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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 28, 2025
Sono-Tek Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 000-16035
| New York | 14-1568099 | |
| (State of Incorporation) | (I.R.S. Employer ID No.) | |
| 2012 Route 9W, Milton, New York | 12547 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (845) 795-2020
Check appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | SOTK | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02: Results of Operations and Financial Condition.
Item 7.01: Regulation FD Disclosure
On May 28, 2025, Sono-Tek Corporation issued a press release regarding its financial results for the year ended February 28, 2025 in the form attached as exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under such section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated May 28, 2025.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SONO-TEK CORPORATION
By: /s/ Stephen J. Bagley
Stephen J. Bagley
Chief Financial Officer
May 28, 2025
Exhibit 99.1
Sono-Tek Reports Strong Fiscal Year 2025 Financial Results
-Reports Fourth Consecutive Quarter of Revenue above $5 million
-FY 2025 Revenue Growth of 4% YOY
- Backlog Remains Strong at $8.6 Million
- Projecting Continued Revenue Growth and Profitability in the First Half of Fiscal Year 2026
-Conference Today at 11:00 am ET
MILTON, N.Y., May 28, 2025 – Sono-Tek Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today reported financial results for the fiscal year 2025, ended February 28, 2025.
Dr. Christopher L. Coccio, Executive Chairman, stated, “We are extremely proud of our performance this past fiscal year, with the continuing revenue trend of $5 million plus for the past four consecutive quarters. We remain pleased with the overall performance and trajectory of the business, as reflected by our strong backlog, and are excited to report continued revenue growth in the first half of FY 2026 with continued profitability. While we are seeing steady demand across key markets, our visibility beyond the first half remains limited due to significant uncertainty related to the potential curtailment or elimination of governmental clean energy incentives, rapidly evolving tariff policies, and the timing of customer orders. These factors may impact demand later in the fiscal year. As such, we are only providing visibility into the first half of FY 2026 at this time and intend to revisit guidance when we announce Q1 results.
That said,we are seeing promising momentum in the medical device industry, particularly in interest for our high-volume production systems. With solid customer demand and our strong balance sheet, we remain focused on continued execution and look forward to building on our recent success.”
Steve Harshbarger, CEO & President of Sono-Tek stated, “We continue to be excited by our growth strategies taking hold with customers moving through R&D and pilot systems to complex large-scale production systems with significantly higher ASPs. We also remain excited about our prospects for attracting additional high-volume, high-ASP production system orders in fiscal year 2026 and beyond. We are proud to report record-high revenues for FY 2025, reflecting strong customer demand and momentum. Our strategy of focusing on high average selling priced “ASP” orders continues to drive growth, and we are well positioned as we enter our 50th year in business. We are excited about our growth, and look forward to continued revenue growth and profitability over the long term.”
Fiscal Year 2025 Highlights
Backlog and Expected Revenue Growth for Fiscal Year 2026
| Fiscal 2025 Review | (Results compared with fiscal 2024) | |||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Change | ||||||||||||||||
| FY 2025 | FY 2024 | $ | % | |||||||||||||
| Net Sales | $ | 20,504 | $ | 19,700 | 804 | 4.0% | ||||||||||
| Gross Profit | $ | 9,739 | $ | 9,845 | (106 | ) | (1.0% | ) | ||||||||
| Gross Profit | 47.5% | 50.0% | (2.5% | ) | ||||||||||||
| Operating Income | $ | 1,010 | $ | 1,182 | (172 | ) | (14.5% | ) | ||||||||
| Operating Margin | 4.9% | 6.0% | (1.1% | ) | ||||||||||||
| Net Income | $ | 1,273 | $ | 1,441 | 132 | 11.6% | ||||||||||
| Net Margin | 6.2% | 7.3% | (1.1% | ) | ||||||||||||
| Fourth Quarter Fiscal 2025 Review | (Results compared with the fourth quarter of fiscal 2024) | |||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Change | ||||||||||||||||
| FY 2025 | FY 2024 | $ | % | |||||||||||||
| Net Sales | $ | 5,121 | $ | 4,768 | 353 | 7.4% | ||||||||||
| Gross Profit | $ | 2,425 | $ | 2,341 | 84 | 3.6% | ||||||||||
| Gross Profit | 47.0% | 49.0% | (2.0% | ) | ||||||||||||
| Operating Income (Loss) | $ | 288 | $ | (12 | ) | 300 | 2500% | |||||||||
| Operating Margin | 5.6% | (0.3% | ) | 5.9% | ||||||||||||
| Net Income | $ | 328 | $ | 157 | 171 | 109% | ||||||||||
| Net Margin | 6.4% | 3.0% | 3.4% | |||||||||||||
Fiscal Year 2025 Product and Market Sales Overview
Balance Sheet and Cash Flow Overview
Conference Call Information
Webcast Information
A simultaneous webcast of the call may be accessed through the Company's website, Events & Presentations | Sono-Tek or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=hrhk6j1y
A replay of the call will be available at 1-877-344-7529 or 1-412-317-0088, access code 6534088, through June 4, 2025. A replay of the call will also be available on the Company’s website for one year at www.sono-tek.com.
About Sono-Tek
Sono-Tek Corporation is a global leader in the design and manufacture of ultrasonic coating systems that are shaping industries and driving innovation worldwide. Our ultrasonic coating systems are used to apply thin films onto parts used in diverse industries including microelectronics, alternative energy, medical devices, advanced industrial manufacturing, and research and development sectors worldwide. Sono-Tek's inroads into the clean energy sector are showing transformative results in next-gen solar cells, fuel cells, green hydrogen generation, and carbon capture applications.
Our product line is rapidly evolving, transitioning from R&D to high-volume production machines with significantly higher average selling prices, showcasing our market leadership and adaptability. Our comprehensive suite of thin film coating solutions and application consulting services are expected to generate unparalleled results for our clients and help some of the world's most promising companies achieve technological breakthroughs and bring them to the market. The Company strategically delivers its products to customers through a network of direct sales personnel, carefully chosen independent distributors, and experienced sales representatives, ensuring efficient market reach across diverse sectors around the globe.
The Company’s solutions are environmentally friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com.
Safe Harbor Statement
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These “forward-looking statements” are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations and could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; inflationary and supply chain pressures; the recovery of the Electronics/Microelectronics and Medical markets; rebound of sales to the industrial market in the fourth quarter of fiscal year 2025; maintenance of increased order backlog; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the medical and alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual revenues and income within the forecasted range of sales guidance.
For more information:
Sono-Tek Corp.
Stephen J. Bagley
Chief Financial Officer
Ph: (845) 795-2020
info@sono-tek.com
Investor Relations
Kirin Smith
PCG Advisory, Inc.
ksmith@pcgadvisory.com
-FINANCIAL TABLES FOLLOW –
SONO-TEK CORPORATION
CONSOLIDATED BALANCE SHEETS
| February 28, 2025 |
February 29, 2024 |
|||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 5,202,361 | $ | 2,134,786 | ||||
| Marketable securities | 6,727,678 | 9,711,351 | ||||||
| Accounts receivable (less allowance for credit losses of $12,225, respectively) | 2,347,764 | 1,470,711 | ||||||
| Inventories | 4,474,401 | 5,221,980 | ||||||
| Prepaid expenses and other current assets | 236,261 | 207,738 | ||||||
| Total current assets | 18,988,465 | 18,746,566 | ||||||
| Land | 250,000 | 250,000 | ||||||
| Buildings, equipment, furnishings and leasehold improvements, net | 2,610,600 | 2,832,156 | ||||||
| Intangible assets, net | 37,386 | 47,566 | ||||||
| Deferred tax asset | 1,525,185 | 1,255,977 | ||||||
| TOTAL ASSETS | $ | 23,411,636 | $ | 23,132,265 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 859,483 | $ | 1,049,742 | ||||
| Accrued expenses | 1,718,574 | 1,739,478 | ||||||
| Customer deposits | 2,413,195 | 3,419,706 | ||||||
| Income taxes payable | 496,055 | 414,807 | ||||||
| Total current liabilities | 5,487,307 | 6,623,733 | ||||||
| Deferred tax liability | 132,134 | 229,534 | ||||||
| Total Liabilities | 5,619,441 | 6,853,267 | ||||||
| Commitments and Contingencies (Note 13) | ||||||||
| Stockholders’ Equity | ||||||||
| Common stock, $.01 par value; 25,000,000 shares authorized, 15,751,153 issued and 15,749,037 outstanding as of February 28, 2025, and 15,750,880 issued and outstanding as of February 29, 2024 | 157,512 | 157,509 | ||||||
| Additional paid-in capital | 10,018,034 | 9,770,387 | ||||||
| Accumulated earnings | 7,624,516 | 6,351,102 | ||||||
| Treasury stock, at cost, 2,116 shares | (7,867 | ) | — | |||||
| Total stockholders’ equity | 17,792,195 | 16,278,998 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 23,411,636 | $ | 23,132,265 | ||||
SONO-TEK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
| Fiscal Year Ended | ||||||||
| February 28, 2025 |
February 29, 2024 |
|||||||
| Net Sales | $ | 20,504,381 | $ | 19,699,886 | ||||
| Cost of Goods Sold | 10,765,362 | 9,855,311 | ||||||
| Gross Profit | 9,739,019 | 9,844,575 | ||||||
| Operating Expenses | ||||||||
| Research and product development | 2,724,482 | 2,885,773 | ||||||
| Marketing and selling | 3,677,915 | 3,695,870 | ||||||
| General and administrative | 2,326,582 | 2,080,447 | ||||||
| Total Operating Expenses | 8,728,979 | 8,662,090 | ||||||
| Operating Income | 1,010,040 | 1,182,485 | ||||||
| Other Income: | ||||||||
| Interest and dividend income | 488,504 | 529,735 | ||||||
| Net unrealized gain on marketable securities | 35,548 | 32,360 | ||||||
| Income before Income Taxes | 1,534,092 | 1,744,580 | ||||||
| Income Tax Expense | 260,678 | 303,117 | ||||||
| Net Income | $ | 1,273,414 | $ | 1,441,463 | ||||
| Basic Earnings Per Share | $ | 0.08 | $ | 0.09 | ||||
| Diluted Earnings Per Share | $ | 0.08 | $ | 0.09 | ||||
| Weighted Average Shares – Basic | 15,750,997 | 15,743,763 | ||||||
| Weighted Average Shares – Diluted | 15,770,102 | 15,774,007 | ||||||
SONO-TEK CORPORATION
PRODUCT, MARKET, AND GEOGRAPHIC SALES
(Unaudited)
Product Sales:
| Twelve Months Ended | ||||||||||||||||||||||||
| February 28, | % of | February 29, | % of | Change | ||||||||||||||||||||
| 2025 | Total | 2024 | total | $ | % | |||||||||||||||||||
| Fluxing Systems | $ | 467,000 | 2% | $ | 724,000 | 4% | $ | (257,000 | ) | (35% | ) | |||||||||||||
| Integrated Coating Systems | 3,703,000 | 18% | 2,889,000 | 14% | 814,000 | 28% | ||||||||||||||||||
| Multi-Axis Coating Systems | 10,678,000 | 52% | 10,075,000 | 51% | 603,000 | 6% | ||||||||||||||||||
| OEM Systems | 1,484,000 | 7% | 1,533,000 | 8% | (49,000 | ) | (3% | ) | ||||||||||||||||
| Other | 4,172,000 | 21% | 4,479,000 | 23% | (307,000 | ) | (7% | ) | ||||||||||||||||
| TOTAL | $ | 20,504,000 | $ | 19,700,000 | $ | 804,000 | 4% | |||||||||||||||||
Market Sales:
| Twelve Months Ended | ||||||||||||||||||||||||
| February 28, | % of | February 29, | % of | Change | ||||||||||||||||||||
| 2025 | Total | 2024 | total | $ | % | |||||||||||||||||||
| Electronics/Microelectronics | $ | 5,426,000 | 27% | $ | 5,602,000 | 29% | $ | (176,000 | ) | (3% | ) | |||||||||||||
| Medical | 3,250,000 | 16% | 4,180,000 | 21% | (930,000 | ) | (22% | ) | ||||||||||||||||
| Alternative Energy | 9,838,000 | 48% | 5,997,000 | 30% | 3,841,000 | 64% | ||||||||||||||||||
| Emerging R&D and Other | 67,000 | 0% | 315,000 | 2% | (248,000 | ) | (79% | ) | ||||||||||||||||
| Industrial | 1,923,000 | 9% | 3,606,000 | 18% | (1,683,000 | ) | (47% | ) | ||||||||||||||||
| TOTAL | $ | 20,504,000 | $ | 19,700,000 | $ | 804,000 | 4% | |||||||||||||||||
Geographic Sales:
| Twelve Months Ended | ||||||||||||||||
| February 28, | February 29, | Change | ||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| U.S. & Canada | $ | 12,506,000 | $ | 10,878,000 | $ | 1,628,000 | 15% | |||||||||
| Asia Pacific (APAC) | 2,758,000 | 3,268,000 | (510,000 | ) | (16% | ) | ||||||||||
| Europe, Middle East, Asia (EMEA) | 4,431,000 | 4,333,000 | 98,000 | 2% | ||||||||||||
| Latin America | 809,000 | 1,221,000 | (412,000 | ) | (34% | ) | ||||||||||
| TOTAL | $ | 20,504,000 | $ | 19,700,000 | $ | 804,000 | 4% | |||||||||