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Operator
Good day, ladies and gentlemen, and welcome to the OmniLight Industries Investor Conference Call. Our lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. If you should require assistance throughout the conference, please press star zero on your telephone keypad to reach a live operator. At this time, it is my pleasure to turn the call over to your host, Chief Financial Officer Amy Vetrano-Palmer. Ma'am, the floor is yours.
Amy Vetrano - Palmer
Thank you. Good morning and thank you for joining us. With me today is our Chief Executive Officer, Dave Robbins. Our call is being recorded and will be available for playback, the details of which is in our press release issued yesterday. The purpose of this call is to provide an update on OmniLight's financial performance and operations as we filed our first quarter 2023 results yesterday morning, May 17th. After our remarks, we will open up the line for Q&A. If you have not received or seen a copy of our press release, which was issued yesterday morning, you may find it on our website at www-omni-light.com or email either of us at d.robbins at omni-light.com or a.vetrano-palmer at omni-light.com to request a copy. Before I get started, I would like to remind you that today's discussion will or may include forward-looking statements, including information regarding OmniLight's performance based on our views of the company's business and the environments in which they operate, our future plans, objectives, business prospects, and anticipated financial performance. These forward-looking statements are subject to future risk and uncertainties that can cause our actual results or performance to differ materially. We are also mindful of the risks and impacts and the changes to the health of the general economy, including the U.S. and global commercial aerospace market and the U.S. Department of Defense budgets. All forward-looking statements should be considered in conjunction with the cautionary statements contained in our press release in the risk factors, including an OmniLite CDAR filing. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. I also like to mention that in addition to reporting financial results in accordance to the International Financial Reporting Standards, or IFRS, During our call, we may also discuss or reference some non-IFRS financial measures, including adjusted EBITDA, pro forma adjusted EBITDA, free cash flow. A reconciliation of all of these metrics is available and included in our applicable CDAR filings and press releases. Lastly, and less noted, any reference or discussion of our financial results or metrics are in U.S. dollars. I would like to now turn the call over to Dave.
Dave Robbins
Thanks, Amy. Good morning, everyone, and thanks for joining us. I'd like to make a few comments about our first quarter 2023 performance and follow comments on current business. First quarter 2023 revenue of $2.7 million marks an increase of 15% from our first quarter 2022. Growth in the quarter was driven by a combination of increase in commercial air transport, fastener products, defense electronics, and initial production of some new industrial casting products. Suggested EBITDA for the first quarter of 2023 is up over 295K over Q1 2022, which is a significant improvement and indication of our ongoing improvements in fixed costs and product pricing. Bookings for the first quarter increased to 3.2 million, up from 2.5 million year-over-year Q1 2022. and sequentially up from 2.9 million in Q4 2022. Backlog at quarter end was a strong 4.1 million, and expect the majority of the backlog to shift in 2023. The makeup of the bookings and backlog mirrors our growth profile and goals. 90% of that backlog is program or platform related, and 10% is new engineering development in a pre-production stage. This 10% revenue we expect can convert to initial and then mature production in 9 to 18 months at a 2 to 3x value. Notably, three new titanium structural fasteners, a development phase high efficiency missile sensor electronic component family, and some new castings for defense airborne sensors are in the mix, new and pre-production stage. In all of these examples, our ability to engineer a process to reliably produce products with exacting specification in months, not years, was the heart of winning these orders and our competitive mode business model. With that, I'd like to turn the call over to Amy. Amy?
Amy Vetrano - Palmer
Thanks, Dave. Dave has addressed revenue and EBITDA in the outlook, so I will make a few comments regarding cash. Adjusted cash flow, defined as cash flow from operations minus any capital expenditures, was a source of approximately $210,000 as compared to a use of $154,000 in the first quarter 2022. We did see an increase in our inventory during the quarter, which was mainly within WIP and finished goods. We finished the quarter with $1.3 million in cash and no debt. which is consistent with how we ended the year of 2022, indicating that we do continue to maintain a strong cash balance. This does complete our prepared remarks. We would like to now open the call up for questions.
Operator
Thank you. The floor is now open for questions. If you do have a question, please press star 1 on your telephone keypad at this time. If your question has been answered, you can remove yourself from the queue by pressing 1. Again, ladies and gentlemen, it's star 1. Please hold while we poll for questions. And our first question comes from Emmanuel Cramer. Go ahead, Emmanuel.
Emmanuel Cramer
Thanks very much for the quarter. You mentioned in your comments that better utilization of fixed cost including direct labor. I was just wondering if with this backlog you might have to hire more people and have you engaged anything like robotics or the AI? which everybody is going to now?
Dave Robbins
So we have hired a few employees, notably in our forging facility, to respond to increased demand. And interestingly enough, the newer products that we are selling are going to automatic or robotic, they're rope fasteners that are meant to be used with robotic installation by our customer, or our customer's customer. So we already are, part of our mission is to automate as much of our process as possible. So that's a continuing objective is use of automation within our factories. And it's part of our long-term growth is to be able to sustain growth operations without having to depend on, you know, less and less on manual labor. But there still is a component of manual labor. But our efforts to mix the automation with that labor, you know, was reflected in this quarter and expect to, you know, continue and improve on that.
Emmanuel Cramer
Thanks very much.
Operator
Again, ladies and gentlemen, it's Star 1 to ask a question. There appear to be no further questions at this time. I would now like to turn it back to management for any closing remarks.
Amy Vetrano - Palmer
Thank you so much for joining us today for our first quarter results and that will prepare today's call.
Operator
Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time and have a wonderful day.
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