— Revenues increased 12.5%, or $1.5 million, to$13.3 million for thethree months ended June 30, 2025 from$11.8 million for thethree months ended June 30, 2024
— Net income per diluted share decreased 15.9%, or $0.10, to$0.53 for thethree months ended June 30, 2025 from$0.63for thethree months ended June 30, 2024
— Backlog increased 35.0%, or $15.9 million, to$61.2 millionas ofJune 30, 2025from$45.3 millionas ofJune 30, 2024
M-tron Industries, Inc. (NYSE American: MPTI, MPTI WS) (“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 three and six months ended June 30, 2025.
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“We're pleased to report strong revenue growth, an indicator of the value our products andsolutions are delivering to our customers,” said Cameron Pforr, Interim Chief Executive Officer. “Even more encouraging is the significant increase in our backlog, which reflects the strength of our pipeline and growing demand across our markets. This momentum positions us well for sustained performance in the second half of 2025 and beyond.”
Results from Operations
SecondQuarter2025
Revenue was$13.3 million forthethree months ended June 30, 2025 compared with$11.8 millionfor the three months ended June 30, 2024.Theincrease was primarily due to continued strong defense program product and solution shipments.
Gross marginwas43.6%forthethree months ended June 30, 2025 compared with46.6%for the three months ended June 30, 2024.Thedecrease wasprimarily due to product mix and the impact of tariffspartially offset by higher revenues.
Net incomewas $1.6 million, or$0.53per diluted share, for thethree months ended June 30, 2025 compared with $1.7 million, or$0.63 per diluted share, for the three months ended June 30, 2024. Thedecreasewas primarily due to lower gross margins discussed above as well ashigher Engineering, selling and administrative expenses from increased investment in research and development, higher sales commissions related toan increase in revenues, and an increase in administrative and corporate expenses consistent with the overall growth in the business.
Adjusted EBITDAwas $2.4 millionfor thethree months ended June 30, 2025compared with $2.5 millionfor the three months ended June 30, 2024. Thedecrease was primarily due to lower gross margins as well as the increase in Engineering, selling and administrative discussed above.
Fiscal Year to Date2025
Revenuewas$26.0 millionfor thesix months ended June 30, 2025 compared with$23.0 millionfor the six months ended June 30, 2024. Theincrease was primarily due to continued strong defense program product and solution shipments.
Gross marginwas43.0%for thesix months ended June 30, 2025 compared with44.7%for the six months ended June 30, 2024. Thedecrease was primarily due to product mix andthe impact from tariffs partially offset by higher revenues.
Net incomewas $3.2 million, or$1.09 per diluted share, forthesix months ended June 30, 2025 compared with $3.2 million, or$1.16per diluted share,for the six months ended June 30, 2024. Thedecrease was primarily due to lower gross margins discussed above as well ashigher Engineering, selling and administrative expenses from increased investment in research and development, higher sales commissions related toan increase in revenues, and an increase in administrative and corporate expenses consistent with the overall growth in the business.
Adjusted EBITDAwas $4.9 millionfor thesix months ended June 30, 2025compared with $4.8 million, or$1.72 per diluted share, for the six months ended June 30, 2024. Theincrease was primarily due to a substantial increase in revenue partially offset by reducedgross margins and increase in Engineering, selling and administrative discussed above.
Backlog
Backlogwas$61.2 millionas of June 30, 2025 compared to$47.2 millionas ofDecember 31, 2024 and$45.3 millionas ofJune 30, 2024.Theincreasein backlog reflects broad demand for our products including continued purchasing under several large aerospace and defense programs, the initiation of orders for new aerospace and defense programs, and a recent uptick in avionics and space industry orders.
Investor Call
Management, including Mr. Pforr, will host a conference call with the investment community on Wednesday, August 13, 2025,to discuss the Company's second quarter2025 results and to respond to investor questions.
The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Wednesday August 13, 2025, and can be accessed using the dial-in details below:
An archive will be available after the call onthe 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) 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 toMtron, 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.
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 measurebecause the Company believes itprovidesboth 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
The following table is a reconciliation of Adjusted EBITDA to Income before income taxes:
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