Executive Summary

Q4 2024 revenue of $3.0M declined 15.6% year over year, but improved sequentially versus Q3 on stronger Gas & Environmental Sensors and Calman printed electronics; gross margin compressed to 39.6% on lower volumes and mix .
Loss narrowed year over year: net loss of $0.413M vs. $0.448M in Q4’23, helped by lower intangible amortization; Adjusted EBITDA was $(233)k vs. $(1)k in Q4’23 .
No formal guidance provided; management emphasized portfolio expansion (110-37x gas sensors), SBIR grants and the acquisition of Conductive Transfers/Global Print Solutions to position for 2025 growth .
Potential stock reaction catalysts: inorganic expansion into e‑textiles/wearables, new gas-sensor products (TBM/THT) unveiled at CES 2025, and grant-funded scaling initiatives; coverage appears limited with no SPGI consensus, muting “beat/miss” headline risk .

What Went Well and What Went Wrong

What Went Well
- New growth vectors: acquired Conductive Transfers/Global Print Solutions to enter e‑textiles/wearables; enhances printed electronics capabilities and end-market reach (apparel, healthcare, automotive) .
- Technology/product momentum: launched 110‑37x electrochemical gas sensors (TBM/THT leak detection) at CES 2025; positions portfolio for safety/air-quality applications .
- Funding tailwinds: awarded $400k NIST SBIR Phase II for high-volume printed gas sensors and $150k NASA SBIR Phase I for outdoor air-quality nodes, supporting scale-up and productization .
- CEO quote: “After a year of significant progress, our product portfolio is now strategically positioned for organic growth… leverage common sales partners to broaden our footprint” .
What Went Wrong
- Topline contraction and mix headwinds: Q4 revenue fell 15.6% YoY on lower shipments of traditional force-sensor products; gross margin decreased to 39.6% on lower volumes and less favorable mix .
- Continued operating losses: Q4 loss from operations $(510)k and Adjusted EBITDA $(233)k; full-year 2024 net loss widened to $(1.984)M vs. $(0.383)M in 2023, primarily on lower revenue and gross profit .
- Cash draw: cash and equivalents declined to $2.950M at year-end from $3.810M in Q3 and $3.960M in Q2, reflecting continued losses and working capital needs .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Revenue ($USD Thousands)	$3,538	$2,671	$2,986
Gross Margin (%)	41.0%	41.4%	39.6%
Operating Income ($USD Thousands)	$(580)	$(476)	$(510)
Net Income ($USD Thousands)	$(448)	$(523)	$(413)
Diluted EPS ($)	$(0.06)	$(0.06)	$(0.05)
Adjusted EBITDA ($USD Thousands)	$(1)	$(260)	$(233)

Notes and drivers:

YoY: Revenue down on softer force-sensor shipments; margin mix less favorable; YoY net loss modestly improved due to lower intangible amortization vs. a Q4’23 catch-up charge .
Sequential: Revenue improved vs. Q3 (2.671 → 2.986) as gas sensors and Calman printed electronics offset force-sensor softness; margin down 180 bps QoQ on mix .

Segment breakdown: Interlink did not provide quantitative segment revenue; commentary cites lower traditional force sensors, partially offset by Gas & Environmental Sensors and Calman printed electronics .

KPIs and Balance Sheet Trends

KPI ($USD Thousands, except Shares)	Q2 2024	Q3 2024	Q4 2024
Cash & Cash Equivalents	$3,960	$3,810	$2,950
Accounts Receivable (net)	$1,477	$1,174	$1,612
Inventories	$2,555	$2,494	$2,009
Total Assets	$14,241	$14,121	$13,116
Total Liabilities	$2,572	$2,655	$2,623
Total Stockholders’ Equity	$11,669	$11,466	$10,493
Weighted Avg. Shares (Basic & Diluted)	9,860	9,862	9,864

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2024	Not provided	Not provided	N/A
Gross Margin	FY/Q4 2024	Not provided	Not provided	N/A
OpEx / Tax / OI&E	FY/Q4 2024	Not provided	Not provided	N/A
Segment-specific	FY/Q4 2024	Not provided	Not provided	N/A

Company provided qualitative outlook and strategic priorities but no numerical guidance ranges for revenue, margins, or other P&L lines .

Earnings Call Themes & Trends

(Note: No Q4 2024 earnings call transcript was available; themes below synthesize quarterly disclosures across Q2–Q4 press releases.)

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024)	Trend
Product portfolio and R&D	Q2: Launched Silicon Valley R&D center; Bellevue exec office; plan to open EU sales office . Q3: Emphasized pipeline, expansion in air-quality instruments .	Launched 110‑37x gas sensors (TBM/THT); Fremont facility designated as HQ .	Expansion of gas-sensor portfolio; increased U.S. R&D footprint .
Demand and mix	Q2: Lower shipments of traditional force sensors and gas sensors; mix pressured margin . Q3: Lower shipments of force sensors and Calman printed electronics, partially offset by higher gas sensors .	Lower traditional force sensors; offset by higher Gas & Environmental and Calman printed electronics .	Force-sensor softness persists; gas sensors/Calman provide partial offset .
Cost structure	Q2: Cost reduction initiatives >$500k annual savings; workforce right-sizing . Q3: Lower compensation/pro services spend noted .	Smaller workforce reduced compensation costs YoY .	Cost discipline sustained; benefits accruing .
Inorganic expansion	N/A	Acquired Conductive Transfers & GPS (e‑textiles/wearables) .	New growth avenue in smart textiles; integration underway .
Grants/funding	N/A	Awarded NIST SBIR Phase II ($400k) and NASA SBIR Phase I ($150k) .	Supports scaling and new product development .
Market presence	Q2: EU sales buildout planned . Q3: Participation in industry events (Electronica) .	CES 2025 participation; European leadership hires/promotions .	Broader commercial reach and visibility .

Management Commentary

“2024 marked the beginning of an exciting new chapter… the strategic acquisition of Conductive Transfers Limited… expanded into the high-growth market of e‑textiles and wearables” — Steven N. Bronson, Chairman, President, and CEO .
“Our product portfolio is now strategically positioned for organic growth as we unlock synergies… leverage common sales partners to broaden our footprint” .
“With a strong capital position, a unified leadership team, and growing demand… we believe we are well positioned to deliver long-term value” .

Q&A Highlights

No Q4 2024 earnings call transcript was available in filings or company materials; no Q&A highlights to report [List: no transcript; 0 results] (no transcript filed alongside Q3 either).

Estimates Context

SPGI (S&P Global) consensus coverage appears limited for LINK in Q4 2024; no consensus EPS or revenue estimates were available. Actuals: Revenue $2.986M and Adjusted EBITDA $(240)k EBITDA/$(233)k Adj. EBITDA reported in filings .
Comparison to estimates: Not applicable due to absence of published consensus. Coverage limitations may reduce “beat/miss” headline volatility.
SPGI data pull: Consensus fields returned no values for EPS or revenue; actuals only (no consensus) for Q4 2024 Revenue and EBITDA were present in SPGI datasets (no estimate count)*.

*Values retrieved from S&P Global.

Key Takeaways for Investors

Mixed but stabilizing quarter: sequential revenue improvement vs. Q3, though YoY declines persist as force-sensor demand remains soft; margin pressures tied to mix .
Strategic pivot gaining traction: new gas-sensor SKUs (TBM/THT), SBIR funding, and the e‑textiles acquisition broaden addressable markets and potential cross-selling synergies .
Cost discipline ongoing: prior right-sizing and lower compensation costs are visible; further operating leverage depends on revenue recovery and product mix .
Liquidity watch: cash declined to $2.95M at year-end; working capital improved in inventories; prudent opex and grant proceeds help, but execution toward growth is key .
2025 setup: pipeline commentary (air-quality instruments, large force/gas opportunities) plus CES presence and European sales investments could catalyze orders; monitor conversion to revenue .
No formal guidance and limited Street coverage: trading likely driven by order wins, integration updates on CT/GPS, and uptake of new gas sensors rather than estimate beats/misses .

Appendix: Additional Data

Full Year 2024 (context)

Revenue $11.679M vs. $13.940M in 2023; Gross Margin 41.5% vs. 47.1%; Net loss $(1.984)M vs. $(0.383)M; Adjusted EBITDA $(1.081)M vs. $447k .

Disclosures and reconciliations

Non-GAAP: Adjusted EBITDA reconciled to GAAP; key add-backs include depreciation and amortization (Q4 amortization $182k) and stock-based compensation ($7k) .
YoY improvement in Q4 net loss partly reflects absence of Q4’23 $329k cumulative catch-up amortization related to Calman purchase price allocation .

Other relevant press releases during Q4’24 window

Announced acquisition of Conductive Transfers and Global Print Solutions (Dec 19, 2024) .
CES 2025 participation (Dec 12, 2024) .
Strategic hires/promotions in Europe, product management (Nov 12, 2024) .

Potential discrepancies noted

Q4’23 “loss from operations” in the narrative table shows $(570)k vs. $(580)k in the detailed statement; we rely on the audited-format condensed statement ($(580)k) .

INTERLINK ELECTRONICS INC (LINK)·Q4 2024 Earnings Summary