Syntec Optics Holdings, Inc. (Nasdaq: OPTX) Reports Full Year 2024 and First Half 2025 Financial Results

Adjusted EBITDA Grew to 15.3% in the First Half of 2025 Compared to 7.7% in Full-Year 2024, First Half 2025 Earnings per Share Rises to $0.00 from Negative $0.03 in 2024

ROCHESTER, NEW YORK, Oct. 06, 2025 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (“Syntec Optics” or the “Company”) (Nasdaq: OPTX), a leading provider of mission-critical products to advanced technology defense, biomedical, and communications equipment & scientific instruments manufacturers, reported financial and operational results for the full year 2024 and first half 2025.

Full Year 2024 Financial Highlights

• Sales from products increase by $1.9 million year-over-year
• Adjusted EBITDA of $2.2 million was positive but down $3.1 million from the 2023 adjusted EBITDA of $5.3 million
• Cash, including available lines of credit, was nearly $5.1 million

First Half 2025 Financial Highlights

• Net Sales of $13.6 million, up $0.3 million from $13.3 million compared to 2024
• Adjusted EBITDA as a percentage of revenue increased to 15.3% for the six months ended June 30, 2025, compared to 5.8% for the same period in 2024
• Cash, including available lines of credit, was $4.3 million
• 8% of principal on commercial bank lines was paid down during the six months ended June 30, 2025
• Net income for the six-month period ending June 30, 2025, improved by $0.9 million versus the same period in 2024

Operational and Business Highlights

• Entered a new end-market - Energy - by enabling light for space-based solar power and grid-scale fusion energy products in the first half of 2025
• Strengthened the management team in the first part of 2025 for public markets
• Continued production on night vision goggles, integrated scope, and other aiming scope optics for defense in 2024 and the first half of 2025
• Continued production for disposable optics for biomedical diagnostics in 2024 and the first half of 2025
• Continued production for Low Earth Orbit Satellite Space Optics in 2024 and the first half of 2025
• Launched one new product in optical connectivity for Artificial Intelligence deployment-based scaling of data centers in 2024, and started production runs in the first half of 2025
• Initiated engineering that expands the space optics line of products into new products for complementary ground networks and satellite path tracking

The calendar year 2024 was marked by record-high Net Sales and growth within the new end-market – Communications, a double-digit increase. This includes sales for Space Optics and AI-driven Data Center optical connectivity.

Syntec Optics leveraged a robust platform and continued to innovate, offering products for existing markets and utilizing existing capabilities to serve existing customers. Space Optics reached higher production levels. Next, low-weight hybrid optics used in night vision goggle systems are finalizing volume production OEM acceptances. Production ramp occurs after the product is produced on a higher volume line, meets customer specifications, and is integrated into the end product by the customer for final OEM acceptance.

Full Year 2024 Financial and Operating Results

Sales from products increase by $1.9 million year-over-year in the Net Sales of $28.4 million, reflecting strong gains in capacity utilization and robust product demand while moving from pilot plant to mass production on several major product lines.

Adjusted EBITDA of $2.2 million decreased from the 2023 adjusted EBITDA of $5.3 million, primarily driven by the decrease in net income resulting from the costs associated with the company’s transition and reorganizing for public markets, which the company believes can be reduced in the years to follow. 

Specifically for the fourth quarter, we provided guidance at our last call that fourth-quarter revenue would exceed $7.4 million. Our actual revenue for the quarter was $7.3 million. 

We are pleased to announce that in 2024, we invested $3.3 million in state-of-the-art equipment to enhance our capacity to reliably service our customers. These investments will enable us to continue developing our key technologies for our customers in 2025 and beyond. 

First Half 2025 Financial and Operating Results

Sales for the six months ended June 30, 2025, totaled $13.6 million, an increase of $0.3 million from the same period in 2024. This growth was driven by increases in biomedical industry sales of $0.8 million and defense tech industry sales of $0.6 million.  

Gross profit for the six months was $3.9 million, a $1.0 million improvement over 2024’s $2.9 million gross profit, moving our gross margin from 22% for the six months ending June 30, 2024, up to 29% for the six months ending June 30, 2025.  Improvements across materials, labor, and manufacturing overhead all contributed to the improvements as the Company drives towards greater efficiencies. The company believes it will continue to improve gross profits as yields improve.

General and administrative expenses for the six months ending June 30, 2025, were $3.5M, a $0.6 million reduction from 2024. There were reductions of $0.4 million in outside consulting, $0.1 million in travel.

Adjusted EBITDA of $2.1 million increased by $1.2 million from the first half of the prior year, resulting in our adjusted EBITDA as a percentage of revenue rising from 5.8% in 2024 in the same period to 15.3% for the six months ended June 30, 2025, representing a significant improvement in profitability. 

The Company ended the second quarter of 2025 with unused lines of credit totaling $1.5 million and $2.8 million, as well as a paydown of 8% principal on other commercial bank lines for the six months ended June 30, 2025.

Net income for the six-month period ending June 30, 2025, of $0 million was an improvement of $0.9 million versus the same period in 2024, reflecting a $1.0 million improvement in gross profit and a $0.6 million reduction in general and administrative expenses, partially offset by increased interest and other expenses.   

Future Growth

Syntec Optics’ strategy is to lead the large yet often overlooked market for light-enabled products by offering a diverse product portfolio tailored to the needs of blue-chip customers. This approach leverages our operational strengths, including the horizontal and vertical integration of optics manufacturing processes and techniques. We believe that, as more products become light-enabled, we will continue to have growth opportunities for many years to come. Here is how we are currently executing on our strategy.

We have implemented a clear, three-pronged execution plan that provides a roadmap for sustainable growth and involves everyone in the company, including technicians who design and manufacture the intricate optics. By focusing first on operational excellence, then scaling our talented team, and finally expanding into new, high-growth, light-enabled markets, we are positioning Syntec Optics to capitalize on the immense opportunities.

The Company’s execution plan is centered on the following three pillars:

1.   Operational Excellence to Maximize Capacity: The first prong focuses on improving yield and maximizing capacity utilization to meet robust demand for our current products. All key customers are demanding increased volumes, in most cases, 20%, 50% to 100% higher than we are currently delivering. The Company is deploying enhanced operations KPIs, daily technician meetings (DTMs), and ERP dashboards to provide real-time data for decision-making. This initiative targets increased efficiency in key growth areas: LEO Satellite Optics (Communication), Aiming / Night Vision / Integrated Scopes Optics (Defense), Artificial Intelligence-driven Data Center Optics (Communication), and Hospital Diagnostic Optics (Biomedical). This execution builds upon our highly defensible model of vertical and horizontal integration.
2.   Scaling Production with Increased Staffing: Second, simultaneously targeted yield improvements from 40%-50% in some cases to 95%, Syntec is increasing staffing on night shifts. This will allow the Company to continue scaling its production platforms, ensuring it can not only satisfy existing customer demand but also prepare for the next wave of growth from new and emerging applications.
3.   Expansion into New Breakthrough Applications: The third prong centers on innovation and market expansion. As more products across end-markets become light-enabled, Syntec is securing new customers in breakthrough applications. Key new areas of delivering products include Fusion Energy (a new end-market), Hyperspectral Imaging (Defense), Ground Network for Satellite Communications (Space), and furthering Quantum Computing / DNA Sequencing, all simultaneously positioning the Company at the forefront of next-generation technology.

Syntec intends to codify this execution plan so that it can be applied to future inorganic growth through acquisitions.  

About Syntec Optics

Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom and diverse end-market optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. As more products become light-enabled, Syntec Optics continues to add more product lines, including recent Low Earth Orbit (LEO) satellite optics for communication, lightweight night vision goggle optics for defense, biomedical optics for defense, and data center optics for Artificial Intelligence. To learn more, visit www.syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Syntec Optics, market size, and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings including registration statement on Form S-4 filed with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2024 AND 2023

		2024				2023
		2024				2023
ASSETS
Current Assets
Cash		$	598,787			$	2,158,245
Accounts Receivable, Net			5,739,205				6,800,064
Inventory			6,953,278				5,834,109
Prepaid Expenses and Other Assets			596,589				359,443
Income Tax Receivable			9,794				-
Total Current Assets			13,897,653				15,151,861
Property and Equipment, Net			11,668,859				11,101,052
Intangible Assets, Net			-				295,000
Deferred Tax Asset			439,942				-
Total Assets		$	26,006,454			$	26,547,913
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable		$	2,706,392			$	3,042,315
Accrued Expenses			814,600				1,071,256
Federal Income Tax Payable			-				370,206
Deferred Revenue			36,512				-
Line of Credit			6,263,863				6,537,592
Current Maturities of Debt Obligations			467,742				362,972
Current Maturities of Finance Lease Obligations			284,002				-
Total Current Liabilities			10,573,111				11,384,341
Long-Term Liabilities
Long-Term Debt Obligations			2,614,812				2,024,939
Long-Term Finance Lease Obligations			1,784,449				-
Deferred Income Tax			-				74,890
Total Long-Term Liabilities			4,399,261				2,099,829
Total Liabilities			14,972,372				13,484,170
Commitments and Contingencies			-				-
Stockholder’s Equity
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,688,266 issued and outstanding as of December 31, 2024; 36,688,266 issued and outstanding as of December 31, 2023			3,669				3,669
Common Stock Value			3,669				3,669
Additional Paid-In Capital			2,377,204				1,927,204
Retained Earnings			8,653,209				11,132,870
Total Stockholder’s Equity			11,034,082				13,063,743
Total Liabilities and Stockholder’s Equity		$	26,006,454			$	26,547,913

SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		2024				2023
Net Sales		$	28,449,941			$	29,441,180
Cost of Goods Sold			22,747,615				21,520,189
Gross Profit			5,702,326				7,920,991
General and Administrative Expenses			8,278,720				6,379,879
Income (Loss) from Operations			(2,576,394	)			1,541,112
Other Income (Expense)
Other Income			346,835				370,914
Interest Expense, Including Amortization of Debt Issuance Costs			(764,934	)			(654,765	)
Total Other (Expense)			(418,099	)			(283,851	)
(Loss) Income Before Provision for (Benefit) Income Taxes			(2,994,493	)			1,257,261
Provision (Benefit) for Income Taxes			(514,832	)			(719,172	)
Net Income (Loss)		$	(2,479,661	)		$	1,976,433
Net Income (Loss) per Common Share
Basic and diluted		$	(0.07	)		$	0.06
Weighted Average Number of Common Shares Outstanding
Basic and diluted			36,688,266				32,366,725

SYNTEC OPTICS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		2024				2023
Cash Flows From Operating Activities
Net (Loss) Income		$	(2,479,661	)		$	1,976,433
Adjustments to Reconcile (Loss) Income to Net Cash (Used In)
Provided By Operating Activities:
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities:
Depreciation and Amortization			2,765,713				2,769,284
Amortization of Debt Issuance Costs			15,057				12,451
Stock-Based Compensation			450,000				-
Grant Revenue Income			-				(300,000	)
Gain on Disposal of Property and Equipment			(309,000	)			-
Change in Allowance for Expected Credit Losses			(121,767	)			(25,820	)
Change in Reserve for Obsolescence			186,285				124,911
Deferred Income Taxes			(514,832	)			(1,199,214	)
(Increase) Decrease in:
Accounts Receivable			1,182,626				(848,520	)
Inventory			(1,305,454	)			(2,332,660	)
Prepaid Expenses and Other Assets			(237,146	)			340,298
Increase (Decrease) in:
Accounts Payables and Accrued Expenses			(231,163	)			2,493,826
Federal Income Tax Payable			(380,000	)			129,328
Deferred Revenue			36,512				(348,095	)
Net Cash (Used In) Provided By Operating Activities			(942,830	)			2,792,222
Cash Flows From Investing Activities
Purchases of Property and Equipment			(1,239,866	)			(1,921,181	)
Proceeds from Disposal of Property and Equipment			309,000				-
Net Cash Used in Investing Activities			(930,866	)			(1,921,181	)
Cash Flows From Financing Activities
(Repayments) Borrowing on Line of Credit, Net			(273,729	)			137,592
Borrowing on Debt Obligations			1,100,388				1,745,573
Repayments on Debt Obligations			(420,802	)			(2,908,502	)
Repayments on Finance Lease Obligations			(91,619	)			-
Cash proceeds from OLIT			-				45,946
Net proceeds from OLIT Trust			-				1,802,479
Distributions			-				(62,065	)
Net Cash Provided By Financing Activities			314,238				761,023
Net Decrease in Cash			(1,559,458	)			1,632,064
Cash - Beginning			2,158,245				526,182
Cash - Ending		$	598,787			$	2,158,245
Supplemental Cash Flow Disclosures:
Cash Paid for Interest		$	738,010			$	652,778
Cash Paid for Taxes		$	568,143			$	283,561
Supplemental Disclosures of Non-Cash Investing Activities:
Assets Acquired and Included in Accounts Payable and Accrued Expenses		$	198,584			$	642,547
Issuance of finance lease for acquisition of equipment		$	2,160,070			$	-
De-recognition of PPE and Intangible Asset transaction		$	560,000			$	-

NON-GAAP RECONCILIATION OF EBITDA
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		2024				2023
Net (Loss) Income		$	(2,479,661	)		$	1,976,433
Stock-Based Compensation expense			450,000				-
Depreciation & Amortization			2,765,713				2,769,284
Amortization of Debt Issuance Costs			9,222				12,451
Interest Expenses			738,010				642,314
Taxes			(514,832	)			(719,172	)
Non-Recurring Items
Anomalous Executive Transition expenses			379,389				-
Nonrecurring professional Fees			174,500				-
Technology Start-up Costs			344,496				-
Optical Molding Evaluation Expenses			201,908				-
Glass Molding Evaluation Expenses			130,196				-
Sale of Equipment & Accessories			-				(10,068	)
Transaction Filing Fees			-				344,752
Management Fees & Expenses			-				318,334
Adjusted EBITDA		$	2,198,941			$	5,334,328

SYNTEC OPTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2025 AND DECEMBER 31, 2024

		2025 (unaudited)				2024
ASSETS
Current Assets
Cash		$	287,085			$	598,787
Accounts Receivable, Net			6,038,305				5,739,205
Inventory			7,992,617				6,953,278
Income Tax Receivable			-				9,794
Prepaid Expenses and Other Assets			321,301				596,589
Total Current Assets			14,639,308				13,897,653
Property and Equipment, Net			10,385,435				11,668,859
Deferred Tax Asset			270,360				439,942
Total Assets		$	25,295,103			$	26,006,454
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable		$	1,854,077			$	2,706,392
Accrued Expenses			821,676				814,600
Deferred Revenue			33,993				36,512
Line of Credit			6,763,863				6,263,863
Current Maturities of Debt Obligations			482,973				467,742
Current Maturities of Finance Lease Obligations			340,492				284,002
Total Current Liabilities			10,297,074				10,573,111
Long-Term Liabilities
Long-Term Debt Obligations			2,372,985				2,614,812
Long-Term Finance Lease Obligations			1,611,218				1,784,449
Total Long-Term Liabilities			3,984,203				4,399,261
Total Liabilities			14,281,277				14,972,372
Commitments and Contingencies			-				-
Stockholders’ Equity
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,920,226 issued and outstanding as of June 30, 2025; 36,688,266 issued and outstanding as of December 31, 2024;			3,692				3,669
Common stock value			3,692				3,669
Additional Paid-In Capital			2,377,181				2,377,204
Retained Earnings			8,632,953				8,653,209
Total Stockholders’ Equity			11,013,826				11,034,082
Total Liabilities and Stockholders’ Equity			25,295,103				26,006,454

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net Sales		$	6,559,455			$	7,006,000			$	13,628,497			$	13,261,908
Cost of Goods Sold			4,961,489				4,831,673				9,721,913				10,380,138
Gross Profit			1,597,966				2,174,327				3,906,584				2,881,770
General and Administrative Expenses			1,744,216				2,015,783				3,524,382				4,130,326
Income (Loss) from Operations			(146,250	)			158,544				382,202				(1,248,556	)
Other Income (Expense)
Interest Expense, Including Amortization of Debt Issuance Costs			(208,969	)			(167,242	)			(409,865	)			(327,109	)
Other Income			11,298				319,623				16,995				338,972
Total Other (Expense)			(197,671	)			152,381				(392,870	)			11,863
Income (Loss) Before Provision for (Benefit) Income Taxes			(343,921	)			310,925				(10,668	)			(1,236,693	)
Provision (Benefit) for Income Taxes			-				29,082				9,588				(309,393	)
Net (Loss) Income		$	(343,921	)		$	281,843			$	(20,256	)		$	(927,300	)
Net Income (Loss) per Common Share
Basic and diluted		$	(0.01	)		$	0.01			$	(0.00	)		$	(0.03	)
Weighted Average Number of Common Shares Outstanding
Basic and diluted			36,920,226				36,688,266				36,920,226				36,688,266

SYNTEC OPTICS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

		2025				2024
Cash Flows From Operating Activities
Net Loss		$	(20,256	)		$	(927,300	)
Adjustments to Reconcile Loss to Net Cash (Used In)
Provided By Operating Activities:
Adjustments to Reconcile (Loss) Income to Net Cash (Used In) Provided By Operating Activities:
Depreciation and Amortization			1,387,427				1,385,606
Amortization of Debt Issuance Costs			4,834				4,387
Gain on Disposal of Property and Equipment			-				(309,000	)
Change in Allowance for Expected Credit Losses			75,727				(24,395	)
Change in Reserve for Obsolescence			(18,881	)			291,576
Deferred Income Taxes			-				(357,994	)
(Increase) Decrease in:
Accounts Receivable			(374,827	)			885,368
Inventory			(1,020,458	)			(1,958,557	)
Decrease in Federal Income Tax Receivable			179,376				-
Prepaid Expenses and Other Assets			275,288				57,309
Increase (Decrease) in:
Accounts Payables and Accrued Expenses			(344,470	)			(993,406	)
Federal Income Tax Payable			-				(318,240	)
Deferred Revenue			(2,519	)			280,763
Net Cash Provided By (Used In) Operating Activities			141,241				(1,983,883	)
Cash Flows From Investing Activities
Purchases of Property and Equipment			(604,772	)			(254,767	)
Proceeds from Disposal of Property and Equipment			-				309,000
Net Cash (Used in) Provided in Investing Activities			(604,772	)			54,233
Cash Flows From Financing Activities
(Repayments) Borrowing on Line of Credit, Net			500,000				(273,729	)
Borrowing on Debt Obligations			-				1,100,388
Repayments on Debt Obligations			(231,430	)			(224,775	)
Repayments on Finance Lease Obligations			(116,741	)			-
Net Cash Provided By Financing Activities			151,829				601,884
Net Decrease in Cash			(311,702	)			(1,327,766	)
Cash - Beginning			598,787				2,158,245
Cash - Ending		$	287,085			$	830,479
Supplemental Cash Flow Disclosures:
Cash Paid for Interest		$	409,579			$	276,809
Cash Paid for Taxes		$	-			$	537,510
Supplemental Disclosures of Non-Cash Investing Activities:
Assets Acquired and Included in Accounts Payable and Accrued Expenses		$	40,362			$	651,736
Issuance of restricted stock from stock-based compensation		$	23			$	-

NON-GAAP RECONCILIATION OF EBITDA
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net (Loss) Income		$	(343,921	)		$	281,843			$	(20,256	)		$	(927,300	)
Depreciation & Amortization			676,623				692,194				1,387,427				1,389,993
Debt Issuance Costs			2,418				-				4,834				-
Interest Expenses			207,623				164,828				409,579				322,722
Taxes			-				29,082				9,588				(309,393	)
Non-Recurring Items
Executive Transition			135,246				-				249,189				-
One time Contract exit costs			11,750				-				21,063				-
Non-recurring property damage			-				-				21,261				-
Professional & Transaction Fees			-				-				-				25,265
Technology Start-up Costs			-				-				-				165,034
Optical Molding Evaluation Expenses			-				-				-				38,104
Glass Molding Evaluation Expenses			-				-				-				68,392
Adjusted EBITDA		$	689,739			$	1,167,947			$	2,082,685			$	772,817

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