Precision Optics Reports Fourth Quarter and Fiscal Year 2023 Financial Results.

GARDNER, Mass: Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its fourth quarter and fiscal year ended June 30, 2023.

FY 2023 Financial Highlights (Year Ended June 30, 2023):

Revenue increased 34% to $21.0 million, a new record, compared to $15.7 million in the previous fiscal year.

Production revenue reached a new annual record of $14.3 million, an increase of 39% compared to the previous fiscal year.

Engineering revenue was a record $6.7 million, an increase of 25% compared to the previous fiscal year.

Gross margin was 36.8% compared to 31.4% in the previous fiscal year.

Net loss was ($144,613) which compared to net loss of ($928,416) in the previous year.

Adjusted EBITDA, defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and other income, was a record $491,219, compared to $(242,293) in the previous fiscal year. Adjusted EBITDA for fiscal 2023 included the impact of a one-time increase in the allowance for doubtful accounts of $464,000 for a single customer.

Q4 2023 Financial Highlights (3 Months Ended June 30, 2023):

Revenue increased 5% to $5.02 million, compared to $4.79 million in the same quarter of the previous fiscal year.

Production revenue was $3.0 million compared to $3.1 million in the same quarter of the previous fiscal year.

Engineering revenue was $2.0 million compared to $1.7 million in the same quarter of the previous fiscal year.

Gross margin was 38.5% compared to 30.1% in the same quarter of the previous year.

Net loss for the quarter was ($96,125) which compared to net income of $269,293 in the same quarter of the previous year. Net loss for the fourth quarter of fiscal 2023 was negatively impacted by the increase in the allowance for doubtful accounts discussed above.

Adjusted EBITDA was $(412,026) for the quarter compared to $237,153 in the same quarter of the previous year. Adjusting for the one-time increase in the allowance for doubtful accounts, adjusted EBITDA would have been $ 51,974.

Recent Additional Highlights:

In April 2023, the Company announced the receipt of an initial product development order for a next-generation urological endoscopy program totaling approximately $1.3 million from an established medical device company.

The Company has made a significant investment in its management team. In...