RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Cyberlux Corporation (OTC: CYBL), a leading provider of innovative defense technology systems, announced that the Company achieved a record Cash Flow quarter for the period ended December 31, 2023.
Cyberlux Corporation CEO Mark Schmidt commented on the results: “2023 proved to be a noteworthy year with the strategic restructuring of all Cyberlux business units. The reorganization sharpened our focus on core Department of Defense (DoD) activities and capitalized our strengths in Unmanned Aircraft Technology (UAS) and military communications. This initiative aimed to streamline operations and enhance the company's ability to deliver high-quality products and services to our customers. As a direct result of this strategic realignment, the company achieved immediate success by adding a combined +$105 million in booked revenue, with +$80M in UAS, +$20M in Datron Military Communications (DMC), and +$5M in Special Activities (SA). Cyberlux has positioned itself for sustained growth and continued leadership in the defense industry for 2024 and beyond.”
Financial highlights for 2023:
• Completed the acquisition of Datron system which provided a provider of communications solutions to government, militaries, and industrial users globally. Datron has a long history of product development and manufacturing quality products and has the infrastructure to support such activities.
• Secured a $79 million contract with US DoD to supply Cyberlux K8 Unmanned Aircraft Systems. Cyberlux received $39 million up front cash upon signing the contract, shipped $15 million of product during 2023, and are still holding $23 million in advance payments at December 31, 2023.
• Divested three foreign subsidiaries, which will significantly simplify Cyberlux’s business operations, financial statement, and income tax reporting. The company reported the operations of these subsidiaries as a discontinued operation in the 2023 and 2022 financial statements.
• Improved financial and accounting capabilities with the hiring of a Fractional CFO, an outsourced accounting and tax firm and the systems/capabilities of the Datron team.
• Finished the 2023 year with $3 million of cash.
• Undertook the reconciliation of equity and debt transactions from the company books to the transfer agent records. Cyberlux is in the process of having share certificates issued by its transfer agent to match the shareholder agreements, as required.
• Completed reconciliations of Cyberlux’s prior accounts, which resulted in a restatement of the 2022 revenue to $5 million.
Amidst a transformative year in 2023, the company has boldly refocused its operations, strategically divested certain assets, secured a substantial sales order from the DoD and welcomed the acquisition of Datron World Communications. With the advice and counsel of EisnerAmper, the company was able to exercise advantageous tax treatments. Cyberlux stands resolute in its commitment to growth and sustainability. Management remains steadfast in their confidence that the performance in 2023 lays a solid foundation for continued success well into the future.
For more information, please read the full 2023 Annual Report: https://www.otcmarkets.com/otcapi/company/financial-report/396408/content.
About Cyberlux Corporation
Founded in 2000, Cyberlux Corporation (OTC Bulletin Board: CYBL) is a Defense Industry technology solutions company comprised of three primary business units: Unmanned Aircraft Solutions (UAS), Datron Military Communications (DMC), and Special Activities (SA).
Unmanned Aircraft Solutions Business Unit
Cyberlux Unmanned Aircraft Solutions (UAS) is an innovative leader in advanced Group 1, Group 2, and Group 3 ‘vertical takeoff and landing’ (VTOL) drones and fixed wing technology development, manufacturing, and sales. The business unit designs, manufactures, and distributes its products and airframe systems to leading ‘first person viewing’ (FPV) and military UAS pilots on a global basis, with sales to both U.S. government agencies and allied nations through U.S foreign military sales (FMS). Cyberlux UAS offers its customers best-in-class products and comprehensive services to satisfy the requirements of the global UAS military sector. The Cyberlux UAS team is widely recognized as the authority in the industry, offering high performance products with high quality components and superior capability, in support of warfighters worldwide.
Datron Military Communications Business Unit
Datron World Communications (Datron), a subsidiary of Cyberlux, is a global leader in voice and data radio communications, serving government, military, and industrial clients in over 100 countries. Renowned for its high-performance products and comprehensive services, Datron is recognized as the industry's top-value provider, offering reliable equipment and tailored solutions to meet specific mission needs. Datron has expanded its manufacturing capabilities, producing critical components for UAS drone lines, and providing support for Cyberlux Advanced Lighting Solutions, thereby enhancing supply chain efficiency and product reliability.
Special Activities Business Unit
The Special Activities (SA) unit within Cyberlux is the company's operational powerhouse, specializing in various aspects of warfare and providing ground-level support across all business verticals. With expertise in military training, UAS operations, munitions, technology integration, and more, SA offers comprehensive solutions tailored to each client's needs. Its team comprises top-tier professionals, including retired Special Operations personnel and skilled UAS Pilots, enabling SA to deliver scalable solutions and meet diverse mission requirements with unparalleled professionalism. SA plays a pivotal role in engaging both foreign and domestic clients, gathering crucial feedback, and driving Cyberlux's research and development efforts.
For more information, please visit www.cyberlux.com. For investor information, please contact: ir_cybl@cyberlux.com.
SAFE HARBOR STATEMENT
This Press Release may contain forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's OTC/SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
