Sensors and Polymer Fuel Spectra Growth

Spectra Systems reported a strong performance for fiscal year 2024, which for the first time included the financial results for Cartor Security Printers (CSP), which it acquired in December 2023.

Revenue for the year was $49.19 million, an increase of 142.5% over 2023, driven primarily by preproduction contracts, strong demand for the company’s materials from a long-standing central bank customer, and the revenue generated by CSP.

Adjusted EBITDA (before stock compensation expenses) was up by 78% to $14.93 million. Net income was $8.52 million, an increase of 40.9%.

The company’s Physical and Software Systems business, which develops features and sensors for high speed banknote authentication, achieved sales of $30.96 million and EBITDA of $13.3 million, up by 70.44% and 65.26% respectively.

The company noted its optical materials business had significant growth potential, notably from its enhanced and upgraded smartphone technology which has been validated on an industrial scale by CSP.