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Dec 31, 2022
Napco Q2 2023 Earnings Report
NAPCO's Q2 2023 results were announced, featuring record net sales, recurring service revenues, net income, and adjusted EBITDA.
Key Takeaways
NAPCO Security Technologies reported a strong second quarter for fiscal year 2023, marked by record sales of $42.3 million, a 27% increase year-over-year. The company also achieved a record net income of $8.4 million and adjusted EBITDA of $10.3 million, driven by growth in both equipment and recurring service revenues.
Net sales increased by 27% to a record $42.3 million compared to the same period last year.
Recurring service revenue increased by 35% to $14.9 million year-over-year.
Net income reached a quarterly record of $8.4 million, a significant increase from $1.0 million in the previous year.
Adjusted EBITDA was a record $10.3 million, representing a 232% increase compared to the prior year.