NTIC reported a disciplined Q3 2024, with consolidated net sales of $20.7 million, down 1.4% year-over-year, and a meaningful margin expansion that drove operating income of $1.52 million and net income of $0.98 million. The quarter showcased the resilience of NTIC’s two growth pillars: Natur-Tec bioplastics and ZERUST Oil & Gas solutions, underscoring management’s strategic emphasis on high-growth, high-margin end-markets. Natur-Tec delivered a quarterly record of $5.8 million in sales, up 20.1% YoY, aided by North America and India, while ZERUST Oil & Gas faced a temporary jolt from timing delays ($0.6 million) that shifted to Q4, with management expecting a robust fourth quarter as these orders ship and new POs materialize. The company benefited from a gross margin improvement to 38.2% (vs. 36.1% prior year) driven by insourcing and supply chain actions, supporting a 9-month operating cash flow of $7.6 million (up 116% YoY).NTIC also highlighted ongoing international expansion, notably in China, India, and Brazil, and reiterated guidance for continued positive cash flow and profitability through fiscal 2024. Although headline revenue was modestly softer, the mix improvement, working capital optimization, and investment in capacity suggest NTIC is positioned for accelerated earnings leverage as the year progresses. Investors should monitor (1) Q4 Oil & Gas order execution and timing, (2) Germany/European JV recovery amid energy-price dynamics, and (3) growth in Natur-Tec and China to assess sustained margin and top-line upside.