Solitron Devices, Inc. specializes in high-reliability solid-state semiconductor components mainly for military and aerospace uses, with a customer base heavily concentrated on a few key clients.

# Solitron Devices, Inc. - Company Summary

## Business Overview
- **Industry Focus**: Designs, develops, manufactures, and markets solid-state semiconductor components and related devices.
- **Primary Markets**: Military and aerospace sectors.
- **Product Types**:
  - Bipolar and MOS power transistors
  - Power and control hybrids
  - Junction and Power MOSFETs (Metal Oxide Semiconductor Field Effect Transistors)
  - Field effect transistors
  - Diodes and voltage regulators
- **Customer Base**:
  - Over 7 major customers accounted for a large portion of sales.
  - Major customers include ConMed Linvatec (approximately 38% of 2025 sales) and RTX Corporation (approximately 31% of 2025 sales).
  - In fiscal 2024, RTX accounted for 35%, ConMed Linvatec 20%, and L3Harris 17%.
  - 7 customers in 2025 and 9 in 2024 accounted for approximately 89% of net sales.
  - Approximately 52% of sales in 2025 were to the U.S. government or its prime contractors.
- **End Applications**:
  - Ground and airborne radar systems
  - Power distribution systems
  - Missiles and missile control systems
  - Satellites and space missions (e.g., space shuttle, moon, Jupiter via Galileo, Mars via Global Surveyor and Mars Sojourner)

## Operations
- **Employees**:
  - West Palm Beach facility: 47 employees (30 production, 2 sales/marketing, 7 administrative, 8 technical/support)
  - Apopka facility: 24 employees (19 production, 2 administrative, 3 technical/support)
  - All employees are full-time; none are unionized; no work stoppages reported.
- **Manufacturing**:
  - Focuses on complex processes involving CAD/CAE design, photolithography, etching, diffusion, metallization.
  - Produces custom and standard products, often per military specifications.
  - Certified under ISO 9001:2015 and AS9100:2016, valid until 2027.
- **Product Certifications**:
  - Qualified under MIL-PRF-19500 for bipolar semiconductors.
  - Certified under MIL-PRF-38534 Class H for hybrids.
- **Research & Development**:
  - Spent approximately $30,000 in FY 2025 on R&D.
- **Properties**:
  - Headquarters and manufacturing in West Palm Beach, FL (approx. 24,000 sq. ft.).
  - Acquired subsidiary MEI’s facility in Apopka, FL (approx. 10,900 sq. ft.).

## Financials (FY 2025)
- **Revenue**: $14.05 million
- **Net Income**: $0.82 million
- **Gross Profit**: $4.0 million (28% of sales)
- **Operating Income**: $1.0 million
- **Net Book Value of Assets**: $24.4 million
- **Cash & Equivalents**: Approximately $4.1 million (as of February 28, 2025), increased from $2.2 million in 2024.
- **Employees**: 71 total (47 in West Palm Beach and 24 in Apopka)

## Market & Business Strategy
- Focus on high-reliability components for military and aerospace applications.
- Provides custom and standard products, with a significant portion (around 96%) being custom-made for government contracts.
- Maintains certifications to support military and aerospace sales.
- Seeks growth through potential acquisitions and strategic partnerships, although specific acquisition targets are not detailed.

## Summary
Solitron Devices, Inc. specializes in high-reliability solid-state semiconductor components mainly for military and aerospace uses, with a customer base heavily concentrated on a few key clients. The company maintains certifications for defense standards, employs around 71 staff across two facilities, and generated approximately $14 million in revenue with a net income of roughly $820,000 in FY 2025. It emphasizes custom-designed products for government and industry applications like radar, missiles, and space missions.

Solitron Devices, Inc. specializes in designing, developing, manufacturing, and marketing solid-state semiconductor components for military and aerospace applications.

# Company Summary: Solitron Devices, Inc.

## Overview
Solitron Devices, Inc. is a Delaware corporation that specializes in designing, developing, manufacturing, and marketing solid-state semiconductor components and related devices primarily for military and aerospace applications. The Company offers a wide range of products, including bipolar and metal oxide semiconductor (MOS) power transistors, power and control hybrids, junction and power MOS field effect transistors (Power MOSFETs), and field effect transistors.

### Key Information
- **Incorporation**: Originally incorporated in New York in March 1959 and reincorporated in Delaware in August 1987.
- **Headquarters**: West Palm Beach, Florida.
- **Acquisition**: Acquired Micro Engineering Inc. (MEI) on September 1, 2023, which specializes in tackling design layout and manufacturing challenges for electronic components.

## Product Lines
Solitron's products are largely custom-made under contracts with customers, with around 95% of sales being custom products. Their main product categories include:

1. **Power Transistors**: 31% of net sales.
   - High current and/or high voltage control devices.
   
2. **Power MOSFETs**: 25% of net sales.
   - Current-controlled devices preferred for their high input impedance and fast switching speed.
   
3. **Hybrids**: 37% of net sales.
   - Compact circuits containing both passive and active components used in military and aerospace systems.

4. **Field Effect Transistors**: 5% of net sales.
   - Control devices whose conduction is regulated by electrical potential.

5. **Wafers/Dice**: 2% of net sales.
   - Raw materials used in semiconductor manufacturing.

### Sales Contribution (FY 2024 vs FY 2023)
| Product Type       | FY 2024 Sales Contribution | FY 2023 Sales Contribution |
|--------------------|---------------------------|---------------------------|
| Power Transistors   | 31%                       | 17%                       |
| Power MOSFETs      | 25%                       | 35%                       |
| Hybrids            | 37%                       | 35%                       |
| Field Effect Transistors | 5%                  | 9%                        |
| Wafers / Dice      | 2%                        | 4%                        |
| **Total**          | **100%**                  | **100%**                  |

### Customer Base
- **Customer Concentration**: In FY 2024, four customers accounted for approximately 75% of net sales, with no single customer exceeding 35% of sales.
- **Primary Customers**: Significant customers include RTX (formerly Raytheon Technologies Corporation), ConMed Linvatec, and L3Harris Technologies.
- **International Sales**: Less than 1% of total sales in FY 2024 were to foreign customers.

### Workforce
- **Total Employees**: 69 employees as of February 29, 2024.
  - **West Palm Beach facility**: 44 employees.
  - **Apopka facility (acquired MEI)**: 25 employees.
- **Roles**: The workforce includes production, sales, marketing, executive, administrative, and technical support personnel.

### Financial Performance
- **Revenue**: Specific revenue and income figures for FY 2024 and FY 2023 are not provided in the summary; however, the company operates in a high-revenue potential market due to its significant military and aerospace contracts.
- **Revenue Growth**: The total sales backlog was reported at approximately $11,207,000 as of February 29, 2024, an increase from $7,633,000 at February 28, 2023.

### Manufacturing and Operations
- The Company emphasizes high-quality production and customization to meet specific customer needs with a strong focus on compliance with military specifications.
- The manufacturing processes include advanced technology and rigorous testing to ensure product reliability.

### Key Certifications
- Certified to AS9100:2016 and ISO 9001:2015 standards, reflecting commitment to quality management in the aerospace industry.

## Risk Factors
The company faces significant risks, including customer concentration, competition, reliance on government contracts, raw material supply chain issues, and regulatory compliance challenges. These factors could materially affect the company’s financial performance and market position.

SOLITRON DEVICES INC

10-K / May 23, 2025

10-K / July 12, 2024

10-K / May 23, 2025

Solitron Devices, Inc. - Company Summary

Business Overview

Operations

Financials (FY 2025)

Market & Business Strategy

Summary