M-tron Industries (NYSE: MPTI) posts strong 2025 growth and backlog surge

Rhea-AI Filing Summary

M-tron Industries reported strong fourth-quarter and full-year 2025 results. Revenue for 2025 was $54.4 million, up 11.0% from 2024, driven by higher shipments in defense, avionics and industrial markets. Fourth-quarter revenue reached $14.2 million, up 11.2% year over year.

Full-year net income increased to $8.4 million from $7.6 million, though diluted EPS was roughly flat at $2.62 versus $2.65 as share count rose. Gross margin for 2025 declined to 44.4% from 46.2%, but improved to 46.9% in the fourth quarter, marking three consecutive quarterly increases.

Adjusted EBITDA grew to $12.6 million in 2025, up 12.9%. Backlog expanded sharply to $76.4 million as of December 31, 2025, a 61.9% increase, supported by multi-year program wins extending through 2028. Warrant exercises added about $27.5 million of cash, boosting the balance sheet for potential strategic acquisitions.

Positive

• Strong growth and backlog expansion: 2025 revenue rose 11.0% to $54.4 million, net income increased to $8.4 million, and backlog climbed 61.9% to $76.4 million, supported by multi-year defense and avionics program awards extending through 2028.
• Balance sheet significantly strengthened: Warrant exercises led to the issuance of 582,233 shares and generated about $27.5 million in cash, helping increase total assets to $68.4 million and stockholders’ equity to $63.2 million as of December 31, 2025.

Negative

• None.

Insights

Equity research analyst

Solid growth, strong backlog and new cash support continued expansion.

M-tron Industries delivered double-digit revenue growth in 2025 to $54.4 million with net income up to $8.4 million. Fourth-quarter performance was particularly strong, with revenue of $14.2 million and net income of $3.4 million, reflecting operating leverage.

Gross margin compressed year over year to 44.4%, mainly from product mix and higher tariff-related costs, but reached 46.9% in Q4 after three consecutive quarterly improvements. Adjusted EBITDA rose 12.9% to $12.6 million, helped by lower incentive compensation and controlled engineering, selling and administrative spending.

Backlog surged to $76.4 million as of December 31, 2025, up from $47.2 million, supported by multi-year program orders extending through 2028. Warrant exercises generated roughly $27.5 million of incremental cash, lifting total assets to $68.4 million and equity to $63.2 million, which may underpin future acquisition activity and organic investment.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 24, 2026

M-tron Industries, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-41391	46-0457994
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2525 Shader Road, Orlando, FL		32804
(Address of Principal Executive Offices)		(Zip Code)

(407) 298-2000

Registrant’s Telephone Number, Including Area Code

(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01		MPTI		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On March 24, 2026, M-tron Industries, Inc. ("Mtron" or the "Company") reported its financial results for the fourth quarter and full fiscal year ended December 31, 2025. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

Item 7.01. Regulation FD Disclosure

Management, including Mtron's Chief Executive Officer, Cameron Pforr, will host a conference call with the investment community on Thursday March 26, 2026, to discuss the Company's fourth quarter 2025 results and to answer investor questions.

The call will begin at 10:30 am Eastern Time (U.S. and Canada) on Thursday March 26, 2026, and can be accessed using the dial-in details below:

Toll Free Dial-in Number: (800) 715-9871

Toll Dial-in Number: +1 (646) 307-1963

Conference ID: 2243263

Item 9.01. Financial Statements and Exhibits

(d)         Exhibits

Exhibit No.	Description
99.1	Press Release of M-tron Industries, Inc dated March 24, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto duly authorized.

	M-TRON INDUSTRIES, INC.
	(Registrant)
Date:     March 24, 2026	By:	/s/ Cameron Pforr
		Name:	Cameron Pforr
		Title:	Chief Executive Officer and Chief Financial Officer

Exhibit 99.1

M-tron Industries, Inc. Reports Fourth Quarter and Full Fiscal Year 2025 Results

Fourth Quarter 2025 Highlights 

• Revenues were $14.2 million for the three months ended December 31, 2025 compared to $12.8 million for the three months ended December 31, 2024

• Gross margin were 46.9% for the three months ended December 31, 2025 compared to 47.2% for the three months ended December 31, 2024

• Net income per diluted share was $0.99 for the three months ended December 31, 2025 compared to $0.73 for the three months ended December 31, 2024

Fiscal Year 2025 Highlights 

• Revenues were $54.4 million for the fiscal year ended December 31, 2025 compared to $49.0 million for the fiscal year ended December 31, 2024

• Gross margin was 44.4% for the fiscal year ended December 31, 2025 compared to 46.2% for the fiscal year ended December 31, 2024

• Net income per diluted share was $2.62 for the fiscal year ended December 31, 2025 compared to $2.65 for the fiscal year ended December 31, 2024

• Backlog increased 61.8% to $76.4 million as of December 31, 2025 from $47.2 million as of December 31, 2024

ORLANDO, Florida (March 24, 2026) — M-tron Industries, Inc. (NYSE American: MPTI) ("Mtron" or the "Company"), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced strong financial results for the fourth quarter and full fiscal year ended December 31, 2025.

Cameron Pforr, Chief Executive Officer, said: "We delivered another year of strong top-line performance, with revenues increasing 11.2% over 2024, which extended our record of annual revenue growth since the Company's IPO in October 2022. The growth in revenues was fueled by a significant increase in our backlog, which grew 61.9% to $76.4 million as of December 31, 2025. This reflects the continued demand for our products and solutions and the strength of our relationship with our customers.

"While 2025 gross margin was lower than 2024, gross margin has improved for three consecutive quarters to 46.9%, which we believe more accurately reflects the underlying strength of our business.

"We also significantly strengthened our balance sheet with a successful warrant exercise, resulting in the issuance of 470,205 shares of common stock in 2025, with an additional 112,028 issued via the oversubscription privilege in January 2026. In aggregate, the warrants generated approximately $27.5 million of incremental cash, providing us with increased financial flexibility to pursue strategic acquisitions that align with our long-term growth strategy."

		Three Months Ended December 31,												Year Ended December 31,
(in thousands, except share data)		2025				2024				% Change				2025				2024				% Change
U.S. GAAP Financial Measures
Revenues		$	14,233			$	12,805				11.2	%		$	54,417			$	49,012				11.0	%
Gross margin			46.9	%			47.2	%			-0.8	%			44.4	%			46.2	%			-3.9	%
Net income		$	3,425			$	2,139				60.1	%		$	8,447			$	7,636				10.6	%
Net income per diluted share		$	0.99			$	0.73				36.0	%		$	2.62			$	2.65				-1.1	%
Non-GAAP Financial Measures (a)
Adjusted EBITDA		$	4,485			$	3,056				46.8	%		$	12,582			$	11,141				12.9	%

^(a) A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release.

1

Results from Operations

Fourth Quarter 2025

Revenue was $14.2 million in the fourth quarter of 2025 compared with $12.8 million in the fourth quarter of 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments, as well as an increase in shipments in the avionics sector.

Gross margin was 46.9% in the fourth quarter of 2025 compared with 47.2% in the fourth quarter of 2024. The decrease was primarily due to higher-tariffs related costs.

Net income was $3.4 million, or $0.99 per diluted share, in the fourth quarter of 2025 compared with $2.1 million, or $0.73 per diluted share, in the fourth quarter of 2024. The increase was primarily due to the increase in revenues discussed above, lower engineering, selling and administrative expenses as a percent of revenue, and a decrease in incentive compensation driven by the reversal of prior accruals partially offset by the decrease in gross margin discussed above.

Adjusted EBITDA was $4.5 million in the fourth quarter of 2025 compared with $3.1 million in the fourth quarter of 2024. The increase was primarily due to higher revenues and lower engineering, selling and administrative expenses discussed above partially offset by the decrease in gross margin discussed above.

Fiscal Year 2025

Revenue was $54.4 million in 2025 compared with $49.0 million in 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments as well as an increase in shipments in the avionics and industrials sectors.

Gross margin was 44.4% in 2025 compared with 46.2% in 2024. The decrease was primarily due to product mix and higher tariff-related costs.

Net income was $8.4 million, or $2.62 per diluted share, in 2025 compared with $7.6 million, or $2.65 per diluted share, in 2024. The increase was primarily due to the increase revenues discussed above partially offset by higher manufacturing cost of sales.

Adjusted EBITDA was $12.6 million in 2025 compared with $11.1 million in 2024. The increase was primarily due to higher revenues, continued operating leverage, and lower incentive compensation partially offset by lower gross margins discussed above. Adjusted EBITDA in 2024 included bonus expense of approximately 3.0% of revenues, which was not incurred in 2025.

2

Backlog

Backlog was $76.4 million as of December 31, 2025 compared to $47.2 million as of December 31, 2024. The increase reflects the continued strategy and focus on securing large, long duration program centric business, which can materially affect backlog to the timing and size of these orders. In addition, in 2025, the Company closed several multi-year orders, which extends our backlog out through 2028.

Investor Call

Management, including Mr. Pforr, will host a conference call with the investment community on Thursday, March 26, 2026, to discuss the Company's fourth quarter 2025 results and to respond to investor questions.

The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Thursday, March 26, 2026, and can be accessed using the dial-in details below:

Toll-Free Dial-in Number: (800) 715-9871

Toll Dial-in Number: +1 (646) 307-1963

Conference ID: 2243263

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) was originally founded in 1965 and designs, manufactures and markets highly engineered, high reliability frequency and spectrum control products and solutions. As an engineering-centric company, Mtron provides close support to its customers throughout our products’ entire life cycle, including product design, prototyping, production and subsequent product upgrades. Mtron has design and manufacturing facilities in Orlando, Florida and Yankton, South Dakota, a sales office in Hong Kong, and a manufacturing facility in Noida, India. For more information, visit www.mtron.com.

Cautionary Note Concerning Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the 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 (the "SEC"), including those risks set forth under the heading "Risk Factors" in the Company’s  most recent Annual Report on Form 10-K and subsequent filings with the as filed with the SEC. 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.

###

Contact:

M-tron Industries, Inc. Investor Relations

ir@mtron.com

Cameron Pforr

Chief Executive Officer

3

M-tron Industries, Inc.

Consolidated Statements of Operations

(Unaudited)

		Three Months Ended December 31,								Fiscal Year Ended December 31,
(in thousands, except share data)		2025				2024				2025				2024
Revenues		$	14,233			$	12,805			$	54,417			$	49,012
Costs and expenses:
Manufacturing cost of sales			7,562				6,755				30,269				26,372
Engineering, selling and administrative			2,787				3,473				13,857				13,246
Total costs and expenses			10,349				10,228				44,126				39,618
Operating income			3,884				2,577				10,291				9,394
Other income, net:
Interest income, net			161				104				539				243
Other income, net			37				77				124				138
Total other income, net			198				181				663				381
Income before income taxes			4,082				2,758				10,954				9,775
Income tax provision			657				619				2,507				2,139
Net income		$	3,425			$	2,139			$	8,447			$	7,636
Income per common share:
Basic		$	1.16			$	0.76			$	2.94			$	2.78
Diluted		$	0.99			$	0.73			$	2.62			$	2.65
Weighted average shares outstanding:
Basic			2,942,010				2,811,502				2,873,256				2,748,186
Diluted			3,444,788				2,925,348				3,226,259				2,883,944

4

M-tron Industries, Inc.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)		December 31, 2025				December 31, 2024
Assets:
Current assets:
Cash and cash equivalents		$	20,891			$	12,641
Accounts receivable, net of allowances of $204 and $182, respectively			6,656				6,842
Inventories, net			9,673				9,509
Prepaid expenses and other current assets			1,662				760
Warrant exercise receivable			22,335				—
Total current assets			61,217				29,752
Property, plant, and equipment, net			6,514				5,061
Right-of-use lease asset			217				9
Intangible assets, net			40				40
Deferred income tax asset			272				1,695
Other assets			123				3
Total assets		$	68,383			$	36,560
Liabilities:
Total current liabilities			4,891				5,216
Non-current liabilities			277				—
Total liabilities			5,168				5,216
Total stockholders' equity			63,215				31,272
Total liabilities and stockholders' equity		$	68,383			$	36,488

5

Non-GAAP Financial Measures

Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules and regulations. The non-GAAP financial measures the Company presents are listed below and may not be comparable to similarly-named measures reported by other companies. the reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.

The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance:

Adjusted EBITDA is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following:

• Interest income

• Interest expense

• Depreciation

• Amortization

• Non-cash stock-based compensation

• Other discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance

Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA

		Three Months Ended December 31,								Year Ended December 31,
(in thousands, except share data)		2025				2024				2025				2024
Income before income taxes		$	4,082			$	2,758			$	10,954			$	9,775
Adjustments:
Interest income, net			(161	)			(104	)			(539	)			(243	)
Depreciation			286				251				1,086				968
Amortization			—				—				—				5
Total adjustments			125				147				547				730
EBITDA			4,207				2,905				11,501				10,505
Non-cash stock compensation			278				151				1,081				636
Adjusted EBITDA		$	4,485			$	3,056			$	12,582			$	11,141

6

FAQ

How did M-tron Industries (MPTI) perform financially in fiscal year 2025?

M-tron Industries grew 2025 revenue and net income versus 2024. Revenue reached $54.4 million, up 11.0%, while net income increased to $8.4 million from $7.6 million. Diluted EPS was $2.62 compared with $2.65, reflecting a higher diluted share count.

What were M-tron Industries’ key results for the fourth quarter of 2025?

Fourth-quarter 2025 results showed solid growth and profitability. Revenue was $14.2 million versus $12.8 million a year earlier, and net income rose to $3.4 million, or $0.99 per diluted share, compared with $2.1 million, or $0.73 per diluted share.

How did gross margins and adjusted EBITDA trend for MPTI in 2025?

Gross margin declined year over year, but EBITDA improved. Full-year gross margin was 44.4%, down from 46.2%, mainly from mix and tariffs. Adjusted EBITDA increased to $12.6 million, up 12.9% from $11.1 million, supported by higher revenue and lower incentive compensation.

What happened to M-tron Industries’ backlog by the end of 2025?

Backlog expanded sharply in 2025. Backlog reached $76.4 million as of December 31, 2025, up from $47.2 million a year earlier, reflecting large, long-duration program-centric orders, including several multi-year agreements extending the backlog through 2028.

How did warrant exercises affect MPTI’s balance sheet in 2025 and early 2026?

Warrant exercises significantly increased cash and equity. The company issued 470,205 shares in 2025 and 112,028 additional shares in January 2026, generating about $27.5 million in cash and contributing to higher assets and stockholders’ equity at year-end 2025.

When will M-tron Industries discuss its fourth-quarter 2025 results with investors?

Management scheduled a conference call for March 26, 2026. The call, led by CEO Cameron Pforr, is set for 10:30 a.m. Eastern Time to review fourth-quarter 2025 results and address investor questions, with an archived replay available on the company’s investor relations website.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EXHIBIT 99.1 207.3 KB

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