Cemtrex Inc.

Greetings and welcome to the CEMTRAC's first quarter 2024 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. We are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to provide or publicly release the statements of any revision to these forward-looking statements in light of new information or future events. Throughout the days, discussion, we will attempt to present some information factors relating to our business that may affect our predictions. We should also review our most recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results was issued this afternoon and is available in the Investor Relations section of our company's website, 10Tracks.com. Your host today, Dagar Gobal, Chief Executive Officer, and Paul Wyckoff, Chief Financial Officer, will present unaudited results of the operations for the first quarter ended December 31st, 2023. At this time, I will turn the call over to SunTrack's Chief Executive Officer, Dagar Gobal.

Thank you, Operator, and good afternoon, everyone.

I'm pleased to welcome you to today's first quarter 2024 financial results conference call. The first quarter of fiscal year 2024 was highlighted by the company's realignment and operating performance improvement. For the first quarter, Thumbtrix had revenue of $16.9 million, an increase of 41%. For the first quarter, our gross margin held at 42%, supported by operational improvements. We continue to expect increases in our gross margin going forward over time as we make further enhancements in our business. During the quarter, We took additional steps to reduce operating expenditures, including a $1 million reduction in our overhead in our security segment that should start to be realized in our fiscal second quarter going forward. Operating loss for the first quarter improved to .7 million compared to an operating loss of 2 million a year ago. We also believe that there's room within our inventory and asset base to draw extra liquidity in order to maintain a healthy cash position. Revenues in our security segment were led by Vicon with first quarter revenues improving 31% to $9.2 million. Vicon orders during the first quarter reflected its ability to capture repeat customers with a recent $0.8 million second phase order from a current school district customer in New Jersey to develop a security technology system with new solutions, expanding on the customer's previous order. Vicon's award-winning Roughneck cameras and Valerius video management software solutions are being chosen to meet the unique challenges and locations ranging from border protection, correction facilities, and schools that require an advanced solution of technologies to monitor people and protect areas. Increasing modernization of the current security infrastructure is accelerating the growth of the border security market, driven by the rise of geopolitical instabilities and an increase in border threat assessments. As customers seek to modernize their current security infrastructure, Vicon continues to stand out with its advanced technologies and products. Vicon launched a new cloud security platform called Anavio that integrates video access and intercom in one easy-to-use system powered by AI and face-based authentication. This new cloud platform allows us to create more value in our business over time by evolving Vicon into a recurring revenue business model. Additionally, with AI at the core of our roadmap and Inavio, we're excited to layer in new capabilities and benefits for our customers to deliver the most cutting-edge security solutions over the months and years to come. With the launch of Inavio, along with continued improvements to our core software platform, Valerius, we expect to drive further growth and see additional opportunity to grow gross margin percent in 2024. Revenue for our industrial services segment, AIS, increased 55% to $7.7 million. The increase was mainly due to an increased demand for our services and supported by the close of our highly synergistic acquisition of Hy-Vee Mechanical. This continued growth was highlighted by our recent announcement of $3.8 million in new orders for two projects, including a $2.2 million order for a geothermal system update for Northeastern School District and a $1.6 million order for the fabrication of a key component for a motion control technology company. AIF continues to build profitable revenue growth with additional wins in new government and industrial verticals in a variety of service industries and new geographies. I'll now turn the call over to Paul Wyckoff, CFO, to discuss financials. Paul?