ADM Tronics Unlimited Inc (OTCQB: ADMT) is a Northvale, New Jersey-based company that operates two distinct businesses: manufacturing and selling water-based chemical products, and providing engineering services for medical devices and electronics. Revenue comes from direct product sales of water-based primers, adhesives, coatings, and resins, as well as fee-for-service and project-based engineering, development, and regulatory work for unaffiliated customers. Customer concentration is material: two customers accounted for 48% of net revenue and 55% of accounts receivable for the fiscal year ended March 31, 2025. Products are distributed directly from the Northvale headquarters or through stocking distributors via common carrier. The company leases approximately 16,000 square feet of combined office, manufacturing, and warehouse space at a monthly rent of $8,906, with the lease expiring June 2028. As of March 31, 2025, there were 67,588,492 shares of common stock outstanding.

Revenue model

Two revenue streams: transactional sales of water-based chemical products (primers, adhesives, coatings, resins) sold directly or through distributors, and engineering services billed on a fee-for-service or project basis to customers in medical devices and electronics.

Products and services

Water-based primers and adhesives for binding plastic films, metal foils, and papers; water-based coatings and resins for the printing industry; chemical additives; engineering, development, regulatory, and manufacturing services for medical devices, electronics, and other technologies.

Customers and end markets

End markets include medical devices, electronics, printing, and flexible packaging. Two customers accounted for 48% of net revenue and 55% of accounts receivable as of and for the fiscal year ended March 31, 2025, indicating high customer concentration. Contract manufacturing customers and stocking distributors also form part of the customer base.

Value-chain role

Manufacturer of specialty water-based chemical products and contract engineering/development services provider. Products are shipped FOB shipping point directly or via stocking distributors. The company performs design, development, regulatory, and manufacturing work on behalf of unaffiliated customers.

Geographic exposure

Operations headquartered in Northvale, New Jersey. Products distributed from Northvale directly to customers or through distributors. No international geographic breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2025-07-14

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