MINNETONKA, Minn., March 19, 2025 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ:ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2024.

Annual revenue of $9.4 million, up 9.6% over prior year
Gross Margin of 48.9%
Cash and investments of $10.0 million

Table in thousands, except per share data

	FY24			FY23			Change
Net Sales	$	9,373		$	8,555		9.6	%
Gross Margin		48.9	%		49.6	%	(70)	bps
Operating Income (Loss)	$	(4)		$	(28)		85.7	%
Operating Income (Loss) Margin		(0.0)	%		(0.4)	%	40	bps
Income Before Income Taxes	$	436		$	378		15.3	%
Earnings Per Share (diluted)	$	0.13		$	0.08		62.5	%

Net sales during 2024 increased 9.6% to $9,373,000 from $8,555,000 in the prior year. The increase in net sales was largely driven by higher sales of HazardPRO wireless sensors in agricultural applications. International sales increased slightly to 11.5% of net sales compared to 10.3% of net sales for the prior year.

"We are pleased to have achieved record annual revenue in 2024," said David L. Klenk, Electro-Sensors' president. "We experienced growth in both our wired and wireless product families, with sales of HazardPRO^TM wireless products growing at a somewhat faster rate than our traditional wire-based products.

A full analysis of results for the year ended December 31, 2024 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.

Electro-Sensors, Inc. Statements of Income For the Years Ended December 31, 2024 and 2023 (in thousands except share and per share amounts)
		Years Ended December 31,
	2024			2023
Net sales	$		9,373	$	8,555
Cost of goods sold			4,791		4,310
Gross profit			4,582		4,245

Operating expenses			4,586		4,273

Operating loss			(4)		(28)

Non-operating income, net			440		406

Income before income taxes			436		378

Income tax expense (benefit)			(10)		103

Net income	$		446	$	275

Earnings per share – diluted	$		0.13	$	0.08
Average shares outstanding - diluted			3,435,040		3,428,021

Electro-Sensors, Inc. Balance Sheets December 31, 2024 and 2023 (in thousands)
	December 31
	2024		2023
Assets

Current Assets
Cash and investments	$	10,004	$	9,926
Trade receivables, net		1,309		1,283
Inventories		1,964		1,751
Other current assets		197		179
Total current assets		13,474		13,139

Deferred income tax asset		501		355
Property and equipment, net		910		951
Total assets	$	14,885	$	14,445

Liabilities and Stockholders' Equity

Current Liabilities
Accounts payable and accrued expenses	$	552	$	690
Total current liabilities		552		690

Stockholders' equity
Common stock		344		342
Additional paid-in capital		2,360		2,230
Retained earnings		11,629		11,183
Total stockholders' equity		14,333		13,755

Total liabilities and stockholders' equity	$	14,885	$	14,445

2025 Annual Meeting of Shareholders

Our Annual Meeting will be held via live webcast on April 23, 2025 at 2:00 PM Central Time at www.virtualshareholdermeeting.com/ELSE2025. Please retain a copy of the 16 digit Control Number that is printed on your proxy card as you will need it to enter the Annual Meeting as a verified shareholder. Shareholders will be able to vote in this virtual meeting as if they were attending an in-person meeting. Shareholders may submit questions prior to the start of the meeting at https://www.electro-sensors.com/about/investor-info under Investor Contact - Email Gloria.

About Electro-Sensors

Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Electro-Sensors is proud to be an ISO9001:2015 quality certified company and is committed to providing excellent customer service and technical support. Founded in 1968 and located in Minnetonka, Minnesota, Electro-Sensors provides its loyal customers with reliable products that improve safety and help plants operate with greater efficiency, productivity and control.

Cautionary Statement Regarding Forward Looking Statements

This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward−looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.

For more information please visit our website at: www.electro-sensors.com. Also look us up on:

LinkedIn: linkedin.com/company/electro-sensors-inc-

X: x.com/ESIsensors

Facebook: facebook.com/ElectroSensors

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SOURCE Electro-Sensors, Inc.