OPXSMEDIUM SIGNALMANAGEMENT10-K

OPXS appointed President Chad George as CEO effective December 2025 following Danny Schoening's resignation announcement, while removing references to the 2024 Speedtracker Mach acquisition from recent events.

The leadership transition brings a defense industry veteran with 20 years of operations experience to the CEO role, which could strengthen execution given OPXS's focus on defense markets. The removal of Speedtracker Mach acquisition details from recent events suggests this transaction is now considered part of routine operations rather than a highlighted strategic initiative.

Comparing 2025-12-17 vs 2024-12-19View on EDGAR →
FINANCIAL ANALYSIS

OPXS delivered solid growth across key metrics with revenue increasing 17.6% to $24.5M and gross profit expanding 26.5% to $12.1M, indicating improving operational efficiency. Operating income grew meaningfully to $7.1M while net income rose 36.6% to $5.1M, reflecting strong profitability improvements. The balance sheet strengthened with stockholders' equity rising 29.2% to $24.3M and total liabilities declining 14.1%, demonstrating improved financial positioning.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+47.9%
$4.8M→$7.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+36.6%
$3.8M→$5.1M

Net income grew 36.6% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+29.2%
$18.8M→$24.3M

Equity base grew 29.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+28.1%
$20.1M→$25.7M

Current assets grew 28.1% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-27.5%
$681K→$494K

Capex reduced 27.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Gross Profit
P&L
+26.5%
$9.5M→$12.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
+21.4%
$3.8M→$4.6M

Receivables grew 21.4% — monitor days sales outstanding for collection efficiency.

Total Assets
Balance Sheet
+17.8%
$25.5M→$30.1M

Asset base grew 17.8% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+17.6%
$20.9M→$24.5M

Revenue growing 17.6% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
-14.1%
$6.7M→$5.8M

Liabilities reduced 14.1% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-12-17
PRIOR — 2024-12-19
ADDED
Department of Defense ( DoD ), foreign military applications, commercial markets, and consumer markets.
Recent Events Appointment of Chief Executive Officer In response to the notification by Danny Schoening that he intends to resign from the position of Chief Executive Officer of the Company, effective as of December 20, 2025 (the Effective Date ), on December 5, 2025, the Board of Directors of the Company (the Board ) appointed Chad George, the Company s President, to assume the additional role of Chief Executive Officer to fill the vacancy left by Mr.
George, 48, has served as President of the Company since August 11, 2025.
Previously, he spent 20 years in senior operations and supply chain roles in the defense sector.
Between January 2022 and August 2025, he served as Vice President of Operations and Supply Chain at Leonardo DRS, where he played a key role in streamlining production processes and enhancing strategic sourcing capabilities.
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REMOVED
Department of Defense, foreign military applications, commercial markets, and consumer markets with the recent acquisition of the Speedtracker Mach product line.
Recent Events January 2024 Asset Acquisition On January 18, 2024, we entered into an asset purchase agreement and a contract manufacturing agreement with RUB Aluminium s.r.o.
Under the agreements, the Company acquired certain intellectual property and technical and marketing information relating to the Speedtracker Mach product line, which is primarily used for firearm projectile speed detection, measuring and tracking.
The Company acquired the assets using $1 million cash on hand, with potential additional future cash payments based on successful completion of defined milestones.
After the acquisition, the Company determined it would be more economical to move the manufacturing operations in house and is no longer ordering assembled units under the original contract manufacturing agreement.
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