Cemtrex Inc. reported its financial results for the fiscal first quarter ended December 31, 2024, on February 14, 2025. Revenues for the quarter were $13.7 million, a 19% decrease from $16.9 million in the first fiscal quarter of 2024.
The Security segment's revenue decreased 41% to $5.5 million, attributed to weaker industry demand and order delays from election cycle uncertainty. Conversely, the Industrial Services segment's revenue increased 7% to $8.3 million due to increased demand.
The company reported an operating loss of $2.3 million, compared to an operating loss of $0.7 million in the prior year's quarter. Net loss for the quarter totaled $28.9 million, significantly higher than the $1.3 million net loss in Q1 FY24, primarily due to a $25.8 million loss on excess fair value of warrants.
Gross profit for the quarter was $5.7 million, representing a 41% margin, a slight decrease from 42% in the prior year. Cash, cash equivalents, and restricted cash were $5.5 million as of December 31, 2024.
Management noted that Vicon has renewed its momentum with new orders and achieved record sales in January 2025, with many orders, including a $10.4 million order, beginning to ship in Q2 FY25. The company expects Q2 FY25 sales to be on pace to reach or exceed its year-over-year growth target of 15%-20%.
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