New orders across multiple customers and products provide increasing evidence of RFI's market opportunity
SAN DIEGO, CA / ACCESSWIRE / August 6, 2024 / RF Industries, Ltd. ("RFI" or the "Company") (NASDAQ:RFIL), a national manufacturer and marketer of interconnect products and systems, today announced more than $4 million in recent orders across multiple customers in the North American wireless carrier ecosystem. The Company has recently received significant new orders for products including OptiFlex hybrid fiber, small cell solutions, and a $2.7 million long-term project for our DAC Thermal Cooling solutions from an additional customer in the Tier 1 wireless carrier ecosystem. With these orders, the Company's backlog at July 31, 2024 stands at approximately $20.7 million, a 15% increase from $18.0 million at the end of the fiscal second quarter.
In accordance with previous guidance, RFI believes third quarter fiscal sales increased sequentially versus the second fiscal quarter.
"These new orders, including the long-term DAC project with an additional key customer, demonstrate continued momentum that we are driving in the North American wireless carrier market. We have worked diligently over the last several quarters to expand our value proposition with key customers in the wireless market even while the broader spend was slower. We believe that our technology-forward solutions are being selected for their cost-effective impact on customer build plans. This order for our DAC thermal cooling systems is another great win for us and an example of how our products can add value in the market. We continue to be encouraged by the broader opportunities for our DAC solutions, which are an industry-leading direct air cooling system providing low-maintenance, energy-efficient and environmentally friendly cooling options for equipment cabinets, shelters, and enclosures. Our DAC systems are proven to reduce electricity consumption by up to 75% compared to traditional HVAC systems," said Robert Dawson, Chief Executive Officer of RF Industries.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets, including wireless/wireline telecom, data communications and industrial. The Company's products include high-performance components used in commercial applications such as RF connectors and adapters, RF passives including dividers, directional couplers and filters, coaxial cables, data cables, wire harnesses, fiber optic cables, custom cabling, energy-efficient cooling systems and integrated small cell enclosures. The Company is headquartered in San Diego, California with additional operations in New York, Connecticut, and New Jersey. Please visit the RF Industries website at www.rfindustries.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to future events. Forward looking statements include, among others, statements concerning our expectations about profitability, revenues, industry trends, wireless and other markets and demand for our products, current and future purchase orders and backlogs, and the expected benefits and desirability of our products, in each case which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: the Company's cash and liquidity needs, ability to continue as a going concern, non-compliance with terms and covenants in our credit facility, changes in the telecommunications industry and materialization and timing of expected network buildouts; timing and breadth of new products; our ability to realize increased sales; successfully integrating new products and teams; our ability to execute on its go-to-market strategies and channel models; our reliance on certain distributors and customers for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S. and foreign nations; our ability to expand our OEM relationships; our ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; our ability to maintain strong margins and diversify our customer base; our ability to initiate operating efficiencies, cost savings and expense reductions; our ability to address the changing needs of the market and capitalize on new market opportunities; our ability to add value to our customer's needs; the success of any product launches; and our ability to increase revenue, gross margins or obtain profitability in a timely manner. Further discussion of these and other potential risks and uncertainties may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements are based upon information available to the Company on the date they are published, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
RF Industries Contact:
Peter Yin
SVP and CFO
(858) 549-6340
rfi@rfindustries.com
IR Contact:
Margaret Boyce
Financial Profiles, Inc.
(310) 622-8247
RFIL@finprofiles.com
SOURCE: RF Industries
View the original press release on accesswire.com
