Sono Tek Corp Stock Price, News & Analysis

Sono-Tek Corporation (Nasdaq: SOTK) announced a significant new order exceeding $0.6 million from a clean energy client, indicating a robust transition from R&D to production volumes. This order is part of a multi-phase program and is expected to ship by February 2024. The proprietary thin film applied by Sono-Tek's systems supports green energy applications, reflecting the company’s strategic focus on the clean energy market. President Steve Harshbarger noted that ongoing government initiatives are driving demand for Sono-Tek's machinery, with further orders anticipated as clients integrate their systems into production.

Sono-Tek Corporation (Nasdaq: SOTK) announced a $0.6 million order from an existing medical device customer as part of a multi-phase program aimed at increasing production capacity. This order, which includes several ultrasonic coating machines, is expected to ship in FY2024, ending February 28, 2024. The partnership showcases Sono-Tek's innovative coating technology which enhances critical drug delivery devices. President and COO Steve Harshbarger highlighted the significance of this order for meeting surging market demand and indicated that the company’s fiscal backlog has substantially grown during FY2023, to be reported in mid-May.

Sono-Tek Corporation (SOTK) reported its fiscal Q3 2023 results, showing net sales of $3,586,000, a 19% decrease from the same period last year, primarily due to supply chain delays. Gross profit fell by 16% to $1,824,000, with the gross margin improving to 51%. Operating income dropped 79%, totaling $103,000. Despite a 14% increase in backlog, projected annual sales for FY2023 are expected to decline by around 10%. However, management anticipates a return to double-digit revenue growth in FY2024, bolstered by a recent $1.1 million order in the clean energy sector. The company maintains a strong balance sheet with $11.2 million in cash and no debt.

Sono-Tek Corporation (Nasdaq: SOTK) announced a substantial order exceeding $1.1 million from a repeat customer in the clean energy sector. This marks the second significant order from this sector, indicating a strong focus on growth. The order is among the largest in the company's history and will ship in the upcoming fiscal year starting March 1, 2023. Sono-Tek's customized equipment helps reduce emissions in green energy products, and the company continues to engage with customers in R&D for carbon capture and hydrogen generation.

Sono-Tek Corporation (SOTK) reported its second quarter and first half fiscal 2023 results, highlighting an 8% decline in net sales to $3,763,000 due to supply chain delays. Gross profit fell 9% to $1,896,000, leading to a 60% drop in operating income to $178,000. Despite challenges, backlog increased by 19% to $5,049,000, driven by an order from the clean energy sector worth $1.1 million, marking a positive growth outlook. The company anticipates revenue growth in Q4 and full FY 2023, though ongoing supply chain issues may affect short-term results.