11 Apr 2022
Company also announces that new orders totaled $17.9 million in 2021, up 83% on 2020.Inrad Optics, a vertically integrated manufacturer specializing in glass, crystal, and metal-based optical components, has reported consolidated financial results for the year ended December 31, 2021. The firm posted a sharp increase in both sales and orders in 2021.
Inrad’s announcement stated that it had booked new orders totaling $17.9 million in 2021, an increase of $8.1 million or 82.7% over 2020’s bookings. Sales were $11.4 million in 2021, an increase of 26.0% over 2020’s figures.
Amy Eskilson, President and CEO commented, “Our 2021 results speak to an ideal intersection of the company’s strategic focus with extraordinary customer demand.
“We’ve seen increased demand in process control and metrology components across all industrial sectors, most significantly in the optical and X-ray components we produce for the semiconductor capital equipment market.”
Gross profit for the year was $3.5 million, or 30.6% of sales, up from $1.9 million, or 19.9% of sales in 2020. Operating income increased to $0.9 million from an operating loss of $0.7 million. For the year ended December 31, 2021, the company had net income of $1.7 million, compared to a net loss of $0.9 million for the year ended December 31, 2020. Net income in 2021 included a gain on forgiveness of a PPP loan of $1.0 million.
Net cash provided by operating activities was $0.8 million for the twelve months ended December 31, 2021, compared to net cash used operating activities of $0.6 million in 2020. The difference reflects improved sales and lower than prior year cost of goods sold.
Eskilson added, “Our ability to book new orders is a result of the hard work done by the entire team in executing on our strategic plan. 2021 progress is highlighted by improved revenue, record bookings, and a robust backlog. Backlog at the close of 2021 was $12.4 million, roughly $6.5 million higher than it was one year ago. Our booked orders extend beyond 2022, providing a great foundation for future growth.”
Inrad’s manufacturing capabilities include super-precision optical surfacing, precision diamond turning, the ability to handle large substrates, proprietary optical contacting processes, thin film coatings, and high resolution in-process metrology.
Typical customers include “leading corporations in semiconductor wafer inspection, industrial and scientific process control and metrology, defense, space, and laser systems sectors, as well as the U.S. Government, National Laboratories and universities and institutions worldwide.”