PDEXHIGH SIGNALFINANCIAL10-K

PDEX faces severe liquidity stress with cash reserves collapsing by 84% to just $419K while inventory builds substantially and customer concentration reaches 94%.

The dramatic cash decline to under half a million dollars creates immediate working capital concerns for a company with $66.6M in annual revenue. The increased customer concentration to 94% of sales among just three customers significantly amplifies business risk and revenue volatility.

Comparing 2025-09-04 vs 2024-09-05View on EDGAR →
FINANCIAL ANALYSIS

PDEX shows mixed financial health with revenue growing meaningfully to $66.6M and operating income expanding substantially to $10.7M, demonstrating strong operational performance. However, the company's cash position collapsed to just $419K while inventory surged 46% to $22.2M, suggesting potential working capital management challenges. The combination of strong growth but severely constrained liquidity creates a concerning financial dynamic that requires immediate attention.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-84.1%
$2.6M→$419K

Cash declined 84.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Income
P&L
+49%
$7.2M→$10.7M

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

Inventory
Balance Sheet
+45.5%
$15.3M→$22.2M

Inventory surged 45.5% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Gross Profit
P&L
+34.1%
$14.6M→$19.5M

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

Current Assets
Balance Sheet
+29.2%
$36.6M→$47.3M

Current assets grew 29.2% — improving short-term liquidity or inventory/receivables build.

Total Debt
Balance Sheet
+29.1%
$12.0M→$15.4M

Debt rose 29.1% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
+23.7%
$53.8M→$66.6M

Revenue growing 23.7% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+18.7%
$30.9M→$36.6M

Equity base grew 18.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+18.3%
$13.9M→$16.4M

Receivables grew 18.3% — monitor days sales outstanding for collection efficiency.

Total Assets
Balance Sheet
+16.6%
$52.5M→$61.2M

Asset base grew 16.6% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2025-09-04
PRIOR — 2024-09-05
ADDED
(Exact name of registrant as specified in its charter) Colorado (State or Other Jurisdiction of Incorporation or Organization) 2361 McGaw Avenue , Irvine , CA (Address of Principal Executive Offices) 84-1261240 (I.R.S.
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
As of September 3, 2025, 3,261,979 shares of the registrant s no par value common stock were issued and outstanding.
FORM 10 K SUMMARY 55 SIGNATURES 56 i PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of federal securities laws.
We also manufacture and sell rotary air motors to a wide range of industries; however, these motors comprise a de minimis portion of our business.
In fiscal 2025, our top three customers accounted for 94% of our sales compared to 88% in fiscal 2024.
This compares to fiscal 2024, when these same two customers accounted for 71% and 12%, respectively, of our total sales.
During fiscal 2025, they launched their next generation handpiece.
During the fourth quarter of fiscal 2025, the customer released the hold that it had placed on shipments of the next generation handpiece in the third quarter of fiscal 2025, and we resumed production and shipments of the next generation handpiece late in the fourth quarter of fiscal 2025.
Additionally, beginning in fiscal 2025, some of our suppliers have begun passing along tariff charges.
REMOVED
(Exact name of registrant as specified in its charter) Colorado 84-1261240 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S.
As of September 4, 2024, 3,358,057 shares of the registrant s no par value common stock were outstanding.
FORM 10 K SUMMARY 59 SIGNATURES 60 i PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of federal securities laws.
In fiscal 2024, our top three customers accounted for 88% of our sales compared to 92% in fiscal 2023.
This compares to fiscal 2023, when these same two customers accounted for 67% and 16%, respectively, of our total sales.
At June 30, 2024, we had a backlog of $19.8 million compared with a backlog of $41.6 million at June 30, 2023.
Substantially all of our backlog at June 30, 2024, as well as certain purchase orders received subsequent to June 30, 2024, are expected to be delivered during fiscal 2025.
We do not expect a reduction in fiscal 2025 revenue as compared to fiscal 2024 revenue and believe that the decline in backlog at June 30, 2024 compared to June 30, 2023 is related to timing of customer orders, although there can be no assurance that there will not be a decline in future revenue.
Additionally, $10.2 million of our backlog at June 30, 2023 related to orders expected to be delivered in fiscal 2025.
Additionally, 99% of our business relates to designing, manufacturing, and repairing medical devices.
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