MINNEAPOLIS -- Nortech Systems reported first quarter revenue of $34.9 million, up 13.6% from the first quarter of 2022.

For the period ended March 31, GAAP net income was $700,000, compared to $100,000 in 2022.

Gross margin rose 2.5 percentage points to 15.7%.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.5 million, up from adjusted EBITDA of $600,000 in 2022.

"We are pleased with the strong year-over-year growth we saw in the first quarter of 2023," said Jay D. Miller, president and CEO, Nortech Systems. "For the past eight quarters, on an adjusted basis, we posted year-over-year quarterly growth in four key metrics: sales, gross profit, gross margin and EBITDA. Delivering these impressive results only happens through the skill and dedication of all our team members. Their invaluable contributions deserve the utmost appreciation and respect."

"Everyone at Nortech is focused on delivering high-quality products and solutions for our customers, frequently under tight deadlines," explained Miller. "Our strategic plan is built on four key drivers: taking great care of our employees; delivering quality products on time to our customers; supporting our customers with continual innovation; and driving shareholder value through profitable growth. Guided by these principles, we are successfully evolving to better serve a wide range of medical, industrial and defense firms, from Fortune 100 multinationals to regional U.S. manufacturers. To effectively partner with the customers of today and the future, Nortech is making strategic investments in developing next-generation technologies.