 supply chain challenges.