Spectra Reports Half Year Revenue and Profit Increase

In the first half of 2024, Spectra Systems achieved sales of $22.74 million, an increase of 96% compared to the first half of 2023. The increased revenues came from additional security printing sales, pre-production sensor development contracts, sales of covert materials and initial revenue recognition on the $39.6 million sensor manufacturing contract for a central bank customer.

Profitability also increased – adjusted EBITDA by 33% to just under $7.85 million and adjusted PBTA by 6% to $6.22 million.

In addition to the financial gains over the previous year’s first half, significant operational highlights have included completion of the balance of an order for supply chain mitigation with a central bank customer, successful completion of printing and durability tests of Spectra’s polymer substrate with a Middle Eastern central bank, approval from a significant polymer banknote printer to incorporate their proprietary polymer banknote window security feature into Spectra’s polymer substrate, and the development of faster and easier to use smartphone technology, for which patents were filed.