Cemtrex, Inc. (CETX) delivered Q2 2024 revenue of $17.16 million, up 6.8% year over year and 1.7% quarter over quarter, driven primarily by a 47% rise in Industrial Services (AIS) revenue to $9.1 million, helped by the Heisey Mechanical acquisition completed in FY2023. The Security segment declined 18% in the quarter due to project delays, dampening overall gross margins and contributing to an operating loss of $1.03 million and a net loss of $1.47 million. Management attributed approximately $1 million of onetime personnel and legal costs to the quarter, which they do not expect to recur, and reiterated a goal of delivering positive operating income for the full year 2024. The company subsequently announced a $10 million gross equity offering post-quarter to strengthen liquidity and reduce indebtedness, with inventories down to $7.4 million and cash balance around $4.09 million at March 31, 2024. The AIS growth narrative suggests a potential >30% annual growth trajectory in fiscal 2024, supported by new project wins and cross-selling opportunities from the expanded services portfolio, while Anavio and Valerus platform improvements are expected to contribute to margin expansion over time. However, CETX remains levered, posting a negative EBITDA and net income for the quarter, with total debt of roughly $28.7 million and net debt around $24.65 million, signaling elevated financial risk absent sustained profitability improvements and revenue execution. Investors should monitor AIS deal flow, security project timing, gross margin trajectory, opex discipline, the integration of acquisitions, and the utilization of the new equity proceeds as pivotal catalysts for the back half of FY2024.