Revenue Growth
Consolidated revenue for Q4 2024 was $12.3 million, an increase of 25% compared to the same period in 2023. For the full year, consolidated revenue was $45.5 million, a 60% increase from 2023.
Gross Margin Improvement
Gross margin percentage on product sales increased to 60% for Q4 2024 from 48% in the same quarter of 2023. Full-year gross margin was 53%, up from 41% in 2023.
Adjusted EBITDA Improvement
Adjusted EBITDA for Q4 2024 was $1.8 million, compared to a loss of $677,000 in Q4 2023. For the full year, adjusted EBITDA was $2.8 million versus a loss of $7.9 million in 2023.
Service Segment Expansion
Security Service gross margin percentage improved to 16% in Q4 2024 from negative 20% in the prior year, with expectations for continued revenue growth and efficiency improvements.
Launch of NextGen 60 Product
The NextGen 60 megahertz product targets industrial customers, expanding market penetration in pharma, food, chemical, security, and other verticals.