Hydromer Inc., a surface modification and coating solutions provider, announced preliminary unaudited financial results for the year ending December 31, 2024, revealing challenges in maintaining revenue and strategic market positioning. The company reported total revenue of $3.59 million, a 12% decrease compared to the previous 12-month period. This decline stemmed from legacy program attrition and insufficient investments in research and development, which hindered the company's ability to introduce new products and meet evolving customer needs.
On a cash-adjusted basis, Hydromer recorded a normalized net loss of $83,000 after accounting for non-cash expenses such as amortization and stock-based compensation. CEO Michael Torti acknowledged the revenue challenges, emphasizing the company's commitment to restructuring and future growth. Key strategic initiatives include investing in new product development, strengthening customer relationships, and exploring emerging markets.
A significant focus for Hydromer is the advancement of a next-generation UV-curable coating formulation. If successfully commercialized, this innovation could potentially create new application areas and generate additional revenue streams. The development represents a critical step in replenishing the company's product pipeline and addressing unmet customer needs in high-demand markets.
With over four decades of experience in surface modification, Hydromer continues to leverage its expertise in polymer research and development. The company serves businesses across the United States, Europe, and Asia-Pacific, offering proprietary coating formulations and specialized manufacturing capabilities. Looking forward, Hydromer remains committed to operational efficiency and long-term growth, aiming to introduce innovative solutions that align with industry demands and customer expectations.
