Interlink Electronics, an Irvine-based sensor manufacturer with its primary research and development facility in Camarillo, saw both its revenue and net income rise when it released its financial results for the second quarter of 2021.
Net revenue grew 21.3% year-over-year, to $2 million in the second quarter of 2021. Net income also rose to $63,000 in the quarter, or 1 cent per share, compared to net income of $13,000 in the same quarter last year.
Interlink said it saw increased demand in the second quarter, leading to rising revenue, primarily driven by a jolt in the medical market, which saw huge losses due to the COVID-19 pandemic in the same quarter of 2020.
“We are experiencing strong momentum evidenced by our 32% sequential quarterly revenue growth and our pipeline of new programs entering into mass production in the next six to 12 months,” Steven Bronson, Interlink’s president and CEO, said in a company statement.
Income from operations grew to $133,000 in the second quarter of 2021, which the company said was a product of higher gross profit on higher revenues partially offset by higher administrative expenses.
Gross profit also grew 12.9%, from $998,000 in the second quarter of 2020 to $1.1 million in the second quarter of 2021. Gross margin decreased from 58.6% to 54.6%.
Interlink released its earnings before the market opened on Aug. 10. Shares closed at $10.33, down 3.1% from their opening price.
Since it moved to the Nasdaq from an over-the-counter exchange on March 25, Interlink’s stock is down more than 30%.