BUTLER NATIONAL CORP (BUKS) reported strong first‑quarter fiscal 2027 results, with total revenue rising to $30.8 million from $20.1 million, a 53% increase. Aerospace Products drove the performance, with revenue up 92% to $21.7 million, led by record aircraft modification revenue of $16.3 million and higher Special Mission Electronics sales. Professional Services (Boot Hill Casino) revenue grew 3% to $9.0 million, as higher traditional casino gaming offset lower sports wagering revenue.
Operating income rose to $7.4 million from $4.7 million (margin about 24%), and net income increased 43% to $5.3 million, or $0.08 per diluted share, versus $0.06 a year earlier. Operating cash flow was positive at $4.6 million, though down from $14.7 million, and cash and equivalents were $35.3 million. Total debt (current and long‑term) was about $28.0 million, and the company remained in compliance with note covenants.
Aerospace backlog totaled $51.1 million, supporting future revenue. Butler National repurchased 254,619 shares for $1.1 million during the quarter, leaving $2.1 million authorized under its 2025 stock repurchase program. Subsequent to quarter‑end, the company obtained a three‑year extension of its Kansas Lottery sports wagering management contract through 2030 and agreed with DraftKings to extend their sports wagering arrangement for ten years with a reduced revenue‑share percentage.
Butler National Corporation (BUKS) reports that its subsidiaries BHCMC, LLC (Boot Hill Casino & Resort) and Butler National Service Corporation entered into a Renewal of the Lottery Sports Wagering Management Contract with the Kansas Lottery. The Renewal Contract grants a three-year extension of Boot Hill Casino’s management of sports wagering operations in Kansas commencing September 1, 2027, during which Butler National Service Corporation will receive 90% of all sports wagering revenue it generates, subject to modification by the Kansas Lottery to comply with future law.
In connection with this extension, Boot Hill Casino and DraftKings executed an amended and extended agreement for an additional ten-year term to facilitate online and mobile sports wagering, with updated commercial terms that reflect current market conditions. Together, these agreements are described as extending Boot Hill’s sports wagering management relationships with the Kansas Lottery and DraftKings through 2030, dependent on continuing Kansas Lottery sports wagering management authority.
Butler National Corporation is soliciting proxies for its 2026 annual stockholder meeting to be held on September 30, 2026, at 10:00 a.m. at Hallbrook Country Club in Leawood, Kansas. Holders of 63,761,397 shares of common stock outstanding as of August 4, 2026 are entitled to one vote per share.
Stockholders will vote to elect two directors (Julie M. Bowen and Michael A. Loh) for one-year terms, ratify RBSM, LLP as independent registered public accounting firm for fiscal 2027, and cast an advisory vote on executive compensation. The board recommends voting FOR all proposals.
The company highlights robust governance practices, including fully independent Audit, Compensation, and Nominating and Governance Committees, a Lead Independent Director, stock ownership guidelines for directors and executives, and an insider trading policy that bans short sales, hedging, pledging, and margin accounts. For fiscal 2026, former CEO Christopher J. Reedy reported total compensation of $1,183,068, while Interim CEO and CFO Adam B. Sefchick reported $477,861; both earned maximum payouts under the annual cash bonus plan based on revenue, operating income and KPI performance. Net income was $21.9 million and a hypothetical $100 investment in the stock in April 2023 grew to $586.96 by April 30, 2026.
Butler National Corp Chief Financial Officer Adam Brett Sefchick received an award of 20,222 shares of restricted common stock on July 22, 2026. Of these, 6,740 shares vested immediately; the remaining 13,482 vest in two equal annual installments, and 1,978 shares were withheld to satisfy tax obligations at $4.945 per share.
Butler National Corporation adjusted compensation and protections for Adam B. Sefchick, its Chief Financial Officer and Interim Chief Executive Officer and President. For the fiscal year ending April 30, 2027, his annual base salary increased from $290,000 to $302,000. His annual cash bonus target under the Annual Cash Bonus Plan rose to $70,000, with a maximum potential bonus of $110,000, based on company revenue, operating income and other non-financial goals.
The Compensation Committee granted 20,222 shares of restricted stock valued at $100,000, vesting one-third at grant and one-third on each of the first two anniversaries, subject to confidentiality, non-solicit and non-compete covenants, with forfeiture of unvested shares upon breach. For his Interim CEO role, Sefchick will receive an additional $10,000 per month, may earn a $25,000 onboarding bonus when a new CEO is installed, and a discretionary bonus of up to $90,000 for fiscal 2027. A Severance Agreement provides 12 months of base salary if terminated without cause, while a Change in Control Agreement offers a lump sum of one and one-half times his highest 12‑month compensation plus up to two years of benefit coverage upon qualifying post–change-in-control termination, both generally running through July 31, 2027.
Butler National Corp director and ten percent owner Joseph Patrick Daly reported acquiring additional Common Stock on July 14, 2026. He purchased 2,126 shares in an open-market transaction at $4.66 per share and received a grant of 2,874 shares at $4.35 per share. After these transactions, he reported holding 4,535,000 shares directly and 4,360,000 shares indirectly through EssigPR Inc.
Yowell Jeffrey David reported acquisition or exercise transactions in this Form 4 filing.
Butler National Corp director Jeffrey David Yowell received a grant of 2,874 shares of Butler National Common Stock on July 14, 2026 at $4.35 per share. This compensation-related award increased his direct holdings to 84,621 shares, with no same-day sales or derivative transactions reported.
Loh Michael Anthony reported acquisition or exercise transactions in this Form 4 filing.
Director Michael Anthony Loh of Butler National Corp received a compensation-related grant of 2,874 shares of Butler National Common Stock on July 14, 2026 at an implied value of $4.35 per share. After this award, he directly owns 144,129 shares of the company’s stock.
Bowen Julie Marie reported acquisition or exercise transactions in this Form 4 filing.
Butler National Corp director Julie Marie Bowen received a grant of 2,874 shares of Butler National Common Stock on July 14, 2026 at $4.35 per share. Following this non-derivative award, she holds 26,735 shares directly.