Greg Volovic, Chief Executive Officer, stated, “We had hoped for more of a recovery this year than what we saw in the market for machine tools, which was down almost 19% according to the Oxford Economics U.S. machine tool forecasts. However, there were two trends that did align with our expectations. First, our global orders for this fiscal year outpaced sales in every region, which is a solid improvement over fiscal year 2023. Second, orders improved from the first half of the year to the second half of the year in fiscal year 2024, a trend quite different from fiscal year 2023. We are focused on this order growth and are prepared for increased customer demand as global markets begin to recover. We are managing our business in an effort to improve results and return to profitability. We implemented global cost reductions this year, but we did so while advancing the future of Hurco with many technological innovations.”