WEST PALM BEACH, Fla., July 13, 2026 (GLOBE NEWSWIRE) — Solit o Devices, I c. (OTC Pi k: SODI) (“Solit o ” o the “Compa y”) is pleased to a ou ce fiscal 2027 fi st qua te esults.
FISCAL 2027 FIRST QUARTER HIGHLIGHTS –
- Net sales i c eased 101% to app oximately $5.44 millio i the fiscal 2027 fi st qua te ve sus $2.70 millio i the fiscal 2026 fi st qua te .
- Net booki gs dec eased 48% to $1.45 millio i the fiscal 2027 fi st qua te ve sus $2.80 millio i the p io yea fi st qua te .
- Backlog i c eased 28% to $23.34 millio at the e d of the fiscal 2027 fi st qua te as compa ed to $18.26 millio at the e d of the fiscal 2026 fi st qua te .
- Net i come was $0.99 millio , o $0.46 pe sha e, fo the fiscal 2027 fi st qua te ve sus et loss of ($0.34) millio , o ($0.16) pe sha e, fo the fiscal 2026 fi st qua te . Net i come i the fiscal 2027 fi st qua te was impacted by a i c ease to the co ti ge t co side atio of $0.33 millio elated to the MEI ea out payme t based o a la ge o de eceived afte the e d of the fiscal qua te .
Reve ue co ti ued to be up i the fi st qua te , simila to the fou th qua te of fiscal yea 2026, due to the Compa y’s st o g backlog. As p eviously oted i ou last p ess elease, we expected highe eve ues i this qua te a d a ticipate sales to co ti ue to be at this level o g eate fo the emai de of the 2027 fiscal yea .
While the i come stateme t eflects i come taxes, o actual i come taxes we e due as the Compa y has defe ed tax assets elated to p evious et ope ati g losses.
The Compa y’s backlog co ti ues to be st o g. Backlog dec eased f om $27.28 millio at the begi i g of the fiscal yea to $23.34 millio at the e d of fiscal 2027 fi st qua te . Howeve , as oted above the Compa y’s backlog epo ted at the e d of the fi st qua te does ’t i clude a $5.04 millio o de eceived by MEI afte qua te e d, which b i gs the Compa y’s backlog to $26.97 millio as of July 2026.
By law, ce tai U.S. Depa tme t of Defe se officials a d othe executive b a ch age cy officials a e equi ed to submit epo ts to Co g ess desc ibi g defe se a d i tellige ce- elated p io ities that we e ot i cluded i the P eside t’s a ual budget equest. These epo ts, k ow as u fu ded p io ities lists (UPLs), ide tify ce tai p og ams, activities, o missio equi eme ts fo which app op iatio s we e ot equested, alo g with the fu di g amou ts that may be ecessa y to esou ce them. I the ece t u fu ded p io ities list it has bee epo ted that the U.S. Ai Fo ce equested a i c ease i AMRAAM p oductio f om 1,200 a ually to 2,400 a ually by 2028. AMRAAM is the la gest defe se p og am that Solit o supplies to. While the equest is positive ews, a y i c ease equi es Co g essio al app oval, a d the e a e o assu a ces that app oval will happe .
We co ti ue to be e cou aged about the possibility of multi-yea o de s fo compo e ts o AMRAAM a d Sta da d Missiles 2 a d 6. Ou cu e t expectatio is fo the ext AMRAAM o de to be eceived i the fiscal thi d qua te . Howeve , as p eviously stated, thi gs seem to move slowly with defe se p ocu eme t.
Subseque t to the e d of the fiscal fi st qua te we etai ed a i vestme t ba ke to assist i the compa y’s explo atio of st ategic alte atives. The e ca be o assu a ce that the eview bei g u de take will esult i a me ge , sale, acquisitio , te de offe , o special divide d. The Compa y does ot i te d to make fu the a ou ceme ts ega di g the eview u less a d u til the Boa d has app oved a specific t a sactio o othe cou se of actio equi i g disclosu e.
| May 31, 2026 | May 31, 2025 | u audited | u audited | Net sales | $ | 5,436 | $ | 2,700 | Cost of sales | 2,971 | 2,310 | G oss p ofit | 2,465 | 390 | Selli g, ge e al a d admi ist ative expe ses | 930 | 768 | Ope ati g i come (loss) | 1,535 | (378 | ) | Othe i come (loss) | I te est i come | 82 | – | I te est expe se | (62 | ) | (74 | ) | Divide d i come | 25 | 41 | Realized gai (loss) o i vestme ts | – | 81 | U ealized gai (loss) o i vestme ts | (2 | ) | (127 | ) | Co ti ge t co side atio expe se | (331 | ) | – | Sc ap i come | 100 | – | Total othe (loss) | (188 | ) | (79 | ) | Net i come (loss) befo e i come tax | 1,347 | (457 | ) | I come tax (expe se) be efit | (357 | ) | 121 | Net i come (loss) | $ | 990 | $ | (336 | ) | Net i come (loss) pe commo sha e – basic a d diluted | $ | 0.46 | $ | (0.16 | ) | Weighted ave age sha es outsta di g – basic a d diluted | 2,152,051 | 2,082,553 |
| May 31,2026 | Feb ua y 28,2026 | CURRENT ASSETS | Cash a d cash equivale ts | $ | 6,036 | $ | 3,914 | Ma ketable secu ities | – | 2 | Accou ts eceivable | 3,001 | 3,367 | I ve to ies, et | 4,567 | 4,132 | P epaid expe ses a d othe cu e t assets | 323 | 142 | TOTAL CURRENT ASSETS | 13,927 | 11,557 | P ope ty, pla t a d equipme t, et | 8,343 | 8,383 | I ta gible assets | 2,643 | 2,695 | Defe ed tax asset | 975 | 1,332 | Lo g-te m i vestme t | 1,650 | 1,650 | Othe assets | 39 | 323 | TOTAL ASSETS | CURRENT LIABILITIES | Accou ts payable | $ | 602 | $ | 470 | Custome deposits | 77 | 64 | Acc ued co ti ge t co side atio , cu e t | 1,119 | 771 | Mo tgage loa , cu e t po tio | 161 | 160 | Acc ued expe ses a d othe cu e t liabilities | 1,156 | 1,067 | TOTAL CURRENT LIABILITIES | 3,115 | 2,532 | Mo tgage loa , et of cu e t po tio | 3,562 | 3,605 | TOTAL LIABILITIES | 6,677 | 6,137 | STOCKHOLDERS’ EQUITY | P efe ed stock, $.01 pa value, autho ized 500,000 sha es, o e issued | – | – | Commo stock, $.01 pa value, autho ized 10,000,000 sha es, 2,152,703sha es outsta di g, et of 431,677 t easu y sha es at May 31, 2026 a d2,147,703 sha es outsta di g, et of 436,677 t easu y sha es at Feb ua y28, 2026, espectively | 22 | 21 | Additio al paid-i capital | 1,987 | 1,987 | Retai ed ea i gs | 19,237 | 18,247 | Less t easu y stock | (346 | ) | (452 | ) | TOTAL STOCKHOLDERS’ EQUITY | 20,900 | 19,803 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
The u audited fi a cial i fo matio disclosed i this p ess elease fo the th ee mo ths e ded May 31, 2026, is based o ma ageme t’s eview of ope atio s fo that pe iod a d the i fo matio available to the Compa y as of the date of this p ess elease. The Compa y’s esults i cluded he ei have bee p epa ed by, a d a e the espo sibility of, the Compa y’s ma ageme t. The Compa y’s i depe de t audito s have audited the Compa y’s esults fo the fiscal yea e di g Feb ua y 28, 2026. The fi a cial esults p ese ted he ei should ot be co side ed a substitute fo the i fo matio filed o to be filed with the SEC i the Compa y’s A ual Repo t o Fo m 10-K a d Qua te ly Repo t o Fo m 10-Q fo the espective pe iods o ce such epo ts become available.
Effective Septembe 1, 2023, Solit o closed its acquisitio of Mic o E gi ee i g I c. (MEI) based i Apopka, Flo ida. MEI specializes i solvi g desig layout a d ma ufactu i g challe ges while maximizi g efficie cy a d keepi g flexibility to meet u ique custome eeds. Si ce 1980 the MEI team has bee dedicated to ove comi g obstacles to p ovide cost efficie t a d apid esults. MEI specializes i low to mid volume p ojects that equi e e gi ee i g dedicatio , quality systems a d efficie t ma ufactu i g.
Tim E ikse Chief Executive Office (561) 848-4311 Co po ate@solit o devices.com
