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Interlink Electronics Reports First Quarter 2024 ResultsIRVINE, Calif., May 9, 2024 /PRNewswire/ -- Interlink Electronics, Inc. (Nasdaq: LINK), a world-leading provider of sensors and printed electronic solutions that support a wide range of applications including Human-Machine Interface devices and Internet-of-Things solutions, today announced its financial results for the three months ended March 31, 2024. Revenue for the quarter was approximately $3.1 million, down 5% from the prior year period due to lower shipments of our traditional force-sensor products and gas-sensor products, offset in part by sales of our new membrane keypads, graphic overlays, printed electronics and industrial label products at Calman Technology Limited, acquired in March 2023. The change in our sales and product mix impacted our gross margin, which was 40.1% for the current quarter compared to 48.4% in the prior-year quarter. The following table sets forth the consolidated financial highlights.
"We experienced lower demand during the first quarter from certain of our larger force-sensor customers, adversely impacting our revenue and gross margin. We do not expect a significant rebound in order-flow from these customers for the remainder of the year. However, we are seeing traction from several new customers of both our force-sensor and gas-sensor products that we believe have the potential to meaningfully impact revenues in 2025 and beyond," said Steven N. Bronson, Chairman, President, and CEO of Interlink Electronics. "We continue to make the necessary investments in human capital and in upgrading our facilities and global manufacturing capabilities to support the growth strategy of our business." About Interlink Electronics, Inc. Interlink Electronics is a world-leading provider of sensors and printed electronic solutions that support a wide range of applications, including Human-Machine Interface ("HMI") devices and Internet-of-Things ("IoT") solutions, utilizing our expertise in materials science, manufacturing, firmware and software to produce in-house system solutions for custom specifications. We have a proven track record of supplying mission-critical technological solutions in diverse markets including medical devices, automotive, gas detection and environmental quality monitoring, oil and gas and general industrial, and consumer electronics, providing standard and custom-designed sensors that provide the flexibility and functionality needed for today's sophisticated applications. The Company's products and solutions currently focus on three main fields:
We serve our international customer base from our corporate headquarters in Irvine, California; our Global Product Development and Materials Science Center and distribution and logistics center in Camarillo, California; our advanced printed-electronics manufacturing facilities in Shenzhen, China, and Irvine, Scotland; and our proprietary gas sensor production and product development facility in Silicon Valley, California. For more information, please visit www.InterlinkElectronics.com. Forward Looking Statements This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements in this press release include statements about our projected revenues and earnings and our acquisition program and the effects of recent acquisitions, including contributions to our products, manufacturing operations and the markets we serve. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the company's forward-looking statements include, among other things, the following: our success in predicting new markets and the acceptance of our new products; efficient management of our infrastructure; the pace of technological developments and industry standards evolution and their effect on our target product and market choices; the effect of outsourcing technology development; changes in the ordering patterns of our customers; a decrease in the quality and/or reliability of our products; protection of our proprietary intellectual property; competition by alternative sophisticated as well as generic products; continued availability of raw materials for our products at competitive prices; disruptions in our manufacturing facilities; risks of international sales and operations including fluctuations in exchange rates; compliance with regulatory requirements applicable to our manufacturing operations; and customer concentrations. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contact:
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