Apr. 17 at 1:11 PM
$CDTI
The Audited Financials are out!!
Revenue
$9.95M — best growth rate in 3 years (+10.4%)
Gross margin 39% — 3rd straight year of expansion (35% → 38% → 39%)
Operating income +
$124K — flipped from -
$96K loss prior year
First clean GAAP net income: +
$81K. No one-time items. No tax trick.
Zero dilution — same 4.5M shares, 2nd consecutive year.
The Signal Nobody's Talking About
CapEx tripled:
$185K →
$629K. Production capacity more than doubled. Companies with
$800K cash don't triple capex without committed demand in the pipeline.
Engineering services +24% (
$1.7M →
$2.1M) — that's the decarbonization billing line, not legacy auto catalyst
Two customers = 44% of revenue. Top customer alone = ~
$3M. Previously one customer was 29%. A new major relationship quietly emerged. Something changed.