RF Industries Reports Q3 2024 Financial Results in San Diego

RF Industries, Ltd. reported its financial results for the third quarter of fiscal year 2024, which ended on July 31, 2024. The company achieved net sales of $16.8 million, reflecting a 4.5% increase from the previous quarter and a 7.6% rise compared to the same quarter last year. The backlog at the end of the quarter stood at $20.1 million, supported by bookings of $18.9 million, indicating a positive trend in demand for their products. Despite the increase in sales, RF Industries experienced an operating loss of $419,000, although this marked an improvement from a loss of $2.0 million in the same quarter the previous year. The non-GAAP net loss was reported at $95,000, which is a slight improvement from the previous quarter's loss of $132,000 and a significant recovery from a loss of $1.3 million year-over-year. Adjusted EBITDA showed a positive shift, reaching $460,000 compared to a loss of $940,000 in the prior year. The management emphasized their ongoing efforts to evolve the business, aiming for greater diversity in end markets and applications, which would reduce reliance on capital expenditures. They expressed confidence in the company's competitive positioning to meet current and future customer needs. A conference call and live webcast were scheduled for September 16, 2024, to discuss these results further. The company also highlighted the importance of non-GAAP financial measures in providing insights into operational trends, while cautioning that these measures should not be viewed as substitutes for GAAP results.