- 60.1% Year Over Year Increase in Second Quarter Revenue
- 117.8% Year Over Year Increase in Second Quarter Gross Profit
- Cash and Cash Equivalents of $1.28 Per Diluted Share
Roland Kohl, chairman, president and chief executive officer of Highway Holdings, noted, "While the positive results reflect an improving environment at our customers, we still have a lot of ground to make up to return to our normalized pre-COVID business level. The rebound continues but has been slowed by the uncertain macro environment, following the fallout of COVID, as orders for customer products have been adversely impacted by the Russia/Ukraine war and the conflict in Mid-East. In addition, our business progress is not immediately reflected on a net income comparison, and we caution investors this is not an accurate measure, because we benefitted in the year ago period from the reversal of previously taken bad debt provisions. With that being said, we are encouraged with our progress and expect an improving business environment over the coming quarters will help our business now that we have stopped the bleeding and can focus on expanding revenue growth, profitability and free cash flow."
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