NTICHIGH SIGNALFINANCIAL10-K

NTIC experienced a dramatic 99.7% collapse in net income from $5.4M to just $18K despite maintaining positive cash position.

The near-complete elimination of profitability combined with a 67% drop in operating income suggests severe operational challenges or one-time charges that have fundamentally impacted the company's earnings power. While cash increased and the company maintained operations, the magnitude of the profit decline requires immediate investor attention to understand the underlying causes.

Comparing 2025-11-20 vs 2024-11-19View on EDGAR →
FINANCIAL ANALYSIS

NTIC's financial performance deteriorated significantly with net income collapsing 99.7% and operating cash flow declining 58.5%, indicating serious operational challenges. However, the company maintained financial flexibility with cash increasing 46% to $7.3M and reduced capital expenditures by 54%, suggesting management is conserving resources. The 34% increase in current liabilities alongside the profit collapse creates a concerning picture of a company under financial stress despite adequate liquidity.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-99.7%
$5.4M→$18K

Net income declined 99.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-67.3%
$7.9M→$2.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-58.5%
$5.9M→$2.4M

Operating cash flow fell 58.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-53.7%
$3.3M→$1.5M

Capex reduced 53.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
+46.4%
$5.0M→$7.3M

Cash position surged 46.4% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
+41.3%
$139K→$196K

Share repurchases increased 41.3% — management returning capital, signals confidence in intrinsic value.

Current Liabilities
Balance Sheet
+33.6%
$17.9M→$23.9M

Current liabilities surged 33.6% — significant near-term obligations; verify ability to meet short-term debt.

Interest Expense
P&L
-26.3%
$462K→$340K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

LANGUAGE CHANGES
NEW — 2025-11-20
PRIOR — 2024-11-19
ADDED
As of November 20, 2025, 9,480,689 shares of common stock of the registrant were outstanding.
NTIC s primary business is corrosion prevention marketed mainly under the ZERUST brand.
NTIC has been selling its proprietary ZERUST products and services to the automotive, general industrial, mechanical, mining, agricultural, and retail consumer markets for over 50 years and, more recently, has also expanded into the oil and gas industry.
NTIC s ZERUST rust and corrosion inhibiting products include plastic and paper packaging, liquids, coatings, rust removers, cleaners, and diffusers as well as engineered solutions designed specifically for the industries it serves.
Internationally, NTIC sells its ZERUST corrosion prevention solutions through its wholly owned subsidiary in China, NTIC (Shanghai) Co., Ltd.
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REMOVED
As of November 19, 2024, 9,470,507 shares of common stock of the registrant were outstanding.
NTIC s primary business is corrosion prevention products and services, marketed mainly under the ZERUST brand.
NTIC has been selling its proprietary ZERUST products and services to the automotive, electronics, electrical, mechanical, military, and retail consumer markets for over 50 years and, more recently, has also expanded into the oil and gas industry.
NTIC s ZERUST rust and corrosion inhibiting products include plastic and paper packaging, liquids, coatings, rust removers, cleaners, and diffusers as well as engineered solutions designed specifically for the oil and gas industry.
NTIC s technical service consultants work directly with the end users of NTIC s ZERUST rust and corrosion inhibiting products to analyze their specific needs and develop systems to meet their performance requirements.
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