NTIC delivered a solid start to fiscal 2025 (quarter ended November 30, 2024), posting a quarterly record consolidated net sales of $21.338 million, up 5.7% year over year. The strength was led by Natur Tec, which surged 22.8% to a quarterly record of approximately $5.9 million, while ZERUST oil and gas and Xerast industrial revenues remained flat to modestly higher. NTIC China contributed about $4.0 million in net sales, up 8.6% YoY, signaling stabilization and potential for a meaningful geographic expansion. Margin dynamics improved meaningfully, with gross margin expanding about 200 basis points to 38.3% on the back of inflation-management actions, even as total operating expenses rose 14% year over year due to investments to support anticipated growth in the second half of fiscal 2025. Operating income reached $1.107 million and EBITDA was $1.547 million, yielding an EBITDA margin of ~7.25%. Net income attributable to NTIC was $0.561 million ($0.06 per diluted share); non-GAAP adjusted net income was $0.667 million ($0.07 per diluted share). The balance sheet remains conservatively positioned, with cash and cash equivalents of about $5.6 million, total debt of roughly $4.7 million, and net debt of approximately -$0.83 million. Operating cash flow was $2.40 million for the quarter, supporting ongoing investments in NTIC’s growth initiatives, including the expansion of its oil and gas sales infrastructure and continued growth in Natur Tec and China operations. Management maintains an upbeat outlook for fiscal 2025, emphasizing further sales growth and higher profitability, underpinned by improving demand in key geographies and continued progress in high-potential end-markets. This analysis synthesizes the QQ1 2025 results with management commentary to assess forward trajectories, risk factors, and the strategic postures NTIC is pursuing to capture a larger share of corrosion prevention and sustainable plastics markets.