Solitron Devices, Inc.
18.10+0.00 (+0%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · SODI · USD
Key Stats
Market Cap
37.88MP/E (TTM)
-Basic EPS (TTM)
-0.17Dividend Yield
0%Recent Filings
10-Q
Q2 FY2026 results
Solitron's Q2 FY2026 sales climbed 11% y/y to $3.99M, buoyed by recovering backlog, yet YTD revenue dipped 11% to $6.69M from a delayed order. Gross margins held steady at 21% quarterly but eroded to 18% YTD on higher material costs, while SG&A surged 64% y/y to $1.13M from stock awards, flipping operating income to a $0.29M loss. Net loss hit $0.23M, or $(0.11) per diluted share on 2.08M shares, versus $0.01 profit last year; the gap stems from those stock comp charges. Cash from operations generated $0.78M YTD, funding a $1.65M long-term investment and $0.41M MEI contingent payment, leaving $2.85M in cash against $3.84M mortgage debt at 3.8-6.39% due 2031-2034. Backlog ballooned 146% to $18.64M. Customer concentration persists as a key risk.
8-K
Q2 sales rise, but loss hits
Solitron Devices reported fiscal 2026 Q2 net sales up 11% to $3.99 million, with bookings surging 147% to $4.32 million and backlog hitting $18.64 million. Yet profits flipped to a $0.23 million loss, hit by a $225,000 stock grant and tariffs. Backlog stands tall. AMRAAM Lot 39 order looms in Q3, potentially 10% larger.
8-K
Leadership comp updates announced
Solitron Devices updated its employment agreement with President and COO Mark Matson on August 13, 2025, setting a three-year term with $450,000 base salary, stock purchase options up to 50,000 shares at $14.50, and a performance bonus tied to profits starting at 4% above $3 million. The company also granted 2,000 immediately vested shares each to CEO Tim Eriksen, CFO Carolyn Campbell (whose salary rose to $200,000), and non-employee directors, plus cash bonuses of $25,000 to Matson and $10,000 to Campbell. These moves lock in leadership amid growth. Severance risks two years' pay if terminated without cause.
10-Q
Q1 FY2026 results
Solitron Devices posted Q1 FY2026 net sales of $2.7M, down 32% y/y from $4.0M amid order delays, while gross margin shrank to 14% from 42% as costs hit $2.3M. Operating loss stood at $378K versus $792K income last year, but net loss narrowed to $336K or $(0.16) per diluted share on 2.08M shares, with the gap to operating loss tied to $127K unrealized investment losses and $74K interest expense. Cash from operations generated $391K, funding a $1.7M long-term investment; free cash flow not disclosed in the 10-Q. Backlog surged 94% y/y to $18.3M, signaling rebound potential. Liquidity remains solid with $2.6M cash and $3.9M total mortgage debt at 3.8%-6.39% rates maturing 2031-2034, no revolver noted. The 2023 MEI acquisition added contingent earn-outs at 7.5% of revenues from existing customers through 2026. Yet customer concentration risks loom large, with top three at 71%. Backlog builds quietly.
8-K
Q1 sales drop, backlog soars
Solitron Devices reported fiscal 2026 first quarter net sales down 32% to $2.70 million from $3.97 million a year ago, swinging to a $0.34 million net loss versus prior profit, due to order-to-production lags. Yet bookings surged 37% to $2.80 million, ballooning backlog 94% to $18.26 million. The company invested $1.65 million in CBE for a slice of CrossingBridge's $4.0 billion assets under management. Backlog hits record high.
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