M-tron Industries, Inc. Reports Third Quarter 2026 Results

Quarterly net income grew faster than diluted earnings per share as the diluted weighted-average share count increased.

Rhea-AI Summary

M-tron Industries (NYSE American: MPTI) reported third-quarter 2026 revenue of $15.741 million, up 11.1% from the same quarter last year. Net income rose 66.4% to $3.049 million, while diluted earnings per share increased 16.7% to $0.70. Gross margin increased 20 basis points to 44.5%. However, operating income fell to $2.441 million from $2.550 million as engineering, selling and administrative expenses increased.

For the nine months ended September 30, 2026, revenue rose 13.3% to $45.536 million, and net income increased 45.5% to $7.307 million. Diluted earnings per share rose 9.0% to $1.79. Backlog reached $84.9 million, up 44.3% from September 30, 2025 and 11.0% from December 31, 2025. Cash and cash equivalents totaled $97.495 million, versus $20.891 million at year-end 2025. Quarterly net interest income increased, while income tax expense declined.

14 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

How the balance works

Positive

• Moderate pointThird-quarter revenue increased 11.1% to $15.741 million from $14.170 million a year earlier.
• Moderate pointThird-quarter net income increased 66.4% to $3.049 million from $1.832 million a year earlier.
• Moderate pointThird-quarter diluted earnings per share rose 16.7% to $0.70 from $0.60 a year earlier.
• Moderate pointBacklog reached $84.9 million, up 44.3% year over year and 11.0% from December 31, 2025.
• Moderate pointCash and cash equivalents increased to $97.495 million at September 30, 2026 from $20.891 million at year-end 2025.
• Moderate pointThird-quarter adjusted EBITDA, an adjusted earnings measure, rose 12.9% to $3.587 million year over year.

8 minor points

• Minor pointThird-quarter gross margin increased 20 basis points to 44.5% from 44.3% a year earlier.
• Minor pointNine-month revenue increased 13.3% to $45.536 million from $40.184 million a year earlier.
• Minor pointNine-month net income rose 45.5% to $7.307 million from $5.022 million a year earlier.
• Minor pointNine-month diluted earnings per share increased 9.0% to $1.79 from $1.64 a year earlier.
• Minor pointNine-month operating income increased to $6.770 million from $6.407 million a year earlier.
• Minor pointNine-month adjusted EBITDA rose 25.5% to $10.160 million from $8.097 million a year earlier.
• Minor pointNet interest income increased to $851,000 for the quarter and $1.911 million for nine months, versus $143,000 and $378,000.
• Minor pointIncome tax expense declined to $268,000 for the quarter and $1.311 million for nine months, versus $931,000 and $1.850 million.

Negative

• Moderate pointThird-quarter operating income declined to $2.441 million from $2.550 million a year earlier.
• Moderate pointEngineering, selling and administrative expenses rose to $4.561 million quarterly and $13.052 million year-to-date, versus $3.729 million and $11.070 million.
• Moderate pointThird-quarter diluted weighted-average shares increased to 4,349,491 from 3,061,412; nine-month shares rose to 4,088,300 from 3,061,604.

Key Figures

Revenue: $15.7 million; up 11.1% Gross margin: 44.5%; up 20 basis points Net income: $3.0 million; up 66.4% +5 more

Revenue

$15.7 million; up 11.1%

Third quarter 2026 versus third quarter 2025

Gross margin

44.5%; up 20 basis points

Third quarter 2026 versus third quarter 2025

Net income

$3.0 million; up 66.4%

Third quarter 2026 versus third quarter 2025

Diluted EPS

$0.70; up 16.7%

Third quarter 2026 versus third quarter 2025

Adjusted EBITDA

$3.6 million; up 12.9%

Third quarter 2026 versus third quarter 2025

Revenue

$45.5 million; up 13.3%

Nine months ended September 30, 2026 versus 2025

Net income

$7.3 million; up 45.5%

Nine months ended September 30, 2026 versus 2025

Backlog

$84.9 million; up 44.3%

As of September 30, 2026 versus September 30, 2025

Previous Earnings Reports

2 past events · Latest: Nov 12

Same Type 2 events

1. Nov 12

   Quarterly earnings

   24h Move

   -4.6%

   Revenue grew, but gross margin declined and management cited pressure on EPS.

2. Aug 12

   Quarterly earnings

   24h Move

   -1.2%

   Revenue and net income increased while gross margin and diluted EPS declined.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap financial measures, weighted average shares outstanding, regulation g

3 terms

non-gaap financial measures financial

"Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

weighted average shares outstanding financial

"Weighted average shares outstanding: Basic 4,289,372 3,005,558"

The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.

regulation g regulatory

"reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G"

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• Revenues increased 11.1% to $15.7 million for the three months ended September 30, 2026 compared to $14.2 million for the three months ended September 30, 2025
• Gross margin increased 20 basis points to 44.5% for the three months ended September 30, 2026 compared to 44.3% for the three months ended September 30, 2025
• Net income increased 66.4% to $3.0 million for the three months ended September 30, 2026 compared to $1.8 million for the three months ended September 30, 2025
• Net income per diluted share increased 16.7% to $0.70 for the three months ended September 30, 2026 compared to $0.60 for the three months ended September 30, 2025
• Backlog was $84.9 million as of September 30, 2026 compared to $76.4 million as of December 31, 2025

ORLANDO, Fla., Nov. 12, 2026 /PRNewswire/ -- 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 financial results for the three and nine months ended September 30, 2026.

"Our third quarter results reflect the continued strength of demand across our defense and aerospace markets," said Cameron Pforr, Mtron Chief Executive Officer. "Revenue increased 11% compared to the third quarter of last year, and we expanded gross margin by 20 basis points. We are continuing to invest in our team and capabilities to support the growth opportunities we see ahead."

		Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share data)		2026				2025				% Change				2026				2025				% Change
U.S. GAAP Financial Measures
Revenues		$	15,741			$	14,170				11.1	%		$	45,536			$	40,184				13.3	%
Gross margin			44.5	%			44.3	%			20 bps				43.5	%			43.5	%			—
Net income		$	3,049			$	1,832				66.4	%		$	7,307			$	5,022				45.5	%
Net income per diluted share		$	0.70			$	0.60				16.7	%		$	1.79			$	1.64				9.0	%
Non-GAAP Financial Measures (a)
Adjusted EBITDA		$	3,587			$	3,176				12.9	%		$	10,160			$	8,097				25.5	%

(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

Third Quarter 2026

Revenue was $15.7 million for the three months ended September 30, 2026 compared with $14.2 million for the three months ended September 30, 2025. The increase was primarily due to strong growth in aerospace and defense, avionics, and space product shipments.

Gross margin was 44.5% for the three months ended September 30, 2026 compared with 44.3% for the three months ended September 30, 2025. The increase was primarily due to product mix.

Net income was $3.0 million, or $0.70 per diluted share, for the three months ended September 30, 2026 compared with $1.8 million, or $0.60 per diluted share, for the three months ended September 30, 2025. The increase was primarily due to the increase in gross margin discussed above and higher interest income earned on investments in money market mutual funds driven by higher balances invested.

The increase was partially offset by higher engineering, selling and administrative expenses driven by higher research and development investment, higher sales commissions consistent with the increase in revenues, higher stock-based compensation, and an increase in administrative and corporate expenses consistent with the overall growth in the business.

Adjusted EBITDA was $3.6 million for the three months ended September 30, 2026 compared with $3.2 million for the three months ended September 30, 2025. The slight increase was primarily due to higher revenues and gross profit partially offset by higher general and administrative expenses.

Revenue was $45.5 million for the nine months ended September 30, 2026 compared with $40.2 million for the nine months ended September 30, 2025. The 13.3% increase was primarily due to continued strong aerospace and defense and avionics product shipments.

Net income was $7.3 million, or $1.79 per diluted share, for the nine months ended September 30, 2026 compared with $5.0 million, or $1.64 per diluted share, for the nine months ended September 30, 2025. The increase was primarily due to higher revenues and gross profit as well as higher interest income earned partially offset by higher engineering, selling and administrative expenses driven by higher research and development investment, higher sales commissions consistent with the increase in revenues, $918 of stock-based compensation related to 2025 bonuses, and an increase in administrative and corporate expenses to support the growth in revenues.

Adjusted EBITDA was $10.2 million for the nine months ended September 30, 2026 compared with $8.1 million for the nine months ended September 30, 2025. The increase was primarily due to higher revenues and improved operating leverage.

Backlog

Backlog was $84.9 million as of September 30, 2026, an increase of 44.3% from $58.8 million as of September 30, 2025 and 11.0% from $76.4 million as of December 31, 2025. The increase in 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 space industry orders.

Earnings Call

Management, including Mr. Pforr, will host a conference call with the investment community on Thursday November 12, 2026, to discuss the Company's third quarter 2026 results and to respond to investor questions.

The call will begin at 4:30 p.m. Eastern Time (U.S. and Canada) on Thursday November 12, 2026, and can be accessed using the dial-in details below:

Toll-Free Dial-in Number:	+1 833 461 5787
Toll Dial-in Number:	+1 585 542 9983
Conference ID:	720 204 250
Webcast URL:	https://events.q4inc.com/attendee/720204250

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 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 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 ("SEC"), 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 September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)		2026				2025				2026				2025
Revenues		$	15,741			$	14,170			$	45,536			$	40,184
Costs and expenses:
Manufacturing cost of sales			8,739				7,891				25,714				22,707
Engineering, selling and administrative			4,561				3,729				13,052				11,070
Total costs and expenses			13,300				11,620				38,766				33,777
Operating income			2,441				2,550				6,770				6,407
Other income:
Interest income, net			851				143				1,911				378
Other income, net			25				70				(63)				87
Total other income, net			876				213				1,848				465
Income before income taxes			3,317				2,763				8,618				6,872
Income tax expense			268				931				1,311				1,850
Net income		$	3,049			$	1,832			$	7,307			$	5,022
Income per common share:
Basic		$	0.71			$	0.61			$	1.83			$	1.68
Diluted		$	0.70			$	0.60			$	1.79			$	1.64
Weighted average shares outstanding:
Basic			4,289,372				3,005,558				3,996,745				2,994,984
Diluted			4,349,491				3,061,412				4,088,300				3,061,604

 

M-tron Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)		September 30, 2026				December 31, 2025
Assets:
Current assets:
Cash and cash equivalents		$	97,495			$	20,891
Accounts receivable, net of allowance of $200 and $204, respectively			8,953				6,656
Inventories, net			11,246				9,673
Prepaid expenses and other current assets			2,535				1,662
Warrant proceeds receivable			—				22,335
Total current assets			120,229				61,217
Property, plant and equipment, net			7,956				6,514
Right-of-use lease asset			174				217
Intangible assets, net			40				40
Deferred income tax asset			285				272
Other assets			351				123
Total assets		$	129,035			$	68,383
Liabilities:
Total current liabilities			6,366				4,891
Non-current liabilities			113				277
Total liabilities			6,479				5,168
Total stockholders' equity			122,556				63,215
Total liabilities and stockholders' equity		$	129,035			$	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 September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Income before income taxes		$	3,317			$	2,763			$	8,618			$	6,872
Adjustments:
Interest income, net			(851)				(143))				(1,911)				(378)
Depreciation			347				280				960				800
Total adjustments			(504)				137				(951)				422
EBITDA			2,813				2,900				7,667				7,294
Non-cash stock compensation			774				276				2,493				803
Adjusted EBITDA		$	3,587			$	3,176			$	10,160			$	8,097

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/m-tron-industries-inc-reports-third-quarter-2026-results-302937892.html

SOURCE Mtron

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were M-tron Industries' third-quarter 2026 revenue and earnings?

M-tron reported revenue of $15.741 million and net income of $3.049 million for the three months ended September 30, 2026. Revenue increased 11.1% and net income rose 66.4% year over year. Diluted earnings per share increased 16.7% to $0.70.

How much backlog did M-tron Industries have at September 30, 2026?

M-tron's backlog was $84.9 million at September 30, 2026. That was 44.3% above $58.8 million at September 30, 2025 and 11.0% above $76.4 million at December 31, 2025.

How does M-tron Industries calculate adjusted EBITDA?

M-tron calculates adjusted EBITDA from income before income taxes by excluding interest, depreciation, amortization, non-cash stock compensation and qualifying discrete items. The third-quarter 2026 reconciliation subtracts $851,000 of net interest income and adds $347,000 of depreciation and $774,000 of non-cash stock compensation, producing adjusted EBITDA of $3.587 million.