Solitron Devices, Inc. Announces Fiscal 2026 First Quarter Results
WEST PALM BEACH, Fla., July 11, 2025 (GLOBE NEWSWIRE) -- Solitron Devices, Inc. (OTC:SODI) ("Solitron" or the "Company") is pleased to announce fiscal 2026 first quarter results.
FISCAL 2026 FIRST QUARTER HIGHLIGHTS,
Net sales decreased 32% to approximately $2.70 million in the fiscal 2026 first quarter versus $3.97 million in the fiscal 2025 first quarter.
Net bookings increased 37% to $2.80 million in the fiscal 2026 first quarter versus $2.04 million in the prior year first quarter.
Backlog increased 94% to $18.26 million at the end of the fiscal 2026 first quarter as compared to $9.41 million at the end of the fiscal 2025 first quarter.
Net income (loss) was ($0.34) million, or ($0.16) per share, for the fiscal 2026 first quarter versus net income of $0.59 million, or $.28 per share, for the fiscal 2025 first quarter.
Revenue continued to be down in the first quarter, similar to the fourth quarter of fiscal year 2025, due to the lag time between receipt of orders and production/fulfillment of those orders. As previously noted in our last press release, we expected lower revenues in this quarter and anticipate sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter.
On a positive note, the Company's backlog remains at record levels. Backlog increased from $18.11 million at the beginning of the fiscal year to $18.26 million at the end of fiscal 2026 first quarter.
During the quarter we invested $1.65 million for 6.4% of the units in CBE LLC ("CBE"). CBE purchased a 25% interest in CrossingBridge Advisors ("CrossingBridge"), a subsidiary of ENDI Corp., for $25.9 million. CBE will be entitled to a royalty equal to approximately 14.9% of the revenue of CrossingBridge, which equated to an initial "cap" rate based on CrossingBridge's revenue run rate as of December 31, 2024, of approximately 11.7%. Solitron's royalty share will be just under 6.4% of CBE's. CrossingBridge reported that its assets under management were $4.0 billion as of June 30, 2025, versus $3.4 billion as of December 31, 2024.
By law, certain U.S. Department of Defense officials and other executive branch agency officials are required to submit reports to Congress describing defense and intelligence-related priorities that were not included in the President's annual budget request. These reports, known as unfunded priorities lists (UPLs), identify certain programs, activities, or mission requirements for which appropriations were not requested, along with the funding amounts that may be necessary to resource them. In the recent unfunded priorities list it has been reported that the U.S. Air Force requested an increase in AMRAAM production from 1,200 annually to 2,400 annually by 2028. AMRAAM is the largest defense program that Solitron supplies to. While the request is positive news, any increase requires Congressional approval, and there are no assurances that approval will happen. We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.
We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.
SOLITRON DEVICES, INC.CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONSFOR THE THREE MONTHS ENDED MAY 31, 2025, AND MAY 31, 2024(in thousands except for share and per share amounts)
For The Three Months Ended
For The Three Months Ended
May 31, 2025
May 31, 2024
unaudited
unaudited
Net sales
$
2,700
$
3,967
Cost of sales
2,310
2,292
Gross profit
390
1,675
Selling, general and administrative expenses
768
883
Operating income
(378
)
792
Other income (loss)
Interest income
-
5
Interest expense
(74
)
(50
)
Dividend income
41
16
Realized gain (loss) on investments
81
11
Unrealized gain (loss) on investments
(127
)
