Optex Systems Holdings Inc

ir.stockpr.com

What Do They Do?

Manufactures optical sighting systems, periscopes and night-vision assemblies for U.S. and foreign military customers, defense contractors and commercial buyers.

How Do They Make Money?

Customers generally pay for each specified quantity of optical products after delivery, under payment terms generally due within thirty to sixty days after title and control transfer. One ongoing weapon-system support contract is paid in fixed monthly increments over its maintenance period.

revenue

Segment	Share	Revenue	How money arrives
Optex Systems (OPX) - Richardson, Texas Sold outright	57% FY2022: 43%		Sold outright
Applied Optics Center (AOC) - Dallas Sold outright	45% FY2022: 61%		Sold outright

Who Are Their Customers?

U.S. government agencies, defense contractors, foreign military buyers and commercial optics companies buy the products. The company sells directly to military customers and also supplies defense contractors and commercial customers.

Customers above 10% of revenue, FY2025

of revenue from five customers (29%, 19%, 10%, 6%, 6%)

FY2024: 77% from six customers

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.

Operating income, FY2025

17% of revenue

▲ +48% vs FY2024 ($4.8M, 14%)

Net income, FY2025

12% of revenue

▲ +37% vs FY2024 ($3.8M, 11%)

Free cash flow, FY2025

16% of revenue

▲ +485% vs FY2024 ($1.1M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 28, 2026

Revenue: ▼ −12%; vs $11.1M in Q3 FY2025
Net income: ▼ −15%; vs $1.5M in Q3 FY2025

Optex Systems (OPX) - Richardson, Texas share of revenue vs 61.6% in Q3 FY2025

Aug 11, 2026 Optex reiterated fiscal 2026 revenue and adjusted EBITDA guidance It expects revenue of $43 million to $45 million and adjusted EBITDA of $7.5 million to $8.5 million for fiscal 2026.
Jun 17, 2026 The CFO plans to resign when her agreement ends Karen Hawkins intends to leave the CFO and secretary roles effective December 31, 2026; the company has begun seeking a replacement.

Growing. Revenue grew 2.3x in 4 years, from $18.2M in FY2021 to $41.3M in FY2025, about 23% a year.

Expanded customer markets The latest report describes sales to foreign military customers and commercial markets alongside U.S. defense work; the earlier report described the business primarily as serving Department of Defense applications.

Revenue over time

Optex Systems (OPX) - Richardson, Texas Applied Optics Center (AOC) - Dallas

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Gus Periscopes, Materion-Barr, G&H Artemis, and Alluxa

Comments