ZTE CEO Steve Smith,: A strong future. Revenues for fiscal 2024 were $9,756,044, an increase of 71% year over fiscal year 2023. Net income jumped from $165,274 for fiscal 2023 to $1,753,269 in 2024, growing 961% for the year. Earnings per share ("EPS ") grew from $0.006 to $0.058, an increase of 867%.
Revenues for the final quarter of 2024 of $2,791,359 were 55.3% greater than Q4 2023 and were 6.3% greater than the immediately preceding quarter. For the fourth quarter 2024, net income was $545,618 versus $196,112 in Q4 2023. EPS for Q4 2024 was $0.016 compared to $0.007 in Q4 2023, an increase of 128.6%.
The final quarter of 2024 produced the highest periodic revenue of the year, representing the sixth consecutive quarter for which revenues increased in comparison to the immediately preceding quarter, and the tenth consecutive quarter for which revenues rose in comparison to the same period one year earlier. This revenue growth contributed significantly to enhanced margins and profitability.
Gross margins for the final quarter were more than 83% greater than Q4 2023, resulting in annual margins for fiscal 2024 of $3,918,137 that were 125.4% more than the gross margin of $1,738,773 realized in fiscal 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA), increased significantly to $2,599,052, or $0.086 per share in fiscal 2024, up from $500,873 or $0.019 per share in the preceding year, a 418.9% increase.
EBITDA for the fourth quarter of 2024 was $869,992 or $0.025 per share compared to $307,474 or $0.012 per share in Q4 2023, a 108% increase on a per share basis.
"Our recent investment in state-of-the-art equipment keeps us at the forefront of technology, enabling us to assemble virtually any type of circuit board. This unwavering commitment to delivering the exact PCBs our customers require - when and how they need them - positions us well for a strong future.", said Steve Smith, CEO.