Sono-Tek (NASDAQ:SOTK) Stock, Quote.Headers.trade-ideas

Sono-Tek

Sono-Tek Corp designs and manufactures ultrasonic coating systems that apply precise, thin film coatings to a multitude of products for the microelectronics/electronics, alternative energy, medical, and industrial markets, including specialized glass applications in construction and automotive. It sells products to emerging research and development and other markets. Its ultrasonic nozzle systems use high-frequency, ultrasonic vibrations that atomize liquids into minute drops that can be applied to surfaces at low velocity providing thin layers of protective materials over a surface such as glass or metals.

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	CynergisTek, Inc.  (NYSE: CTEK) shares surged 100% to close at $1.18 on Tuesday after the company entered into a definitive agreement to be acquired by Clearwater Compliance for roughly $17.7 million.


71 Biggest Movers From Yesterday

Earnings

Guidance

Sono-Tek Shares Gain Post Q4 Results; Clocks 22% Sales Growth

Sono-Tek Corp

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Shares of companies within the broader technology sector are trading higher amid overall market strength following softer-than-expected PPI figures.

Sono-Tek Secures Additional $2.95M Order From Clean Energy Customer

Sono-Tek Received A Significant New Order From An Existing Clean Energy Customer, With The $2.95M Order Being The Third Part Of An Anticipated Multi-system Program And Is Sono-tek's Largest Order In Its History

Sono-Tek Expects Q2 Sales Growth Guidance Of 2%-5% Q/Q And For Continued Sales Growth For Full Fiscal Year

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of $0.01 by 100 percent. The company reported quarterly sales of $5.031 million which beat the analyst consensus estimate of $4.814 million by 4.51 percent. This is a 39.63 percent increase over sales of $3.603 million the same period last year.

Earnings Beats

Sono-Tek Q1 2025 GAAP EPS $0.02 Beats $0.01 Estimate, Sales $5.031M Beat $4.814M Estimate

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) reported quarterly earnings of $0.01 per share. The company reported quarterly sales of $4.77 million which met the analyst consensus estimate. This is a 30.38 percent increase over sales of $3.66 million the same period last year.

Sono-Tek Q4 EPS $0.01 Inline, Sales $4.77M Inline; Cash & Equivalents As Of February 28 Totals $11.8M

- 12-Month Net Sales Reached ~$19.7 million, Gain of ~31% for FY2024 ended Feb 29, 2024- &nbsp;
- Q4 Net Sales Grew ~30% YOY; Backlog Grew ~7% YOY and Remains Strong-
- Strong Sales Projected for Q1 FY2025-
MILTON, N.Y., April 08, 2024 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary net sales and backlog for the fourth quarter of fiscal year 2024, ended February 29, 2024, and for the full fiscal year.
<ul>
<li>Preliminary net sales for the fourth quarter of FY2024 were approximately $4.8 million, compared to net sales of $3.7 million for the fourth quarter a year ago, an increase of approximately 30%.</li>
<li>Preliminary net sales for the twelve months of FY2024, were approximately $19.7 million, an increase of approximately 31% from net sales of $15.1 million in FY2023.</li>
<li>The preliminary estimate for equipment related backlog at February 29, 2024 is approximately $9.1 million, a year-over-year increase of 7% compared to backlog of $8.5 million at February 28, 2023, reflecting strong orders in the second, third, and fourth quarters of FY2024.</li>
<li>Net sales for the first quarter of FY2025, ending May 31, 2024, are expected to increase approximately 35%-40% year-over-year, compared to a weaker supply chain constrained period in last year's first quarter.</li>
</ul>
Dr. Christopher L. Coccio, Executive Chairman of Sono-Tek, said, "Sono-Tek's preliminary results remained strong for the fourth quarter and we ended the fiscal year at nearly $20 million in net sales, a new record for the Company and approximately 31% ahead of the previous year. Record shipments drove the increase, reflecting robust orders and delivery of several large orders which were delayed by Covid-related supply chain issues of the previous year. We expect a strong first quarter as well, against a weaker first quarter last year, and continued year over year growth for the full fiscal year ahead (FY2025, ending February 28, 2025), even though quarterly comparisons will be against record shipments for the year just ended.
"Backlog is strong and activity levels in our development labs remain high. By working together with our customers and engineers, Sono-Tek's advanced technology and ultrasonic coating systems have become critical elements in our customers' manufacturing processes, including in the clean energy sector in applications such as next-gen solar cells, fuel cells, green hydrogen generation, and carbon capture. The announcement from several of our largest customers of their own multiple multi-million dollar orders supports our outlook for growth and we look forward to the year ahead."
Sono-Tek's final fourth quarter and FY2024 financial results, ended February 29, 2024, will be released in May 2024, and an investor conference call will be held at that time as well.

Sono-Tek Announces Preliminary Q4 Revenue Of $4.8M Vs $3.7M YoY; Sees  Q1 FY2025, Ending May 31, 2024, Are Expected To Increase ~35%-40% YoY

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) reported its Q3 earnings results on Tuesday, January 16, 2024 at 08:00 AM.
Here's what investors need to know about the announcement.
<h3>Earnings</h3>
Sono-Tek beat estimated earnings by 100.0%, reporting an EPS of $0.04 versus an estimate of $0.02.
Revenue was up $2.10 million from the same period last year.
<h3>Past Earnings Performance</h3>
Last quarter the company missed on EPS by $0.02 which was followed by a 1.79% drop in the share price the next day.
Here's a look at Sono-Tek's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.05</td>
<td>0</td>
<td>0.01</td>
<td>0.01</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.03</td>
<td>0</td>
<td>0</td>
<td>0.01</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>5.62M</td>
<td>3.56M</td>
<td>4.00M</td>
<td>3.80M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>5.64M</td>
<td>3.60M</td>
<td>3.66M</td>
<td>3.59M</td>
</tr>
</tbody>
</table>

To track all earnings releases for Sono-Tek <a href="https://www.benzinga.com/quote/SOTK/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Sono-Tek: Q3 Earnings Insights

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) reported quarterly earnings of $0.04 per share which beat the analyst consensus estimate of $0.03 by 33.33 percent. The company reported quarterly sales of $5.69 million which beat the analyst consensus estimate of $5.48 million by 3.91 percent. This is a 58.67 percent increase over sales of $3.59 million the same period last year.

Sono-Tek Q3 2024 Adj EPS $0.04 Beats $0.03 Estimate, Sales $5.69M Beat $5.48M Estimate

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Shares of broader technology stocks are trading higher amid a decrease in the 10-year Treasury yield following the Fed's decision to leave rates unchanged. Most Fed officials expect rate cuts in 2024-2026, which could be favorable for growth stocks.

- Sales Grew 58% YOY; Backlog Grew 68% YOY and Remains Strong at $10.4 Million; Company Projects 30% Revenue Growth for Fiscal Year ending February 29, 2024- &nbsp;
MILTON, N.Y., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Sono-Tek Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>), the leading developer and manufacturer of ultrasonic coating systems, today announced preliminary sales and backlog for the third quarter of fiscal year 2024, ended November 30, 2023.&nbsp;&nbsp;
<ul>
<li>Preliminary sales for the third quarter of FY2024 were approximately $5.7 million, compared to sales of $3.6 million for the third quarter a year ago, an increase of approximately 58%.</li>
<li>The Company's preliminary estimate of backlog at November 30, 2023, is approximately $10.4 million, a year-over-year increase of 68% compared to backlog of $6.2 million at November 30, 2022. Backlog is also just slightly less than the record high quarter end&nbsp; backlog of $10.7 million at the end of the second fiscal quarter on August 30, 2023.</li>
<li>Revenue for the twelve months of fiscal year 2024, ending February 29, 2024, is expected to reach another record and increase approximately 30% year-over-year, which is higher than Sono-Tek's previous estimates and is based on strength in shipments, backlog and proposal activity.&nbsp;</li>
</ul>
"The preliminary results indicate another record quarter for revenue and a near record for backlog for the third quarter of fiscal year 2024," said Dr. Christopher L. Coccio, Chairman and CEO of Sono-Tek. "Sales growth was fueled by strong shipments to the clean energy, medical and industrial markets and consisted of a combination of new orders and shipments from previously supply chain constrained backlog, of which we have now largely caught up.&nbsp;
"Backlog remained high despite the record sales. Backlog at November 30th increased to $10.4 million, 68% higher than the $6.2 million backlog in the year ago quarter. This is the second highest reported backlog in our history - the second quarter of this year was the highest - and it reflects the increasing order activity from the clean energy sector in particular, as well as continuing strength in our other business segments."&nbsp;
Sono-Tek's final third quarter FY2024 financial results, ended November 30, 2023, will be released in mid-January 2024.&nbsp;&nbsp;

Sono-Tek Announces Preliminary Record Revenue With Continued Strong Backlog For Q3 FY2024 And Increases Revenue Guidance For Fiscal Year 2024; Sees Q3 Revenue $5.7M Vs $5.18M Est.; Projects 30% Revenue Growth For Fiscal Year Ending February 29, 2024

- First Half Net Sales Grew 18% YOY, Backlog Hit Record $10.7 Million; Company Expects Minimum 25% Revenue Growth for Fiscal Year ending February 29, 2024-

Sono-Tek Says We're Expecting At Least 25% Year-Over-Year Growth When We End FY2024 Next February

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) reported quarterly earnings of $0.03 per share which missed the analyst consensus estimate of $0.05 by 40 percent. This is a 200 percent increase over earnings of $0.01 per share from the same period last year. The company reported quarterly sales of $5.64 million which beat the analyst consensus estimate of $5.62 million by 0.34 percent. This is a 49.85 percent increase over sales of $3.76 million the same period last year.

Sono-Tek Q2 EPS $0.03 Misses $0.05 Estimate, Sales $5.64M Beat $5.62M Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; Byrna Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYRN#NASDAQ">BYRN</a>) is expected to report quarterly earnings at $0.01 per share on revenue of $9.41 million.
&bull; Domino&#39;s Pizza (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) is projected to report quarterly earnings at $3.30 per share on revenue of $1.05 billion.
&bull; Walgreens Boots Alliance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) is expected to report quarterly earnings at $0.69 per share on revenue of $34.82 billion.
&bull; Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) is expected to report quarterly earnings at $0.50 per share on revenue of $1.85 billion.
&bull; Commercial Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMC#NYSE">CMC</a>) is likely to report quarterly earnings at $1.81 per share on revenue of $2.18 billion.
&bull; Infosys (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>) is projected to report quarterly earnings at $0.18 per share on revenue of $4.61 billion.
&bull; Delta Air Lines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) is estimated to report quarterly earnings at $1.94 per share on revenue of $14.54 billion.
&bull; Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) is projected to report quarterly earnings at $0.05 per share on revenue of $5.62 million.
<h3>Companies Reporting After The Bell</h3>
&bull; SMART Glb Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGH#NASDAQ">SGH</a>) is estimated to report quarterly earnings at $0.45 per share on revenue of $375.04 million.
&bull; Comtech Telecom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMTL#NASDAQ">CMTL</a>) is expected to report quarterly earnings at $0.17 per share on revenue of $140.13 million.
&bull; Charles &amp; Colvard (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTHR#NASDAQ">CTHR</a>) is likely to report earnings for its fourth quarter.
&bull; IDT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDT#NYSE">IDT</a>) is likely to report earnings for its fourth quarter.
&bull; Oil-Dri Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ODC#NYSE">ODC</a>) is projected to report earnings for its fourth quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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Earnings Scheduled For October 12, 2023

Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) is set to give its latest quarterly earnings report on Thursday, 2023-10-12. Here's what investors need to know before the announcement.
Analysts estimate that Sono-Tek will report an earnings per share (EPS) of $0.05. 
Sono-Tek bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company missed EPS by $0.00, which was followed by a 2.77% drop in the share price the next day.
Here's a look at Sono-Tek's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0</td>
<td>0.01</td>
<td>0.01</td>
<td></td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0</td>
<td>0</td>
<td>0.01</td>
<td></td>
</tr>
<tr>
<td>Price Change %</td>
<td>-2.77%</td>
<td>3.05%</td>
<td>0.0%</td>
<td>0.14%</td>
</tr>
</tbody>
</table>

<h3>Stock Performance</h3>
Shares of Sono-Tek were trading at $5.475 as of October 10. Over the last 52-week period, shares are down 25.74%. Given that these returns are generally negative, long-term shareholders are likely a little upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/SOTK/earnings">To track all earnings releases for Sono-Tek visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of Sono-Tek's Earnings

<h3>Gainers</h3>
<ul>
<li>Maris Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTEK#NASDAQ">MTEK</a>) stock increased by 23.0% to $1.23 during Monday's pre-market session. The market value of their outstanding shares is at $9.6 million. </li>
<li>Duos Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOT#NASDAQ">DUOT</a>) shares moved upwards by 14.6% to $5.1. The market value of their outstanding shares is at $36.9 million. </li>
<li>Sono-Tek (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>) shares increased by 10.9% to $5.9. The company's market cap stands at $92.8 million. </li>
<li>Applied Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) stock rose 8.31% to $5.6. The company's market cap stands at $595.2 million. The company's, Q1 earnings came out today. </li>
<li>EMCORE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMKR#NASDAQ">EMKR</a>) shares moved upwards by 7.88% to $0.48. The company's market cap stands at $36.7 million. </li>
<li>Mobilicom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOB#NASDAQ">MOB</a>) stock rose 7.69% to $1.4. The company's market cap stands at $6.7 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Socket Mobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCKT#NASDAQ">SCKT</a>) stock declined by 12.0% to $0.95 during Monday's pre-market session. The company's market cap stands at $6.9 million. </li>
<li>Alarum Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAR#NASDAQ">ALAR</a>) stock fell 10.54% to $3.48. The company's market cap stands at $20.3 million. </li>
<li>Cyngn (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYN#NASDAQ">CYN</a>) shares fell 9.94% to $0.44. The company's market cap stands at $15.3 million. </li>
<li>Datasea (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTSS#NASDAQ">DTSS</a>) stock fell 8.65% to $0.21. The company's market cap stands at $8.1 million. </li>
<li>Ondas Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONDS#NASDAQ">ONDS</a>) shares declined by 8.43% to $0.53. The company's market cap stands at $29.1 million. </li>
<li>PowerFleet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PWFL#NASDAQ">PWFL</a>) stock declined by 8.09% to $1.82. The company's market cap stands at $65.9 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Information Technology Stocks Moving In Monday's Pre-Market Session

Management

Sono-Tek's Dr. Christopher L. Coccio, Chairman And CEO, Announces Transition To Executive Chairman At Calendar Year End

-&nbsp;Revenue Growth of at least&nbsp;25%&nbsp;Expected in Current FY 2024 as Supply Chain Issues Ease-
-&nbsp;Dr. Christopher L. Coccio, Chairman and CEO, Announces Transition to Executive Chairman at Calendar Year End-
MILTON, NY, Aug. 24, 2023 (GLOBE NEWSWIRE) -- via&nbsp;<a href="https://www.globenewswire.com/Tracker?data=cDeZCZUQKQi2ZGCKKtQM64iw-89qw-SQ8M2D-PBiyMlDzLLa1722eqj4UogLUZdQq5snbRZpbyTtbo4FBmyGvWoAKm7Xp3vd92no_tLoa1A=" target="_blank">NewMediaWire</a>&nbsp;&ndash; Sono-Tek Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>), the leading developer and manufacturer of ultrasonic coating systems, today announced that at its Annual Shareholders Meeting being held this morning at the Company&#39;s headquarters in Milton, New York, the Company&#39;s senior management will make the following comments.
During the meeting, Dr. Christopher L. Coccio, Chairman and CEO: &quot;Sono-Tek&#39;s 2023 fiscal year business performance maintained its historic strong gross margins and was profitable despite the lingering impact of Covid-19 on our supply chain. Our challenges shipping scheduled backlog in a timely manner caused revenue to decrease&nbsp;12%&nbsp;to&nbsp;$15 million. Despite the decline, net income for the year was&nbsp;$0.6 million, due in part to higher interest earned on our ample cash reserves.&nbsp; Looking ahead, revenue for the&nbsp;second quarter, ending August 31, 2023, is expected to be strong and approximately&nbsp;40%&nbsp;-&nbsp;45%&nbsp;above last year&#39;s results reflecting the increasing shipments from our record backlog. In total, we expect the full fiscal year, ending February 29, 2024, to generate revenue growth of at least&nbsp;25%, which we believe will put us back on our pre-Covid growth path once again.&quot;
Other highlights covered during the meeting will include comments on Sono-Tek&#39;s strong balance sheet that had over&nbsp;$12 million&nbsp;in cash, cash equivalents and marketable securities and zero debt at May 31, 2023. Much of this strength is due to the free cash flow generated by the Company&#39;s operations and resulting from Sono-Tek&#39;s higher than average gross margins as compared to many other companies and industries. The strong balance sheet also positions the Company to quickly execute on new strategic opportunities as they present themselves, whether internal or external in nature.
Steve Harshbarger, Sono-Tek&#39;s President and COO: &quot;Sono-Tek&#39;s&nbsp;outlook&nbsp;remains solid due to our focus on three major areas of global importance: the semiconductor industry, the medical device industry, and the clean energy sector. The latter is driven by climate change concerns and increased government funding to reduce greenhouse emissions, including the&nbsp;$369 billion&nbsp;from the recently enacted Inflation Reduction Act which is helping to stimulate demand for Sono-Tek&#39;s proprietary coating systems used in the manufacturing of fuel cells, carbon capture, solar cells, and green hydrogen generation. In addition, the U.S. CHIPS Act will provide more than&nbsp;$200 billion&nbsp;in federal funding for domestic semiconductor manufacturing, an important market for us. And the medical device business segment remains resilient to economic cycles and continues to generate steady growth as exciting new treatments requiring specialized precision coatings continue to expand. We believe that these target markets, together with our progress in providing both application engineering and an ever expanding product portfolio of full system solutions, has created an exciting&nbsp;outlook&nbsp;for Sono-Tek&#39;s future growth.&quot;
On a personal note, Dr. Coccio will announce that &quot;after 22 years as Chief Executive Officer, I plan to transition to the role of Executive Chairman at the end of this calendar year. This will maintain my presence on the executive staff, where I can continue to provide mentoring and support as well as assistance in Investor Relations. I will also continue in my role as Chairman of the Board of Directors. I am recommending to our Board that Steve Harshbarger be promoted to Chief Executive Officer at the end of the calendar year. Steve has served as President and Chief Operating Officer of Sono-Tek for eleven years and he has deep and intimate knowledge of our company&#39;s workings at the highest level. In total, Steve and I have worked together since 2001 and I&#39;m confident that he is highly qualified to excel in this new role. I&#39;m very grateful for the opportunity that I&#39;ve had to lead Sono-Tek from a bumpy past to its current strong position, and especially for the opportunity to work with so many highly talented and dedicated team members in building our company over the years.&quot;
The slide presentation shown at the annual meeting will be available on the Company&#39;s website at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=VVqqmPb0f7W6CRol04hEtRsO9sce5ahht0vpN8MsgKJXiCQoxDHjlJrvfbgaA8I-1imB7T3G0IcAjuG1V7JohZT6PWGm49xPXauKhc62zDY-7fKUHHbETo8Fcou8dwTYyWQ2Bd1e3N5EPKgXxMS9kg==" target="_blank">http://www.sono-tek.com/investor-relations/</a>.

Sono-Tek Provides Revenue Guidance For Q2 Ending August 31, 2023 and Full Fiscal Year; Sees Q2 Revenue $15M; Sees Full Fiscal Year Ending February 29, 2024, To Generate Revenue Growth Of At Least 25%

-3 System Order Expected to be Shipped in First Half of Fiscal 2025-
-Largest Order Received to Date From Clean Energy Sector and in Company History-
MILTON, NY, Aug. 03, 2023 (GLOBE NEWSWIRE) -- via&nbsp;<a href="https://www.globenewswire.com/Tracker?data=3qTkMocEaxYVFMhyG7YDjODsH94ezcOHigY5HGFgBP2-8qGna12RU0kqVEYnPvFt_lzzaSC5QJZk4eRZWjrH1z0xDB1qBfs0A5vL_jj4eKk=" target="_blank">NewMediaWire</a>&nbsp;-&nbsp;<a href="https://www.globenewswire.com/Tracker?data=kLgytg6-KLU3UQ_yLOg1Ur9tWhmnfw_duLTexVYC8SGLQ9sRkQxHVFje8Cl8BTUFKvPPaeSjuxf1AlwVpVzUDUI8gC9ToHXgDVOTiqvq_BAdv_tappIhEM8uxA66-u_6vR49S42AA8UnlNgjwCsD2p24-zjX2hz2x8C8Q4CwloyeriWfo45FFkIUZKhw7TgLb0lwtN5bjF4TiTlJstP01B-6eFX_uB05SPycxi9pfcU1JfGYM1JV7cUf8OVJgYfXnL6dGVLKVg_Uxb2F8q_UZD4610q3iVvg_GrVe1R8QuZajFC7J6eWYJ8UnGH6gxMpiRLb51RSuU8VUONX9eS091547gp72V-a7iOLGx_coIS6hvkAjVyBMMrXd4BclxU7-DzcROmhpj_lXBEirehmN60zFZ3_80szevIjj6mHBrjauKEjwH3iZ1Ofm5pDcpJdudXt0TLBHHL1yRl179UdGRsj01S6M4bTP7GiSp0DvUGXmzujPl-TFts9fzasjvnl" target="_blank">Sono-Tek Corporation&nbsp;</a>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>), the leading developer and manufacturer of ultrasonic coating systems, today announced that it has received an additional order from an existing clean energy customer. &nbsp;This order is the second part of an expected multi-system program and is valued at&nbsp;$2.19 million.
The new order is for three production scale systems and follows an order for one production scale system that is scheduled to ship in the current fiscal year, ending February 29, 2024. The customer initially purchased an R&amp;D system from Sono-Tek for development before progressing to the production scale systems. The new order is planned for shipment during the first half of fiscal 2025.
Steve Harshbarger, President and COO of Sono-Tek, commented, &quot;This new order from an existing clean energy customer is our largest from the sector to date and the largest in Sono-Tek&#39;s history. It&#39;s also the third order from this customer who is building out the production line for their specialty clean energy product after starting with the purchase of an R&amp;D unit and perfecting their manufacturing process with the assistance of our application engineers. Additional orders from this customer are expected after the successful integration of these production systems built with Sono-Tek&#39;s proprietary thin film application.
&quot;Funding from the large scale government initiatives for the clean energy sector has begun to be distributed and it is fueling demand for our proprietary ultrasonic coating systems from across the sector, including carbon capture, hydrogen generation, fuel cell, and advanced solar energy applications. We expect that the higher average selling prices (ASPs) that these systems command will benefit Sono-Tek in the years ahead.&quot;

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Sono-Tek Announces $2.19M Order from Specialty Clean Energy Customer, Second Part Of Expected Multi-System Program

&nbsp;<a href="https://www.globenewswire.com/Tracker?data=Furbce9hKhroCNGoo8caJ0Y-Ri3LmK6iezy0GPFuWxXEpBaLJZwbpRkZDq5OybwoEUxN8T2z1hBb2A_8X5SVpfo7FN43PS1mbSjMpgvT81Y=" target="_blank">Sono-Tek Corporation</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOTK#NASDAQ">SOTK</a>), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for its&nbsp;first quarter&nbsp;of fiscal year 2024, ended May 31, 2023.
First Quarter&nbsp;Fiscal 2023 Highlights&nbsp;(compared with the&nbsp;first quarter&nbsp;of fiscal 2023 unless otherwise noted).&nbsp; The three-month periods ended May 31, 2023 and 2022 are referred to as the&nbsp;first quarter&nbsp;of fiscal 2024 and fiscal 2023, respectively.
<ul>
<li>Net Sales were&nbsp;$3.6 million, a decrease of&nbsp;11%, primarily driven by vendor delays which pushed out planned&nbsp;first quarter&nbsp;shipments into the second and third quarters of fiscal 2024.</li>
<li>Gross Profit was&nbsp;$1.8 million, a decrease of&nbsp;16%&nbsp;due to the decline in sales, the Gross Margin was&nbsp;49.3%.</li>
<li>As of May 31, 2023 the Company had&nbsp;$12.1 million&nbsp;in cash, cash equivalents and marketable securities and no outstanding debt.</li>
<li>Backlog at May 31, 2023 was&nbsp;$9.96 million, a record high and a&nbsp;17%&nbsp;increase from the preceding quarter, and a year-over-year increase of&nbsp;135%. New high margin, production line, system orders for the green energy sector are contributing to the growth in backlog.</li>
<li>Sales&nbsp;Guidance&nbsp;for the&nbsp;second quarter&nbsp;of FY2024, ending August 31, 2023, is for substantial sales growth as delayed orders have already begun shipping to customers.</li>
<li>Sales&nbsp;Guidance&nbsp;for&nbsp; fiscal year 2024, ending February 29, 2024, anticipates sales to rebound strongly due to the record backlog and ongoing improvements of supply chain issues.</li>
</ul>
&quot;The&nbsp;first quarter&nbsp;of fiscal 2024 continued to be impacted by lingering supply chain issues, however, we&#39;ve made significant progress improving the situation, which is expected to begin to positively impact shipments in the current fiscal quarter that began on June 1, 2023. This positive development is due to a combination of vendor initiatives and our own success increasing our internal vertical integration.
&quot;With these issues continuing to improve, we are moving aggressively forward with full production of the delayed systems that have the potential for multiple repeat orders this year. Our record backlog has grown to&nbsp;$9.96 million&nbsp;at quarter end from both delayed shipments to customers and the new orders that we&#39;ve received. Since our fiscal year ended in February, backlog has grown&nbsp;17%&nbsp;and is&nbsp;135%&nbsp;higher than a year ago. Supported by the orders in hand and expected from the Green Energy sector, activity in our development labs, and the recovery of a more reliable supply chain, Sono-Tek is looking forward to an excellent year,&quot; said Dr. Christopher L Coccio, Chairman and CEO.
First Quarter&nbsp;Fiscal 2024 Results
(Narrative compares with prior-year period unless otherwise noted) ($ in thousands)
<table>
<tbody>
<tr>
<td colspan="5">Change</td>
</tr>
<tr>
<td colspan="3">FY 2023</td>
<td colspan="3">FY 2022</td>
<td colspan="3">$</td>
<td colspan="2">%</td>
</tr>
<tr>
<td>Net Sales</td>
<td>$</td>
<td>3,603</td>
<td>$</td>
<td>4,052</td>
<td>$</td>
<td>(449</td>
<td>)</td>
<td>-11</td>
<td>%</td>
</tr>
<tr>
<td>Gross Profit</td>
<td>$</td>
<td>1,777</td>
<td>$</td>
<td>2,107</td>
<td>$</td>
<td>(330</td>
<td>)</td>
<td>-16</td>
<td>%</td>
</tr>
<tr>
<td>&nbsp;&nbsp;&nbsp;Gross Margin</td>
<td>49.32</td>
<td>%</td>
<td>52.00</td>
<td>%</td>
</tr>
<tr>
		</tr>
<tr>
		</tr>
<tr>
<td>Operating (Loss)/Income</td>
<td>$</td>
<td>(92</td>
<td>)</td>
<td>$</td>
<td>381</td>
<td>$</td>
<td>(473</td>
<td>)</td>
<td>-124</td>
<td>%</td>
</tr>
<tr>
<td>&nbsp;&nbsp;Operating Margin</td>
<td>-2.55</td>
<td>%</td>
<td>9.40</td>
<td>%</td>
</tr>
<tr>
		</tr>
<tr>
<td>Net Income</td>
<td>$</td>
<td>53</td>
<td>$</td>
<td>306</td>
<td>$</td>
<td>(253</td>
<td>)</td>
<td>-83</td>
<td>%</td>
</tr>
<tr>
<td>&nbsp;&nbsp;Net Margin</td>
<td>1.47</td>
<td>%</td>
<td>7.55</td>
<td>%</td>
</tr>
</tbody>
</table>

&nbsp;
First Quarter&nbsp;Fiscal 2024 Sales Overview
Net sales were&nbsp;$3,603,000&nbsp;in the&nbsp;first quarter&nbsp;of fiscal 2024, a decrease of&nbsp;11%. The decrease was primarily due to the impact of delayed shipments to customers resulting from lingering supply chain issues.
Integrated Coating System sales increased by&nbsp;84%, largely due to the final delivery of a multi-system order to an industrial market customer. Sales of Multi-Axis coating systems recorded an&nbsp;11%&nbsp;decrease due to the lingering supply chain challenges in the period that resulted in the shipping delay of several large system orders.&nbsp; OEM System sales decreased by&nbsp;51%&nbsp;resulting from several OEM customers purchasing higher than typical quantities of systems in FY2023 in order to build their own excess supply of inventory.
Sales to the Alternative Energy and Industrial markets increased by&nbsp;37%&nbsp;and&nbsp;219%&nbsp;respectively. The Alternative Energy market was impacted by the continued adoption of Sono-Tek platforms used in the manufacturing of critical membranes for carbon capture, green hydrogen generation and fuel cells applications. The Industrial market was positively impacted by the final shipment of a multi-system order.&nbsp; Sales to the Medical market decreased by&nbsp;77%, due to the delayed delivery of several multi-axis coating machines.&nbsp; These systems are presently scheduled for shipment in&nbsp;Q2&nbsp;FY2024.
Approximately&nbsp;66%&nbsp;of sales were to the U.S. and Canada compared to&nbsp;48%&nbsp;in the comparable period of fiscal 2023. The increased sales to the U.S. and Canada were positively impacted by several U.S. government initiatives to invest in the green energy sector and advanced research markets. EMEA sales decreased by&nbsp;57%&nbsp;primarily due to the previously mentioned supply chain related shipment delays of multi-axis systems.
Backlog on May 31, 2023 was&nbsp;$9,957,000, a record high and an increase of&nbsp;17%&nbsp;compared with backlog of&nbsp;$8,541,000&nbsp;on February 28, 2023. Backlog increased&nbsp;135%&nbsp;from the&nbsp;$4,230,000&nbsp;backlog at May 31, 2022, the end of the&nbsp;first quarter&nbsp;of fiscal 2023. The increase in backlog is due to the receipt of additional orders as well as the delay in shipments due to supply chain issues.
First Quarter&nbsp;FY 2024 Financial Overview
Gross profit was&nbsp;$1,777,000, a decrease of&nbsp;16%&nbsp;compared with&nbsp;$2,107,000&nbsp;for the&nbsp;first quarter&nbsp;of fiscal 2023. The gross profit margin was&nbsp;49.3%&nbsp;compared with&nbsp;52%&nbsp;for the prior year period, primarily due to a less favorable product mix&nbsp; resulting from the lingering supply chain issues in the period.
Operating expenses were&nbsp;$1,869,000, an&nbsp;8%&nbsp;increase from the prior year period. Research and product development costs increased&nbsp;27%&nbsp;to&nbsp;$656,000&nbsp;primarily due to increased salaries and the higher costs of research and development materials and supplies, which are directed to the Company&#39;s ongoing focused growth initiatives. Marketing and selling expenses increased&nbsp;1%&nbsp;to&nbsp;$801,000&nbsp;primarily due to increases in salaries, and travel and trade show expenses, partially offset by a decrease in sales commissions. General and Administrative expenses decreased&nbsp;2%&nbsp;to&nbsp;$412,000&nbsp;primarily due to decreases in stock-based compensation, professional fees and corporate expenses, partially offset by an increase in salaries.
Operating income decreased&nbsp;$473,000&nbsp;when compared to the prior year period to an operating loss of&nbsp;$92,000. The current period&#39;s operating loss is a result of the decrease in gross profit combined with an increase in operating expenses in the&nbsp;first quarter&nbsp;of fiscal 2024.
Interest, dividend income and unrealized gain on marketable securities increased&nbsp;$128,000&nbsp;to&nbsp;$124,000&nbsp;due to the current high interest rate environment in the&nbsp;first quarter&nbsp;of fiscal 2024.
Net income was&nbsp;$53,000, or&nbsp;$0.00&nbsp;per share, compared with&nbsp;$306,000, or&nbsp;$0.02&nbsp;per share, for the&nbsp;first quarter&nbsp;of fiscal 2023, primarily due to a decrease in operating income partially offset by an increase in interest and dividend income and an income tax benefit for the period. Diluted weighted average shares outstanding were 15,769,442 compared to 15,752,424 for the prior year period.
Balance Sheet and Cash Flow Overview
At May 31, 2023 cash, cash equivalents and marketable securities totaled&nbsp;$12.1 million, Sono-Tek had no debt on its balance sheet and stockholders&#39; equity was&nbsp;$14.7 million.
At May 31, 2023, the Company had received approximately&nbsp;$3.6 million&nbsp;in cash deposits from its customers.&nbsp; These deposits are downpayments from customers for current orders.
Capital expenditures in the&nbsp;first quarter&nbsp;of fiscal 2024 were&nbsp;$149,000&nbsp;which were invested in ongoing upgrades to the Company&#39;s manufacturing facilities. Sono-Tek anticipates capital expenditures will total approximately&nbsp;$500,000&nbsp;in fiscal year 2024.

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