M-tron Industries, Inc. Reports Second Quarter 2026 Results
Rhea-AI Summary
M-tron Industries (NYSE American: MPTI) reported second quarter 2026 revenue of $15.1 million, up 13.8% from $13.3 million a year earlier, driven by aerospace, defense, avionics and space shipments. Net income rose 19.9% to $1.9 million, while adjusted EBITDA increased 40.6% to $3.4 million.
Gross margin declined to 41.2% from 43.6%, reflecting about $0.5 million of stock-based compensation in cost of sales. Diluted EPS fell 18.9% to $0.43, mainly due to higher shares from an April 2026 rights offering. Six‑month revenue grew 14.5% to $29.8 million and adjusted EBITDA reached $6.6 million. Backlog increased 37.2% year over year to $84.0 million, and cash and equivalents were $96.2 million at June 30, 2026.
Positive
- Q2 2026 revenue up 13.8% year over year to $15.1 million
- Six-month 2026 revenue up 14.5% year over year to $29.8 million
- Q2 2026 net income up 19.9% year over year to $1.9 million
- Q2 2026 adjusted EBITDA up 40.6% to $3.4 million
- Six-month 2026 adjusted EBITDA up 33.6% to $6.6 million
- Backlog up 37.2% year over year to $84.0 million as of June 30, 2026
- Cash and cash equivalents increased to $96.2 million from $20.9 million at December 31, 2025
- Total stockholders’ equity rose to $118.7 million from $63.2 million at December 31, 2025
Negative
- Q2 2026 gross margin declined to 41.2% from 43.6% year over year
- Q2 2026 diluted EPS decreased 18.9% to $0.43 from $0.53 year over year
- Six-month 2026 diluted EPS slightly down 1.8% to $1.07
- Non-cash stock compensation totaled $1.0 million tied to 2025 bonus award in year-to-date results
- Engineering, selling and administrative expenses rose to $4.5 million in Q2 2026 from $3.9 million in Q2 2025
- Weighted average diluted shares increased to 4.34 million in Q2 2026 from 2.93 million, implying dilution
News Explained
During the second quarter, M-tron Industries made a small investment in Skyline Instruments, LLC, a synchronization and timing-systems company. The investment adds a corporate holding to the disclosed event, but the release does not establish a holder-level ownership or dilution effect.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | Q1 earnings report | Positive | +5.9% | Revenue growth, higher EPS, backlog expansion, and rights offering proceeds supported positive results. |
| Mar 24 | Q4 earnings report | Positive | +20.6% | Revenue and EBITDA growth, rising backlog, and stronger EPS accompanied full-year results. |
| Nov 12 | Q3 earnings report | Negative | -4.6% | Revenue rose, but margin compression and lower EPS accompanied the quarterly report. |
| Nov 04 | Preliminary Q3 results | Negative | -2.9% | Preliminary revenue growth was offset by lower margin, net income, and EBITDA. |
| Aug 12 | Q2 earnings report | Negative | -10.6% | Revenue and backlog growth coincided with lower EPS, margin, and adjusted EBITDA. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific history showed four positive or negative earnings announcements aligned with their subsequent 24-hour price reactions.
Key Terms
adjusted ebitda financial
non-gaap financial measures financial
rights offering financial
stock-based compensation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenues increased
13.8% to$15.1 million $13.3 million - Net income increased
19.9% to$1.9 million $1.6 million $1.0 million - Net income per diluted share decreased
18.9% to$0.43 $0.53 - Adjusted EBITDA increased
$1.0 million $3.4 million $2.4 million - Backlog increased
37.2% to$84.0 million $61.2 million
"Our second quarter results reflect continued momentum across our defense and aerospace business, with revenue increasing
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(in thousands, except share data) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||
Revenues | $ | 15,109 | $ | 13,282 | 13.8 | % | $ | 29,795 | $ | 26,014 | 14.5 | % | ||||||||||||
Gross margin | 41.2 | % | 43.6 | % | (5.5) | % | 43.0 | % | 43.0 | % | 0.0 | % | ||||||||||||
Net income | $ | 1,870 | $ | 1,560 | 19.9 | % | $ | 4,258 | $ | 3,190 | 33.5 | % | ||||||||||||
Net income per diluted share | $ | 0.43 | $ | 0.53 | (18.9) | % | $ | 1.0736 | $ | 1.0883 | (1.8) | % | ||||||||||||
Non-GAAP Financial Measures (a) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 3,401 | $ | 2,419 | 40.6 | % | $ | 6,573 | $ | 4,921 | 33.6 | % | ||||||||||||
(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
Second Quarter 2026
Revenue was
Gross margin was
Net income was
Adjusted EBITDA was
Fiscal Year to Date 2026
Revenue was
Net income was
Adjusted EBITDA was
Backlog
Backlog was
Strategic Investment
During the quarter, the Company made a small investment in a synchronization and timing systems company Skyline Instruments, LLC, which is making significant advancements critical for the synchronization of RF sensor data and operations in GPS denied environments. This is part of the Company's effort to continue to innovate and learn about future market opportunities in areas critical to our national defense.
Investor Call
Management, including Mr. Pforr, will host a conference call with the investment community on Thursday August 13, 2026, to discuss the Company's second quarter 2026 results and to respond to investor questions.
The call will begin at 10:30 a.m. Eastern Time (
Toll-Free Dial-in Number: | +1 833 461 5787 |
Toll Dial-in Number: | +1 585 542 9983 |
Conference ID: | 466 106 739 |
Webcast URL: | https://events.q4inc.com/attendee/466106739 |
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) 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 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 June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenues | $ | 15,109 | $ | 13,282 | $ | 29,795 | $ | 26,014 | ||||||||
Costs and expenses: | ||||||||||||||||
Manufacturing cost of sales | 8,883 | 7,490 | 16,975 | 14,816 | ||||||||||||
Engineering, selling and administrative | 4,507 | 3,948 | 8,491 | 7,341 | ||||||||||||
Total costs and expenses | 13,390 | 11,438 | 25,466 | 22,157 | ||||||||||||
Operating income | 1,719 | 1,844 | 4,329 | 3,857 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 690 | 124 | 1,060 | 235 | ||||||||||||
Other income (expense), net | 34 | 27 | (88) | 17 | ||||||||||||
Total other income, net | 724 | 151 | 972 | 252 | ||||||||||||
Income before income taxes | 2,443 | 1,995 | 5,301 | 4,109 | ||||||||||||
Income tax expense | 573 | 435 | 1,043 | 919 | ||||||||||||
Net income | $ | 1,870 | $ | 1,560 | $ | 4,258 | $ | 3,190 | ||||||||
Income per common share: | ||||||||||||||||
Basic | $ | 0.46 | $ | 0.55 | $ | 1.13 | $ | 1.12 | ||||||||
Diluted | $ | 0.43 | $ | 0.53 | $ | 1.07 | $ | 1.09 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 4,056,379 | 2,853,383 | 3,775,004 | 2,848,419 | ||||||||||||
Diluted | 4,339,332 | 2,934,594 | 3,965,962 | 2,931,053 | ||||||||||||
M-tron Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited)
| ||||||||
(in thousands) | June 30, 2026 | December 31, 2025 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 96,245 | $ | 20,891 | ||||
Accounts receivable, net of allowance of | 8,221 | 6,656 | ||||||
Inventories, net | 10,884 | 9,673 | ||||||
Prepaid expenses and other current assets | 2,523 | 1,662 | ||||||
Warrant proceeds receivable | — | 22,335 | ||||||
Total current assets | 117,873 | 61,217 | ||||||
Property, plant and equipment, net | 7,290 | 6,514 | ||||||
Right-of-use lease asset | 182 | 217 | ||||||
Intangible assets, net | 40 | 40 | ||||||
Deferred income tax asset | 196 | 272 | ||||||
Other assets | 354 | 123 | ||||||
Total assets | $ | 125,935 | $ | 68,383 | ||||
Liabilities: | ||||||||
Total current liabilities | 7,088 | 4,891 | ||||||
Non-current liabilities | 132 | 277 | ||||||
Total liabilities | 7,220 | 5,168 | ||||||
Total stockholders' equity | 118,715 | 63,215 | ||||||
Total liabilities and stockholders' equity | $ | 125,935 | $ | 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 June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Income before income taxes | $ | 2,443 | $ | 1,995 | $ | 5,301 | $ | 4,109 | ||||||||
Adjustments: | ||||||||||||||||
Interest income | (690) | (124) | (1,060) | (235) | ||||||||||||
Depreciation | 311 | 270 | 613 | 520 | ||||||||||||
Amortization | — | — | — | — | ||||||||||||
Total adjustments | (379) | 146 | (447) | 285 | ||||||||||||
EBITDA | 2,064 | 2,141 | 4,854 | 4,394 | ||||||||||||
Non-cash stock compensation | 1,337 | 278 | 1,719 | 527 | ||||||||||||
Adjusted EBITDA | $ | 3,401 | $ | 2,419 | $ | 6,573 | $ | 4,921 | ||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/m-tron-industries-inc-reports-second-quarter-2026-results-302850159.html
SOURCE Mtron