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Mtron Awarded $3 Million Production Contract for a Major U.S. Defense Program

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a day ago

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Mtron Awarded $3 Million Production Contract for a Major U.S. Defense Program

ORLANDO, Fla., June 9, 2025 /PRNewswire/ -- M-tron Industries, Inc. (NYSE American: MPTI), a leading provider of high-performance radio frequency ("RF") components and solutions, today announced it has received a $3 million order from a top U.S. Department of Defense prime contractor in support of a major air defense program. The order consists of several products, including high performance, rugged crystal and cavity RF filters. The repeat order supports a long-standing program of record within a major air defense system. The contract includes highly engineered components engineered specifically for durability and reliability in mission-critical environments. The award represents a follow-on order for components that Mtron has successfully supplied to this program for over 20 years. "This award reinforces Mtron's ability to design and produce in high volumes superior custom products that meet the rigorous needs of the defense industry. Repeat orders like this are a testament to Mtron's ability to deliver, and we're proud to support a program so vital to national and allied defense," said Cameron Pforr, Mtron CEO. The air defense system supported by this contract plays a central role in the U.S. military's air defense architecture and is also deployed by numerous allied nations around the world. The system is anticipated to be in production past 2029. Work under this contract will take place in Orlando, Florida through 2026. About MtronM-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 View original content to download multimedia: SOURCE Mtron

M-tron Industries, Inc. to Present and Host 1x1 Investor Meetings at the 15th Annual East Coast IDEAS Investor Conference on June 11th in New York, NY

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02-06-2025

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M-tron Industries, Inc. to Present and Host 1x1 Investor Meetings at the 15th Annual East Coast IDEAS Investor Conference on June 11th in New York, NY

ORLANDO, Fla., June 2, 2025 /PRNewswire/ -- M-tron Industries, Inc. (NYSE American: MPTI, MPTI WS) ("Mtron" or the "Company") today announced Cameron Pforr, Interim Chief Executive Officer, and Bill Drafts, President, will present at the East Coast IDEAS Investor Conference on Wednesday June 11, 2025 at The Westin Times Square in New York, NY. Mtron's presentation is scheduled to begin at 3:30 p.m. ET. The presentation is webcast and can be accessed through the conference host's main website: and in the investor relations section of the Mtrob's website: Management will speak to Mtron's continued momentum in the defense and aerospace, and commercial avionics sectors, including its products' use in precision guided munitions, radar, electronic warfare, commercial and defense-related airframes, drone/UAVs, and space and satellite systems. Mtron plays a key role in the U.S. national security space as a U.S.-based manufacturer of radio frequency components and solutions for both the U.S. Department of Defense as well those of our allied nations. About IDEAS Investor ConferencesThe mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals. Unlike traditional bank-sponsored events, IDEAS Investor Conferences are "SPONSORED BY INVESTORS. FOR INVESTORS." and for the benefit of regional investment communities. Conference sponsors collectively have more than $200 billion in assets under management and include: 1102 Partners, Adirondack Research and Management, Allianz Global Investors: NFJ Investment Group, Ariel Investments, Aristotle Capital Boston, Ascend Wealth Advisors, Barrow Hanley Mewhinney & Strauss, BMO Global Asset Management, Constitution Research & Management, Inc., Diamond Hill, First Wilshire Securities Management, Inc., Granahan Investment Management, Great Lakes Advisors, Greenbrier Partners Capital Management, LLC, Hodges Capital Management, Ironwood Investment Management, Keeley Teton Advisors, Luther King Capital Management, Marble Harbor Investment Counsel, North Star Investment Management, Perritt Capital Management, Punch & Associates, Shepherd Kaplan Krochuk, Westwood Holdings Group, Inc., and William Harris Investors. The IDEAS Investor Conferences are held annually and are produced by Three Part Advisors, LLC. Additional information about the events can be located at If interested in participating or learning more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@ About M-tron Industries, Inc.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 View original content to download multimedia: SOURCE Mtron

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02-06-2025

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M-tron Industries, Inc. to Present and Host 1x1 Investor Meetings at the 15th Annual East Coast IDEAS Investor Conference on June 11th in New York, NY

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15-05-2025

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Q1 2025 M-Tron Industries Inc Earnings Call

Linda Biles; EVP of Finance; M-Tron Industries Inc Cameron Pforr; Interim CEO; M-Tron Industries Inc Anja Soderstrom; Analyst; Sidoti & Company Operator Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the M-tron earnings call for Q1 2025. (Operator Instructions)I would now like to turn the call over to Linda Biles, M-tron's EVP of Finance. Please go ahead. Linda Biles Good morning, everyone. Thank you for joining our 2025 M-tron Q1 earnings call. Please note that this call will be recorded, and we will make the recording available on our website, shortly after the call. Yesterday afternoon, we released our earnings for the first fiscal quarter of getting underway, we are required to advise you that the following discussion should be taken in conjunction with our most recent financial statements and notes is contained within our 2024 10-K, which was filed on March 27, 2025, with the discussion may contain forward-looking statements with the meaning of 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements contain known and unknown risks and uncertainties, which are detailed in our SEC the company believes that the forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there are no assurances that the company's actual results will not differ materially from any results expressed or implied by the company's forward-looking company undertakes no obligation to publicly update or revise any forward-looking statement, whether as the result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future that, I will now turn the call over to our Interim CEO, Cameron Pforr. Cameron Pforr Yeah. Good morning, everyone, and thank you, Linda. First of all, I want to thank all of our shareholders and interested parties for attending our first quarter FY25 earnings call and your interest in the company. We're pleased to discuss our strong start to the fiscal 2025 fiscal year and our outlook going forward. As a reminder, M-tron designs and manufactures highly engineered RF solutions, including electronic components and subassemblies used to control the frequency and timing of signals and electronic a global company, the three manufacturing sites in the United States and India. The company's primary markets include defense and aerospace, commercial avionics, industrials, and space. We are pleased to report that the company continued to perform well with continued strength in M-tron sales and good financial performance for Q1 fiscal year 2025. Our revenues continue to be driven by defense-related orders and we also saw some growth in the commercial avionics market, something we believe bodes well for the future recovery of that are pleased to see Boeing resolve its labor dispute early in the year and expect orders from the major airframe manufacturers to pick up throughout the year. With consistent operating performance, we have been able to continue to make strategic investments in research and development and continue to increase the market profile of the of that effort was the recent rebranding of the company as M-tron updates to our logo, our website and sales materials as well as the initiation of advertising in some of the leading publications for our sector and also enhanced lead generation activity. We also continue to make investments in our production facilities, and we've seen good initial results in a program that I mentioned, I think, on the last call to deploy greater automation on the factory floor to improve looks like we have gotten through some of the choppiness in the defense market caused by some of the conflicting messaging from the administration on the defense budget. We have, at M-tron have seen no disruption to our business. and expect to continue the company's revenue growth throughout the continuing resolution passed and signed in mid-March 2025, extended government funding through the end of the federal fiscal year and largely preserved the defense spending as it was actually increasing the defense budget by, I guess, a relatively small amount, $6 administration is now proposing increasing the defense budget for this fiscal year by $150 billion through a reconciliation process and also substantially increasing procurement spending in the federal FY 2026 budget. Many of the areas targeted for investment such as next-gen aircraft, shipbuilding, loitering and precision guided munitions, border security and the Golden Dome anti-aircraft, anti-missile defense, all require a significant amount of RF subsystems and components, highlighting the continued growing need for M-tron importance of filters and oscillators has only increased as the electromagnets spectrum has become a more contested part of the battle space. And communications explaining systems and commanders and combatant remain subject to electronic countermeasures, such as jamming and interference. We believe that we are well positioned to continue to perform well with the anticipated changes in military procurement Linda, would you mind giving our audience the highlights of our fiscal year Q1 performance? Linda Biles Yeah. Total revenues for first quarter were $12.7 million, a 13.8% increase over the $11.2 million of revenue in the same period last year. The revenue increase in the period primarily due to strong defense program product and solution shipments. Gross margins for the first quarter of 2025 were 42.5%, a 20 basis point decrease over the 42.7% gross margins in Q1 at ' decrease is primarily due to additional manufacturing costs with the initial production runs of several new products. In addition, we saw the initial impact this quarter of duly initiated federal tariffs on imports of foreign sourced materials and partially finished income was $1.6 million or $0.56 per diluted share in the first quarter of 2025 compared with $1.5 million or $0.53 per diluted share in the first quarter of increase in revenues discussed above was partially offset by higher manufacturing cost of sales consistent with the growth in revenues and the introduction of new products as well as higher engineering, selling and administrative expenses related to continued research and development investments higher sales commissions from an increase in revenues and an increase in administrative expenses consistent with the overall growth of the EBITDA was $2.5 million in the first quarter of 2025 compared with $2.3 million in the first quarter of 2024. The increase was primarily due to higher revenues resulting in higher income. Backlog was $55.5 million as of March 31, 2025, compared to $47.2 million as of December 31, 2024, and $46.1 million as of March 31, increase in backlog reflects several large defense and avionics orders received during the quarter and the continued broad demand for our products. In early February '25, for example, we publicly announced one large order supporting shipboard systems for over $10 million that was expected to have been received in fiscal year 2024. I'd now like to turn the call back over to Cameron. Cameron Pforr Yeah. Thank you, Linda. So in March 2025, M-tron saw the initial impact of the recently announced federal tariffs on the import of goods and materials from outside the United States. And while M-tron is a United States-based manufacturer with a great degree of vertical integration, something we pride ourselves on. We do import some materials from Japan, China, South Korea and a very small amount from we also performed some finishing work at our facility in Noida, India. It's difficult to predict the long-term impact of this trade policy on our financial performance as it changes regularly. We are working with many of our defense customers on acting parts of the federal acquisition regulations which potentially exempt materials received for defense production from entry addition, we continue, as always, to analyze our supply chain in order to make sure that we have redundancy of suppliers where possible and can source from reliable suppliers at the best price as possible. To date, we have seen no impact from tariffs on demand for our products. Also, I wanted to highlight the recent distribution of warrants. On April 25, 2025, the company distributed a dividend of warrants, the stockholders of record as of March 10, warrants are listed on the New York Stock -- NYSE American Exchange under the ticker, MPTIWS. The warrants may be listed on certain financial websites under the ticker MPTIWT or a similar nomenclature. Pursuant to the warrant agreement, the warrants contain the following terms, which I'll summarize, and we're happy to answer questions about this five warrants are exercisable to purchase one share of common stock, the exercise price is $47.50 per share. The warrants are exercisable at the earlier of 30 days prior to the maturity date of April 25, 2028. Or on the date when the average volume weighted average price of the VWAP or M-tron's common stock is greater than or equal to $52 per share for the prior 30 consecutive trading days. we call this the accelerated trigger or early warrants expire at the earlier of April 25, 2028, that they run to full maturity or 30 calendar days following M-tron public announcement of the date of the accelerated trigger being triggered. And warrant holders exercising their full allotment of warrants comply to subscribe for any and all shares of common stock issuable pursuant to any outstanding but unexercised is called the oversubscription feature, and it's included on your warrant agreement. Further information on the warrants is available in a fact, found on our Intron investor website, which is Just to highlight some of the strategic activity, we do continue to execute on our strategy of moving into more program business, which now makes up the vast majority of our aerospace and defense are involved, for example, in over 40 programs of record, it's a very significant amount. Defense and aerospace has been an amazing market in the past several years, and it does remain one with plenty of room for us to grow. We seek to maintain close relationships with our customers and be their first line resource for them as they plan upgrades to current systems or compete for the design of new systems to meet government program the same can be said in our other sectors like avionics and industrials. We have also ramped up our pursuit of complementary acquisitions and strategic partnership opportunities in both the RF component and subsystem space, as well as some tangential subsystem and solution companies that focus on the same are focused on finding deals that will be accretive for shareholders and help both companies strengthen their financial performance and customer base. Strengthening the US defense industrial base is one of the goals of the administration's trade policy and current budget focus. They've actually dedicated budget dollars to the strengthening of the defense industrial base in the anticipated increase in this year's defense a US-based advanced manufacturing capabilities support our joint forces is more important than ever before and we thank our employees for their dedication to their jobs and the mission. We also thank our dedicated customers to their continued business and the trust they place an M-tron and our people.M-tron plays its critical role in defense of our nation, providing US sourced, highly engineered components for many US and allied military programs. Before I open the floor to questions, I wanted to mention that we will be holding our annual meeting on June 10, 2025, at 10:00 AM in the morning at the Harvard Club in New York City. The meeting will be open to all shareholders of the company's common addition, we will hold an investor presentation and question-and-answer session before the annual meeting and information for both of these events will be posted on our investor website. For those interested in attending in person, you'll need to get a QR code from our IR site to pass through the Harvard Club can you please open the lines and allow the first question? Operator (Operator Instructions)Anja Soderstrom, Sidoti. Anja Soderstrom So in terms of your gross margins, that was a bit muted due to the ramping of new programs. How do -- how is that going to sort of develop? And with those new large contract wins, are we going to see that being a ramp for a longer period of time? Or will it pick up pretty quickly? Cameron Pforr Yeah. Good question, Anja. And thank you for joining. So the gross margins were impacted by really three factors. One was just product mix. We had less products being shipped for two of our long-term missile programs, which have very -- relatively high margins. And that is expected to return very shortly. That part of the mix was going to increase in Q2 throughout the rest of the year due to some of the orders we received in thing I mentioned earlier was that we did ship some new products. And whenever you're working on new products, the first couple of runs are a little bit less efficient than when all the have been worked out in the process. And you're running at a higher yield. So we ship some new space products, which require rigorous testing and they've been successful, but the first couple of runs of those take more labor than you would hope to use also, we shipped a new type of oscillator in the quarter that's used in EW and RADAR, which I think is great for the long-term prospects of the company. And I think that those yields will improve over time. So I do expect the yields to improve and the margins to improve throughout the year. We also did see some impact to the had a little bit less than $100,000 of tariff charges in March, and it's kind of difficult to predict how much we should anticipate receiving there for the rest of the year. And we hope that a lot of the progress that's been made over the past couple of weeks, reducing the tariffs will have a positive impact there. So I do anticipate this to go up in the rest half of the For those new programs that you shipped in the space and the oscillators, are they higher than the average?Yes, they will be a very strong margin product that they're just early developed. Anja Soderstrom Okay. And then in terms of the tariffs, you're not able to pass that on at all or? Cameron Pforr Yeah. We do have the capability on our contracts to pass that on. The reality is that in the market, there are a lot of mistakes being made in terms of how the tariffs are applied and then also the whole thought of passing on tariffs to vendors is relatively new, and I do anticipate a fair amount of pushback, although I think ultimately, many customers will pay for their we're really hoping that we can work through the tariff situation in the short term. But we do have in our contracts, the ability to pass on taxes and tariffs and so I think over time, this will work out, but there will be some disruption in the industry in terms of cost for the short term. Anja Soderstrom And then also, these large contracts you've been winning and congrats on those. Are they also higher-margin programs then? Cameron Pforr They are. And they were actually some of the programs that I mentioned. We didn't ship a lot over Q1, which did impact our margins. Return to that... Anja Soderstrom And then what does the pipeline look like for other large deals like that? Cameron Pforr We actually have a pretty strong pipeline for the year. So we don't really talk about bookings per se and give numbers on that, but we've had two very strong quarters of bookings and we do have a lot of large programs that we think we'll be announcing over the next quarter or both missile programs as well as some in the avionics space. And then in the back half of the year, we're working on some really significant drone bookings and programs, which I think will be exciting for the company. Operator At this time, there are no further questions. I would now like to turn the call back over to Cameron Pforr for closing remarks. Please go ahead. Cameron Pforr Okay. Well, thank you, operator. I appreciate you helping us manage the call. and I'm going to like to thank everybody for participating today. And if there are no further questions, please have a great you want to follow up after the call after you kind of read the transcripts or you've had a chance to kind of go through the earnings release in more detail, feel free to contact us at ir@ and we will respond in kind. So thank you again. Operator Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

M-tron Industries, Inc. Reports First Quarter 2025 Results

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13-05-2025

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M-tron Industries, Inc. Reports First Quarter 2025 Results

Revenues increased 13.8%, or $1.5 million, to $12.7 million for the three months ended March 31, 2025 from $11.2 million for the three months ended March 31, 2024 Net income per diluted share increased $0.03 to $0.56 for the three months ended March 31, 2025 from $0.53 for the three months ended March 31, 2024 Backlog increased $9.4 million, or 20.3%, to $55.5 million as of March 31, 2025 from $46.1 million as of March 31, 2024 ORLANDO, Fla., May 13, 2025 /PRNewswire/ -- M-tron Industries, Inc. (NYSE American: MPTI) ("Mtron" or the "Company"), a designer and manufacturer of highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits, announced its financial results for the three months ended March 31, 2025. "Mtron delivered another quarter of revenue growth driven by healthy demand across our existing portfolio and the successful introduction of new products," said Cameron Pforr, Mtron Interim Chief Executive Officer. "Our backlog increased significantly during the period and we remain focused on delivering innovative products that strengthen our market position and create sustained value for our stockholders." "We also successfully completed the distribution of the previously announced dividend of warrants on April 25, 2025, reflecting our ongoing commitment to enhancing stockholder value and providing opportunities for long-term participation in Mtron's future growth," continued Mr. Pforr. Results from Operations Revenue was $12.7 million in the first quarter of 2025 compared with $11.2 million in the first quarter of 2024. The increase was primarily due to strong defense product shipments. Gross margin was 42.5% in the first quarter of 2025 compared with 42.7% in the first quarter of 2024. The decrease is primarily due to higher revenues partially offset by the initial higher manufacturing costs associated with the initial production runs of several new products. In addition, we saw the initial impact this quarter of newly initiated federal tariffs on imports of foreign sourced materials and partially finished goods. Net income was $1.6 million, or $0.56 per diluted share, in the first quarter of 2025 compared with $1.5 million, or $0.53 per diluted share, in the first quarter of 2024. The increase in revenues discussed above was partially offset by higher manufacturing cost of sales consistent with the growth in revenues and the introduction of new products as well as 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 $2.5 million in the first quarter of 2025 compared with $2.3 million in the first quarter of 2024. The increase was primarily due to higher income before income taxes, depreciation, and stock-based compensation partially offset by higher interest income. Backlog Backlog was $55.5 million as of March 31, 2025 compared to $47.2 million as of December 31, 2024 and $46.1 million as of March 31, 2024. The increase in backlog reflects several large orders received during the quarter and the continued broad demand for our products. Impact of Tariffs In March 2025, Mtron saw the initial impact of the recently announced federal tariffs on the import of goods and materials from outside the United States. Mtron, while a United States-based manufacturer with a great degree of vertical integration, does import some materials from Japan, China, and South Korea and performs some finishing work at our facility in Noida, India. It is difficult to predict the long-term impact of this trade policy on our financial performance. We are working with many of our defense customers on enacting parts of the Federal Acquisition Regulation ("FAR"), which potentially exempt materials received for defense production from entry tariffs. In addition, we continue as always to analyze our supply chain in order to make sure we have redundancy of suppliers and can source from reliable suppliers at the best price possible. To date, we have seen no impact from tariffs on demand for our products. Warrant Dividend On April 25, 2025, the Company distributed the dividend of warrants to stockholders of record on March 10, 2025. The warrants are listed on the NYSE American under the ticker "MPTI WS." The warrants may be listed on certain financial websites under the ticker "MPTI WT" or a similar nomenclature. Pursuant to the Warrant Agreement, the warrants contain the following terms: Five (5) warrants exercisable to purchase one (1) share of common stock; Exercise price of $47.50 per share; Exercisable at the earlier of (i) thirty (30) days prior to April 25, 2028 or (ii) the date on which the average volume weighted average price ("VWAP") of Mtron common stock is greater than or equal to $52.00 per share for the prior thirty (30) consecutive trading day period (the "Acceleration Trigger"); Expire at the earlier of (i) April 25, 2028 or (ii) thirty (30) calendar days following Mtron's public announcement of the date of the Acceleration Trigger; and Warrant holders exercising their full allotment of warrants can apply to subscribe for any or all shares of common stock issuable pursuant to any outstanding but unexercised warrants. For further information, refer to the FAQ on Mtron's Investor Relations website at Earnings Call Management, including Mr. Pforr, will host a conference call with the investment community on Wednesday May 14, 2025, to discuss the Company's first quarter 2025 results and to respond to investor questions. The call will begin at 10:30 a.m. Eastern Time on Wednesday May 14, 2025, and can be accessed using the dial-in details below: Toll Free Dial-in Number: (888) 672-2415 Toll Dial-in Number: +1 (646) 307-1952 Passcode: 4068751 An archive will be available after the call on the Investor Relations section of Mtron's website at along with Mtron's press release. 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 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 27, 2025. 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. Quarterly Summary (Unaudited)2022202320242025 (in thousands)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Revenues$ 7,691 $ 7,064 $ 8,417 $ 8,673 $ 9,367 $ 10,140 $ 10,888 $ 10,773 $ 11,185 $ 11,808 $ 13,214 $ 12,805 $ 12,732Y/Y 21.8 % 43.5 % 29.4 % 24.2 % 19.4 % 16.4 % 21.4 % 18.9 % 13.8 %Gross margin 37.3 % 37.5 % 32.4 % 35.7 % 34.1 % 41.6 % 42.8 % 43.6 % 42.7 % 46.6 % 47.8 % 47.2 % 42.5 % Y/Y -8.6 % 10.9 % 32.1 % 22.1 % 25.2 % 12.0 % 11.7 % 8.3 % -0.6 %Net income (b)$ 619 $ 486 $ 503 $ 190 $ 553 $ 1,277 $ 1,586 $ 73 $ 1,486 $ 1,744 $ 2,267 $ 2,139 $ 1,630Y/Y -10.7 % 162.8 % 215.3 % -61.6 % 168.7 % 36.6 % 42.9 % 2,830.1 % 9.7 %Adjusted EBITDA (c)$ 1,177 $ 841 $ 876 $ 1,114 $ 1,028 $ 1,931 $ 2,336 $ 2,397 $ 2,262 $ 2,523 $ 3,300 $ 3,056 $ 2,502Y/Y -12.7 % 129.6 % 166.7 % 115.2 % 120.0 % 30.7 % 41.3 % 27.5 % 10.6 % (a) Q1 2022 - Q3 2022 do not include any public company costs as these periods were pre-IPO. (b) A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. M-tron Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited)Three Months Ended March 31, (in thousands, except share data)20252024 Revenues$ 12,732 $ 11,185Costs and expenses: Manufacturing cost of sales 7,3266,406Engineering, selling and administrative 3,3932,990Total costs and expenses 10,7199,396Operating income 2,0131,789Other income: Interest income, net 11132Other (expense) income, net (10)42Total other income, net 10174Income before income taxes 2,1141,863Income tax expense 484377Net income$ 1,630 $ 1,486 Income per common share: Basic$ 0.57 $ 0.55Diluted$ 0.56 $ 0.53 Weighted average shares outstanding: Basic 2,841,3572,716,202Diluted 2,906,1442,784,960 M-tron Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited)(in thousands, except share data)March 31, 2025December 31, 2024 Assets: Current assets: Cash and cash equivalents$ 13,662 $ 12,641Accounts receivable, net of reserves of $201 and $182, respectively 6,7186,842Inventories, net 9,3659,509Prepaid expenses and other current assets 694760Total current assets 30,43929,752Property, plant and equipment, net 5,3975,061Right-of-use lease asset 2389Intangible assets, net 4040Deferred income tax asset 1,6501,623Other assets 13Total assets$ 37,765 $ 36,488 Liabilities: Total current liabilities 4,5735,216Non-current liabilities 41—Total liabilities 4,6145,216 Total stockholders' equity 33,15131,272Total liabilities and stockholders' equity$ 37,765 $ 36,488Non-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 income Interest expense Depreciation Amortization Non-cash stock-based compensation Other 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 EBITDAThree Months Ended March 31, (in thousands, except share data)20252024 Income before income taxes$ 2,114 $ 1,863Adjustments: Interest income (111)(32)Depreciation 250219Amortization —5Total adjustments 139192EBITDA 2,2532,055Non-cash stock compensation 249207Adjusted EBITDA$ 2,502 $ 2,262The following table is a reconciliation of Adjusted EBITDA to Income before income taxes: 2022202320242025 (in thousands)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Income before income taxes$ 794 $ 592 $ 614 $ 595 $ 719 $ 1,582 $ 2,046 $ 53 $ 1,863 $ 2,146 $ 3,008 $ 2,758 $ 2,114Adjustments: Interest expense (income) 321525(1)(13)(32)(44)(63)(104)(111)Depreciation 148165173185195190192220219220278251250Amortization 13141314131413135————Total adjustments 164181187204210209204220192176215147139EBITDA 9587738017999291,7912,2502732,0552,3223,2232,9052,253Non-cash stock compensation 21968759671140862,12420720177151249Excess Spin-off costs ———21928————————Adjusted EBITDA$ 1,177 $ 841 $ 876 $ 1,114 $ 1,028 $ 1,931 $ 2,336 $ 2,397 $ 2,262 $ 2,523 $ 3,300 $ 3,056 $ 2,502 Adjusted EBITDA margin 15.3 % 11.9 % 10.4 % 12.8 % 11.0 % 19.0 % 21.5 % 22.3 % 20.2 % 21.4 % 25.0 % 23.9 % 19.7 % View original content to download multimedia: SOURCE Mtron Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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