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ROCHESTER, NEW YORK - Syntec Optics Holdings, Inc. (NASDAQ:OPTX), a small-cap manufacturer with a market capitalization of $48.43 million, announced Friday it has received initial orders to manufacture components for high-performance fuel actuators used in rocket engines for defense and space applications. According to InvestingPro data, the company’s stock has experienced significant volatility, currently trading at $1.32, down over 31% in the past six months.
The company will provide precision manufacturing solutions using its nanotechnology processes for these mission-critical systems that control propellant flow to rocket engines, ensuring precise thrust management and trajectory control.
"The reliability of rocket engines is paramount, and that reliability starts with the precision of every single component," said Matt Carey, VP of Business Development and Delivery at Syntec Optics.
The orders come amid growth in the global rocket propulsion market, which was valued at $10.5 billion in 2023 and is projected to reach $24.4 billion by 2030, representing an 11.2% compound annual growth rate, according to information provided in the company’s statement. Syntec Optics reported revenue of $29.39 million in the last twelve months, with a modest growth rate of 4%. InvestingPro subscribers can access additional insights, including exclusive financial metrics and growth forecasts.
Syntec Optics indicated the market expansion is driven by increased satellite launches, space exploration missions, and national security initiatives, creating demand for reliable propulsion systems.
The Rochester-based company, which describes itself as one of the largest custom optics and photonics manufacturers in the United States, will apply its optical manufacturing techniques to create components designed to perform under extreme conditions.
The announcement was made in a press release issued by the company, which did not disclose the financial terms of the orders or identify the customers.
In other recent news, Syntec Optics Holdings, Inc. has announced significant developments that could interest investors. The company has secured orders worth approximately $5.2 million for the production of components used in advanced night vision goggles for the U.S. defense sector. This order is part of a longstanding program aimed at enhancing soldier safety with lightweight, helmet-mounted goggles. Syntec Optics has already delivered products valued at nearly $0.9 million and continues to support this defense initiative, reflecting confidence in its manufacturing capabilities.
Additionally, Syntec Optics is involved in developing non-incisional optics-based solutions for correcting presbyopia, a condition affecting millions of Americans. These innovative solutions aim to provide safer and more convenient alternatives to traditional treatments like glasses and surgery. The market for myopia and presbyopia treatment is expected to grow, with non-incisional solutions emerging as a promising segment. Syntec Optics’ commitment to healthcare innovation is further highlighted by its recent introduction of satellite optics for communication and lightweight night vision goggle optics for defense. The company emphasizes that forward-looking statements in their announcements are subject to risks and uncertainties, and they do not guarantee future performance.
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