Omni Lite Industries Canada (OML) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $4.32 million, up 42% year-over-year, driven by growth in commercial aerospace components, electronic components, and new Inconel fastener products.

• Year-to-date revenue was $8.6 million, a 49% increase over the same period last year.

• Adjusted EBITDA for Q2 2024 was $552,000, tripling the prior year period; year-to-date adjusted EBITDA was $1.4 million.

• Net income for Q2 was $286,000, or $0.02 per diluted share.

• Free cash flow for Q2 was $848,000, boosting cash on hand to $1.7 million with no debt outstanding.

Financial highlights

• Q2 2024 revenue: $4.32 million vs. $3.05 million in Q2 2023; year-to-date revenue: $8.61 million vs. $5.78 million in 2023.

• Adjusted EBITDA Q2: $554,000 vs. $168,000 prior year; year-to-date: $1.44 million vs. $89,000.

• Q2 net income: $286,000 vs. net loss of $243,000 last year; year-to-date net income: $701,000 vs. loss of $379,000.

• Free cash flow Q2: $848,000 vs. $162,000 prior year; year-to-date: $961,000 vs. $372,000.

• Diluted EPS Q2: $0.02 vs. $(0.02) last year; year-to-date: $0.05 vs. $(0.02).

Outlook and guidance

• Bookings for Q2 were $2.7 million, with a backlog of $4.7 million entering Q3.

• Management anticipates continued healthy bookings in 2024, driven by increased production rates, spot buys in commercial aerospace, and longer-term defense contracts.

• Bookings pipeline remains robust, with focus on high temperature Inconel fastener and missile defense sensor components.