Nortech Systems Q3 net loss of $739K; sales down 5.9% YoY to $31.4M

NORTECH SYSTEMS INC

2024-Q3 EPS reported $0.06 revenue$99,513,000

Net sales of $31.4M, down 5.9% from $33.4M in Q3 2023; net loss of ($739K) vs net income of $1.2M.
Adjusted EBITDA fell to $143K from $1.6M; gross profit down 27.9% to $3.8M.
Operating expenses up 4.5%; 90-day backlog of $29.6M as of Sept 30, 2024.
Management cites customers delaying purchases and reducing inventory as headwinds.
Restructuring includes consolidating facilities and moving programs to lower-cost locations.

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