KITS Eyecare Reverses Fortune To An Annual Net Income In 2024, 32% Revenue Jump
KITS Eyecare (TSX: KITS) has released its fourth quarter and full year 2024 financial results, posting quarterly revenue of $44.8 million, a 42% jump from $31.7 million in the same period last year.
The quarter also saw glasses revenue rise substantially, from $4.1 million to $6.5 million. Over the full year, KITS generated $159.3 million in revenue, a 32% increase from the $120.5 million reported in 2023.
Quarterly gross profit also rose to $16.3 million from $11.1 million a year earlier, increasing gross margin from 35.0% to 36.3%. Gross profit for the year reached $53.7 million, advancing from $40.8 million the previous year, although the full-year gross margin of 33.7% was slightly lower than last year’s 33.8%.
Net income improved to $2.7 million for the quarter, up from a net loss of $0.5 million the previous year. The swing is also mirrored in the annual figure, with the firm ending the year with a net income of $3.1 million from a net loss of $2.2 million last year.
The company’s focus on scaling operations also bolstered EBITDA to $4.9 million, up from a slight loss in Q4 2023. Adjusted EBITDA climbed from $0.9 million to $2.9 million, representing a 6.5% margin compared to 2.7% in the prior-year period. Management points to Q4 2024 as its ninth straight quarter of positive adjusted EBITDA.
The figures bode well on an annual basis. EBITDA for 2024 ended at $8.1 million from last year’s $0.8 million. Adjusted EBITDA for the year came in at $6.4 million, up from 2023’s $2.3 million.
Cash and cash equivalents stood at $19.3 million at year-end, compared to $16.0 million twelve months earlier.
Looking ahead, KITS management projects Q1 2025 revenue between $46 million and $48 million, with adjusted EBITDA as a percentage of revenue forecasted at 4% to 6%.
KITS last traded at $8.70 on the TSX.
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