NextVision, a provider of imaging solutions for military UAVs and drones, reported Q4 revenue of $30.5 million, up from $18.5 million a year earlier—a 65% jump. Net income for the quarter rose 63%, reaching $17.9 million versus $11 million in Q4 2023.

For full-year 2024, NextVision delivered 121% revenue growth, reaching $115 million, compared to $52 million in 2023. Gross profit soared 132.7%, hitting $83 million, or 72% of total revenue. Q4 gross profit alone was $22.6 million, marking a 74% year-over-year increase.

Operating profit for 2024 more than doubled, reaching $73 million (63% operating margin), up from $28.3 million in 2023 (55% margin). Q4 operating profit climbed 78% to $20.2 million. Net income for 2024 came in at $66.3 million, up 2.4x from 2023’s $27.5 million.

Order Backlog, Dividend, and Cash Flow

As of the earnings release, NextVision’s order backlog stands at $101 million. The company’s board has also raised the reporting threshold for transactions to $2 million.

NextVision will distribute a $33.2 million dividend, aligning with its policy of paying out up to 50% of net income. The company generated $68.4 million in operating cash flow during 2024. Shareholders’ equity now totals $137.7 million, accounting for 86% of the balance sheet.

Chairman’s Statement: "We Exceeded Our Own Expectations"

Chen Golan, Chairman and Founder of NextVision, reflected on the company’s impressive growth trajectory:
"We are proud to conclude another year of significant growth, during which we consistently met our aggressive targets. Our success is driven by our ability to provide cutting-edge solutions, expand production capacity, and improve operational efficiency."

He emphasized that NextVision significantly exceeded its own projections, recalling that when the company went public nearly four years ago, management had set an ambitious goal to surpass $100 million in revenue by 2024.
"I’m thrilled that we not only achieved this but far exceeded it—entirely through organic growth."

Looking ahead, Golan noted that NextVision has relocated to a new headquarters in Ra’anana, providing employees with a more efficient workspace to support continued expansion. He reaffirmed the company’s commitment to investing in R&D and top-tier talent, while also exploring strategic acquisitions to accelerate growth and maintain high profitability.

Stock Performance and 2025 Outlook

NextVision was the best-performing stock of 2023 and one of the hottest stocks of 2024, delivering a 2x return.

Following its previous earnings report, the company was valued at ₪3.55 billion. Today, its market cap has surged to ₪7 billion.

However, one wildcard remains: competition.
As a relatively new market, early entrants like NextVision enjoy an initial advantage, but new players—including larger defense firms—could eventually enter the space. The key question is whether NextVision holds a technological edge that competitors cannot replicate. If it does, it will continue to dominate. If not, the landscape could shift quickly.

For 2025, NextVision projects revenue of $160 million, reflecting 39% growth—a slowdown from previous years, but still impressive given its scale.
Assuming similar profitability levels, the company could post net income of approximately $92 million (~₪333 million), implying a forward P/E ratio of ~20 at its current market cap.

With rapid growth and robust margins, investors will be watching closely to see if NextVision can sustain its momentum—or if competition starts to erode its lead.