Nortech Systems Q1 revenue up 39% to $30.7M; net income $138k vs loss a year ago

NORTECH SYSTEMS INC

2022-Q1 EPS reported $0.05 revenue$30,711,000

Revenue $30.7M, up 39% YoY; net income $138k ($0.05 EPS) vs net loss ($1.6M) in Q1 2021.
Gross margin 13.2%, improved 6.1 percentage points from 7.1% on higher volume and pricing.
Adjusted EBITDA $640k vs ($1.5M) loss; backlog $97.6M, up over 55% YoY.
R&D expense $0.3M in Q1 2022 for new AOX cable platform investment.
Management cites supply-chain mitigation and pricing adjustments; optimistic for remainder of 2022.

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