M-tron Industries, Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
M-tron Industries (NYSE: MPTI) reported Q1 2026 results: revenue $14.7M (+15.3% YoY), gross margin 44.9% (vs 42.5%), net income $2.4M (+46.5%) and EPS $0.67 (vs $0.56). Backlog rose to $76.8M (+38.4% YoY). The company completed a rights offering on April 27, 2026 issuing 713,362 shares and raising $42.1M in cash. Management attributed results to stronger defense and avionics shipments, improved manufacturing efficiencies, and higher R&D and selling expenses tied to growth.
Positive
- Revenue increased 15.3% to $14.7M in Q1 2026
- Gross margin improved to 44.9% (from 42.5%)
- Net income rose 46.5% to $2.4M; EPS $0.67
- Backlog grew 38.4% to $76.8M as of March 31, 2026
- Completed rights offering raising $42.1M in cash
Negative
- Issued 713,362 shares in rights offering, diluting existing equity
- Higher engineering, selling and administrative expenses tied to increased R&D and sales commissions
Key Figures
Market Reality Check
Peers on Argus
MPTI showed a +4.7% pre-news gain while peers were mixed: LINK up 6.94%, but RELL, GAUZ, KULR, and LPTH down between roughly 1.85% and 6.38%, indicating stock-specific dynamics rather than a broad sector move.
Previous Crypto,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 24 | FY25 earnings | Positive | +20.6% | Reported Q4 and FY 2025 growth with higher revenue, EPS, and backlog. |
| Nov 12 | Q3 2025 earnings | Neutral | -4.6% | Q3 2025 revenue grew but margins and EPS faced pressure vs prior year. |
| Nov 04 | Prelim Q3 2025 | Negative | -2.9% | Preliminary Q3 2025 showed margin compression and lower net income year-on-year. |
| Aug 12 | Q2 2025 earnings | Mixed | -10.6% | Q2 2025 revenue rose but EPS and margins declined despite strong backlog. |
| May 13 | Q1 2025 earnings | Positive | -17.8% | Q1 2025 delivered solid revenue, EPS growth, and higher backlog. |
Earnings releases have generally shown solid revenue growth, but price reactions have been volatile and often negative despite fundamentally positive trends.
Over the last year, M-tron’s earnings updates have highlighted consistent revenue growth and expanding backlog across aerospace, defense, avionics, and space markets. Prior reports on Aug 12, 2025 and Nov 12, 2025 showed double-digit backlog gains but mixed margin and EPS trends, sometimes followed by share price declines. The Mar 24, 2026 FY 2025 release combined strong growth with a sharply positive reaction of 20.61%. Today’s Q1 2026 report continues the pattern of record revenues, higher EPS, and rising backlog, extending this growth narrative.
Historical Comparison
Across 5 prior earnings-related releases, average next-day move was about -3.07%, with reactions ranging from a -17.84% drop to a +20.61% gain.
Earnings updates show steady revenue and backlog growth from Q1 2025 through FY 2025, with margins fluctuating but overall EPS trending higher into Q1 2026.
Market Pulse Summary
This announcement highlights another quarter of record revenue at $14.7 million, higher gross margin of 44.9%, EPS of $0.67, and backlog rising to $76.8 million. It follows FY 2025 results on Mar 24, 2026 that also showed strong growth and a substantial backlog. The completed rights offering added $42.1 million of cash, while recent Form 4 filings show largely tax-related insider transactions. Investors may watch future margins, backlog trends, and deployment of new capital.
Key Terms
u.s. gaap financial
adjusted ebitda financial
non-gaap financial measures financial
rights offering financial
AI-generated analysis. Not financial advice.
- Revenues increased
15.3% , or$2.0 million $14.7 million $12.7 million - Gross margin improved to
44.9% for the three months ended March 31, 2026 from42.5% for the three months ended March 31, 2025 - Net income per diluted share increased
$0.11 $0.67 $0.56 - Backlog increased
$21.3 million 38.4% , to$76.8 million $55.5 million
"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
Three Months Ended March 31, | ||||||||||||
2026 | 2025 | % Change | ||||||||||
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
Gross margin was
Net income was
Adjusted EBITDA was
Backlog
Backlog was
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,
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
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 | 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 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 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 | ||||
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SOURCE Mtron