Sono-Tek Q3 revenue falls 19% YoY; backlog up 14%, forecasts FY2024 double-digit growth

SONO TEK CORP

2023-Q3 EPS reported $0.04 revenue$11,401,029

Q3 net sales $3.586M, down 19% YoY; gross margin improved to 51%.
Operating income $103K (down 79%); net income $105K ($0.01 EPS).
Backlog $6.223M, up 14% from FY2022 year-end; customer deposits up 50%.
FY2023 revenue expected ~10% lower vs $17.1M in FY2022; FY2024 targets double-digit growth.
Received second $1.1M clean energy order post quarter-end; cash $11.2M, no debt.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP reported the third quarter of fiscal 2023, ended November 30, 2022 results: revenue Net sales were $3,586,000.

Period: the third quarter of fiscal 2023, ended November 30, 2022
Revenue: Net sales were $3,586,000
Result: reported results

Exact text from the filing

Net sales were $3,586,000, a decrease of $883,000 or 19%

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP updated its fiscal year 2023, ending February 28, 2023 guidance (lowered).

Period: fiscal year 2023, ending February 28, 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

Total net sales for the twelve months of fiscal year 2023, are now expected to be approximately 10% lower compared to net sales of $17.1 million in FY2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP reported first nine months of fiscal 2023, ended November 30, 2022 results: revenue Net Sales were $11,401,000.

Period: first nine months of fiscal 2023, ended November 30, 2022
Revenue: Net Sales were $11,401,000
Result: reported results

Exact text from the filing

Net Sales were $11,401,000, a decrease of $733,000 or 6%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONO TEK CORP updated its next fiscal year, ending February 29, 2024 guidance (initiated).

Period: next fiscal year, ending February 29, 2024
Guidance: initiated
Result: guidance update

Exact text from the filing

Management projects the resumption of double digit growth next fiscal year, ending February 29, 2024.

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SONO TEK CORP filing history →

Source: SEC EDGAR

accession 0001171520-23-000024

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