Interlink Electronics, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenue of $11.7 million, a decrease of 16.2% from $13.9 million in 2023. The company's gross profit also fell to $4.8 million, down 26.1% from the previous year's $6.6 million, resulting in a gross margin of 41.5%, compared to 47.1% in 2023. The net loss for the year was $1.98 million, or $0.24 per share, compared to a loss of $383,000, or $0.08 per share, in the prior year. This downturn was attributed to decreased shipments of force-sensing and gas-sensing products due to lower customer demand across all custom markets.
In terms of operational changes, Interlink made strategic acquisitions, including Calman Technology Limited in March 2023 and Conductive Transfers Limited in December 2024. These acquisitions aimed to enhance the company's capabilities in printed electronics and wearable technology. The integration of these new assets is expected to provide additional product offerings and improve market competitiveness. The company also reported a 50% common stock dividend declared in March 2024, which increased the number of outstanding shares from 6.57 million to 9.86 million.
Interlink's customer base remains diverse, with significant revenue contributions from the medical, industrial, and consumer markets. However, the company noted a decrease in revenue from custom markets, with medical revenue dropping by 24.6% and industrial revenue by 36.5%. In contrast, revenue from standard products increased by 19.5%, indicating a shift in customer preferences. International sales accounted for 56% of total revenue, with notable contributions from Japan and China.
The company’s operational metrics reflected a decrease in accounts receivable and inventory levels, indicating a tightening of cash flow and inventory management in response to reduced demand. As of December 31, 2024, Interlink had cash and cash equivalents of $3 million, down from $4.3 million in 2023. The company reported a working capital of $5.5 million and no long-term debt, positioning itself to navigate potential financial challenges.
Looking ahead, Interlink Electronics anticipates continued challenges in the market, particularly in the custom product segments. The company plans to leverage its recent acquisitions to expand its product offerings and enhance its competitive position. Management remains focused on innovation and adapting to market demands, with an emphasis on integrating new technologies and exploring additional acquisition opportunities to drive future growth.
About INTERLINK ELECTRONICS INC
Interlink Electronics, Inc. is a global leader in sensor technology, specializing in force/touch sensors and gas/environmental sensors. Its innovative products, including the patented Force-Sensing Resistor (FSR) technology, cater to diverse markets such as consumer electronics, automotive, and medical. With a focus on enhancing human-machine interfaces, Interlink targets emerging opportunities in IoT and environmental monitoring, leveraging recent acquisitions to expand its capabilities and product offerings.
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