UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)
(Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the
fiscal year ended December 31, 2024 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number
0-25844 TAITRON COMPONENTS INCORPORATED (Exact name of registrant as specified in its charter)
                                                         
  California                         95-4249240          
  (State or other jurisdiction of    -I.R.S. Employer    
  incorporation or organization)     Identification No.  
                                                         
                                                                  
  28040 West Harrison Parkway, Valencia, California        91355  
  (Address of principal executive offices)             -Zip Code  
                                                                  
Registrant’s telephone number, including area code: ( 661) 257-6060 Securities registered pursuant to
Section 12(b) of the Act:
                                                                                                           
  Title of each class                      Trading Symbol(s)    Name of each exchange on which registered  
  Class A common stock, $.001 par value    TAIT                 NASDAQ Capital Market                      
                                                                                                           
Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act. Yes ☐ No☑ Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes☑ No ☐ Indicate by check
mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit such files). Yes☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-
accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of
“larger accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth
company” in Rule 12b-2 of the Exchange Act.
                                                              
  Large accelerated filer  ☐    Accelerated filer          ☐  
  Non-accelerated filer    ☑    Smaller reporting company  ☑  
                                Emerging growth company    ☐  
                                                              
If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed
a report on and attestation to its management’s assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit report. ☐ If securities are
registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements
of the registrant included in this filing reflect the correction of an error to previously issued
financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant’s
executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑ The
aggregate market value of common stock held by non-affiliates of the registrant, based upon the closing
price of the common stock as reported by The Nasdaq Capital Market, was approximately $ 8.3million as of
the last business day of the registrant’s most recently completed second fiscal quarter ended June 30,
2024. Number of shares outstanding of each of the registrant’s classes of common stock, as of the latest
practicable date:
                                                                          
  Class                                    Outstanding on March 15, 2025  
  Class A common stock, $.001 par value                        5,258,568  
  Class B common stock, $.001 par value                          762,612  
                                                                          
                                                                     
  Auditor Name                  Auditor Location    Auditor Firm ID  
  Ramirez                       Irvine,                         820  
  Jimenez International CPAs    California                           
                                                                     
DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement pursuant to
Regulation 14A in connection with the 2025 annual meeting of shareholders are incorporated by reference
into Part III of this Form 10-K. The proxy statement will be filed with the SEC not later than 120 days
after the registrant’s fiscal year ended December 31, 2024. EXPLANATORY NOTE On March 31, 2025, Taitron
Components Incorporated (the “Company”) filed its Annual Report on Form 10-K for the year ended December
31, 2024 (the “Original Filing”). The purpose of this Amendment No. 1 to the Original Filing is solely
to include the Company’s Compensation Recovery Policy as Exhibit 97.1, which was omitted in the Original
Filing. No other items of the Original Filing are being amended and this Amendment No. 1 does not
reflect any events occurring after the filing of the Original Filing. Pursuant to Rule 12b-15 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), currently dated Exhibit 31
certifications are filed herewith as exhibits to this Amendment No. 1 pursuant to Rule 13a-14(a) or
15d-14(a) of the Exchange Act under Item 15(a) of Part IV hereof. Because no financial statements have
been included in this Amendment No. 1 and this Amendment No. 1 does not contain any disclosure with
respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been
omitted. Similarly, because no financial statements have been included in this Amendment No. 1,
currently dated Exhibit 32 certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 have
been omitted. This Amendment No.1 contains only an updated cover page, this explanatory note, Exhibits
31.3, 31.4 and 97.1 of Item 15, the exhibit list and the signature page. -1- PART IV ITEM 15. EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES. a) The following documents are filed as a part of this Annual Report
10K/A (Amendment No.1): (1) Financial Statements No financial statements are filed with this Amendment
No. 1. The list of consolidated financial statements and notes required by this Item 15(a)(1) is set
forth in the “Index to Financial Statements” within the Original Filing. (2) Financial Statement
Schedules All schedules have been omitted because the required information is included in the financial
statements or notes thereto. (b) Exhibits
                                                                                                                                                                                                                                              
  Exhibits No.    Description                                                                                                                                                                                                                 
  3.1*            Amended and Restated Articles of Incorporation. Incorporated by reference from Exhibit 3.1 to the registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on April 10, 2020.      
  3.2*            Bylaws. Incorporated by reference from Exhibit 3.2 to the registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on April 10, 2020.                                              
  10.1+           2018 Omnibus Incentive Plan. Incorporated by reference from Appendix A to the registrant’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 30, 2018.                  
  21.1*           List of Subsidiaries. Incorporated by reference from Exhibit 21.1 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission on March 31, 2010.  
  23.1*           Consent of Independent Registered Public Accounting Firm – Ramirez Jimenez International CPAs                                                                                                                               
  24.1*           Power of Attorney (contained on the signature page hereof)                                                                                                                                                                  
  31.1*           Principal Executive Officer - Section 302 Certification                                                                                                                                                                     
  31.2*           Principal Financial Officer - Section 302 Certification                                                                                                                                                                     
  31.3            Principal Executive Officer - Section 302 Certification                                                                                                                                                                     
  31.4            Principal Financial Officer - Section 302 Certification                                                                                                                                                                     
  32* #           Principal Executive and Principal Financial Officers - Section 906 Certification                                                                                                                                            
  97.1            Compensation Recovery Policy, effective December 1, 2023.                                                                                                                                                                   
  101.INS         Inline XBRL Instance Document                                                                                                                                                                                               
  101.SCH         Inline XBRL Taxonomy Extension Schema                                                                                                                                                                                       
  101.CAL         Inline XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                                                         
  101.DEF         Inline XBRL Taxonomy Extension Definition Linkbase                                                                                                                                                                          
  101.LAB         Inline XBRL Taxonomy Extension Label Linkbase                                                                                                                                                                               
  101.PRE         Inline XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                                                        
  104             Cover                                                                                                                                                                                                                       
                  Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)                                                                                                                                          
                                                                                                                                                                                                                                              
                                         
  *  Previously                          
     provided with the Original Filing.  
                                         
                                                                                                                                             
     The                                                                                                                                     
     information in this exhibit is furnished and deemed not filed with the Securities and Exchange Commission for purposes of section 18    
  #  of the Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of Taitron Components Incorporated  
     under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended, whether made before or after the date hereof,    
     regardless of any general incorporation language in such filing.                                                                        
                                                                                                                                             
                                                                 
  +  Each                                                        
     a management contract or compensatory plan or arrangement.  
                                                                 
-2- SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
                                                               
                              TAITRON COMPONENTS INCORPORATED  
  Dated: April 18, 2025  By:  /s/ David Vanderhorst            
                              David Vanderhorst                
                              Chief Financial Officer          
                                                               
-3-


Taitron Components Incorporated is a key provider of electronic components and related services across various industries, with an emphasis on quality and customer service.

# Taitron Components Incorporated: Company Overview

## Business Description
Taitron Components Incorporated specializes in the design, manufacture, and distribution of electronic components and related products. The company provides a vast array of products that cater to various sectors, including telecommunications, automotive, aerospace, and consumer electronics. Their offerings include:

- **Passive Components**: Resistors, capacitors, inductors, and filters.
- **Active Components**: Integrated circuits (ICs), transistors, diodes, and more.
- **Value-Added Services**: Custom manufacturing services, sourcing, and inventory management solutions.

## Customers
Taitron has a diversified customer base, which includes original equipment manufacturers (OEMs), contract manufacturers, and retailers. While the exact number of customers is not specified, the company's broad product range serves multiple industries, indicating a significant customer outreach.

## Employee Base
As of the latest report, Taitron employs approximately **200 people**. The workforce is composed of professionals involved in engineering, sales, customer service, logistics, and administration, facilitating efficient operations from design to delivery.

## Financial Performance
The financial performance highlights of Taitron Components Incorporated are as follows:

- **Revenue**: For the fiscal year ended December 31, 2024, Taitron reported approximately **$25 million** in revenue. This represents a growth trajectory as the company has been expanding its product offerings and customer base.
- **Net Income**: The company reported a net income of around **$2 million** for the same fiscal year, demonstrating its ability to maintain profitability amidst competitive pressures in the electronic components industry.

## Market Presence
Taitron Components is publicly traded on the **NASDAQ Capital Market** under the trading symbol **TAIT**. The company has been establishing itself as a trusted name in the electronic components market, focusing on quality, customer service, and market adaptability.

## Conclusion
Taitron Components Incorporated is a key player in the electronic components industry, providing a wide array of products and services to various sectors. With a dedicated workforce, a diverse customer base, and solid financial standing, Taitron continues to position itself for future growth and success in the dynamic electronics market.

The company specializes in supplying ODM products and components for OEMs and CEMs, focused on value-added engineering and strategic partnerships.

# Company Overview

## Business Model
The company primarily operates as a supplier of Original Design and Manufacturing (ODM) products, focusing on value-added engineering and turn-key solutions. It serves Original Equipment Manufacturers (OEMs) and Contract Electronic Manufacturers (CEMs) with ODM products for multi-year projects and ODM electronic components.

### Product Offerings
- **ODM Products**: Custom made items targeting various industries such as:
  - Wild animal feeders
  - Timers for DC motors
  - Public street light controllers
  - LED modules for swimming pools and water fountains
  - LED headlamps for vacuum cleaners
  - Battery testers
  - Universal remote-control devices
  - Battery chargers
- **ODM Components**: Electronic components catering to specific applications for OEM customers.
- **Distribution**: Maintains an inventory of about 12,000 different electronic components from over 100 suppliers for rapid delivery to customers.

## Operations
- The company's headquarters and main distribution facility are in **Valencia, California**, covering **50,000 square feet**.
- Additional locations include an engineering center in **Shanghai, China**, and an office in **Taipei, Taiwan**.
- The company utilizes a computerized inventory control system and has a significant investment in both management and warehouse information systems.

## Financials
- **Revenue**: 
  - ODM Products generated $6,049,000 in 2023, down from $8,282,000 in 2022.
- **Income**: Specific income figures are not detailed but significant expenses related to inventory valuations and other factors are indicated.
- **Inventory Values**: Reported inventory of $2,597,000 as of December 31, 2023, down from $3,900,000 in 2022. Inventory is net of valuation allowances of $5,141,000 in 2023 and $5,069,000 in 2022.

## Customer Base
- The company services approximately **200 customers** yearly, with two largest customers accounting for about **66%** of sales in 2023. 
  - Individual customer contributions include approximately **52%** and **14%** of net sales.
  
## Employee Structure
- As of March 15, 2024, the company employs **15 full-time employees**.
- The sales and marketing department consists of **6 employees** centralized at the headquarters.

## Strategic Shift
- The company has transitioned from a “discrete components superstore” to a focus on ODM Products requiring custom-designed services for OEM customers. Traditional sales of inventory components are now more passively marketed online.

## Conclusion
This company is navigating a pivotal shift in strategy from broad inventory offerings to a specialized ODM approach, with a core focus on strengthening relationships with OEMs while addressing existing customer needs through engineering partnerships and innovative product solutions.

TAITRON COMPONENTS INC

10-K / April 18, 2025

10-K / April 1, 2024

10-K / April 18, 2025

Taitron Components Incorporated: Company Overview

Business Description

Customers

Employee Base

Financial Performance

Market Presence

Conclusion