M-tron Industries, Inc.
For the period ended Jun 30, 2025. Filed Aug 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 12, 2025
MPTI$60.34+5.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001437749-25-016515
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001437749-25-026272
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 72 current paragraphs.
44 unchanged; 10 reworded; 16 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 16 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
In the first half of 2025, the current U.S. federal administration imposed tariffs on certain products and materials imported into the United States from its trading partners. Additionally, foreign governments have imposed retaliatory tariffs on products and materials exported from the United States. These actions have resulted in market volatility and uncertainty regarding the ultimate effect of the tariffs on global economic conditions, and could further impact the global market for defense, avionics, and other commercial goods. The increase in tariffs have caused an increase in Manufacturing cost of sales, but based on preliminary analysis, we do not anticipate that the tariffs will have a material impact on our operations. The Company is pursuing various avenues to reduce the potential impact, including seeking exemptions and evaluating alternative sources of materials. Based on current conditions, tariffs incurred to date have not had a material impact on our results, but we will continue to monitor developments and assess potential implications as trade policies evolve.
Current report
Total revenues increased $1,474, or 12.5%, from $11,808 for the three months ended June 30, 2024 to $13,282 for the three months ended June 30, 2025 primarily due to continued strong defense program product and solution shipments.
Current report
Total costs and expenses increased $1,737, or 17.9%, from $9,701 for the three months ended June 30, 2024 to $11,438 for the three months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Six months ended June 30, 2025*** compared to six months ended June 30, 2024***
Current report
Total Revenues
Current report
Total revenues increased $3,021, or 13.1%, from $22,993 for the six months ended June 30, 2024 to $26,014 for the six months ended June 30, 2025 primarily due to continued strong defense program product and solution shipments.
Current report
Total Costs and Expenses
Current report
Total costs and expenses increased $3,060, or 16.0%, from $19,097 for the six months ended June 30, 2024 to $22,157 for the six months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Gross Margin
Current report
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 166 basis points from 44.7% for the six months ended June 30, 2024 to 43.0% for the six months ended June 30, 2025 reflecting higher revenue partially offset by product mix and the impact of tariffs.
Current report
Total Other Income (Expense), Net
Current report
Total Other income (expense), net increased $139, or 123.0%, from $113 for the six months ended June 30, 2024 to $252 for the six months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Income Tax Expense
Current report
As of June 30, 2025, our order backlog was $61,199, an increase of $13,960, or 29.6%, from $47,239 as of December 31, 2024 and a increase of $15,877, or 35.0%, from $45,322 as of June 30, 2024. The increase in backlog from December 31, 2024 reflects the continued strength of our aerospace & defense and avionics customer orders.
Current report
Adjusted EBITDA decreased $104 from $2,523 for the three months ended June 30, 2024 to $2,419 for the three months ended June 30, 2025 primarily due to lower gross margins discussed above and higher interest income partially offset by higher depreciation and higher stock-based compensation.
Current report
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Removed paragraphs (6)
Previous report
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. The increase in tariffs could have an adverse impact on Manufacturing cost of sales as these tariffs could increase our costs at a higher rate than our revenues, the extent of which is unknown as the Company is pursuing various avenues to reduce the potential impact. To date, we have seen no impact from tariffs on demand for our products.
Previous report
Total revenues increased $1,547, or 13.8%, from $11,185 for the three months ended March 31, 2024 to $12,732 for the three months ended March 31, 2025 primarily due to strong defense product shipments.
Previous report
Total expenses increased $1,323, or 14.1%, from $9,396 for the three months ended March 31, 2024 to $10,719 for the three months ended March 31, 2025. The increase is primarily due to the following:
Previous report
The increase was partially offset by a $52, or 123.8%, decrease in Other income (expense), net from $42 for the three months ended March 31, 2024 to ($10) for the three months ended March 31, 2025 primarily due to unfavorable currency movements related to our India production facility.
Previous report
As of March 31, 2025, our order backlog was $55,501, an increase of $8,262, or 17.5%, from $47,239 as of December 31, 2024 and an increase of $9,371, or 20.3%, from $46,130 as of March 31, 2024. The increase in backlog from December 31, 2024 is primarily due to several large orderes received during the quarter. The nature of a program centric business model materially affects backlog based on the timing and size of the orders.
Previous report
The increase was partially offset by:
Reworded paragraphs (10)
Previous wording
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 defense, aerospace, space, and avionics.
Current wording
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.
Previous wording
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 27 basis points from 42.7% for the three months ended March 31, 2024 to 42.5% for the three months ended March 31, 2025 reflecting higher revenues and the increase in production of several new products, which resulted in higher initial manufacturing costs.
Current wording
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 298 basis points from 46.6% for the three months ended June 30, 2024 to 43.6% for the three months ended June 30, 2025 reflecting higher revenues partially offset by product mix and the impact of tariffs.
Previous wording
Total Other income, net increased $27, or 36.5%, from $74 for the three months ended March 31, 2024 to $101 for the three months ended March 31, 2025. The increase is primarily due to a $79, or 246.9%, increase in Interest income, net from $32 for the three months ended March 31, 2024 to $111 for the three months ended March 31, 2025 primarily due to higher balances invested in money market mutual funds.
Current wording
Total Other income, net increased $112, or 287.2%, from $39 for the three months ended June 30, 2024 to $151 for the three months ended June 30, 2025. The increase was primarily due to a $80, or 181.8%, increase in Interest income (expense), net from $44 for the three months ended June 30, 2024 to $124 for the three months ended June 30, 2025 from higher interest income earned on investments in money market mutual funds.
Previous wording
Income tax expense increased $107, or 28.4%, from $377 for the three months ended March 31, 2024 to $484 for the three months ended March 31, 2025 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Current wording
Income tax expense increased $33, or 8.2%, from $402 for the three months ended June 30, 2024 to $435 for the three months ended June 30, 2025 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Previous wording
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 as well as a more accurate view of the Company's ability to generate cash profits:
Current wording
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:
Previous wording
Adjusted EBITDA increased $240 from $2,262 for the three months ended March 31, 2024 to $2,502 for the three months ended March 31, 2025 primarily due to higher revenues and continued containment of operating expenses partially offset by higher interest income.
Current wording
Adjusted EBITDA increased $136 from $4,785 for the six months ended June 30, 2024 to $4,921 for the six months ended June 30, 2025 primarily due to higher revenues; higher depreciation; and higher stock-based compensation partially offset by higher interest income.
Previous wording
As of March 31, 2025 and December 31, 2024, Cash and cash equivalents were $13,662 and $12,641, respectively.
Current wording
As of June 30, 2025 and December 31, 2024, Cash and cash equivalents were $15,529 and $12,641, respectively.
Previous wording
Cash provided by operating activities was $1,607 for the three months ended March 31, 2025 compared to cash provided by operating activities of $1,496 for the three months ended March 31, 2024, an increase of $111, primarily due to the following:
Current wording
Cash provided by operating activities was $4,462 for the six months ended June 30, 2025 compared to cash provided by operating activities of $3,456 for the six months ended June 30, 2024, an increase of $1,006, primarily due to the following:
Previous wording
Cash used in investing activities was $586 for the three months ended March 31, 2025 compared to cash used in investing activities of $122 for the three months ended March 31, 2024, an increase of $464, primarily due to the timing of purchases of equipment.
Current wording
Cash used in investing activities was $1,398 for the six months ended June 30, 2025 compared to cash used in investing activities of $995 for the six months ended June 30, 2024, an increase of $403, primarily due to the purchase of equipment to support growth, next generation product development, and operational efficiencies during the six months ended June 30, 2025.
Previous wording
Cash provided by financing activities was $0 for the three months ended March 31, 2025 compared to cash provided by financing activities of $127 for the three months ended March 31, 2024, a decrease of $127, primarily due to the exercise of stock options by an executive officer in 2024.
Current wording
Cash used in financing activities was $176 for the six months ended June 30, 2025 compared to cash provided by financing activities of $127 for the six months ended June 30, 2024, a decrease of $303, primarily due to costs incurred related to the issuance of warrants in April 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table presents our Condensed Consolidated Statements of Operations for the periods indicated:
Current report — wording carried from elsewhere
Income tax expense increased $140, or 18.0%, from $779 for the six months ended June 30, 2024 to $919 for the six months ended June 30, 2025 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.