M-tron Industries (NYSE: MPTI) grows Q1 2026 revenue 15% and boosts cash
Rhea-AI Filing Summary
M-tron Industries, Inc. reported strong first quarter 2026 results, highlighted by record revenue and a significantly stronger balance sheet. Revenue for the three months ended March 31, 2026 rose to $14.7 million from $12.7 million a year earlier, driven mainly by defense and avionics shipments. Gross margin improved to 44.9% from 42.5%, reflecting product mix and manufacturing efficiencies.
Net income increased to $2.4 million, or $0.67 per diluted share, compared with $1.6 million, or $0.56 per diluted share, in the prior-year quarter. Adjusted EBITDA rose to $3.2 million from $2.5 million. Backlog reached $76.8 million as of March 31, 2026, up from $55.5 million a year earlier. The Company also completed a rights offering on April 27, 2026, issuing 713,362 shares and adding $42.1 million in cash, substantially increasing cash and cash equivalents to $52.0 million.
Positive
- Strong top-line and earnings growth: Q1 2026 revenue rose 15.3% to $14.7 million, net income increased 46.5% to $2.4 million, and diluted EPS grew 19.2% to $0.67, supported by higher gross margins.
- Significantly strengthened balance sheet: Completion of a rights offering added $42.1 million of cash, lifting cash and cash equivalents to $52.0 million and supporting future growth initiatives.
- Robust demand indicators: Backlog reached $76.8 million as of March 31, 2026, up from $55.5 million a year earlier, reflecting strong orders in aerospace, defense, avionics and space sectors.
Negative
- None.
Insights
M-tron posts record Q1 revenue, margin gains, and a much stronger cash position.
M-tron delivered revenue of $14.7M, up 15.3% year over year, with gross margin expanding to 44.9%. This flowed through to net income of $2.4M, a 46.5% increase, and diluted EPS of $0.67.
Operating leverage is evident: higher volumes and efficiencies lifted margins despite increased engineering, selling and administrative expenses tied to growth. Adjusted EBITDA rose to $3.2M, up 26.8%, indicating healthier underlying profitability than GAAP earnings alone.
The completed rights offering added $42.1M of cash and boosted cash and cash equivalents to $52.0M as of March 31, 2026. Combined with a modest liability base of $6.2M, this leaves the company with substantial financial flexibility as it pursues opportunities in aerospace, defense, avionics and space markets.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
backlog financial
rights offering financial
Non-GAAP financial measures financial
forward-looking statements regulatory
safe harbor regulatory
Earnings Snapshot
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Item 2.02.
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Results of Operations and Financial Condition
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Item 7.01.
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Regulation FD Disclosure
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| Time | 12:00 p.m. - 1:30 p.m. ET | ||
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New York Stock Exchange
11 Wall Street
New York, New York 10005
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Item 9.01.
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Financial Statements and Exhibits
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Exhibit No.
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Description
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99.1
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Press Release of M-tron Industries, Inc., dated May 7, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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M-TRON INDUSTRIES, INC.
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| Date: May 8, 2026 |
By:
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/s/ Cameron Pforr
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Name:
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Cameron Pforr
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Title:
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Chief Executive Officer and Chief Financial Officer
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Exhibit 99.1
M-tron Industries, Inc. Reports First Quarter 2026 Results
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Revenues increased 15.3%, or $2.0 million, to $14.7 million for the three months ended March 31, 2026 from $12.7 million for the three months ended March 31, 2025 |
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Gross margin improved to 44.9% for the three months ended March 31, 2026 from 42.5% for the three months ended March 31, 2025 |
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Net income per diluted share increased $0.11 to $0.67 for the three months ended March 31, 2026 from $0.56 for the three months ended March 31, 2025 |
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Backlog increased $21.3 million, or 38.4%, to $76.8 million as of March 31, 2026 from $55.5 million as of March 31, 2025 |
ORLANDO, Florida (May 7, 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 its financial results for the three months ended March 31, 2026.
"Mtron delivered another quarter of record revenue, marking our fourth consecutive record quarter," said Cameron Pforr, Mtron Chief Executive Officer. "Our gross margins were also healthy due to higher revenues and continued focus on manufacturing efficiencies"
"We also successfully completed the rights offering on April 27, 2026, issuing 713,362 shares and strengthening our balance sheet with an additional $42.1 million of cash," continued Mr. Pforr. "This puts us in a great position to execute as we navigate the opportunities arising in the defense sector."
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Three Months Ended March 31, |
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2026 |
2025 |
% Change |
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U.S. GAAP Financial Measures |
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Revenues |
$ | 14,686 | $ | 12,732 | 15.3 | % | ||||||
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Gross margin |
44.9 | % | 42.5 | % | 5.7 | % | ||||||
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Net income |
$ | 2,388 | $ | 1,630 | 46.5 | % | ||||||
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Net income per diluted share |
$ | 0.67 | $ | 0.56 | 19.2 | % | ||||||
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Non-GAAP Financial Measures (a) |
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Adjusted EBITDA |
$ | 3,172 | $ | 2,502 | 26.8 | % | ||||||
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(a) |
A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. |
Results from Operations
Revenue was $14.7 million in the first quarter of 2026 compared with $12.7 million in the first quarter of 2025. The increase was primarily due to strong defense product shipments as well as higher avionics sector shipments.
Gross margin was 44.9% in the first quarter of 2026 compared with 42.5% in the first quarter of 2025. The increase is primarily due to higher revenues, product mix, and manufacturing efficiencies.
Net income was $2.4 million, or $0.67 per diluted share, in the first quarter of 2026 compared with $1.6 million, or $0.56 per diluted share, in the first quarter of 2025. The increase in revenues discussed above, manufacturing efficiencies, and higher interest income partially offset by higher engineering, selling and administrative expenses related to higher research and development costs, higher sales commissions from an increase in revenues, and an increase in corporate expenses consistent with the overall growth in the business.
Adjusted EBITDA was $3.2 million in the first quarter of 2026 compared with $2.5 million in the first quarter of 2025. The increase was primarily due to the increase in revenues discussed above and improved gross margins.
Backlog
Backlog was $76.8 million as of March 31, 2026 compared to $76.4 million as of December 31, 2025 and $55.5 million as of March 31, 2025. The increase in backlog is primarily driven by orders in the aerospace and defense, avionics, and space sectors.
Investor Day
The Company will host an Investor Day on Tuesday May 12, 2026, to provide shareholders, analysts and other stakeholders more detailed information on the Company's strategic direction, recent business developments and financial performance, and updates on strategic initiatives. Members of management will also be available to answer investor questions.
The Investor Day will begin at 12:00 p.m. Eastern Time on Tuesday May 12, 2026 at the New York Stock Exchange, located at 11 Wall Street, New York, New York 10005. If you are interested in attending in person, please RSVP by sending an email to ir@mtron.com as capacity is limited.
An archive will be available after the Investor Day on the Investor Relations section of Mtron's website at ir.mtron.com.
Earnings Commentary
The Company will make available commentary on Q1 2026 financial results on Friday May 8, 2026.
Visit the Investor Relations section of Mtron's website at ir.mtron.com for the recording.
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, including those risks set forth under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K as filed with the SEC on March 26, 2026. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. Mtron undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
###
Contact:
M-tron Industries, Inc. Investor Relations
ir@mtron.com
Cameron Pforr
Chief Executive Officer
M-tron Industries, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
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Three Months Ended March 31, |
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(in thousands, except share data) |
2026 |
2025 |
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Revenues |
$ | 14,686 | $ | 12,732 | ||||
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Costs and expenses: |
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Manufacturing cost of sales |
8,092 | 7,326 | ||||||
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Engineering, selling and administrative |
3,984 | 3,393 | ||||||
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Total costs and expenses |
12,076 | 10,719 | ||||||
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Operating income |
2,610 | 2,013 | ||||||
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Other income: |
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Interest income, net |
370 | 111 | ||||||
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Other expense, net |
(122 | ) | (10 | ) | ||||
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Total other income, net |
248 | 101 | ||||||
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Income before income taxes |
2,858 | 2,114 | ||||||
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Income tax expense |
470 | 484 | ||||||
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Net income |
$ | 2,388 | $ | 1,630 | ||||
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Income per common share: |
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Basic |
$ | 0.68 | $ | 0.57 | ||||
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Diluted |
$ | 0.67 | $ | 0.56 | ||||
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Weighted average shares outstanding: |
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Basic |
3,496,408 | 2,841,357 | ||||||
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Diluted |
3,572,059 | 2,906,144 | ||||||
M-tron Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
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(in thousands, except share data) |
March 31, 2026 |
December 31, 2025 |
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Assets: |
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Current assets: |
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Cash and cash equivalents |
$ | 51,958 | $ | 20,891 | ||||
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Accounts receivable, net of reserves of $192 and $204, respectively |
8,076 | 6,656 | ||||||
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Inventories, net |
10,350 | 9,673 | ||||||
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Prepaid expenses and other current assets |
1,551 | 1,662 | ||||||
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Warrant proceeds receivable |
— | 22,335 | ||||||
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Total current assets |
71,935 | 61,217 | ||||||
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Property, plant and equipment, net |
6,664 | 6,514 | ||||||
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Right-of-use lease asset |
194 | 217 | ||||||
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Intangible assets, net |
40 | 40 | ||||||
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Deferred income tax asset |
348 | 272 | ||||||
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Other assets |
114 | 123 | ||||||
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Total assets |
$ | 79,295 | $ | 68,383 | ||||
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Liabilities: |
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Total current liabilities |
6,116 | 4,891 | ||||||
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Non-current liabilities |
128 | 277 | ||||||
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Total liabilities |
6,244 | 5,168 | ||||||
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Total stockholders' equity |
73,051 | 63,215 | ||||||
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Total liabilities and stockholders' equity |
$ | 79,295 | $ | 68,383 | ||||
Non-GAAP Financial Measures
Throughout this press release, including the results from operations, the Company presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements the Company uses are "Non-GAAP financial measures" under SEC rules and regulations. The non-GAAP financial measures the Company presents are listed below and may not be comparable to similarly-named measures reported by other companies. the reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
The Company uses the following operating performance measure because the Company believes it provides both management and investors with a more complete understanding of the underlying operational results and trends and our marketplace performance:
Adjusted EBITDA is derived by excluding the items set forth below from Income before income taxes. Excluded items include the following:
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Interest income |
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Interest expense |
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Depreciation |
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Amortization |
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Non-cash stock-based compensation |
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Other discrete items that might have a significant impact on comparable GAAP measures and could distort the evaluation of our normal operating performance |
Reconciliation of GAAP Income Before Income Taxes to Non-GAAP Adjusted EBITDA
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Three Months Ended March 31, |
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(in thousands, except share data) |
2026 |
2025 |
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Income before income taxes |
$ | 2,858 | $ | 2,114 | ||||
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Adjustments: |
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Interest income |
(370 | ) | (111 | ) | ||||
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Depreciation |
302 | 250 | ||||||
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Amortization |
— | — | ||||||
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Total adjustments |
(68 | ) | 139 | |||||
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EBITDA |
2,790 | 2,253 | ||||||
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Non-cash stock compensation |
382 | 249 | ||||||
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Adjusted EBITDA |
$ | 3,172 | $ | 2,502 | ||||