M-tron Industries (MPTI) lifts cash and backlog on strong H1 2026
Rhea-AI Filing Summary
M-tron Industries, Inc. reported higher sales and earnings for the quarter and six months ended June 30, 2026. Quarterly revenues rose to $15,109 (up 13.8% year over year) and net income increased to $1,870 (up 19.9%), though quarterly gross margin declined 240 basis points to 41.2% due mainly to stock-based compensation and product mix. Six-month revenues grew to $29,795 (up 14.5%), with net income of $4,258, a 33.5% increase.
The company generated $5,822 of operating cash flow in the first half and ended June 30, 2026 with $96,245 in cash and cash equivalents and no borrowings under its $20.0 million credit facilities. Cash was significantly boosted by warrant exercises and a rights offering, which raised gross proceeds of $27.7 million and $42.1 million, respectively, helping lift stockholders’ equity to $118,715. Order backlog reached $83,968, up 37.2% from a year earlier, reflecting strength in aerospace, defense and avionics demand, although revenue and receivables remain concentrated in a small number of customers.
Positive
- Revenues grew 14.5% to $29,795 for the first half of 2026, with net income up 33.5% to $4,258, indicating stronger profitability.
- Adjusted EBITDA rose from $4,921 to $6,573 for the six months ended June 30, 2026, reflecting improved underlying operating performance.
- Cash and cash equivalents surged to $96,245 from $20,891 at year-end 2025, supported by equity financings and positive operating cash flow.
- Backlog increased to $83,968, up 37.2% from $61,199 a year earlier, signaling robust future demand, especially in aerospace & defense and avionics.
- No debt drawn under the $10.0 million Revolving Facility and $10.0 million Delayed Draw Facility, leaving significant undrawn credit capacity.
Negative
- Quarterly gross margin declined 240 basis points to 41.2%, pressured by stock-based compensation related to 2025 bonuses and product mix.
- Customer concentration is high: two customers represented 58.8% of Q2 2026 revenues and four customers comprised 75.7% of gross accounts receivable.
- Foreign revenue growth lagged domestic: total foreign revenues were $3,426 versus domestic revenues of $11,683 for Q2 2026.
- Tariff environment remains uncertain, with newly announced U.S. tariffs and potential retaliatory actions cited as a risk to the business.
Filing Explained
The company reports that its warrant and subscription-right settlements were completed, issuing 112,028 and 713,362 shares, respectively; common shares outstanding were 4,346,026 on June 30 versus 3,405,210 at year-end, so existing holders’ percentage ownership is reduced absent offsetting changes.
Key Figures
Key Terms
Rights Offering financial
Adjusted EBITDA financial
Secured Overnight Financing Rate ("SOFR") financial
Level 3 financial
backlog financial
Earnings Snapshot
FAQ
How did MPTI’s revenue perform in the quarter ended June 30, 2026?
What were MPTI’s net income and EPS for Q2 and the first half of 2026?
How much cash and debt does MPTI have as of June 30, 2026?
What equity financings did MPTI complete in early 2026 and how much was raised?
What is MPTI’s current order backlog and how has it changed?
How concentrated are MPTI’s customers and receivables in 2026?
What is MPTI’s Adjusted EBITDA for the first half of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
For the quarterly period ended
OR
For the transition period from ____________ to ____________
Commission File No.
M-tron Industries, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| | |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| | |
| (Address of principal executive offices) | (Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ |
| Accelerated filer | ☐ |
| | ☒ | Smaller reporting company | | |
| Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of July 31, 2026, the registrant had
M-tron Industries, Inc.
Form 10-Q for the Period Ended June 30, 2026
Table of Contents
| Page | |||||||
| PART I. |
FINANCIAL INFORMATION |
||||||
| Item 1. |
Financial Statements (Unaudited) |
2 | |||||
| Condensed Consolidated Statements of Operations | 2 | ||||||
| Condensed Consolidated Balance Sheets | 3 | ||||||
| Condensed Consolidated Statements of Equity | 4 | ||||||
| Condensed Consolidated Statements of Cash Flows | 6 | ||||||
| Notes to Condensed Consolidated Financial Statements | 7 | ||||||
| 1. | Background and Description of Business | 7 | |||||
| 2. | Summary of Significant Accounting Policies | 7 | |||||
| 3. | Segment Information | 9 | |||||
| 4. | Fair Value Measurements | 10 | |||||
| 5. | Related Party Transactions | 13 | |||||
| 6. | Income Taxes | 14 | |||||
| 7. | Revolving Credit Agreement | 14 | |||||
| 8. | Stock-Based Compensation | 14 | |||||
| 9. | Stockholders' Equity | 16 | |||||
| 10. | Earnings per Share ("EPS") | 17 | |||||
| 11. | Commitments and Contingencies | 17 | |||||
| 12. | Other Financial Statement Information | 17 | |||||
| 13. | Domestic and Foreign Revenues | 18 | |||||
| 14. | Subsequent Events | 18 | |||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
19 |
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| Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
24 |
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| Item 4. |
Controls and Procedures |
24 |
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| PART II. |
OTHER INFORMATION |
||||||
| Item 1. |
Legal Proceedings |
25 |
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| Item 1A. | Risk Factors | 25 | |||||
| Item 2. | Unregistered Sales of Equity Securities and Proceeds | 25 | |||||
| Item 3. | Defaults Upon Senior Securities | 25 | |||||
| Item 4. | Mine Safety Disclosures | 25 | |||||
| Item 5. | Other Information | 25 | |||||
| Item 6. |
Exhibits |
26 |
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| Signatures | |||||||
Cautionary Note Concerning Forward-Looking Statements
Certain statements contained in this Quarterly Report on Form 10-Q of M-tron Industries, Inc. ("Mtron" or the "Company") and the Company's other communications and statements, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Therefore, such statements are not intended to be a guarantee of the Company's performance in future periods. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. For information concerning these factors and related matters, see "Risk Factors" in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ("SEC") on March 26, 2026. However, other factors besides those referenced could adversely affect the Company's results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this Quarterly Report on Form 10-Q. The Company does not undertake to update any forward-looking statement, except as required by law. As a result, you should not place undue reliance on these forward-looking statements.
PART I
FINANCIAL INFORMATION
| Item 1. |
Financial Statements |
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 | $ | $ | $ | $ | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Manufacturing cost of sales | ||||||||||||||||
| Engineering, selling and administrative | ||||||||||||||||
| Total costs and expenses | ||||||||||||||||
| Operating income | ||||||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income, net | ||||||||||||||||
| Other income (expense), net | ( | ) | ||||||||||||||
| Total other income, net | ||||||||||||||||
| Income before income taxes | ||||||||||||||||
| Income tax expense | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
| Income per common share: | ||||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | ||||||||||||||||
| Diluted | ||||||||||||||||
See accompanying Notes to the Condensed Consolidated Financial Statements.
M-tron Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| (in thousands, except share data) | June 30, 2026 | December 31, 2025 | ||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Accounts receivable, net of allowance of $ and $, respectively | ||||||||
| Inventories, net | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Warrant proceeds receivable | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Right-of-use lease asset | ||||||||
| Intangible assets, net | ||||||||
| Deferred income tax asset | ||||||||
| Other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued compensation and commissions | ||||||||
| Other accrued expenses | ||||||||
| Income taxes payable | ||||||||
| Total current liabilities | ||||||||
| Long-term lease liability | ||||||||
| Deferred income tax liability | ||||||||
| Total liabilities | ||||||||
| Commitments and Contingencies (Note 11) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock ($ par value; shares authorized, issued) | ||||||||
| Common stock ($ par value; shares authorized; shares issued and outstanding as of June 30, 2026; shares issued and outstanding as of December 31, 2025) | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings | ||||||||
| Total stockholders' equity | ||||||||
| Total liabilities and stockholders' equity | $ | $ | ||||||
See accompanying Notes to the Condensed Consolidated Financial Statements.
M-tron Industries, Inc.
Condensed Consolidated Statements of Equity
(Unaudited)
| (in thousands) | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Total Equity | |||||||||||||||
| Balance as of March 31, 2026 | $ | $ | $ | $ | $ | |||||||||||||||
| Net income | ||||||||||||||||||||
| Stock-based compensation expense | ||||||||||||||||||||
| Exercise of stock options | ||||||||||||||||||||
| Exercise of warrants, net of costs | ||||||||||||||||||||
| Exercise of subscription rights, net of costs | ||||||||||||||||||||
| Balance as of June 30, 2026 | $ | $ | $ | $ | $ | |||||||||||||||
| (in thousands) |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Total Equity |
|||||||||||||||
| Balance as of March 31, 2025 |
$ | $ | $ | $ | $ | |||||||||||||||
| Net income |
||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||
| Exercise of stock options |
||||||||||||||||||||
| Exercise of warrants, net of costs |
( |
) | ( |
) | ||||||||||||||||
| Exercise of subscription rights, net of costs |
||||||||||||||||||||
| Balance as of June 30, 2025 |
$ | $ | $ | $ | $ | |||||||||||||||
See accompanying Notes to the Condensed Consolidated Financial Statements.
M-tron Industries, Inc.
Condensed Consolidated Statements of Equity
(Unaudited)
| (in thousands) |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Total Equity |
|||||||||||||||
| Balance as of December 31, 2025 |
$ | $ | $ | $ | $ | |||||||||||||||
| Net income |
||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||
| Exercise of stock options |
||||||||||||||||||||
| Exercise of warrants, net of costs |
||||||||||||||||||||
| Exercise of subscription rights, net of costs |
||||||||||||||||||||
| Balance as of June 30, 2026 |
$ | $ | $ | $ | $ | |||||||||||||||
| (in thousands) |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Total Equity |
|||||||||||||||
| Balance as of December 31, 2024 |
$ | $ | $ | $ | $ | |||||||||||||||
| Net income |
||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||
| Exercise of stock options |
||||||||||||||||||||
| Exercise of warrants, net of costs |
( |
) | ( |
) | ||||||||||||||||
| Exercise of subscription rights, net of costs |
||||||||||||||||||||
| Balance as of June 30, 2025 |
$ | $ | $ | $ | $ | |||||||||||||||
See accompanying Notes to the Condensed Consolidated Financial Statements.
M-tron Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Six Months Ended June 30, | ||||||||
| (in thousands, except share data) | 2026 | 2025 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | $ | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Noncash revenues, expenses, gains and losses included in income: | ||||||||
| Depreciation | ||||||||
| Stock-based compensation expense | ||||||||
| Unrealized loss | ||||||||
| Deferred income tax provision | ( | ) | ( | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| (Increase) decrease in accounts receivable, net | ( | ) | ||||||
| (Increase) decrease in inventories, net | ( | ) | ||||||
| Increase in prepaid expenses and other assets | ( | ) | ( | ) | ||||
| Increase (decrease) in accounts payable, accrued compensation and commissions expense and other | ( | ) | ||||||
| Total adjustments | ||||||||
| Net cash provided by operating activities | ||||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | ( | ) | ( | ) | ||||
| Purchases, other | ( | ) | ||||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from stock option exercise | ||||||||
| Proceeds from exercise of warrants, net of costs | ( | ) | ||||||
| Proceeds from subscription rights offering, net of costs | ||||||||
| Net cash provided by (used in) financing activities | ( | ) | ||||||
| Increase in cash and cash equivalents | ||||||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at end of period | $ | $ | ||||||
| Supplemental disclosure: | ||||||||
| Cash paid for interest | $ | $ | ||||||
| Cash paid for income taxes | $ | $ | ||||||
See accompanying Notes to the Condensed Consolidated Financial Statements.
1. Background and Description of Business
M-tron Industries, Inc. (the "Company," "Mtron," "we," "us," or "our") is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications. Mtron’s primary markets are aerospace & defense, avionics, industrials, and space.
Our component-level devices and modules are used extensively in electronic systems for applications in commercial and military defense, aerospace, satellites, down-hole drilling, medical devices, instrumentation, industrial devices and in infrastructure equipment for the telecommunications and network equipment industries. As an engineering-centric company, Mtron provides close support to the customer throughout its products' entire life cycle, including product design, prototyping, production and subsequent product upgrades and maintenance. This collaborative approach has resulted in the development and growth of long-standing business relationships with its blue-chip customer base.
The Company offers a wide range of precision frequency control and spectrum control solutions including: radio frequency, microwave and millimeter wave filters; cavity, crystal, ceramic, lumped element and switched filters; high performance and high frequency oven-controlled crystal oscillators ("OCXO"), integrated phase-locked loops OCXOs, temperature-compensated crystal oscillators, voltage-controlled crystal oscillators, low jitter and harsh environment oscillators; crystal resonators, Integrated Microwave Assemblies ("IMA"); and state-of-the-art solid state power amplifier products.
The Company has manufacturing facilities in Orlando, Florida; Yankton, South Dakota; and Noida, India. The Company also has a sales office in Hong Kong. All of Mtron’s production facilities are International Organization for Standardization ("ISO") 9001:2015 certified (the international standard for creating a quality management system) and Restriction of Hazardous Substances ("RoHS") compliant. In addition, its U.S. production facilities in Orlando and Yankton are International Traffic in Arms Regulations ("ITAR") registered and International Aerospace Quality Group AS9100 Rev D certified and our Yankton production facility is Military Standard ("MIL-STD")-790 certified.
We maintain our executive offices at 2525 Shader Road, Orlando, Florida 32804. Our telephone number is (407) 298-2000. Our Internet address is www.mtron.com. Our common stock is traded on the NYSE American under the symbol "MPTI."
2. Summary of Significant Accounting Policies
During the three and six months ended June 30, 2026, there were no material changes to our significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report") filed with the Securities and Exchange Commission (the "SEC") on March 26, 2026. For additional information, refer to Note 2 to the audited Consolidated Financial Statements in the 2025 Annual Report.
Basis of Presentation
These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in the 2025 Annual Report. The consolidated financial information as of December 31, 2025 included herein has been derived from the audited Consolidated Financial Statements in the 2025 Annual Report.
In the opinion of management, these Condensed Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments, including eliminations of material intercompany accounts and transactions) considered necessary for a fair statement of the results presented herein. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.
Use of Estimates
The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Short-term Investments
Short-term investments include time deposits held with financial institutions with contractual maturity less than one year from the balance sheet date. The Company has the intent and ability to hold these investments until their maturity dates and therefore accounts for them as held-to-maturity. These time deposits are stated at amortized cost, which approximates fair value of these investments.
Research and Development Costs
Research and development costs are charged to operations as incurred. For the three and six months ended June 30, 2026, research and development costs were approximately $
Concentration Risks
Customer Concentrations
For the three months ended June 30, 2026,
For the six months ended June 30, 2026,
Credit Concentration
A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of June 30, 2026, of the Company's customers accounted for approximately $
The Company maintains its cash and cash equivalents with high-credit-quality financial institutions, and at times cash balances on deposit may exceed federally insured limits. A significant portion of the Company's cash and cash equivalents is invested in money market mutual funds. Amounts invested in money market mutual funds are not deposits, are not federally insured, and are subject to the credit and market risks of the underlying fund.
Impairments of Long-Lived Assets
Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Long-lived assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset.
We performed an assessment to determine if there were any indicators of impairment as of June 30, 2026 and December 31, 2025. We concluded that, while there were events and circumstances in the macro-environment that did impact us, we did not experience any entity-specific indicators of asset impairment and no triggering events occurred.
Accounting Standards Adopted
Income Taxes
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures" ("ASU 2023-09"). The standard requires disaggregated information about a company's effective tax rate reconciliation as well as information on income taxes paid. The provisions of the standard are effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. This standard applies prospectively; however, retrospective application is permitted. The Company adopted ASU 2023-09 in December 2025. Refer to Note 6 - Income Taxes to the Company's Consolidated Financial Statements included in its 2025 Annual Report for further information.
Future Application of Accounting Standards
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). The standard requires certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements on an interim and annual basis. The provisions of the standard are effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 31, 2027. The amendment can be applied either prospectively or retrospectively, with early adoption permitted. The Company is currently assessing the impact of this standard.
3. Segment Information
Chief Operating Decision Maker
The Company's chief operating decision maker ("CODM") is the Chief Executive Officer.
Reportable Segments
We report our results of operations consistent with the manner in which the CODM reviews the business to assess performance and allocate resources. As such, we report our results in a single reporting segment: Electronic Components.
The Electronic Components derives revenues from sales to customers of wide range of precision frequency control and spectrum control solutions, including, but not limited to, the following:
| • | filters; |
| • | oscillators; |
| • | crystal resonators; and |
| • | integrated microwave assemblies. |
Measure of Segment Profit or Loss and Segment Assets
The accounting policies of the Electronic Components segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.
The CODM assesses the performance of and decides how to allocate resources to the Electronic Components segment based on Segment gross profit (loss) as well as Net income, which is also reported on the Consolidated Statements of Operations as consolidated Net income. The CODM uses Segment gross profit to evaluate to evaluate the manufacturing costs of the Electronic Components segment’s products and to ensure those products are priced appropriately. The CODM uses Segment net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the Electronic Components segment or into other parts of the entity, such as for capital expenditures or acquisitions. Additionally, the CODM uses net income to monitor budget versus actual results as well as in competitive analysis to Mtron's peers. The budget versus actuals and competitive analysis are used in assessing the performance of the Electronic Components segment.
The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as consolidated Total assets.
The following table presents Mtron's operations for the Electronic Components segment for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Less: | ||||||||||||||||
| Cost of goods sold | ||||||||||||||||
| Manufacturing expenses | ||||||||||||||||
| Segment gross profit | $ | $ | $ | $ | ||||||||||||
| Less: | ||||||||||||||||
| Research and development costs | ||||||||||||||||
| Selling and commissions | ||||||||||||||||
| General and administrative expenses | ||||||||||||||||
| Income tax expense | ||||||||||||||||
| Other segment items (a) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Segment net income | $ | $ | $ | $ | ||||||||||||
| Reconciliation of Segment gross profit to Consolidated net income | ||||||||||||||||
| Segment operating expenses, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income | ||||||||||||||||
| Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Consolidated net income | $ | $ | $ | $ | ||||||||||||
| Reconciliation of Segment net income to Consolidated net income | ||||||||||||||||
| Adjustments and reconciling items | ||||||||||||||||
| Consolidated net income | $ | $ | $ | $ | ||||||||||||
| (a) | Other segment items includes the following: | ||
| • | Interest income | ||
| • | Income received under the Amended and Restated Transitional Administrative and Management Services Agreement with The LGL Group, Inc. | ||
| • | Foreign currency gains and losses | ||
| • | Other gains and losses | ||
| • | Expense reimbursements paid to / received from The LGL Group, Inc. | ||
Other Segment Disclosures
The following tables present other segment information for the Electronic Components segment as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest income | $ | $ | $ | $ | ||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Depreciation | ||||||||||||||||
| Amortization | ||||||||||||||||
| Other significant non-cash items: | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Total assets | $ | $ | ||||||
4. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value guidance identifies three primary valuation techniques: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset.
Fair Value Hierarchy
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable inputs such as quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The maximization of observable inputs and the minimization of the use of unobservable inputs are required.
Classification within the fair value hierarchy is based upon the objectivity of the inputs that are significant to the valuation of an asset or liability as of the measurement date. The three levels within the fair value hierarchy are characterized as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 - Unobservable inputs for the asset or liability for which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect the Company's own assumptions about what market participants would use to price the asset or liability. These inputs may include internally developed pricing models, discounted cash flow methodologies as well as instruments for which the fair value determination requires significant management judgment.
Valuation Methodologies of Financial Instruments Measured at Fair Value
Cash and cash equivalents - Money market instruments are measured at cost, which approximates fair values because of the relatively short time to maturity.
Equity securities - Whenever available, we obtained quoted prices in active markets for identical assets as of the balance sheet date to measure equity securities. Market price data is generally obtained from exchange or dealer markets.
Other investments - We initially estimate the fair value by reference to the transaction price. Subsequently, we estimate the fair value using an income approach based on the Company's proportionate share of the estimated fair value of the investee's underlying net assets.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about assets measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of inputs used:
| June 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Cash and cash equivalents (a) | $ | $ | $ | $ | ||||||||||||
| Prepaid expenses and other current assets: | ||||||||||||||||
| Equity securities | ||||||||||||||||
| Total prepaid expenses and other current assets | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | ||||||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| December 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Cash and cash equivalents (a) | $ | $ | $ | $ | ||||||||||||
| Prepaid expenses and other current assets: | ||||||||||||||||
| Equity securities | ||||||||||||||||
| Total prepaid expenses and other current assets | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | ||||||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| (a) | As of June 30, 2026 and December 31, 2025, included investments in money market mutual funds managed or advised by GAMCO Investors, Inc. or one of its affiliates. |
There were
Changes in Level 3 Recurring Fair Value Measurements
The following tables present changes during the three and six months ended June 30, 2026 and 2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets in the Condensed Consolidated Balance Sheets as of June 30, 2026 and 2025:
| Three Months Ended June 30, 2026 | ||||||||||||||||
| Fair Value Beginning of Year | Net Realized and Unrealized Gains (Losses) Included in Income | Purchases and Sales, Net | Fair Value End of Period | |||||||||||||
| Assets: | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | $ | $ | $ | $ | ||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||
| Fair Value Beginning of Year | Net Realized and Unrealized Gains (Losses) Included in Income | Purchases and Sales, Net | Fair Value End of Period | |||||||||||||
| Assets: | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | $ | $ | $ | $ | ||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||
| Fair Value Beginning of Year | Net Realized and Unrealized Gains (Losses) Included in Income | Purchases and Sales, Net | Fair Value End of Period | |||||||||||||
| Assets: | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | $ | $ | $ | $ | ||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||
| Fair Value Beginning of Year | Net Realized and Unrealized Gains (Losses) Included in Income | Purchases and Sales, Net | Fair Value End of Period | |||||||||||||
| Assets: | ||||||||||||||||
| Other assets: | ||||||||||||||||
| Other investments | $ | $ | $ | $ | ||||||||||||
| Total other assets | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
Quantitative Information about Level 3 Fair Value Measurements
As of June 30, 2026, the fair value of other investments was determined to equal the transaction price. Management determined that no significant change in the fair value has occurred between the acquisition date and the measurement date, based on the following considerations:
| • | approximately 14 days elapsed between the acquisition date and June 30, 2026, the measurement date |
| • | no new financing activity occurred at the investee during this period; |
| • | no material developments in the investee's operations or business prospects occurred during this period; and |
| • | no secondary market transactions in the investee or comparable entities occurred during this period. |
Fair Value Measurements on a Non-Recurring Basis
The Company has other assets that may be subject to measurement at fair value on a non-recurring basis including intangible assets and other long-lived assets. The Company reviews the carrying value of long-lived assets whenever events and circumstances indicate that the carrying amounts of the assets may not be recoverable. If it is determined that the assets are impaired, the carrying value would be reduced to an estimated recoverable value.
As of June 30, 2026 and December 31, 2025, the Company did write down any assets to fair value.
Fair Value Information about Financial Instruments Not Measured at Fair Value
Information regarding the estimation of fair value for financial instruments not carried at fair value is discussed below:
Short-term investments - The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk.
The following tables present the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
| June 30, 2026 | ||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Prepaid expenses and other current assets: | ||||||||||||||||||||
| Short-term investments | $ | $ | $ | $ | $ | |||||||||||||||
| Total prepaid expenses and other current assets | ||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | |||||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Prepaid expenses and other current assets: | ||||||||||||||||||||
| Short-term investments | $ | $ | $ | $ | $ | |||||||||||||||
| Total prepaid expenses and other current assets | ||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | |||||||||||||||
There were
5. Related Party Transactions
In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions.
The following tables summarize income and expenses from transactions with related parties for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Income | Expense | Income | Expense | |||||||||||||
| GAMCO Investors, Inc. | $ | $ | $ | $ | ||||||||||||
| The LGL Group, Inc. | ( | ) | ( | ) | ||||||||||||
| Total | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Six Months Ended June 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Income | Expense | Income | Expense | |||||||||||||
| GAMCO Investors, Inc. | $ | $ | $ | $ | ||||||||||||
| The LGL Group, Inc. | ( | ) | ||||||||||||||
| Total | $ | $ | ( | ) | $ | $ | ||||||||||
The following table summarizes assets and liabilities with related parties as of June 30, 2026 and December 31, 2025:
| June 30, 2026 | December 31, 2025 | |||||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||||
| GAMCO Investors, Inc. | $ | $ | $ | $ | ||||||||||||
| The LGL Group, Inc. | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below:
Investment Activity with GAMCO Investors, Inc.
Certain balances are held and invested in U.S. Treasury funds managed or advised by GAMCO Investors, Inc. or one of its subsidiaries (collectively, "GAMCO" or the "Fund Manager"), which is related to the Company through certain of our shareholders. Investments in related party mutual funds are overseen by the independent Audit Committee of the Board of Directors (the "Audit Committee"). The Audit Committee meets regularly to review the alternatives and has determined the current investments most reflect the Company's objective of lower cost, market return and adherence to having a larger proportion of underlying investments directly in United States Treasuries. For the three and six months ended June 30, 2026, the Company paid the Fund Manager a fund management fee of approximately
As of June 30, 2026 and December 31, 2025, the balance with the Fund Manager was $
For the three and six months ended June 30, 2026, the Company earned income on its investments with the Fund Manager totaling $
For the three and six months ended June 30, 2025, the Company earned income on its investments with the Fund Manager totaling $
Transactions with The LGL Group, Inc.
Transitional Administrative and Management Services Agreement
On October 7, 2022, the separation of the Mtron business from The LGL Group, Inc. ("LGL Group") was completed (the "Separation") and the Company became an independent, publicly traded company trading on the NYSE American under the stock symbol "MPTI." The Separation was completed through LGL Group's distribution (the "Distribution") of
Mtron and LGL Group entered into an Amended and Restated Transitional Administrative and Management Services Agreement ("Mtron TSA"), which sets out the terms for services to be provided between the companies post Separation. The current terms result in a net monthly payment of $
For the three months ended June 30, 2026 and 2025, LGL Group paid the Company $
Tax Indemnity and Sharing Agreement
Mtron and LGL Group entered into a Tax Indemnity and Sharing Agreement ("Mtron Tax Agreement"), which sets out the terms for which party would be responsible for taxes imposed on LGL Group if the Distribution, together with certain related transactions, were to fail to qualify as a tax-free transaction under Internal Revenue Code ("IRC") Sections 355 and 368(a)(1)(D) if such failure were the result of actions taken after the Distribution by Mtron or LGL Group.
For the three and six months ended June 30, 2026 and 2025,
Other Transactions
Mtron and LGL Group agreed to share the salaries and benefits related to certain employees incurred by Mtron and/or LGL Group. For the three and six months ended June 30, 2026, LGL Group reimbursed the Company $
6. Income Taxes
The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year may differ from these estimates if income (loss) before income taxes is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations.
The effective tax rate for the three months ended June 30, 2026 and 2025 was
7. Revolving Credit Agreement
On December 31, 2025, Mtron entered into an amended and restated credit agreement (the "Credit Agreement") with Fifth Third Bank, National Association ("Fifth Third Bank"), replacing its prior credit facility with Fifth Third Bank (the "Previous Credit Agreement"). The Credit Agreements provides for a $
As of June 30, 2026 and December 31, 2025, there were
8. Stock-Based Compensation
Under the Company's Amended and Restated 2022 Incentive Plan (the "2022 Plan"), stock-based compensation may be awarded to employees, advisors and members of the Board of Directors. As of June 30, 2026,
The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the 2022 Plan, for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Restricted stock awards | $ | $ | $ | $ | ||||||||||||
| Stock options | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
Restricted Stock Awards
The following table summarizes restricted stock awards activity for the six months ended June 30, 2026:
| (in thousands, except for share data) | Number of Shares | Weighted Average Grant Date Fair Value | Aggregate Grant Date Fair Value | |||||||||
| Balance as of December 31, 2025 | $ | $ | ||||||||||
| Granted | ||||||||||||
| Vested | ( | ) | ( | ) | ( | ) | ||||||
| Canceled | ||||||||||||
| Other | ||||||||||||
| Balance as of June 30, 2026 | $ | $ | ||||||||||
As of June 30, 2026, there was $
Stock Options
The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise. Option awards are generally granted with an exercise price equal to the market price of the Company's stock on the grant date.
The following table presents the weighted-average assumptions for stock options granted:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Expected volatility (a) | % | % | ||||||||||||||
| Expected annual dividend yield (b) | % | % | ||||||||||||||
| Risk-free interest rate (c) | % | % | ||||||||||||||
| Expected term, in years (d) | ||||||||||||||||
| (a) | Because there is insufficient historical stock price data for the Company over the expected term of the options granted, the expected volatility is based on the implied volatility of the Company's historical stock price data (from date of IPO to grant date) appended with the implied volatility of LGL Group's historical stock price data (pre-IPO stock price through the IPO date) blended with the implied volatility of the Company's peers' stock price data (over the entire expected term). |
| (b) | The dividend yield is |
| (c) | The risk-free interest rate is based on the average U.S. Treasury zero-coupon rate over the four days prior to the grant date. We chose the risk-free rate that is commensurate with the length of the remaining performance period as of the grant date and interpolated between the yields of the three-year and five-year rates to determine the yield. |
| (d) | The expected term is the simple average of the vesting period ( |
The following table provides a rollforward of stock option activity for the six months ended June 30, 2026:
| (in thousands, except for share data) | Number of Options Outstanding | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Term (in years) | Aggregate Intrinsic Value | |||||||||||||||
| Outstanding as of December 31, 2025 | $ | $ | $ | |||||||||||||||||
| Granted | ||||||||||||||||||||
| Exercised | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Forfeited | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Outstanding as of June 30, 2026 | $ | $ | $ | |||||||||||||||||
| Exercisable as of June 30, 2026 | $ | $ | $ | |||||||||||||||||
9. Stockholders' Equity
Shares Outstanding
The following table presents a rollforward of outstanding shares for the periods indicated:
| Six Months Ended June 30, 2026 | Year Ended December 31, 2025 | |||||||||||||||||||||||
| Common Stock Issued | Held in Treasury | Common Stock Outstanding | Common Stock Issued | Held in Treasury | Common Stock Outstanding | |||||||||||||||||||
| Shares, beginning of period | ||||||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||||||
| Exercise of stock options | ||||||||||||||||||||||||
| Shares issued from settlement of warrants | ||||||||||||||||||||||||
| Shares issued from settlement of subscription rights | ||||||||||||||||||||||||
| Restricted shares forfeited | ( | ) | ( | ) | ||||||||||||||||||||
| Other | ||||||||||||||||||||||||
| Shares, end of period | ||||||||||||||||||||||||
Warrants to Purchase Common Stock
On April 25, 2025, the Company issued
On October 23, 2025, the Company announced the average VWAP of the Common Stock exceeded the Trigger on October 20, 2025, which resulted in the Warrants becoming immediately exercisable through December 23, 2025.
As of December 31, 2025, Warrant holders exercised
Rights Offering
On March 30, 2026, the Company issued
On April 27, 2026, the Company completed the Rights Offering. Rightsholders exercised
10. Earnings per Share ("EPS")
The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income per common share for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands, except share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Numerator for EPS: | ||||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||||
| Denominator for EPS: | ||||||||||||||||
| Weighted average shares outstanding - basic | ||||||||||||||||
| Dilutive effects (a): | ||||||||||||||||
| Stock options | ||||||||||||||||
| Restricted stock | ||||||||||||||||
| Warrants | ||||||||||||||||
| Subscription rights | ||||||||||||||||
| Weighted average shares outstanding - diluted | ||||||||||||||||
| Income per common share: | ||||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||||
| (a) | For the three and six months ended June 30, 2025, weighted average shares used for calculating earnings per share excludes warrants to purchase |
11. Commitments and Contingencies
In the ordinary course of business, the Company and its subsidiaries may become defendants in certain product liability, patent infringement, worker claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company has no legal accrual for contingencies as of June 30, 2026.
12. Other Financial Statement Information
Inventories, Net
Inventories are valued at the lower of cost or net realizable value using the first-in, first-out ("FIFO") method. The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item.
The components of inventory as of June 30, 2026 and December 31, 2025 are summarized below:
| June 30, 2026 | December 31, 2025 | |||||||
| Raw materials | $ | $ | ||||||
| Work in process | ||||||||
| Finished goods | ||||||||
| Total gross inventory | ||||||||
| Reserve for excess and obsolete inventory | ( | ) | ( | ) | ||||
| Inventories, net | $ | $ | ||||||
Property, Plant and Equipment, Net
The components of property, plant and equipment as of June 30, 2026 and December 31, 2025 are summarized below:
| June 30, 2026 | December 31, 2025 | |||||||
| Land | $ | $ | ||||||
| Buildings and improvements | ||||||||
| Machinery and equipment | ||||||||
| Gross property, plant and equipment | ||||||||
| Less: Accumulated depreciation | ( | ) | ( | ) | ||||
| Property, plant and equipment, net | $ | $ | ||||||
13. Domestic and Foreign Revenues
Significant foreign revenues from operations (10% or more of foreign sales) for the three and six months ended June 30, 2026 and 2025 were as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Malaysia | $ | $ | $ | $ | ||||||||||||
| Australia | ||||||||||||||||
| Greece | ||||||||||||||||
| All other foreign countries | ||||||||||||||||
| Total foreign revenues | $ | $ | $ | $ | ||||||||||||
| Total domestic revenues | $ | $ | $ | $ | ||||||||||||
The Company allocates its foreign revenue based on the customer's ship-to location.
14. Subsequent Events
The Company has evaluated events and transactions that occurred after the balance sheet date through the date that the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the audited Consolidated Financial Statements and the notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC") on March 26, 2026. The terms the "Company," "Mtron," "MPTI," "we," "our" or "us" refer to M-tron Industries, Inc. and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our Condensed Consolidated Financial Statements and the notes thereto.
Unless otherwise stated, all dollar amounts are in thousands.
In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Cautionary Note Concerning Forward-Looking Statements included in this Quarterly Report on Form 10-Q.
Overview
Mtron is engaged in the designing, manufacturing and marketing of highly-engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications. Mtron’s primary markets are aerospace & defense, avionics, industrials, and space.
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and all of its majority-owned subsidiaries.
Trends and Uncertainties
We are not aware of any material trends or uncertainties, other than national economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than the one listed below and the risk factors disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 26, 2026.
Tariffs
The current U.S. federal administration has imposed tariffs on certain products and materials entering the United States imported from other countries. Additionally, foreign governments have imposed retaliatory tariffs on products and materials exported from the United States. Following the Supreme Court’s February 2026 decision striking down certain tariffs, the Trump Administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. To date, we have not seen an impact from tariffs on the demand for our products.
Results of Operations
Three months ended June 30, 2026 compared to three months ended June 30, 2025
The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:
| Three Months Ended June 30, |
||||||||||||||||
| (in thousands) |
2026 |
2025 |
$ Change |
% Change |
||||||||||||
| Revenues |
$ | 15,109 | $ | 13,282 | $ | 1,827 | 13.8 | % | ||||||||
| Costs and expenses: |
||||||||||||||||
| Manufacturing cost of sales |
8,883 | 7,490 | 1,393 | 18.6 | % | |||||||||||
| Engineering, selling and administrative |
4,507 | 3,948 | 559 | 14.2 | % | |||||||||||
| Total costs and expenses |
13,390 | 11,438 | 1,952 | 17.1 | % | |||||||||||
| Operating income |
1,719 | 1,844 | (125 | ) | (6.8 | %) | ||||||||||
| Other income (expense): |
||||||||||||||||
| Interest income, net |
690 | 124 | 566 | 456.5 | % | |||||||||||
| Other income (expense), net |
34 | 27 | 7 | 25.9 | % | |||||||||||
| Total other income, net |
724 | 151 | 573 | 379.5 | % | |||||||||||
| Income before income taxes |
2,443 | 1,995 | 448 | 22.5 | % | |||||||||||
| Income tax expense |
573 | 435 | 138 | 31.7 | % | |||||||||||
| Net income |
$ | 1,870 | $ | 1,560 | $ | 310 | 19.9 | % | ||||||||
Total Revenues
Total revenues increased $1,827, or 13.8%, from $13,282 for the three months ended June 30, 2025 to $15,109 for the three months ended June 30, 2026 primarily due to strong aerospace and defense, space, and avionics product shipments.
Total Costs and Expenses
Total costs and expenses increased $1,952, or 17.1%, from $11,438 for the three months ended June 30, 2025 to $13,390 for the three months ended June 30, 2026. The following items contributed to the overall increase:
| • |
a $1,393, or 18.6%, increase in Manufacturing cost of sales from $7,490 for the three months ended June 30, 2025 to $8,883 for the three months ended June 30, 2026 driven by $470 of stock-based compensation related to 2025 bonuses, product mix, and higher revenues partially offset by manufacturing efficiencies; and |
| • |
a $559, or 14.2%, increase in Engineering, selling and administrative from $3,948 for the three months ended June 30, 2025 to $4,507 for the three months ended June 30, 2026 from higher research and development investment, higher sales commissions related to an increase in revenues, $511 of stock compensation related to 2025 bonuses, and an increase in administrative and corporate expenses consistent with the overall growth in the business. |
Gross Margin
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 240 basis points from 43.6% for the three months ended June 30, 2025 to 41.2% for the three months ended June 30, 2026 reflecting $470 of stock-based compensation related to 2025 bonuses and product mix partially offset by higher revenues and manufacturing efficiencies.
Total Other Income, Net
Total Other income, net increased $573, or 379.5%, from $151 for the three months ended June 30, 2025 to $724 for the three months ended June 30, 2026. The increase was primarily due to a $566, or 456.5%, increase in Interest income, net from $124 for the three months ended June 30, 2025 to $690 for the three months ended June 30, 2026 driven by higher balances invested in money market mutual funds.
Income Tax Expense
Income tax expense increased $138, or 31.7%, from $435 for the three months ended June 30, 2025 to $573 for the three months ended June 30, 2026 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:
| Six Months Ended June 30, |
||||||||||||||||
| (in thousands) |
2026 |
2025 |
$ Change |
% Change |
||||||||||||
| Revenues |
$ | 29,795 | $ | 26,014 | $ | 3,781 | 14.5 | % | ||||||||
| Costs and expenses: |
||||||||||||||||
| Manufacturing cost of sales |
16,975 | 14,816 | 2,159 | 14.6 | % | |||||||||||
| Engineering, selling and administrative |
8,491 | 7,341 | 1,150 | 15.7 | % | |||||||||||
| Total costs and expenses |
25,466 | 22,157 | 3,309 | 14.9 | % | |||||||||||
| Operating income |
4,329 | 3,857 | 472 | 12.2 | % | |||||||||||
| Other income (expense): |
||||||||||||||||
| Interest income, net |
1,060 | 235 | 825 | 351.1 | % | |||||||||||
| Other income, net |
(88 | ) | 17 | (105 | ) | (617.6 | %) | |||||||||
| Total other income, net |
972 | 252 | 720 | 285.7 | % | |||||||||||
| Income before income taxes |
5,301 | 4,109 | 1,192 | 29.0 | % | |||||||||||
| Income tax expense |
1,043 | 919 | 124 | 13.5 | % | |||||||||||
| Net income |
$ | 4,258 | $ | 3,190 | $ | 1,068 | 33.5 | % | ||||||||
Total Revenues
Total revenues increased $3,781, or 14.5%, from $26,014 for the six months ended June 30, 2025 to $29,795 for the six months ended June 30, 2026 primarily due to strong aerospace and defense program and avionics shipments.
Total Costs and Expenses
Total costs and expenses increased $3,309, or 14.9%, from $22,157 for the six months ended June 30, 2025 to $25,466 for the six months ended June 30, 2026. The following items contributed to the overall increase:
| • |
a $2,159, or 14.6%, increase in Manufacturing cost of sales from $14,816 for the six months ended June 30, 2025 to $16,975 for the six months ended June 30, 2026 primarily by higher stock-based compensation, product mix and higher revenues partially offset by manufacturing efficiencies; and |
| • |
a $1,150, or 15.7%, increase in Engineering, selling and administrative from $7,341 for the six months ended June 30, 2025 to $8,491 for the six months ended June 30, 2026 from higher research and development investment, higher sales commissions related to an increase in revenues, $982 of stock-based compensation related to 2025 bonuses, and an increase in administrative and corporate expenses consistent with the overall growth in the business. |
Gross Margin
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) remained flat at 43.0% for the six months ended June 30, 2026 and 2025.
Total Other Income (Expense), Net
Total Other income (expense), net increased $720, or 285.7%, from $252 for the six months ended June 30, 2025 to $972 for the six months ended June 30, 2026. The increase was primarily due to a $825, or 351.1%, increase in Interest income, net from $235 for the six months ended June 30, 2025 to $1,060 for the six months ended June 30, 2026 primarily due to higher balances invested in money market mutual funds.
The increase was partially offset by a $105, or 617.6%, decrease in Other income (expense), net from $17 for the six months ended June 30, 2025 to ($88) for the six months ended June 30, 2026 primarily due to unfavorable currency movements.
Income Tax Expense
Income tax expense increased $124, or 13.5%, from $919 for the six months ended June 30, 2025 to $1,043 for the six months ended June 30, 2026 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Backlog
As of June 30, 2026, our order backlog was $83,968, an increase of $7,543, or 9.9%, from $76,425 as of December 31, 2025 and an increase of $22,769, or 37.2%, from $61,199 as of June 30, 2025. The increase in backlog from December 31, 2025 reflects the continued strength of our aerospace & defense and avionics customer orders.
Non-GAAP Financial Measures
To supplement our Condensed Consolidated Financial Statements presented on a GAAP basis, 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 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 Earnings Before Interest, Taxes, Depreciation, and Amortization ("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
The following table presents a reconciliation of income before income taxes to Adjusted EBITDA, a non-GAAP measure:
| 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 | ||||||||
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Adjusted EBITDA increased $982 from $2,419 for the three months ended June 30, 2025 to $3,401 for the three months ended June 30, 2026 primarily due to higher revenues partially offset by lower gross margins.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Adjusted EBITDA increased $1,652 from $4,921 for the six months ended June 30, 2025 to $6,573 for the six months ended June 30, 2026 primarily due to higher revenues.
Liquidity and Capital Resources
Overview
Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities.
Capital refers to our long-term financial resources available to support business operations and future growth.
Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the business, timing of cash flows, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.
As of June 30, 2026 and December 31, 2025, Cash and cash equivalents were $96,245 and $20,891, respectively.
Cash Flow Activity
The following table presents the cash flow activity for the periods indicated:
| As of June 30, |
||||||||
| (in thousands) |
2026 |
2025 |
||||||
| Cash and cash equivalents, beginning of period |
$ | 20,891 | $ | 12,641 | ||||
| Cash provided by operating activities |
5,822 | 4,462 | ||||||
| Cash used in investing activities |
(2,326 | ) | (1,398 | ) | ||||
| Cash provided by (used in) financing activities |
71,858 | (176 | ) | |||||
| Net change in cash and cash equivalents |
75,354 | 2,888 | ||||||
| Cash and cash equivalents, end of period |
$ | 96,245 | $ | 15,529 | ||||
Operating Activities
Cash provided by operating activities was $5,822 for the six months ended June 30, 2026 compared to cash provided by operating activities of $4,462 for the six months ended June 30, 2025, an increase of $1,360, primarily due to the following:
| • |
Higher net income; |
| • |
Higher non-cash adjustments, including |
| ◦ |
Stock-based compensation increased $1,192 from $527 for the six months ended June 30, 2025 to $1,719 for the six months ended June 30, 2026. |
| • |
Working capital movements, including: |
| ◦ |
Accounts receivable, which increased $1,565 for the six months ended June 30, 2026 compared to a decrease of $581 for the six months ended June 30, 2025, reflecting the timing and mix of customer orders; |
| ◦ |
Inventories, net, which increased $1,211 for the six months ended June 30, 2026 compared to a decrease of $393 for the six months ended June 30, 2025, supporting anticipated growth in future sales; |
| ◦ |
Prepaid expenses and other assets, which increased $297 for the six months ended June 30, 2026 compared to an increase of $111 for the six months ended June 30, 2025, reflecting the timing of estimated income tax payments; and |
| ◦ |
Accounts payable, accrued compensation and other expenses, and other liabilities, which increased $2,216 for the six months ended June 30, 2026 compared to a decrease of $570 for the six months ended June 30, 2025, reflecting the timing of payment for purchased equipment, purchases of raw materials, the timing of pay periods relative to quarter end, income tax and property tax accruals, and customer deposits. |
Our working capital metrics and ratios were as follows:
| (in thousands) |
June 30, 2026 |
December 31, 2025 |
||||||
| Current assets |
$ | 117,873 | $ | 61,217 | ||||
| Less: Current liabilities |
7,088 | 4,891 | ||||||
| Working capital |
$ | 110,785 | $ | 56,326 | ||||
| Current ratio |
16.6 | 12.5 | ||||||
Management continues to focus on efficiently managing working capital requirements to match operating activity levels and will seek to deploy the Company’s working capital where it will generate the greatest returns.
Investing Activities
Cash used in investing activities was $2,326 for the six months ended June 30, 2026 compared to cash used in investing activities of $1,398 for the six months ended June 30, 2025, an increase of $928, primarily due to the timing of capital projects, where delivery is expected at a future date as well as the purchase of short-term investments and other investments.
Financing Activities
Cash provided by financing activities was $71,858 for the six months ended June 30, 2026 compared to cash used in financing activities of $176 for the six months ended June 30, 2025, an increase of $72,034, primarily due to the settlement of warrants in January 2026 and the completion of the subscription rights offering in April 2026.
Capital Resources
We believe that existing cash and cash equivalents, marketable securities and cash generated from operations will provide sufficient liquidity to meet our ongoing working capital and capital expenditure requirements for the next 12 months from the date of this filing. At various times throughout the year and as of June 30, 2026 and December 31, 2025, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances.
Our Board of Directors has adhered to a practice of not paying cash dividends. This policy takes into account our long-term growth objectives, including our anticipated investments for organic growth, potential acquisitions and stockholders' desire for capital appreciation of their holdings.
Revolving Line of Credit
On December 31, 2025, we entered into an amended and restated credit agreement (the "Credit Agreement") with Fifth Third Bank, National Association ("Fifth Third Bank"), replacing our prior credit facility with Fifth Third Bank (the "Previous Credit Agreement"). The Credit Agreement provides for a $10.0 million revolving credit facility (the "Revolving Facility") and a $10.0 million delayed draw term loan facility (the "Delayed Draw Facility"). Borrowings under the Revolving Facility and the Delayed Draw Facility bear interest at a rate based on the Secured Overnight Financing Rate ("SOFR") plus a margin ranging from 2.00% to 3.00%, determined by the Company's leverage ratio, with a SOFR floor of 0.00%. The Company will pay a fee on the average unused daily amount of the facilities at a rate ranging from 0.20% and 0.30%, determined by the Company's leverage ratio. Amounts outstanding under the Revolving Facility are due at maturity on December 31, 2028, and advances under the Delayed Draw Facility are available for a period of 36 months from the date of the Credit Agreement, with each advance maturing 36 months after funding and subject to quarterly amortization requirements. The Credit Agreement contains various affirmative and negative covenants that are customary for transactions of this type, including limitations on the incurrence of debt and liabilities, as well as financial reporting requirements. The Credit Agreement also imposes certain financial covenants based on the following criteria: (a) Leverage Ratio and (b) Fixed Charge Coverage Ratio (each as defined in the Credit Agreement). All loans pursuant to the Credit Agreement are secured by a first-priority lien on substantially all of the personal property of the Company. See Note 7 – Revolving Credit Agreement to the Condensed Consolidated Financial Statements included in Item 1. Financial Information of this Report for details of the Credit Agreement.
Critical Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to adopt accounting policies related to estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, management evaluates its accounting policies, estimates and judgments, including those related to income taxes and inventories. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
There have been no material changes to the critical accounting estimates disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 26, 2026.
| Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Not applicable.
| Item 4. |
Controls and Procedures |
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of June 30, 2026 was conducted under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures, as of June 30, 2026, were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II
OTHER INFORMATION
| Item 1. |
Legal Proceedings |
In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or to which our or their properties are subject.
| Item 1A. |
Risk Factors |
For a discussion of the Company's potential risks and uncertainties, refer to Part I, Item 1A. Risk Factors in the 2025 Annual Report and Trends and Uncertainties in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2. of this Quarterly Report on Form 10-Q.
Other than the trends and uncertainties described under Trends and Uncertainties above, the risk factors described in Part II, Item 1A. of this Quarterly Report, and general economic conditions affecting our industry, we are not aware of any additional material trends or uncertainties that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income beyond those described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025.
| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
None
| Item 3. |
Defaults Upon Senior Securities |
Not applicable.
| Item 4. |
Mine Safety Disclosures |
Not applicable.
| Item 5. | Other Information |
During the three months ended June 30, 2026, of our directors or officers, as defined in Section 16 of the Exchange Act, adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K of the Exchange Act.
| Item 6. |
Exhibits |
The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 (and are numbered in accordance with Item 601 of Regulation S-K):
| Incorporated by Reference | ||||||||||||
| Exhibit No. |
Description |
Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||
| 2. | Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession. | |||||||||||
| 2.1 |
|
Amended and Restated Separation and Distribution Agreement by and between The LGL Group, Inc. and M-tron Industries, Inc. |
10 | 001-41391 | 2.1 | August 19, 2022 | ||||||
| 3. | Articles of Incorporation and Bylaws. | |||||||||||
| 3.1 |
|
Amended and Restated Certificate of Incorporation of M-tron Industries, Inc. |
10 | 001-41391 | 3.1 | August 3, 2022 | ||||||
| 3.2 |
|
Amended and Restated Bylaws of M-tron Industries, Inc. |
10 | 001-41391 | 3.2 | August 3, 2022 | ||||||
| 31.1 |
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
X | ||||||||||
| 31.2 |
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
X | ||||||||||
| 32.1 |
Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
X | ||||||||||
| 32.2 |
Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
X | ||||||||||
| 101.INS |
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
X | ||||||||||
| 101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
X | ||||||||||
| 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
X | ||||||||||
| 101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
X | ||||||||||
| 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
X | ||||||||||
| 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
X | ||||||||||
| 104 |
The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
X | ||||||||||
| * |
In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| M-TRON INDUSTRIES, INC. |
|||
| (Registrant) | |||
| Date: August 12, 2026 |
By: |
/s/ Cameron Pforr |
|
| Cameron Pforr |
|||
| Chief Executive Officer (Principal Executive Officer) |
|||
| Date: August 12, 2026 |
By: |
/s/ Cameron Pforr |
|
| Cameron Pforr |
|||
| Chief Financial Officer (Principal Financial Officer) |
|||