Blonder Tongue Laboratories Inc. (BDR) shares were rallied 34.44% in after-hours on Tuesday, July 6, 2021, and closed the day at $2.03 per share. Earlier, BDR’s stock gained 16.15% to close Tuesday’s morning session at $1.51. BDR shares have risen 104.05% over the last 12 months, and they have moved up 16.15% in the past week. Over the past three months, the stock has gained 3.07%, while over the past six months, it has declined 16.15%.

BDR received forgiveness loan payment

On July 6, 2021, Blonder Tongue Laboratories, Inc received forgiveness of $1,768,762 of loan proceeds previously received under the Paycheck Protection Program.

As previously disclosed, on April 10, 2020, the Company received a PPP Loan of $1,768,762 under the federal PPP Program. The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act and is administered by the U.S. Small Business Administration (SBA).

Blonder Tongue Laboratories partnership with Innovative Systems 

On June 16, 2021, Blonder Tongue Laboratories, Inc partnered with Innovative Systems to launch two new solutions for Blonder Tongue’s NXG IP Digital Video Signal Processing Platform.

Recent financial results announcement

On May 13, 2021, Blonder Tongue Laboratories, Inc announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• Blonder Tongue Laboratories reported net sales of $3,251,000 for the first quarter of 2021 compared to $4,050,000 for Q1 2020.
• The company’s gross profit was $1.385 million in Q1 2021 compared to $553,000 in Q1 2020.
• The company suffered a net loss of $414,000or $0.04 per share in Q1 2021, compared to $2,080,000 or $0.21 per share in Q1 2020.
• In Q1 2021, net cash provided by operating activities was $234,000 compared to net cash used in operating activities of $842,000 in Q1 of 2020.

Noncompliance Notice from NYSE 

On April 7, 2021, Blonder Tongue Laboratories, Inc received notice from NYSE American LLC, stating that it is not in compliance with the continued listing standard outlined in Section 1003(a)(i) of the NYSE American Company Guide (the “Company Guide”). That section applies if a listed company has stockholders’ equity of less than $2 million and the listed company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years.

Conclusion

The recent financial assistance could be the reason behind its good performance on Tuesday but we are not sure how long it can keep BDR stock surging so let’s see how it will perform in the coming days.