ADM Tronics Reports First Quarter of Fiscal Year 2024 Results

NORTHVALE, NJ / ACCESSWIRE / August 14, 2023 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2023 of Fiscal Year 2024.

Revenues for the quarter ended June 30, 2023 were $762,689 as compared to $921,408 for the same period last year, a 17% decrease primarily due to reduced electronics contract manufacturing offset by increased engineering services revenues. Contract manufacturing was impacted by the non-availability of certain electronic components, primarily microprocessors, due to continuing supply chain challenges, coupled with the timing of orders from certain customers.

During the fiscal quarter ended June 30, 2023 the Company had increased SG&A expense primarily due to non-recurring expenses including non-cash, stock-based compensation from the valuation of warrants issued to consultants at an exercise price of $0.20 per share, as well as one-time inventory and accounts receivable write-offs.

R&D expense was approximately 6% higher for the quarter ended June 30, 2023, as compared to the same period last year due to higher engineering expenses incurred for the Company's Vet-Sonotron^® veterinary therapy device in preparation for the first production run.

"Although the supply shortage for electronic components continues to be challenging, we have worked to overcome this by qualifying available substitute components for our contract manufacturing," stated Andre' DiMino, ADMT President. "This, along with order patterns of certain contract manufacturing customers, resulted in reduced revenues for the quarter. We are working to bring the Vet-Sonotron into production, and launch commercialization, which we anticipate will result in increased revenues and higher margins."

Revenues for the quarter ended June 30, 2023, were $762,689 as compared to $921,408 for the same period last year, a 17% decrease. Loss from operations for June 30, 2023 was $137,796 as compared to $34,625 for the same period last year. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2023, available at www.sec.gov.

Financial Highlights

	Three Months Ended			Three Months Ended
	June 30, 2023