The trading week started off with a number of companies coming into focus among investors owing to a range of developments, and one such company was Cyberlux Corporation (OTC:CYBL). The company hit the news cycle yesterday after it announced that it had hit record cash flow for the quarter that ended on December 31, 2023. Mark Schmidt, the Chief Executive Officer of the company, spoke about the company’s performance yesterday.
He stated that 2023 had proven to be a transformational year for Cyberlux Corporation owing to the strategic restructuring of the different business units. The reorganization helped the company focus more on core Department of Defense-related business activities. It also helped the company cash in on its strengths in the military communications and unmanned aircraft technology (UAS) spaces. Due to the restructuring, it was possible for the company to show results immediately through the addition of booked revenues to the tune of $105 million. It was comprised of $80 million in UAS, $20 million in Datron Military Communications, and $5 million in special activities.
Schmidt concluded by stating that the company had created the basis thanks to which it would be able to generate sustained growth and continue to be the leader in the defense industry for the long term. In the news release, Cyberlux Corporation also provided a look into some of the major highlights from the 2023 fiscal year.
The company revealed that in 2023 it had secured a contract worth $79 million from the United States Department of Defense for supplying the Cyberlux K8 Unmanned Aircraft Systems. The company also divested as many as three of its foreign subsidiaries. Cyberlux noted that the move would make its business operations, financial reporting, and income tax reporting much easier. Another major highlight of the year was the acquisition of the Dayton system.
