M-tron Industries, Inc 10-Q for FY2026 Q3

M-tron Industries, Inc. (MPTI)

10-Q 2026-11-12 For: 2026-09-30

Added on November 12, 2026

About this 10-Q

M-tron Industries, Inc filed this 10-Q on November 12, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $15.74M; up 11.1% from $14.17M a year earlier
Net income: $3.05M; up 66.4% from net income of $1.83M a year earlier
Diluted EPS: $0.70; up 16.7% from $0.60 a year earlier

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Delaware	46-0457944
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

2525 Shader Rd., Orlando, Florida	32804
(Address of principal executive offices)	(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		MPTI		NYSE American

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

					Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)				2
		Condensed Consolidated Statements of Operations			2
		Condensed Consolidated Balance Sheets			3
		Condensed Consolidated Statements of Equity			4
		Condensed Consolidated Statements of Cash Flows			6
		Notes to Condensed Consolidated Financial Statements			7
			1.	Background and Description of Business	7
			2.	Summary of Significant Accounting Policies	7
			3.	Segment Information	10
			4.	Fair Value Measurements	12
			5.	Related Party Transactions	16
			6.	Income Taxes	17
			7.	Revolving Credit Agreement	18
			8.	Stock-Based Compensation	18
			9.	Stockholders' Equity	20
			10.	Earnings per Share ("EPS")	21
			11.	Commitments and Contingencies	22
			12.	Other Financial Statement Information	22
			13.	Domestic and Foreign Revenues	22
			14.	Subsequent Events	23

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations				24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk				31
Item 4.	Controls and Procedures				31

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings				32
Item 1A.	Risk Factors				32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds				32
Item 3.	Defaults Upon Senior Securities				32
Item 4.	Mine Safety Disclosures				32
Item 5.	Other Information				32
Item 6.	Exhibits				33

	Signatures

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
(in thousands, except share and per share data)	*2026*		*2025*		*2026*			*2025*
Revenues	$	15,741	$	14,170	$	45,536		$	40,184
Costs and expenses:
Manufacturing cost of sales		8,739		7,891		25,714			22,707
Engineering, selling and administrative		4,561		3,729		13,052			11,070
Total costs and expenses		13,300		11,620		38,766			33,777
Operating income		2,441		2,550		6,770			6,407
Other income:
Interest income, net		851		143		1,911			378
Other income, net		25		70		(63	)		87
Total other income, net		876		213		1,848			465
Income before income taxes		3,317		2,763		8,618			6,872
Income tax expense		268		931		1,311			1,850
Net income	$	3,049	$	1,832	$	7,307		$	5,022

Income per common share:
Basic	$	0.71	$	0.61	$	1.83		$	1.68
Diluted	$	0.70	$	0.60	$	1.79		$	1.64

Weighted average shares outstanding ^(a):
Basic		4,289,372		3,005,558		3,996,745			2,994,984
Diluted		4,349,491		3,061,412		4,088,300			3,061,604

(in thousands, except share data)	*September 30, 2026*		*December 31, 2025*
Assets:
Current assets:
Cash and cash equivalents	$	97,495	$	20,891
Accounts receivable, net of allowance of $200 and $204, respectively		8,953		6,656
Inventories, net		11,246		9,673
Prepaid expenses and other current assets		2,535		1,662
Warrant proceeds receivable		—		22,335
Total current assets		120,229		61,217
Property, plant and equipment, net		7,956		6,514
Right-of-use lease asset		174		217
Intangible assets, net		40		40
Deferred income tax asset		285		272
Other assets		351		123
Total assets	$	129,035	$	68,383

Liabilities:
Current liabilities:
Accounts payable	$	2,098	$	1,792
Accrued compensation and commissions		2,650		1,404
Other accrued expenses		1,618		1,401
Income taxes payable		—		294
Total current liabilities		6,366		4,891
Long-term lease liability		113		148
Deferred income tax liability		—		129
Total liabilities		6,479		5,168

Commitments and Contingencies (Note 11)

Stockholders' equity:
Preferred stock ($0.01 par value; 5,000,000 shares authorized, none issued)		—		—
Common stock ($0.01 par value; 25,000,000 shares authorized; 4,345,357 shares issued and outstanding as of September 30, 2026; 3,405,210 shares issued and outstanding as of December 31, 2025)		43		34
Additional paid-in capital		95,422		43,397
Retained earnings		27,091		19,784
Total stockholders' equity		122,556		63,215
Total liabilities and stockholders' equity	$	129,035	$	68,383

(in thousands)	*Preferred Stock*		*Common Stock*		*Additional Paid-in Capital*		*Retained Earnings*		*Total Equity*
Balance as of June 30, 2026	$	—	$	43	$	94,630	$	24,042	$	118,715
Net income		—		—		—		3,049		3,049
Stock-based compensation expense		—		—		774		—		774
Exercise of stock options		—		—		18		—		18
Exercise of warrants, net of costs		—		—		—		—		—
Exercise of subscription rights, net of costs		—		—		—		—		—
Balance as of September 30, 2026	$	—	$	43	$	95,422	$	27,091	$	122,556

^(a)	Other segment items includes the following:
		•	Interest income, net
		•	Income received under the Amended and Restated Transitional Administrative and Management Services Agreement with The LGL Group, Inc.
		•	Foreign currency gains and losses
		•	Other gains and losses
		•	Expense reimbursements paid to / received from The LGL Group, Inc.

		*September 30, 2026*				*December 31, 2025*
Total assets		$	129,035			$	68,383

	*September 30, 2026*
	*Level 1*		*Level 2*		*Level 3*		*Total*
Cash and cash equivalents (a) (b)	$	95,273	$	—	$	—	$	95,273
Prepaid expenses and other current assets:
Equity securities		87		—		—		87
Total prepaid expenses and other current assets		87		—		—		87
Other assets:
Other investments		—		—		254		254
Total other assets		—		—		254		254
Total	$	95,360	$	—	$	254	$	95,614

	*Three Months Ended September 30, 2026*
	*Fair Value Beginning of Period*		*Net Realized and Unrealized Gains (Losses) Included in Income*		*Purchases and Sales, Net*		*Fair Value End of Period*
Assets:
Other assets:
Other investments	$	250	$	4	$	—	$	254
Total other assets		250		4		—		254
Total	$	250	$	4	$	—	$	254

	*Nine Months Ended September 30, 2026*
	*Fair Value Beginning of Year*		*Net Realized and Unrealized Gains (Losses) Included in Income*		*Purchases and Sales, Net*		*Fair Value End of Period*
Assets:
Other assets:
Other investments	$	—	$	4	$	250	$	254
Total other assets		—		4		250		254
Total	$	—	$	4	$	250	$	254

	*September 30, 2026*				*December 31, 2025*
	*Assets*		*Liabilities*		*Assets*		*Liabilities*
GAMCO Investors, Inc.	$	95,273	$	—	$	19,564	$	—
The LGL Group, Inc.		338		—		227		—
Total	$	95,611	$	—	$	19,791	$	—

(in thousands, except share and per share data)	*Number of Shares*			*Weighted Average Grant Date Fair Value*			*Aggregate Grant Date Fair Value*
Balance as of December 31, 2025		51,100		$	27.98		$	1,430
Granted		43,078			66.40			2,860
Vested		(50,215	)		(35.49	)		(1,782	)
Forfeited		(1,169	)		(50.03	)		(58	)
Other		4,424			11.30			50
Balance as of September 30, 2026		47,218		$	52.94		$	2,500

(in thousands, except share and per share data)	*Number of Options Outstanding*			*Weighted Average Exercise Price*			*Weighted Average Grant Date Fair Value*			*Weighted Average Remaining Term (in years)*		*Aggregate Intrinsic Value*
Outstanding as of December 31, 2025		129,914		$	37.62		$	15.91			2.2	$	2,027
Granted		—			—			—
Exercised		(68,424	)		(36.09	)		(11.07	)
Forfeited		—			—			—
Expired		(100	)		(36.06	)		(10.98	)
Other		200			36.06			10.98
Outstanding as of September 30, 2026		61,590		$	39.32		$	21.29			2.7	$	2,398
Exercisable as of September 30, 2026		28,340		$	38.14		$	17.56			1.8	$	1,137

	*Nine Months Ended September 30,*
(in thousands)	*2026*			*2025*
Cash flows from operating activities:
Net income	$	7,307		$	5,022
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income:
Depreciation		960			800
Stock-based compensation expense		2,493			803
Unrealized gain		(35	)		(11	)
Deferred income tax provision		(142	)		1,066
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, net		(2,297	)		614
(Increase) decrease in inventories, net		(1,573	)		234
Decrease (increase) in prepaid expenses and other assets		18			(311	)
Increase (decrease) in accounts payable, accrued compensation, income taxes and commissions and other		1,483			(238	)
Total adjustments		907			2,957
Net cash provided by operating activities		8,214			7,979
Cash flows from investing activities:
Capital expenditures		(2,402	)		(2,205	)
Purchases, other		(1,084	)		—
Net cash used in investing activities		(3,486	)		(2,205	)
Cash flows from financing activities:
Proceeds from stock option exercises		2,469			211
Proceeds from warrants, net of costs		27,656			(297	)
Proceeds from subscription rights offering, net of costs		41,751			—
Net cash provided by (used in) financing activities		71,876			(86	)
Increase in cash and cash equivalents		76,604			5,688
Cash and cash equivalents at beginning of period		20,891			12,641
Cash and cash equivalents at end of period	$	97,495		$	18,329

Supplemental disclosure:
Cash paid for interest	$	33		$	7
Cash paid for income taxes	$	1,669		$	1,096

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2026*			*2025*			*2026*			*2025*
Interest income	$	881		$	146		$	1,973		$	388
Interest expense		(30	)		(3	)		(62	)		(10	)
Depreciation		(347	)		(280	)		(960	)		(800	)
Amortization		—			—			—			—
Other significant non-cash items:
Stock-based compensation		(774	)		(276	)		(2,493	)		(803	)

Capital expenditures		(1,013	)		(807	)		(2,402	)		(2,205	)

	*Nine Months Ended September 30, 2026*								*Year Ended December 31, 2025*
	*Common Stock Issued*			*Held in Treasury*		*Common Stock Outstanding*			*Common Stock Issued*			*Held in Treasury*		*Common Stock Outstanding*
Shares, beginning of period		3,405,210			—		3,405,210			2,911,165			—		2,911,165
Stock-based compensation		43,078			—		43,078			13,814			—		13,814
Exercise of stock options		68,424			—		68,424			14,750			—		14,750
Shares issued from settlement of warrants		112,028			—		112,028			470,205			—		470,205
Shares issued from settlement of subscription rights		713,362			—		713,362			—			—		—
Restricted shares forfeited		(1,169	)		—		(1,169	)		(4,724	)		—		(4,724	)
Other		4,424			—		4,424			—			—		—
Shares, end of period		4,345,357			—		4,345,357			3,405,210			—		3,405,210

	*September 30, 2026*			*December 31, 2025*
Raw materials	$	5,136		$	4,267
Work in process		6,328			5,181
Finished goods		1,546			1,773
Total gross inventory		13,010			11,221
Reserve for excess and obsolete inventory		(1,764	)		(1,548	)
Inventories, net	$	11,246		$	9,673

	*September 30, 2026*			*December 31, 2025*
Land	$	536		$	536
Buildings and improvements		5,788			5,736
Machinery and equipment		26,053			23,952
Gross property, plant and equipment		32,377			30,224
Less: Accumulated depreciation		(24,421	)		(23,710	)
Property, plant and equipment, net	$	7,956		$	6,514

	Three Months Ended September 30,
(in thousands)	2026		2025		$ Change			% Change
Revenues	$	15,741	$	14,170	$	1,571			11.1	%
Costs and expenses:
Manufacturing cost of sales		8,739		7,891		848			10.7	%
Engineering, selling and administrative		4,561		3,729		832			22.3	%
Total costs and expenses		13,300		11,620		1,680			14.5	%
Operating income		2,441		2,550		(109	)		(4.3	%)
Other income:
Interest income, net		851		143		708			495.1	%
Other income, net		25		70		(45	)		(64.3	%)
Total other income, net		876		213		663			311.3	%
Income before income taxes		3,317		2,763		554			20.1	%
Income tax expense		268		931		(663	)		(71.2	%)
Net income	$	3,049	$	1,832	$	1,217			66.4	%

	Nine Months Ended September 30,
(in thousands)	2026			2025		$ Change			% Change
Revenues	$	45,536		$	40,184	$	5,352			13.3	%
Costs and expenses:
Manufacturing cost of sales		25,714			22,707		3,007			13.2	%
Engineering, selling and administrative		13,052			11,070		1,982			17.9	%
Total costs and expenses		38,766			33,777		4,989			14.8	%
Operating income		6,770			6,407		363			5.7	%
Other income:
Interest income, net		1,911			378		1,533			405.6	%
Other income, net		(63	)		87		(150	)		n/m
Total other income, net		1,848			465		1,383			297.4	%
Income before income taxes		8,618			6,872		1,746			25.4	%
Income tax expense		1,311			1,850		(539	)		(29.1	%)
Net income	$	7,307		$	5,022	$	2,285			45.5	%

(in thousands)	September 30, 2026		December 31, 2025
Current assets	$	120,229	$	61,217
Less: Current liabilities		6,366		4,891
Working capital	$	113,863	$	56,326

Current ratio		18.9		12.5

	M-TRON INDUSTRIES, INC.
	(Registrant)

Date: November 12, 2026	By:	/s/ Cameron Pforr
		Cameron Pforr
		Chief Executive Officer (Principal Executive Officer)


Date: November 12, 2026	By:	/s/ Cameron Pforr
		Cameron Pforr
		Chief Financial Officer (Principal Financial Officer)