10:27 AM EST, 11/06/2024 (MT Newswires) -- Omni-Lite Industries Canada ( OLNCF ) was at last look down 12.5% as it reported a net loss of near US$0.1 million, or $0.01 per share, per share, for Q3 2024, wider than a net loss of $0.008 million, or US$0.00 per share, last year.

But revenue for the quarter that ended Sept. 30 came in at almost US$3.8 million, up 13.7% from $3.3 million a year earlier. It said the increase in revenue was largely due to organic growth in its electronic components and fasteners businesses offset by a reduction in casting components.

Among other highlights, Adjusted EBITDA for the third quarter of fiscal 2024 was approximately US$187,000, as compared to approximately US$278,000 in the third quarter of fiscal 2023. It was impacted by an unexpected outage of certain automated casting equipment. The outage, while transitory and resolved, resulted in a manual-oriented manufacturing workaround which entailed extended operating hours and lost throughput that, in the aggregate, negatively impacted Adjusted EBITDA by an estimate of more than US$150,000.

Free Cash Flow was approximately US$636,000, an increase of approximately US$387,000 compared to the year ago quarter.

The company said its balance sheet continued to strengthen with US$2.6 million in cash, an increase of approximately US$834,000 and US$1.3 million compared to the third quarter of fiscal 2024 and third quarter of fiscal 2023, respectively, and no debt outstanding.

The company noted US$3.9 million bookings for the quarter, indicating a US$5 million backlog as of Sept. 30. Strong customer demand-especially in the aerospace sector-is positive for larger, longer-term contracts entering 2025, CEO David Robbins said.

Price: 1.40, Change: -0.20, Percent Change: -12.50