M-tron Industries, Inc. Reports Continued Strength in Second Quarter 2025 Results
M-tron Industries (NYSE American: MPTI), a U.S. manufacturer of electronic components for aerospace and defense, reported mixed Q2 2025 results. Revenue increased 12.5% to $13.3 million compared to Q2 2024, driven by strong defense program shipments. However, net income per diluted share decreased 15.9% to $0.53 from $0.63 year-over-year.
The company's backlog showed remarkable growth, increasing 35% to $61.2 million as of June 30, 2025, reflecting strong demand across aerospace, defense, avionics, and space markets. Gross margin declined to 43.6% from 46.6% due to product mix and tariff impacts. Adjusted EBITDA slightly decreased to $2.4 million from $2.5 million in Q2 2024.
M-tron Industries (NYSE American: MPTI), produttore statunitense di componenti elettronici per l'aerospazio e la difesa, ha riportato risultati contrastanti nel secondo trimestre 2025. I ricavi sono aumentati del 12.5% a $13.3 million rispetto al Q2 2024, trainati da solide spedizioni nell'ambito dei programmi per la difesa. Tuttavia, l'utile netto per azione diluita è diminuito del 15.9% a $0.53 da $0.63 su base annua.
Il portafoglio ordini ha mostrato una crescita significativa, aumentando del 35% a $61.2 million al 30 giugno 2025, a indicare una robusta domanda nei mercati aerospaziale, della difesa, dell'avionica e spaziale. Il margine lordo è sceso al 43.6% dal 46.6% a causa del mix di prodotti e degli impatti tariffari. L'EBITDA rettificato è leggermente calato a $2.4 million rispetto a $2.5 million nel Q2 2024.
M-tron Industries (NYSE American: MPTI), fabricante estadounidense de componentes electrónicos para aeroespacial y defensa, presentó resultados mixtos en el segundo trimestre de 2025. Los ingresos aumentaron un 12.5% hasta $13.3 million frente al Q2 2024, impulsados por fuertes envíos en programas de defensa. Sin embargo, el beneficio neto por acción diluida disminuyó un 15.9% hasta $0.53 desde $0.63 interanual.
La cartera de pedidos mostró un crecimiento notable, incrementándose un 35% hasta $61.2 million al 30 de junio de 2025, reflejando una fuerte demanda en los mercados aeroespacial, defensa, aviónica y espacial. El margen bruto cayó al 43.6% desde 46.6% debido a la mezcla de productos y a los efectos de aranceles. El EBITDA ajustado disminuyó ligeramente a $2.4 million desde $2.5 million en Q2 2024.
M-tron Industries (NYSE American: MPTI), 항공우주 및 방위 산업용 전자 부품을 제조하는 미국 기업이 2025년 2분기에 엇갈린 실적을 발표했습니다. 매출은 전년 동기 대비 12.5% 증가해 $13.3 million을 기록했으며, 방위 프로그램 관련 출하가 이를 견인했습니다. 그러나 희석 주당 순이익은 전년 동기 $0.63에서 15.9% 감소한 $0.53으로 떨어졌습니다.
수주 잔고는 2025년 6월 30일 기준 35% 증가해 $61.2 million으로 눈에 띄게 성장했으며, 항공우주, 방위, 항공전자 및 우주 시장 전반의 강한 수요를 반영합니다. 제품 구성과 관세 영향으로 총마진은 46.6%에서 43.6%으로 하락했습니다. 조정 EBITDA는 2024년 2분기 $2.5 million에서 소폭 하락한 $2.4 million을 기록했습니다.
M-tron Industries (NYSE American: MPTI), fabricant américain de composants électroniques pour l'aérospatiale et la défense, a publié des résultats mitigés pour le deuxième trimestre 2025. Le chiffre d'affaires a augmenté de 12.5% pour atteindre $13.3 million par rapport au T2 2024, porté par de fortes livraisons pour des programmes de défense. Cependant, le bénéfice net par action diluée a diminué de 15.9% pour s'établir à $0.53 contre $0.63 sur un an.
Le carnet de commandes a connu une croissance remarquable, augmentant de 35% pour atteindre $61.2 million au 30 juin 2025, reflétant une forte demande sur les marchés aérospatial, défense, avionique et spatial. La marge brute a diminué à 43.6% contre 46.6% en raison du mix produits et des impacts tarifaires. L'EBITDA ajusté a légèrement diminué à $2.4 million contre $2.5 million au T2 2024.
M-tron Industries (NYSE American: MPTI), ein US-Hersteller von elektronischen Komponenten für Luft- und Raumfahrt sowie Verteidigung, meldete gemischte Ergebnisse für das zweite Quartal 2025. Der Umsatz stieg im Vergleich zum Q2 2024 um 12.5% auf $13.3 million, getragen von starken Lieferungen im Verteidigungsprogramm. Der verwässerte Gewinn je Aktie sank jedoch um 15.9% auf $0.53 von $0.63 im Jahresvergleich.
Der Auftragsbestand wies ein bemerkenswertes Wachstum auf und stieg per 30. Juni 2025 um 35% auf $61.2 million, was die starke Nachfrage in den Bereichen Luft- und Raumfahrt, Verteidigung, Avionik und Raumfahrt widerspiegelt. Die Bruttomarge sank aufgrund des Produktmixes und tariflicher Auswirkungen auf 43.6% von 46.6%. Das bereinigte EBITDA ging leicht auf $2.4 million zurück (von $2.5 million im Q2 2024).
- Revenue growth of 12.5% year-over-year to $13.3 million
- Significant backlog increase of 35% to $61.2 million
- Strong demand across aerospace, defense, avionics, and space markets
- Healthy gross margin of 43.6% despite challenges
- Net income per diluted share decreased 15.9% to $0.53
- Gross margin declined 300 basis points to 43.6% from 46.6%
- Higher operating expenses from increased R&D and administrative costs
- Negative impact from tariffs affecting margins
Insights
M-tron shows mixed Q2 results with strong revenue growth (+12.5%) and backlog (+35%), but declining margins and EPS (-15.9%).
M-tron Industries delivered a mixed performance in Q2 2025 with revenue growing 12.5% to
Despite these positives, gross margin contracted to
The company's Adjusted EBITDA declined
The substantial backlog growth from
- Revenues increased
12.5% , or$1.5 million $13.3 million for the three months ended June 30, 2025 from$11.8 million for the three months ended June 30, 2024 - Net income per diluted share decreased
15.9% , or$0.10 $0.53 for the three months ended June 30, 2025 from$0.63 for the three months ended June 30, 2024 - Backlog increased
35.0% , or$15.9 million $61.2 million as of June 30, 2025 from$45.3 million as of June 30, 2024
"We're pleased to report strong revenue growth, an indicator of the value our products and solutions 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."
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||
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Revenues | $ | 13,282 | $ | 11,808 | 12.5 | % | $ | 26,014 | $ | 22,993 | 13.1 | % | ||||||||||||
Gross margin | 43.6 | % | 46.6 | % | -6.4 | % | 43.0 | % | 44.7 | % | -3.7 | % | ||||||||||||
Net income | $ | 1,560 | $ | 1,744 | -10.6 | % | $ | 3,190 | $ | 3,230 | -1.2 | % | ||||||||||||
Net income per diluted | $ | 0.53 | $ | 0.63 | -15.9 | % | $ | 1.09 | $ | 1.16 | -6.2 | % | ||||||||||||
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Non-GAAP Financial | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,419 | $ | 2,523 | -4.1 | % | $ | 4,921 | $ | 4,785 | 2.8 | % | ||||||||||||
(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
Second Quarter 2025
Revenue was
Gross margin was
Net income was
Adjusted EBITDA was
Fiscal Year to Date 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 Wednesday, August 13, 2025, to discuss the Company's second 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: | 4709075 |
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 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 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.
M-tron Industries, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 7,691 | $ | 7,064 | $ | 8,417 | $ | 8,673 | $ | 9,367 | $ | 10,140 | $ | 10,888 | $ | 10,773 | $ | 11,185 | $ | 11,808 | $ | 13,214 | $ | 12,805 | $ | 12,732 | $ | 13,282 | ||||||||||||||||||||||||||||
Y/Y | 21.8 | % | 43.5 | % | 29.4 | % | 24.2 | % | 19.4 | % | 16.4 | % | 21.4 | % | 18.9 | % | 13.8 | % | 12.5 | % | ||||||||||||||||||||||||||||||||||||
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Gross margin | 37.3 | % | 37.5 | % | 32.4 | % | 35.7 | % | 34.1 | % | 41.6 | % | 42.8 | % | 43.6 | % | 42.7 | % | 46.6 | % | 47.8 | % | 47.2 | % | 42.5 | % | 43.6 | % | ||||||||||||||||||||||||||||
Y/Y | -8.6 | % | 10.9 | % | 32.1 | % | 22.1 | % | 25.2 | % | 12.0 | % | 11.7 | % | 8.3 | % | -0.5 | % | -6.4 | % | ||||||||||||||||||||||||||||||||||||
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Net income (a) | $ | 619 | $ | 486 | $ | 503 | $ | 190 | $ | 553 | $ | 1,277 | $ | 1,586 | $ | 73 | $ | 1,486 | $ | 1,744 | $ | 2,267 | $ | 2,139 | $ | 1,630 | $ | 1,560 | ||||||||||||||||||||||||||||
Y/Y | -10.7 | % | 162.8 | % | 215.3 | % | -61.6 | % | 168.7 | % | 36.6 | % | 42.9 | % | 2830.1 | % | 9.7 | % | -10.6 | % | ||||||||||||||||||||||||||||||||||||
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Adjusted | $ | 1,177 | $ | 841 | $ | 876 | $ | 1,114 | $ | 1,028 | $ | 1,931 | $ | 2,336 | $ | 2,397 | $ | 2,262 | $ | 2,523 | $ | 3,300 | $ | 3,056 | $ | 2,502 | $ | 2,419 | ||||||||||||||||||||||||||||
Y/Y | -12.7 | % | 129.6 | % | 166.7 | % | 115.2 | % | 120.0 | % | 30.7 | % | 41.3 | % | 27.5 | % | 10.6 | % | -4.1 | % | ||||||||||||||||||||||||||||||||||||
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(a) | Q1 2022 - Q3 2022 do not include any public company costs as these periods were pre-IPO. |
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(b) | A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. |
M-tron Industries, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenues | $ | 13,282 | $ | 11,808 | $ | 26,014 | $ | 22,993 | ||||||||
Costs and expenses: | ||||||||||||||||
Manufacturing cost of sales | 7,490 | 6,307 | 14,816 | 12,713 | ||||||||||||
Engineering, selling and administrative | 3,948 | 3,394 | 7,341 | 6,384 | ||||||||||||
Total costs and expenses | 11,438 | 9,701 | 22,157 | 19,097 | ||||||||||||
Operating income | 1,844 | 2,107 | 3,857 | 3,896 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 124 | 44 | 235 | 76 | ||||||||||||
Other income (expense), net | 27 | (5) | 17 | 37 | ||||||||||||
Total other income, net | 151 | 39 | 252 | 113 | ||||||||||||
Income before income taxes | 1,995 | 2,146 | 4,109 | 4,009 | ||||||||||||
Income tax expense | 435 | 402 | 919 | 779 | ||||||||||||
Net income | $ | 1,560 | $ | 1,744 | $ | 3,190 | $ | 3,230 | ||||||||
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Income per common share: | ||||||||||||||||
Basic | $ | 0.55 | $ | 0.64 | $ | 1.12 | $ | 1.19 | ||||||||
Diluted | $ | 0.53 | $ | 0.63 | $ | 1.09 | $ | 1.16 | ||||||||
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Weighted average shares outstanding: | ||||||||||||||||
Basic | 2,853,383 | 2,728,599 | 2,848,419 | 2,723,293 | ||||||||||||
Diluted | 2,934,594 | 2,779,802 | 2,931,053 | 2,783,739 | ||||||||||||
M-tron Industries, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
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(in thousands) | June 30, 2025 | December 31, 2024 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 15,529 | $ | 12,641 | ||||
Accounts receivable, net of reserves of | 6,261 | 6,842 | ||||||
Inventories, net | 9,116 | 9,509 | ||||||
Prepaid expenses and other current assets | 874 | 760 | ||||||
Total current assets | 31,780 | 29,752 | ||||||
Property, plant and equipment, net | 5,939 | 5,061 | ||||||
Right-of-use lease asset | 242 | 9 | ||||||
Intangible assets, net | 40 | 40 | ||||||
Deferred income tax asset | 1,691 | 1,623 | ||||||
Other assets | — | 3 | ||||||
Total assets | $ | 39,692 | $ | 36,488 | ||||
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Liabilities: | ||||||||
Total current liabilities | 4,689 | 5,216 | ||||||
Non-current liabilities | 190 | — | ||||||
Total liabilities | 4,879 | 5,216 | ||||||
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Total stockholders' equity | 34,813 | 31,272 | ||||||
Total liabilities and stockholders' equity | $ | 39,692 | $ | 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 | ||||||||||||||||
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Income before income taxes | $ | 1,995 | $ | 2,146 | $ | 4,109 | $ | 4,009 | ||||||||
Adjustments: | ||||||||||||||||
Interest income | (124) | (44) | (235) | (76) | ||||||||||||
Depreciation | 270 | 220 | 520 | 439 | ||||||||||||
Amortization | — | — | — | 5 | ||||||||||||
Total adjustments | 146 | 176 | 285 | 368 | ||||||||||||
EBITDA | 2,141 | 2,322 | 4,394 | 4,377 | ||||||||||||
Non-cash stock compensation | 278 | 201 | 527 | 408 | ||||||||||||
Adjusted EBITDA | $ | 2,419 | $ | 2,523 | $ | 4,921 | $ | 4,785 | ||||||||
The following table is a reconciliation of Adjusted EBITDA to Income before income taxes:
2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 7,691 | $ | 7,064 | $ | 8,417 | $ | 8,673 | $ | 9,367 | $ | 10,140 | $ | 10,888 | $ | 10,773 | $ | 11,185 | $ | 11,808 | $ | 13,214 | $ | 12,805 | $ | 12,732 | $ | 13,282 | ||||||||||||||||||||||||||||
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Income before | $ | 794 | $ | 592 | $ | 614 | $ | 595 | $ | 719 | $ | 1,582 | $ | 2,046 | $ | 53 | $ | 1,863 | $ | 2,146 | $ | 3,008 | $ | 2,758 | $ | 2,114 | $ | 1,995 | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | 3 | 2 | 1 | 5 | 2 | 5 | (1) | (13) | (32) | (44) | (63) | (104) | (111) | (124) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation | 148 | 165 | 173 | 185 | 195 | 190 | 192 | 220 | 219 | 220 | 278 | 251 | 250 | 270 | ||||||||||||||||||||||||||||||||||||||||||
Amortization | 13 | 14 | 13 | 14 | 13 | 14 | 13 | 13 | 5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 164 | 181 | 187 | 204 | 210 | 209 | 204 | 220 | 192 | 176 | 215 | 147 | 139 | 146 | ||||||||||||||||||||||||||||||||||||||||||
EBITDA | 958 | 773 | 801 | 799 | 929 | 1,791 | 2,250 | 273 | 2,055 | 2,322 | 3,223 | 2,905 | 2,253 | 2,141 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash stock | 219 | 68 | 75 | 96 | 71 | 140 | 86 | 2,124 | 207 | 201 | 77 | 151 | 249 | 278 | ||||||||||||||||||||||||||||||||||||||||||
Excess Spin-off | — | — | — | 219 | 28 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Adjusted | $ | 1,177 | $ | 841 | $ | 876 | $ | 1,114 | $ | 1,028 | $ | 1,931 | $ | 2,336 | $ | 2,397 | $ | 2,262 | $ | 2,523 | $ | 3,300 | $ | 3,056 | $ | 2,502 | $ | 2,419 | ||||||||||||||||||||||||||||
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Adjusted | 15.3 | % | 11.9 | % | 10.4 | % | 12.8 | % | 11.0 | % | 19.0 | % | 21.5 | % | 22.3 | % | 20.2 | % | 21.4 | % | 25.0 | % | 23.9 | % | 19.7 | % | 18.2 | % | ||||||||||||||||||||||||||||
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SOURCE Mtron
FAQ
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