Hydromer Inc., a leader in surface modification and coating solutions, has disclosed its preliminary unaudited financial results for the year ending December 31, 2024, showcasing a notable 12% decrease in total revenue to $3.59 million. This downturn is attributed to the attrition of legacy programs and a lack of sufficient investment in research and development, which has impeded the company's capacity to innovate and cater to the dynamic needs of its customers.
On a cash-adjusted basis, the company faced a normalized net loss of $83,000, after considering non-cash expenses like amortization and stock-based compensation. Michael Torti, CEO of Hydromer, recognized these financial hurdles but reaffirmed the company's dedication to restructuring and pursuing avenues for growth. Among the pivotal strategies are enhanced investments in new product development, the fortification of customer relationships, and the exploration of new market opportunities.
A cornerstone of Hydromer's strategy is the development of a next-generation UV-curable coating formulation. This innovation holds the promise of unlocking new applications and revenue streams, marking a vital effort to refresh the company's product offerings and meet the demands of high-growth markets. With a rich history spanning over forty years in surface modification, Hydromer is poised to utilize its deep expertise in polymer research and development to navigate these challenges.
Operating across the United States, Europe, and Asia-Pacific, Hydromer provides unique coating formulations and specialized manufacturing services. As the company moves forward, its focus remains on achieving operational efficiency and sustainable growth, with an emphasis on delivering solutions that resonate with industry trends and customer expectations. For more information on Hydromer's initiatives and technologies, visit https://www.hydromer.com.
