M-tron Industries, Inc. Reports First Quarter 2026 Results

M-tron Industries, Inc. Reports First Quarter 2026 Results May 07, 2026 Revenues increased 15.3%, or $2.0 million, to $14.7 million for the three months ended March 31, 2026 from $12.7 million for the three months ended March 31, 2025Gross margin improved to 44.9% for the three months ended March 31, 2026 from 42.5% for the three months ended March 31, 2025Net income per diluted share increased $0.11 to $0.67 for the three months ended March 31, 2026 from $0.56 for the three months ended March 31, 2025Backlog increased $21.3 million, or 38.4%, to $76.8 million as of March 31, 2026 from $55.5 million as of March 31, 2025 , /PRNewswire/ -- M-tron Industries, Inc. (NYSE American: MPTI) ("Mtron" or the "Company"), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced its financial results for the three months ended March 31, 2026. "Mtron delivered another quarter of record revenue, marking our fourth consecutive record quarter," said Cameron Pforr, Mtron Chief Executive Officer. "Our gross margins were also healthy due to higher revenues and continued focus on manufacturing efficiencies" "We also successfully completed the rights offering on April 27, 2026, issuing 713,362 shares and strengthening our balance sheet with an additional $42.1 million of cash," continued Mr. Pforr. "This puts us in a great position to execute as we navigate the opportunities arising in the defense sector." Three Months Ended March 31, 2026 2025 % Change U.S. GAAP Financial Measures Revenues $ 14,686 $ 12,732 15.3 % Gross margin 44.9 % 42.5 % 5.7 % Net income $ 2,388 $ 1,630 46.5 % Net income per diluted share $ 0.67 $ 0.56 19.2 % Non-GAAP Financial Measures (a) Adjusted EBITDA $ 3,172 $ 2,502 26.8 % (a) A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. Results from Operations Revenue was $14.7 million in the first quarter of 2026 compared with $12.7 million in the first quarter of 2025. The increase was primarily due to strong defense product shipments as well as higher avionics sector shipments. Gross margin was 44.9% in the first quarter of 2026 compared with 42.5% in the first quarter of 2025. The increase is primarily due to higher revenues, product mix, and manufacturing efficiencies. Net income was $2.4 million, or $0.67 per diluted share, in the first quarter of 2026 compared with $1.6 million, or $0.56 per diluted share, in the first quarter of 2025. The increase in revenues discussed above, manufacturing efficiencies, and higher interest income partially offset by higher engineering, selling and administrative expenses related to higher research and development costs, higher sales commissions from an increase in revenues, and an increase in corporate expenses consistent with the overall growth in the business. Adjusted EBITDA was $3.2 million in the first quarter of 2026 compared with $2.5 million in the first quarter of 2025. The increase was primarily due to the increase in revenues discussed above and improved gross margins. Backlog Backlog was $76.8 million as of March 31, 2026 compared to $76.4 million as of December 31, 2025 and $55.5 million as of March 31, 2025. The increase in backlog is primarily driven by orders in the aerospace and defense, avionics, and space sectors. Investor Day The Company will host an Investor Day on Tuesday May 12, 2026, to provide shareholders, analysts and other stakeholders more detailed information on the Company's strategic direction, recent business developments and financial performance, and updates on strategic initiatives. Members of management will also be available to answer investor questions. The Investor Day will begin at 12:00 p.m. Eastern Time on Tuesday May 12, 2026 at the New York Stock Exchange, located at 11 Wall Street, New York, New York 10005. If you are interested in attending in person, please RSVP by sending an email to [email protected] as capacity is limited. An archive will be available after the Investor Day on the Investor Relations section of Mtron's website at ir.mtron.com. Earnings Commentary The Company will make available commentary on Q1 2026 financial results on Friday May 8, 2026. Visit the Investor Relations section of Mtron's website at ir.mtron.com for the recording. About Mtron M-tron Industries, Inc. (NYSE American: MPTI) was originally founded in 1965 and designs, manufactures and markets highly engineered, high reliability frequency and spectrum control products and solutions. As an engineering-centric company, Mtron provides close support to its customers throughout our products' entire life cycle, including product design, prototyping, production and subsequent product upgrades. Mtron has design and manufacturing facilities in Orlando, Florida and Yankton, South Dakota, a sales office in Hong Kong, and a manufacturing facility in Noida, India. For more information, visit www.mtron.com. Cautionary Note Concerning Forward Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the uncertain financial impact of COVID-19 and the Company's financial condition, results of operations, business strategy and financial needs. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words "believe," "expect," "anticipate," "should," "plan," "will," "may," "could," "intend," "estimate," "predict," "potential," "continue" or the negative of these terms and similar expressions, as they relate to Mtron, are intended to identify forward-looking statements. These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by Mtron with the Securities and Exchange Commission, including those risks set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the SEC on March 26, 2026. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release. These forward-looking statements speak only as of the date of this press release. Mtron undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. M-tron Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (in thousands, except share data) 2026 2025 Revenues $ 14,686 $ 12,732 Costs and expenses: Manufacturing cost of sales 8,092 7,326 Engineering, selling and administrative 3,984 3,393 Total costs and expenses 12,076 10,719 Operating income 2,610 2,013 Other income: Interest income, net 370 111 Other expense, net (122) (10) Total other income, net 248 101 Income before income taxes 2,858 2,114 Income tax expense 470 484 Net income $ 2,388 $ 1,630 Income per common share: Basic $ 0.68 $ 0.57 Diluted $ 0.67 $ 0.56 Weighted average shares outstanding: Basic 3,496,408 2,841,357 Diluted 3,572,059 2,906,144 M-tron Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) March 31, 2026 December 31, 2025 Assets: Current assets: Cash and cash equivalents $ 51,958 $ 20,891 Accounts receivable, net of reserves of $192 and $204, respectively 8,076 6,656 Inventories, net 10,350 9,673 Prepaid expenses and other current assets 1,551 1,662 Warrant proceeds receivable — 22,335 Total current assets 71,935 61,217 Property, plant and equipment, net 6,664 6,514 Right-of-use lease asset 194 217 Intangible assets, net 40 40 Deferred income tax asset 348 272 Other assets 114 123 Total assets $ 79,295 $ 68,383 Liabilities: Total current liabilities 6,116 4,891 Non-current liabilities 128 277 Total liabilities 6,244 5,168 Total stockholders' equity 73,051 63,215 Total liabilities and stockholders' equity $ 79,295 $ 68,383 Non-GAAP Financial Measures Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules and regulations. The non-GAAP financial measures the Company presents are listed below and may not be comparable to similarly-named measures reported by other companies. the reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP. The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance: Adjusted EBITDA is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following: Interest incomeInterest expenseDepreciationAmortizationNon-cash stock-based compensationOther discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA Three Months Ended March 31, (in thousands, except share data) 2026 2025 Income before income taxes $ 2,858 $ 2,114 Adjustments: Interest income (370) (111) Depreciation 302 250 Amortization — — Total adjustments (68) 139 EBITDA 2,790 2,253 Non-cash stock compensation 382 249 Adjusted EBITDA $ 3,172 $ 2,502 View original content to download multimedia:https://www.prnewswire.com/news-releases/m-tron-industries-inc-reports-first-quarter-2026-results-302766338.html SOURCE Mtron