Omni-Lite Industries Canada Inc. (TSXV: OML, OTCQX: OLNCF) reported a significant financial performance for the fiscal year ended December 31, 2024, marked by record revenue and improved profitability. The company, specializing in high-performance aerospace and defense components, achieved revenue of approximately $15.9 million, representing a 28% increase over fiscal 2023. This growth underscores the company’s expanding footprint in fasteners, castings, and missile program components.
In the fourth quarter of 2024, Omni-Lite generated revenue of about $3.5 million, a 5% increase compared to the same period in 2023. The revenue growth was driven primarily by organic expansion in the fasteners and castings segments. However, the quarter was influenced by typical seasonal factors, including fewer production days and customers’ reduced shipment activities during the holiday period.
Adjusted EBITDA for the quarter was slightly negative at approximately $(83,000), down from $78,000 in Q4 2023. This decline was attributed to a less favorable sales mix and a $156,000 loss related to the sale of aged inventory. Despite this, the company reported a small net income of $21,000 for the quarter, equating to $0.00 per diluted share.
For the full fiscal year 2024, Omni-Lite’s adjusted EBITDA rose sharply to approximately $1.6 million, up from $445,000 in 2023. This improvement was largely driven by higher revenues and enhanced labor utilization. The company also generated an adjusted free cash flow of $1.8 million, after capital expenditures of around $112,000, compared to $530,000 in the previous year.
Net income for the year reached $615,000, or $0.03 per diluted share, a substantial increase from $90,000 ($0.01 per diluted share) in 2023. The balance sheet remains solid with $3.0 million in cash and no outstanding debt at year-end. Notably, Cal Nano, a customer, fully repaid loans totaling $1.1 million during the year, including a senior secured note that had been fully reserved.
Omni-Lite ended 2024 with a backlog of approximately $4.6 million and bookings of $3.2 million in Q4. Looking ahead, the company has already secured bookings exceeding $5.0 million for the first quarter of fiscal 2025, setting a new quarterly record. This surge is attributed to new fastener components qualified early in 2024 and electronic modernization projects related to prominent U.S. Department of Defense missile defense programs.
CEO David Robbins emphasized the company’s ability to rapidly respond to critical customer demands and scale manufacturing throughput, which supports higher earnings through structural operating leverage. He highlighted that 2024’s growth was fueled by ramping up production on two key missile programs, launching new Inconel fastener designs, and acquiring new U.S. customers for engine castings.
Robbins noted that while bookings slowed in Q4 due to program timing, the outlook for 2025 remains strong, particularly in the first half of the year. The record bookings for Q1 2025 underscore the company’s momentum and the impact of new product qualifications and defense modernization efforts.
Omni-Lite Industries Canada Inc. continues to advance its position in the aerospace and defense supply chain, leveraging its precision manufacturing capabilities to meet increasing demand for mission-critical components. The company’s fiscal 2024 performance demonstrates robust growth, operational efficiency, and a healthy financial foundation as it moves into 2025.
