At this time, it is my pleasure to turn the floor over to your host, Aimey Vetrano Palmer. Welcome, Aimey. The floor is yours.
Thank you and good morning. Thank you for joining us today. With me today is our Chief Executive Officer, Dave Robbins. Our call is being recorded and will be available for playback, the details of which is in our press release issued yesterday. The purpose of this call is to provide an update on Omni-Lite's financial performance and operations, as we did file our second quarter 2024 results yesterday, July 31. After our remarks, we will open up the line for any Q&A. If you have not received or seen a copy of our press release, which was issued yesterday, you may find it on our website at www.omni-lite.com, or email us at drobbins@omni-lite.com to request a copy.
Before we get started, I would like to remind you that today's discussion will or may include forward-looking statements, including information regarding Omni- Lite's performance based on our views of the company's business and the environments in which they operate, our future plans, objectives, business prospects, and anticipated financial performance. These forward-looking statements are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. We are also mindful of the risks and impacts of changes in the health of the general economy, including effects of the current US financial market, US global commercial aerospace market, and the US Department of Defense budgets. All forward-looking statements should be considered in conjunction with the cautionary statements contained in our press release and the risk factors included in Omni- Lite SEDAR filings.
The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. I'd also like to mention that in addition to reporting financial results in accordance with International Financial Reporting Standards, or IFRS, during our call, we may also discuss or reference any non-IFRS financial measures, specifically adjusted EBITDA and free cash flow. A reconciliation of these non-IFRS metrics, if applicable, is included in our CSEDAR filing and press releases. Lastly, unless noted, any reference or discussion of our financial metrics are in US dollars. I would like to now turn the call over to Dave. Dave?
Thanks, Aimey. Good morning, everyone, and thanks for joining us. I'd like to make a few comments about our second quarter and year-to-date 2024 performance, followed by comments on current business. Second quarter 2024 revenue was a high watermark at $4.32 million, 42% increase from fiscal year 2023, and the year-to-date revenue was $8.6 million, a 49% increase year-over-year. Top line growth in the quarter was driven by a combination of increases in commercial aerospace components in general, and specifically, newly designed Inconel fastener products and two missile sensor electronic components. Adjusted EBITDA for the second quarter 2024 was $552,000, with the year-to-date adjusted EBITDA of $1.4 million.
This EBITDA contribution level represents a combination of repeat production deliveries and investment in new product development, which was at a high level in our second quarter. Additionally, forging products, electronics, and casting products all had positive EBITDA contribution and continued improvement over prior year. Bookings for the second quarter were $2.7 million, which levels the backlog at a healthy $4.7 million as we go into the third quarter. The bookings profile in the quarter had a high proportion of near-term spot buys for aerospace component supply chain shortages and engineering development orders. The drivers behind our bookings pipeline, namely healthy build rates for commercial aerospace and sustainment and investment in new sensor electronics for defense, is at historic levels.
We expect our bookings profile to reflect these high levels of rush spot buys on the commercial aerospace side and longer-term buys for defense components for named and newly developed missile programs for the second half of 2024. With that, I'd like to turn the call over to Aimey. Aimey?
Thanks, Dave. Dave has addressed revenue and EBITDA, so I will make a few comments regarding cash. Adjusted free cash flow, defined as cash flow from operations minus capital expenditures, was a source of cash of approximately $848,000. We did see a significant increase in cash in the quarter by $617,000, resulting in a cash balance of over $1.7 million. We continue to be debt-free and maintain a strong balance sheet, which also contains an investment in Cal Nano balance of over $2.5 million dollars as a result of our stock in Cal Nano. We do expect to continue to see a better source of cash as we go through the year and receivables turn into cash. This now completes our prepared remarks, and we would like to open the call up for questions.
Thank you. Ladies and gentlemen, the floor is now open for questions. If you do have a question, please press star one on your telephone keypad at this time. Again, that's star one if you do have a question or comment... We'll take our first question from Alexander Ryzhikov from AlphaNorth Asset Management. Please go ahead.
Hi, David. Hi, Aimey. Thank you for taking my questions, and, congratulations on solid top line in the quarter and, first half of the year.
Thanks.
My question relates to the bookings figure and commentary. I guess in your Q1 and Q2 press releases, you talked about anticipating heavy bookings through 2024. For me, healthy bookings would mean something that allows you to achieve your stated top line growth targets. I guess, is this consistent with your definition? And if not, how do you define healthy booking? And then I have a follow-up.
Well, I mean, healthy bookings, if you wanna maintain a certain level, you know, have to be a positive book- to- bill. You know, we continue to be on a positive trailing 12-month basis, on a positive book- to- bill. Q2 was a little lighter, but the color that I mentioned was that it happened to be a quarter that was disproportionately high in spot buys near term and in some new development contracts, and didn't happen to have. But the outlook is still strong in terms of our pipeline. So, you know, the expectation would be that, you know, that we're booking at a rate faster than we're shipping.
Got it. No, and I appreciate that. And, you know, the reason I'm asking, if I look at the first half, I think you're sort of roughly flat, down slightly, on your bookings year-over-year. And so, you know, that would, and, you know, if you wanna see some growth year-over-year, that would imply that in the second half, your bookings have to be, you know, double what they were in the first half. And clearly, your commentary was quite positive on your outlook. I just wanna make sure that, you know, you have enough visibility in your quote book to feel comfortable that you can see, you know, meaningful growth in the second half of the year relative to the first half of the year.
Right. Yeah, and I think, you know, the point a little bit was that these spot buys, what they do is they give you, you know, quick backlog that turns, and what you can see is a little bit of diminished backlog because it never gets there.
Yeah.
But, certainly, you know, looking at the bookings rate, you know, the rate has to, you know, has to keep up with, you know, with your revenue projections.
Sure. Yeah, fantastic. Great to hear again, congratulations on the solid quarter, and I look forward to the second half.
Thank you.
Once again, star one, if you have a question or comment. Next, we'll go to an investor, Maddie Kramer. Please go ahead.
Yeah, thanks to Dave and Aimey. Good quarter. Hopefully, we see better. I just wanna know, on the war front and the situation in Middle East and in Europe and Ukraine, is this having an effect on your expectations or or any, the election, would have that, have any effect on your future sales and earnings?
So in my comments, you know, I mentioned, you know, missile defense specifically, and then funding in on DoD levels for, you know, for defense in general is very robust. You know, the timing of these contract lets, especially on some of these big name programs, can, you know, can be a little bit affected by, you know, things like the election. Don't see a bit of that, although there has been some there has been some delays in actual, you know, funding requirements, but, but, but they're all, you know, they're in line with 2024 and into 2025.
So, not expecting a big hit there, but they're very robust, you know, demand in, especially in the missile defense area, that we, you know, we're on several programs, some new programs and some name programs. And, you know, in general, I think the level of unrest in the world is the backdrop behind a lot of defense spending. Specifically, again, in SHORAD, which is, you know, border protection, things that are happening in Ukraine and Israel are getting a lot of development.
There's a lot of development going on right now, which we're participating in to some degree, at low levels, on newer missile defense programs or drone, you know, drone interdiction, you know, is definitely driven by a lot of the, you know, world situation right now.
Thank you.
Once again, star one if you do have a question or comment. Okay, and there appear to be no further questions at this time. I'd like to turn the floor back over to Ms. Vetrano Palmer.
Thank you again for joining us today, and we look forward to talking to everyone soon, in regards to our Q3 release. Thanks again.
Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect at this time, and have a great day.