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OPXS

Optex Systems Holdings, Inc

OPXS

Optex Systems Holdings, Inc • NASDAQ
$14.38 ▼ -1.24% (-0.18)
Market Cap $99.42 M
52w High $17.76
52w Low $5.36
Dividend Yield 0%
P/E 19.17
Volume 11.60K
Outstanding Shares 6.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.11M ▲ $1.257M ▲ $1.51M ▼ 13.591% ▼ $0.22 ▼ $2.042M ▼
Q2-2025 $10.73M ▲ $1.124M ▼ $1.768M ▲ 16.477% ▲ $0.26 ▲ $2.363M ▲
Q1-2025 $8.198M ▼ $1.212M ▲ $844K ▼ 10.295% ▼ $0.12 ▼ $1.045M ▼
Q4-2024 $9.443M ▲ $1.109M ▼ $1.014M ▼ 10.738% ▼ $0.15 ▼ $1.444M ▼
Q3-2024 $9.06M $1.266M $1.261M 13.918% $0.19 $1.747M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.871M ▲ $29.18M ▲ $6.046M ▲ $23.134M ▲
Q2-2025 $3.531M ▲ $27.477M ▲ $5.893M ▲ $21.584M ▲
Q1-2025 $2.491M ▲ $24.806M ▼ $5.062M ▼ $19.744M ▲
Q4-2024 $1.009M ▲ $25.518M ▲ $6.71M ▼ $18.808M ▲
Q3-2024 $486K $24.862M $7.131M $17.731M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.51M ▼ $1.383M ▲ $0 ▲ $-43K ▼ $1.34M ▲ $1.383M ▲
Q2-2025 $1.768M ▲ $1.184M ▼ $-144K ▲ $0 ▲ $1.04M ▼ $1.05M ▼
Q1-2025 $844K ▼ $2.801M ▲ $-319K ▼ $-1M ▼ $1.482M ▲ $2.482M ▲
Q4-2024 $1.014M ▼ $753K ▲ $-228K ▲ $-2K ▼ $522.999K ▲ $545K ▲
Q3-2024 $1.261M $50K $-306K $421K $165K $-256K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Applied Optics Center AOC Dallas
Applied Optics Center AOC Dallas
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Optex Systems OPX Richardson Texas
Optex Systems OPX Richardson Texas
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Optex looks like a small but gradually growing business. Revenue has been inching higher over the last few years, and gross profit has become more solid rather than marginal. Operating and net income are still modest, but earnings per share have improved meaningfully, suggesting better efficiency and possibly a tighter share count. Overall, the income statement points to a niche company moving from “barely profitable” toward “consistently profitable,” but still operating at a small scale where swings in contracts or costs could quickly change the picture.

Balance Sheet

Balance Sheet The balance sheet appears relatively clean and simple. The asset base has grown a bit, indicating some expansion of operations, while shareholder equity has also trended upward after a softer period. The most notable point is the lack of reported debt, which reduces financial risk but also means growth is likely funded mainly through internal resources or equity, not borrowing. The small size of the balance sheet underscores that this is a focused, niche defense supplier, not a large diversified industrial player.

Cash Flow

Cash Flow Reported cash flow data is essentially flat, which likely reflects either limited disclosure detail or very small, steady flows. There is no visible sign of heavy investment spending or major cash burn, but also no clear evidence of strong surplus cash generation from operations. In practice, this usually means the company is running fairly close to self-funding levels: enough to sustain itself and invest modestly, but sensitive to any downturn in orders or delays in government or contractor payments.

Competitive Edge

Competitive Edge Optex’s main strength is its deep specialization. It dominates a narrow but critical slice of the defense market: optical periscopes and sighting systems for armored vehicles. The company holds a very high share in this niche and often serves as a sole or primary supplier on key programs. Long-term relationships with the U.S. military and major defense primes, plus tough qualification standards, create high switching costs for customers and high barriers for would‑be competitors. Vertical integration in optics and coatings further strengthens quality control and cost position. The flip side is concentration risk: the business is heavily tied to specific platforms, customers, and budgets, so program changes or defense spending shifts could have an outsized impact.

Innovation and R&D

Innovation and R&D Innovation is tightly focused on optics, coatings, and protection systems. The company’s thin‑film coating and laser protection technologies are at the core of its edge, enabling products that protect sensors and crews from laser threats and work across day, night, and thermal environments. R&D appears to be directed toward improving existing periscopes, developing newer sighting systems, and extending laser protection to new uses such as unmanned systems and advanced weapon optics. Management also signals interest in expanding into foreign and some commercial markets. Overall, Optex seems more like an incremental innovator building on a strong base than a high‑burn, speculative R&D story, with progress tied closely to winning and executing on specific defense programs.

Summary

Optex is a small, specialized defense supplier with improving profitability, a clean balance sheet, and a strong grip on a narrow market segment. Its strength lies in being the go‑to optics and laser protection provider for key armored vehicle platforms, backed by technical know‑how, vertical integration, and long‑standing defense relationships. Financially, it operates at a modest scale: revenue and earnings have been trending better, but the business remains sensitive to contract timing and program decisions. Cash flows appear steady but not abundant, reinforcing the picture of a tightly run niche operation. Future performance will depend heavily on continued success in next‑generation military programs, the ability to extend its technologies into new applications and markets, and the stability of defense spending in its core areas.