M-tron Industries, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 24 March 2026: press release. The quarter’s numbers.

Key takeaways

Fourth-quarter revenue rose 11.2%: Fourth-quarter revenue was $14.2 million, against $12.8 million a year earlier. The company attributed the increase to defense program product and solution shipments and higher avionics shipments. Source
Full-year revenue rose 11.0%: Revenue for fiscal 2025 was $54.4 million, against $49.0 million in 2024. The company cited defense program shipments and higher avionics and industrials shipments. Source
Defense program shipments led fourth quarter: Management linked the fourth-quarter increase mainly to continued defense program product and solution shipments, with avionics shipments also higher. Source
Mix and tariffs lowered full-year margin: The company attributed the full-year gross margin decline to product mix and higher tariff-related costs. Manufacturing cost of sales rose to $30.3 million from $26.4 million. Source
Backlog tied to large programs: Management said the backlog reflects a strategy of securing large, long-duration, program-centric business. The timing and size of these orders can materially affect backlog. Source
Multi-year orders extend backlog to 2028: During 2025 the company closed several multi-year orders. The company said these extend its backlog out through 2028. Source

“We delivered another year of strong top-line performance, with revenues increasing 11.2% over 2024, which extended our record of annual revenue growth since the Company's IPO in October 2022.”
Cameron Pforr, Chief Executive Officer

What changed from last quarter

New: The fourth-quarter release names Cameron Pforr as Chief Executive Officer. The third-quarter release called him Interim Chief Executive Officer.
Ended: The warrant exercise window closed on December 11, 2025. The fourth-quarter release reports 470,205 shares issued in 2025 and 112,028 more in January 2026 through the oversubscription privilege.

Results and growth drivers

Fourth-quarter revenue rose 11.2%: Fourth-quarter revenue was $14.2 million, against $12.8 million a year earlier. The company attributed the increase to defense program product and solution shipments and higher avionics shipments. Source
Full-year revenue rose 11.0%: Revenue for fiscal 2025 was $54.4 million, against $49.0 million in 2024. The company cited defense program shipments and higher avionics and industrials shipments. Source
Full-year diluted EPS slipped slightly: Net income for 2025 was $8.4 million, or $2.62 per diluted share, against $7.6 million, or $2.65 in 2024. The company attributed the increase in net income to higher revenue, partly offset by higher manufacturing cost of sales. Source
Fourth-quarter diluted EPS rose to $0.99: Fourth-quarter net income was $3.4 million, or $0.99 per diluted share, against $2.1 million, or $0.73 a year earlier. The company cited higher revenue and lower engineering, selling and administrative expenses as a percent of revenue. Source

Segments and end markets

Defense program shipments led fourth quarter: Management linked the fourth-quarter increase mainly to continued defense program product and solution shipments, with avionics shipments also higher. Source
Industrials shipments rose over the year: For fiscal 2025, the company also cited an increase in industrials shipments, alongside avionics shipments. Source
Space named only in prior quarter: The third-quarter release named space shipments among its growth drivers. The fourth-quarter and full-year releases do not name space.

“While 2025 gross margin was lower than 2024, gross margin has improved for three consecutive quarters to 46.9%, which we believe more accurately reflects the underlying strength of our business.”
Cameron Pforr, Chief Executive Officer

Costs, margins and tariffs

Mix and tariffs lowered full-year margin: The company attributed the full-year gross margin decline to product mix and higher tariff-related costs. Manufacturing cost of sales rose to $30.3 million from $26.4 million. Source
Lower incentive pay partly offset margin: Fourth-quarter incentive compensation fell after prior accruals were reversed. The company said this was partly offset by the lower gross margin. Source
Bonus expense absent in 2025: Fiscal 2024 adjusted EBITDA included bonus expense of about 3.0% of revenue. The company did not incur that bonus expense in 2025. Source

Demand and the order book

Backlog tied to large programs: Management said the backlog reflects a strategy of securing large, long-duration, program-centric business. The timing and size of these orders can materially affect backlog. Source
Multi-year orders extend backlog to 2028: During 2025 the company closed several multi-year orders. The company said these extend its backlog out through 2028. Source
Third-quarter backlog drivers named: The third-quarter release reported backlog of $58.8 million and tied it to aerospace and defense program demand, new program launches, and avionics and space orders.

“providing us with increased financial flexibility to pursue strategic acquisitions that align with our long-term growth strategy.”
Cameron Pforr, Chief Executive Officer

Capital, cash and share count

Warrant exercises added about $27.5 million: Warrant exercises issued 470,205 shares in 2025 and 112,028 more in January 2026 through the oversubscription privilege. The company reported approximately $27.5 million of incremental cash from the warrants. Source
Cash and equity at year end: Cash and cash equivalents were $20.9 million at December 31, 2025, against $12.6 million a year earlier. Total stockholders' equity was $63.2 million, and a $22.3 million warrant exercise receivable was recorded. Source
Diluted share count rose: Diluted weighted average shares were 3,444,788 in the fourth quarter, against 2,925,348 a year earlier. For fiscal 2025 they were 3,226,259, against 2,883,944 in 2024. Source

Products, footprint and strategy

Products serve aerospace, defense and space: The company describes itself as a U.S.-based designer and manufacturer of highly engineered electronic components and solutions for aerospace and defense, avionics, and space. Source
Engineering support across product life: Management describes the company as engineering-centric, providing close customer support across design, prototyping, production and later upgrades. Source
Sites in Florida, South Dakota, India: The company describes design and manufacturing in Orlando and Yankton, a sales office in Hong Kong, and a manufacturing facility in Noida, India. Source

Coming up, as management said on 24 March 2026

Call archive posted afterward: An archive of the call will be posted on the Investor Relations section of the company's website after the call, along with the earnings release. Source

Figures management reported

Figure	Reported
Backlog Source	$76.4 million as of December 31, 2025
Gross margin, fourth quarter 2025 Source	46.9%
Gross margin, fiscal 2025 Source	44.4%

Risks management discussed

External: Higher tariff-related costs were cited as the reason for the fourth-quarter gross margin decline. Source
Demand: The company said the timing and size of large orders can materially affect backlog. Source

Earlier plans management reported on

Not stated: The third-quarter release tied recent margin gains to operational initiatives with partners, customers and product teams, which it said positions the company to strengthen profitability.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

M-tron Industries, Inc. Reports Fourth Quarter and Full Fiscal Year 2025 Results

Fourth Quarter 2025 Highlights

Revenues were $14.2 million for the three months ended December 31, 2025 compared to $12.8 million for the three months ended December 31, 2024
Gross margin were 46.9% for the three months ended December 31, 2025 compared to 47.2% for the three months ended December 31, 2024
Net income per diluted share was $0.99 for the three months ended December 31, 2025 compared to $0.73 for the three months ended December 31, 2024

Fiscal Year 2025 Highlights

Revenues were $54.4 million for the fiscal year ended December 31, 2025 compared to $49.0 million for the fiscal year ended December 31, 2024
Gross margin was 44.4% for the fiscal year ended December 31, 2025 compared to 46.2% for the fiscal year ended December 31, 2024
Net income per diluted share was $2.62 for the fiscal year ended December 31, 2025 compared to $2.65 for the fiscal year ended December 31, 2024
Backlog increased 61.8% to $76.4 million as of December 31, 2025 from $47.2 million as of December 31, 2024

ORLANDO, Florida (March 24, 2026) - 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 strong financial results for the fourth quarter and full fiscal year ended December 31, 2025.

Cameron Pforr, Chief Executive Officer, said: "We delivered another year of strong top-line performance, with revenues increasing 11.2% over 2024, which extended our record of annual revenue growth since the Company's IPO in October 2022. The growth in revenues was fueled by a significant increase in our backlog, which grew 61.9% to $76.4 million as of December 31, 2025. This reflects the continued demand for our products and solutions and the strength of our relationship with our customers.

"While 2025 gross margin was lower than 2024, gross margin has improved for three consecutive quarters to 46.9%, which we believe more accurately reflects the underlying strength of our business.

"We also significantly strengthened our balance sheet with a successful warrant exercise, resulting in the issuance of 470,205 shares of common stock in 2025, with an additional 112,028 issued via the oversubscription privilege in January 2026. In aggregate, the warrants generated approximately $27.5 million of incremental cash, providing us with increased financial flexibility to pursue strategic acquisitions that align with our long-term growth strategy."

	Three Months Ended December 31,					Year Ended December 31,
(in thousands, except share data)		2025		2024	% Change		2025		2024	% Change
U.S. GAAP Financial Measures
Revenues	$14,233		$12,805		11.2%	$54,417		$49,012		11.0%
Gross margin	46.9%		47.2%		-0.8%	44.4%		46.2%		-3.9%
Net income	$3,425		$2,139		60.1%	$8,447		$7,636		10.6%
Net income per diluted share	$0.99		$0.73		36.0%	$2.62		$2.65		-1.1%
Non-GAAP Financial Measures
Adjusted EBITDA	$4,485		$3,056		46.8%	$12,582		$11,141		12.9%

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

Fourth Quarter 2025

Revenue was $14.2 million in the fourth quarter of 2025 compared with $12.8 million in the fourth quarter of 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments, as well as an increase in shipments in the avionics sector.

Gross margin was 46.9% in the fourth quarter of 2025 compared with 47.2% in the fourth quarter of 2024. The decrease was primarily due to higher-tariffs related costs.

Net income was $3.4 million, or $0.99 per diluted share, in the fourth quarter of 2025 compared with $2.1 million, or $0.73 per diluted share, in the fourth quarter of 2024. The increase was primarily due to the increase in revenues discussed above, lower engineering, selling and administrative expenses as a percent of revenue, and a decrease in incentive compensation driven by the reversal of prior accruals partially offset by the decrease in gross margin discussed above.

Adjusted EBITDA was $4.5 million in the fourth quarter of 2025 compared with $3.1 million in the fourth quarter of 2024. The increase was primarily due to higher revenues and lower engineering, selling and administrative expenses discussed above partially offset by the decrease in gross margin discussed above.

Fiscal Year 2025

Revenue was $54.4 million in 2025 compared with $49.0 million in 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments as well as an increase in shipments in the avionics and industrials sectors.

Gross margin was 44.4% in 2025 compared with 46.2% in 2024. The decrease was primarily due to product mix and higher tariff-related costs.

Net income was $8.4 million, or $2.62 per diluted share, in 2025 compared with $7.6 million, or $2.65 per diluted share, in 2024. The increase was primarily due to the increase revenues discussed above partially offset by higher manufacturing cost of sales.

Adjusted EBITDA was $12.6 million in 2025 compared with $11.1 million in 2024. The increase was primarily due to higher revenues, continued operating leverage, and lower incentive compensation partially offset by lower gross margins discussed above. Adjusted EBITDA in 2024 included bonus expense of approximately 3.0% of revenues, which was not incurred in 2025.

Backlog

Backlog was $76.4 million as of December 31, 2025 compared to $47.2 million as of December 31, 2024. The increase reflects the continued strategy and focus on securing large, long duration program centric business, which can materially affect backlog to the timing and size of these orders. In addition, in 2025, the Company closed several multi-year orders, which extends our backlog out through 2028.

Investor Call

Management, including Mr. Pforr, will host a conference call with the investment community on Thursday, March 26, 2026, to discuss the Company's fourth quarter 2025 results and to respond to investor questions.

The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Thursday, March 26, 2026, and can be accessed using the dial-in details below:

Conference ID:

2243263

An archive will be available after the call on the Investor Relations section of Mtron’s website at ir.mtron.com, along with Mtron's earnings 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 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 (the "SEC"), including those risks set forth under the heading "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and subsequent filings with the as filed with the SEC. 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.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended December 31,				Fiscal Year Ended December 31,
(in thousands, except share data)		2025		2024		2025		2024
Revenues	$14,233		$12,805		$54,417		$49,012
Costs and expenses:
Manufacturing cost of sales	7,562		6,755		30,269		26,372
Engineering, selling and administrative	2,787		3,473		13,857		13,246
Total costs and expenses	10,349		10,228		44,126		39,618
Operating income	3,884		2,577		10,291		9,394
Other income, net:
Interest income, net	161		104		539		243
Other income, net	37		77		124		138
Total other income, net	198		181		663		381
Income before income taxes	4,082		2,758		10,954		9,775
Income tax provision	657		619		2,507		2,139
Net income	$3,425		$2,139		$8,447		$7,636
Income per common share:
Basic	$1.16		$0.76		$2.94		$2.78
Diluted	$0.99		$0.73		$2.62		$2.65
Weighted average shares outstanding:
Basic	2,942,010		2,811,502		2,873,256		2,748,186
Diluted	3,444,788		2,925,348		3,226,259		2,883,944

M-tron Industries, Inc.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)	December 31, 2025	December 31, 2024
Assets:
Current assets:
Cash and cash equivalents	$20,891	$12,641
Accounts receivable, net of allowances of $204 and $182, respectively	6,656	6,842
Inventories, net	9,673	9,509
Prepaid expenses and other current assets	1,662	760
Warrant exercise receivable	22,335	-
Total current assets	61,217	29,752
Property, plant, and equipment, net	6,514	5,061
Right-of-use lease asset	217	9
Intangible assets, net	40	40
Deferred income tax asset	272	1,695
Other assets	123	3
Total assets	$68,383	$36,560
Liabilities:
Total current liabilities	4,891	5,216
Non-current liabilities	277	-
Total liabilities	5,168	5,216
Total stockholders' equity	63,215	31,272
Total liabilities and stockholders' equity	$68,383	$36,488

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 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 EBITDA

	Three Months Ended December 31,				Year Ended December 31,
(in thousands, except share data)		2025		2024		2025		2024
Income before income taxes	$4,082		$2,758		$10,954		$9,775
Adjustments:
Interest income, net	(161)		(104)		(539)		(243)
Depreciation	286		251		1,086		968
Amortization	-		-		-		5
Total adjustments	125		147		547		730
EBITDA	4,207		2,905		11,501		10,505
Non-cash stock compensation	278		151		1,081		636
Adjusted EBITDA	$4,485		$3,056		$12,582		$11,141

Contacts
Toll-Free Dial-in Number:
(800) 715-9871
Toll Dial-in Number:
+1 (646) 307-1963
M-tron Industries, Inc. Investor Relations ir@mtron.com
Cameron Pforr
Chief Executive Officer
M-tron Industries, Inc.