M-tron Industries, Inc. Reports Fourth Quarter and Full Fiscal Year 2025 Results
Rhea-AI Summary
M-tron Industries (NYSE:MPTI) reported fourth-quarter and full fiscal year 2025 results with revenues of $14.2M for Q4 and $54.4M for FY 2025, representing 11.2% and 11.0% increases versus 2024. Backlog grew 61.8% to $76.4M as of December 31, 2025. Adjusted EBITDA was $4.5M in Q4 and $12.6M for FY 2025.
Q4 net income per diluted share was $0.99 and FY diluted EPS was $2.62. Gross margin was 46.9% in Q4 and 44.4% for the year. The company generated approximately $27.5M of cash from warrant exercises to support strategic acquisitions.
Positive
- Fiscal year revenue increased 11.0% to $54.4M
- Backlog increased 61.8% to $76.4M as of Dec 31, 2025
- Adjusted EBITDA rose to $12.6M for FY 2025 (up 12.9%)
- Warrant exercises generated approximately $27.5M of incremental cash
Negative
- None.
News Market Reaction – MPTI
In the Mar 25 session, MPTI gained 20.61%, reflecting a significant positive market reaction. Argus tracked a peak move of +23.8% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 7.3x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Crypto,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Negative | -4.6% | Margin compression and EPS pressure despite solid revenue and backlog growth. |
| Nov 04 | Q3 prelim results | Negative | -2.9% | Preliminary results flagged lower margins, net income and EBITDA versus prior year. |
| Aug 12 | Q2 2025 earnings | Negative | -10.6% | Mixed quarter with margin declines and lower EPS overshadowing revenue growth. |
| May 13 | Q1 2025 earnings | Positive | -17.8% | Strong revenue, EPS and backlog growth despite modest gross margin pressure. |
| Mar 27 | FY 2024 earnings | Positive | +3.6% | Record 2024 revenues, expanding margins and higher EPS driving optimism. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across recent earnings releases, revenue and backlog growth often coincided with share price declines, especially when gross margins compressed.
Over the past year, M-tron’s earnings updates have highlighted consistent revenue growth but softening gross margins. The company moved from record 2024 results into Q1–Q3 2025 with double-digit revenue gains, yet gross margin pressure and EPS variability. Backlog expanded sharply, from $47.2M at 2024 year-end to $61.2M by Q2 2025 and $58.8M by Q3 2025. These themes continue in the latest Q4/FY 2025 report, which again pairs strong top-line and backlog with lower full-year margins.
Key Terms
adjusted EBITDA financial
oversubscription privilege financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter 2025 Highlights
- Revenues were
$14.2 million $12.8 million
- Gross margin were
46.9% for the three months ended December 31, 2025 compared to47.2% for the three months ended December 31, 2024
- Net income per diluted share was
$0.99 $0.73
Fiscal Year 2025 Highlights
- Revenues were
$54.4 million $49.0 million
- Gross margin was
44.4% for the fiscal year ended December 31, 2025 compared to46.2% for the fiscal year ended December 31, 2024
- Net income per diluted share was
$2.62 $2.65
- Backlog increased
61.8% to$76.4 million $47.2 million
Cameron Pforr, Chief Executive Officer, said: "We delivered another year of strong top-line performance, with revenues increasing
"While 2025 gross margin was lower than 2024, gross margin has improved for three consecutive quarters to
"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
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
(in thousands, except share data) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
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 (a) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,485 | $ | 3,056 | 46.8 | % | $ | 12,582 | $ | 11,141 | 12.9 | % | ||||||||||||
(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
Fourth Quarter 2025
Revenue was
Gross margin was
Net income was
Adjusted EBITDA was
Fiscal Year 2025
Revenue was
Gross margin was
Net income was
Adjusted EBITDA was
Backlog
Backlog was
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 (
Toll-Free Dial-in Number: (800) 715-9871
Toll Dial-in Number: +1 (646) 307-1963
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
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.
M-tron Industries, Inc. Consolidated Statements of Operations (Unaudited)
| ||||||||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||||||||
(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 | 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 | Year Ended | |||||||||||||||
(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 | ||||||||
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SOURCE Mtron