Steel Connect (NASDAQ: STCN) reported Q1 fiscal 2025 results with net revenue of $50.49 million, up 22.1% from $41.34 million in Q1 2024. Net income decreased to $2.37 million from $4.44 million year-over-year. The company showed significant improvement in gross profit margin, increasing 630 basis points to 34.1%. Adjusted EBITDA rose to $7.38 million from $3.31 million, with margin expanding to 14.6%. The company maintained strong liquidity with $233.9 million in cash and cash equivalents.
Steel Partners Holdings announced plans for a short-form merger to acquire remaining STCN shares at $11.45 per share in cash.
Steel Connect (NASDAQ: STCN) reported its Q4 and fiscal year 2024 results. Q4 net revenue increased 12.4% to $45.9 million, driven by higher volumes in computing and consumer electronics markets. However, fiscal year 2024 revenue decreased 7.9% to $174.1 million. Q4 net income decreased 19.8% to $6.5 million, while fiscal year net income significantly increased to $88 million, primarily due to a $73.4 million tax benefit. The company maintained strong liquidity with $248.6 million in cash and cash equivalents as of July 31, 2024, and paid off its SPHG Note upon maturity on September 1, 2024.
Steel Connect (NASDAQ: STCN) released its third-quarter financial results for fiscal 2024 ended April 30. The company reported a significant non-cash income tax benefit adjustment of $71.5 million due to the release of a portion of its valuation allowance for deferred tax assets. Net revenue decreased by 5% to $43.85 million, primarily due to lower volumes in computing and consumer electronics markets. However, net income surged to $71.66 million from $3.03 million year-over-year. Adjusted EBITDA also saw a decline of 14.9% to $4.45 million. Despite lower sales and increased capital expenditures, the company maintained liquidity with $269.2 million in cash and equivalents.
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