SMTC CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Mar 17, 2021. Its latest SEC filing is a 15-12G from Apr 15, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides electronics manufacturing and design services, including circuit-board assembly and system integration, for equipment makers, technology companies and government customers.

How Did They Make Money?

The company earns revenue from custom electronics manufacturing as products are made, from engineering as services are performed, and from excess inventory when it ships.

FY2020 revenue

Who Were Their Customers?

SMTC sells through direct sales teams and U.S. territorial representatives and marketing agencies. Its customers include equipment makers, technology companies, and defense and other government organizations.

Customers above 10% of revenue, FY2021

of revenue from one customer

FY2018: 11% from one customer

Did Revenues Turn Into Profits?

Not on paper. It lost $581K in FY2020, but brought in more cash than it spent: $2.8M of free cash flow.

Operating income, FY2020

2% of revenue

Net income, FY2020

0% of revenue

Free cash flow, FY2020

1% of revenue

How Were They Changing?

Since the FY2020 annual report

Apr 5, 2021 H.I.G. completed its acquisition of SMTC, making it a private company SMTC's common stock ceased trading on Nasdaq after the merger closed.

Grew. Revenue grew 2.3x in 4 years, from $167.9M in FY2016 to $386.5M in FY2020, about 23% a year.

Quick-turn manufacturing SMTC added a Billerica quick-turn manufacturing capability, designed to speed product launches and let customers scale into a lower-cost site, alongside its earlier new-product-introduction and manufacturing services.

Who Did They Compete With?

Competes with Celestica, Flextronics International, Jabil Circuit, Sanmina, Benchmark Electronics, Plexus, Key Tronic, IEC, and Sigmatron

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