The following is a summary of the BK Technologies Corporation (BKTI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BK Technologies reported a Q1 2024 revenue of around $18.2 million, a sequential growth of 12% compared to Q4 2023.

• The company improved its gross margin to 34.5% in Q1 2024, contrasting sharply with 26.1% witnessed in Q1 2023.

• Their earnings per share stood at $0.19, marking the third consecutive quarter of profitability.

• The company demonstrated a robust backlog, increasing to $19 million from $16 million at the end of 2023.

• They achieved a net income of $681,000 or $0.19 per basic and diluted share, improving their cash position to approximately $3.3 million with no long-term debt.

Business Progress:

• The BKR5000 single band radio remained popular in the market, led by a considerable order from the USDA Forest Service for 5,620 radios.

• Acceptance of the BKR9000 increased among agencies like the Arkansas Department of Agriculture, Forestry Division, and Boulder County, Colorado.

• The company has embarked upon a multi-year, multimillion-dollar development program for the BKR9500 multiband mobile radio.

• Furthering their transition to an asset-light model, production of the BKR5000 was successfully shifted to their partner, East West Manufacturing.

• BK's InteropONE Push-To-Talk Over Cellular SaaS service secured a patent. This service supports first responders' communications.

• Future product launches, including that of IntelliPTT and 9500, are expected to stimulate further interest in the InteropONE service and boost company revenue and margin.

More details: BK Technologies IR

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