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Sono-Tek Corporation designs and manufactures precision ultrasonic coating systems that apply thin-film coatings for electronics, medical device, energy, industrial, and research applications worldwide. Company news commonly covers customer orders for medical device coating systems, including MediCoat and ExactaCoat MD platforms, as customers move from development and early production toward higher-capability manufacturing lines. Updates also address technical collaborations for advanced materials processes, quarterly financial results, backlog trends, gross margin commentary, and demand conditions across medical, alternative energy, microelectronics, and industrial markets.
Sono-Tek Corporation (SOTK) held its Annual Shareholders Meeting on August 19, 2021, discussing Fiscal Year 2021 results. Revenue was flat at $14.8 million, with net income unchanged at $1.1 million. The company reported a 6% revenue increase and 56% net income growth in Q1 2022 compared to the previous year. Sono-Tek anticipates stronger revenue in Q2 2022 and aims for record sales this fiscal year. The company is focusing on sectors like semiconductors, medical devices, and clean energy, driven by climate change concerns.
Sono-Tek Corporation (SOTK) reported Q1 FY2022 sales of $3.64M, up 6% year-over-year, driven by demand in the semiconductor and electronic diagnostic markets. Gross profit rose 17% to $1.82M with a gross margin of 50%. Operating income increased 86% to $343K, while net income rose 56% to $261K, excluding $1M from PPP forgiveness. Backlog increased 14% to $4.38M. The company projects double-digit sales growth in Q2 and its highest annual sales in history for FY2022.
Sono-Tek Corporation (OTCQX: SOTK) announced a partnership to develop Roll-to-Roll coating equipment for high-volume proton-exchange membrane (PEM) fuel cells, enhancing its position in the alternative energy market. This two-year program aims to improve throughput speeds and product offerings. Sono-Tek's President highlighted the company's strong financial position, projecting record revenue for fiscal year 2022. The advancements from this project are expected to benefit both PEM fuel cell clients and applications in CO2 reduction technology.
Sono-Tek Corporation (OTCQX: SOTK) reported a 9.5% year-over-year increase in backlog as of February 28, 2021, despite facing challenges during the COVID-19 pandemic. Fiscal 2021 net sales reached $14.83 million, a 3% decrease from the previous year. Gross profit margin held steady at 47.2%, while cash and equivalents rose to a record $8.6 million. For fiscal 2022, the company anticipates exceeding pre-COVID sales levels of $15.5 million. Operating income increased by 20% to $1.34 million, indicating ongoing efficiency improvements.
Sono-Tek Corporation (OTCQX: SOTK) announced that CEO Dr. Chris Coccio and President Steve Harshbarger will present at the Q1 Virtual Investor Summit on March 23, 2021, at 10:00 AM EST. The conference will be held online from March 23-25, featuring over 100 companies and more than 300 investors. Participants can attend the presentation by registering via a provided link. Sono-Tek specializes in ultrasonic coating systems for various markets, offering environmentally-friendly solutions that reduce waste and improve efficiency. More details about the company can be found on their website.
Sono-Tek Corporation (OTCQX: SOTK) reported preliminary sales of approximately $14.9 million for the fiscal year ending February 28, 2021, a 4% decrease from the $15.4 million recorded in the previous year. The operating income is expected to match last year's historic high of $1.1 million. Despite challenges from COVID-19, the company maintained strong sales throughout the year, barring a dip in the fourth quarter. Looking ahead, Sono-Tek forecasts a revenue increase of 4-8% for the first quarter of fiscal 2022 and anticipates record revenue growth for the fiscal year ending February 28, 2022.
On February 16, 2021, Sono-Tek Corporation (SOTK) announced the sale of its 300th ultrasonic coating system for fuel cells and electrolyzers. This milestone includes a large platform electrolyzer system aimed at reducing CO2 emissions. Since 2008, Sono-Tek has transitioned from R&D to production-scale manufacturing, increasing average selling prices from below $50,000 to over $150,000 per unit. The company's innovations continue to support the growing demand in the hydrogen fuel market, even amid the challenges posed by the global pandemic.
Sono-Tek Corporation (SOTK) reported a 4% increase in second quarter revenues to $3.48 million and a remarkable 50% rise in net income to $178,000. For the first half of FY2021, sales reached $6.9 million, a 12% year-over-year growth, with net income more than doubling to $346,000. The company's backlog surged 45% to $5.1 million compared to February 2020. Looking forward, Sono-Tek anticipates continued growth as global industrial markets recover.
Sono-Tek Corporation (OTCQX:SOTK) is set to present at the LD 500 investor conference on September 1st at 9:00am ET. Dr. Chris Coccio, CEO, and Steve Harshbarger, President, will address the audience, reflecting on the challenges faced during the pandemic and the importance of innovation in the microcap market. The conference will run from September 1st to 4th, 2020, emphasizing accessibility for all attendees. Sono-Tek specializes in ultrasonic coating systems and is focused on environmentally friendly and efficient solutions for various industries.