LGL GROUP INC
For the period ended Jun 30, 2025. Filed Aug 14, 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 14, 2025
LGL$6.63+1.2%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 2025-05-15.
0001437749-25-017244
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001437749-25-026961
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 66 previous paragraphs and 84 current paragraphs.
45 unchanged; 10 reworded; 24 added; 11 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 11 previous and 25 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 (24)
Current report
Three months ended June 30, 2025compared to three months ended June 30, 2024
Current report
Total revenues decreased $144, or 13.5%, from $1,068 for the three months ended June 30, 2024 to $924 for the three months ended June 30, 2025. The following items contributed to the overall decrease:
Current report
Total expenses increased $124, or 14.9%, from $831 for the three months ended June 30, 2024 to $955 for the three months ended June 30, 2025. The increase was primarily due to a $127, or 20.6%, increase in Engineering, selling and administrative from $617 for the three months ended June 30, 2024 to $744 for the three months ended June 30, 2025 driven higher professional services fees and employee-related costs.
Current report
Net income attributable to non-controlling interests decreased $18 from $24 for the three months ended June 30, 2024 to $6 for the three months ended June 30, 2025 primarily due to lower yields on United States Treasury money market funds and higher professional services fees within the Merchant Investment segment.
Current report
Total Revenues
Current report
Total revenues decreased $114, or 5.8%, from $1,956 for the six months ended June 30, 2024 to $1,842 for the six months ended June 30, 2025. The decrease was primarily due to a $192, or 18.5%, decrease in Net investment income from $1,037 for the six months ended June 30, 2024 to $845 for the six months ended June 30, 2025 driven by lower yields on investments in United States Treasury money market funds.
Current report
The decrease was partially offset by a $66, or 7.2%, increase in Net sales from $923 for the six months ended June 30, 2024 to $989 for the six months ended June 30, 2025 primarily due to higher product shipments.
Current report
Total Expenses
Current report
Total expenses increased $192, or 11.7%, from $1,640 for the six months ended June 30, 2024 to $1,832 for the six months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Gross Margin
Current report
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) was flat at 54.7% for the six months ended June 30, 2025 and 2024 reflecting the consistent nature of the fixed costs.
Current report
Income Tax Expense
Current report
Income tax expense decreased $70, or 62.5%, from $112 for the six months ended June 30, 2024 to $42 for the six months ended June 30, 2025 primarily due to the decrease in Income from operations.
Current report
Net income attributable to non-controlling interests decreased $21 from $46 for the six months ended June 30, 2024 to $25 for the six months ended June 30, 2025 primarily due to lower yields on United States Treasury money market funds and higher professional services fees within the Merchant Investment segment.
Current report
Income from operations before income taxes decreased $6, or 8.1%, from $74 for the three months ended June 30, 2024 to $68 for the three months ended June 30, 2025. The decrease was primarily due to a $40, or 7.5%, decrease in Net sales reflecting lower backlog as of Q1 2025 partially offset by a $31, or 12.8%, decrease in Engineering, selling and administrative driven by lower commissions and sales and marketing expenses.
Current report
Income from operations before income taxes increased $11, or 14.5%, from $76 for the six months ended June 30, 2024 to $87 for the six months ended June 30, 2025. The increase was primarily due to a $66, or 7.2%, increase in Net sales driven by higher product shipments.
Current report
The increase was partially offset by:
Current report
Income from operations before income taxes decreased $89 from $237 for the three months ended June 30, 2024 to $148 for the three months ended June 30, 2025. The following items contributed to the overall decrease:
Current report
Income from operations before income taxes decreased $176 from $477 for the six months ended June 30, 2024 to $301 for the six months ended June 30, 2025. The following items contributed to the overall decrease:
Current report
Loss from Operations Before Income Taxes
Current report
Loss from operations before income taxes increased $173, or 233.8%, from $74 for the three months ended June 30, 2024 to $247 for the three months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Loss from Operations Before Income Taxes
Current report
Loss from operations before income taxes increased $141, or 59.5%, from ($237) for the six months ended June 30, 2024 to ($378) for the six months ended June 30, 2025. The following items contributed to the overall increase:
Current report
Cash provided by operating activities was $150 for the six months ended June 30, 2025 compared to $363 for the six months ended June 30, 2024, a decrease of $213, primarily due to the $236 decrease in Net income (loss) from $204 for the six months ended June 30, 2024 to ($32) for the six months ended June 30, 2025.
Removed paragraphs (11)
Previous report
Total revenues increased $30, or 3.4%, from $888 for the three months ended March 31, 2024 to $918 for the three months ended March 31, 2025. The increase was primarily due to a $106, or 27.0%, increase in Net sales from $392 for the three months ended March 31, 2024 to $498 for the three months ended March 31, 2025 primarily due to higher backlog as of December 31, 2024.
Previous report
The increase is partially offset by a $82, or 16.4%, decrease in Net investment income from $499 for the three months ended March 31, 2024 to $417 for the three months ended March 31, 2025 primarily due to lower yields on investments in U.S. Treasury money market funds.
Previous report
Total expenses increased $68, or 8.4%, from $809 for the three months ended March 31, 2024 to $877 for the three months ended March 31, 2025. The following items contributed to the increase:
Previous report
Net income attributable to non-controlling interests decreased $3 from $22 for the three months ended March 31, 2024 to $19 for the three months ended March 31, 2025 primarily due to lower yields on U.S. Treasury money market funds.
Previous report
Income from Continuing Operations Before Income Taxes
Previous report
Income from continuing operations before income taxes increased $17, or 850.0%, from $2 for the three months ended March 31, 2024 to $19 for the three months ended March 31, 2025. The increase was primarily due to a $106, or 27.0%, increase in Net sales reflecting higher backlog as of December 31, 2024 partially offset by the $89, or 22.8%, increase in Total expenses driven by higher Manufacturing cost of sales as well as engineering and sales and marketing costs.
Previous report
Income from Continuing Operations Before Income Taxes
Previous report
Income from continuing operations before income taxes decreased $87 from $240 for the three months ended March 31, 2024 to $153 for the three months ended March 31, 2025 due to lower yields on investments in U.S. Treasury money market funds as well as higher corporate allocations.
Previous report
Loss from Continuing Operations Before Income Taxes
Previous report
Loss from continuing operations before income taxes decreased $32, or 19.6%, from ($163) for the three months ended March 31, 2024 to ($131) for the three months ended March 31, 2025. The decrease was primarily due to lower yields on investments in U.S. Treasury money market funds partially offset by higher corporate allocations to the Merchant Investment and Electronic Instruments segments.
Previous report
Cash provided by operating activities was $340 for the three months ended March 31, 2025 compared to $160 for the three months ended March 31, 2024, an increase of $180, primarily due to:
Reworded paragraphs (10)
Previous wording
The LGL investment business is comprised of various investment vehicles in which LGL is either shareholder, partner, or has general partner interests, and through which LGL invests its capital. The Company seeks to invest available cash and cash equivalents in liquid investments with a view to enhancing returns as we continue to assess further acquisitions of, or investments in, operating businesses broadly. LGL core strengths include identifying and acquiring undervalued assets and businesses, often through the purchase of securities, increasing value through management, financial or other operational changes, and managing complex legal, regulatory or financial issues, which may include technical, engineering, environmental, zoning, permitting and licensing issues among others.
Current wording
The LGL Group investment business is comprised of various investment vehicles in which LGL Group is either shareholder, partner, or has general partner interests, and through which LGL Group invests its capital. The Company seeks to invest available cash and cash equivalents in liquid investments with a view to enhancing returns as we continue to assess further acquisitions of, or investments in, operating businesses broadly. LGL Group core strengths include identifying and acquiring undervalued assets and businesses, often through the purchase of securities, increasing value through management, financial or other operational changes, and managing complex legal, regulatory or financial issues, which may include technical, engineering, environmental, zoning, permitting and licensing issues among others.
Previous wording
As of March 31, 2025, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of approximately $24.9 million. The Company accounts for its Marketable securities under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321,Investments - Equity Securities ("ASC 321") and as such, its Marketable securities are reported at fair value on its consolidated balance sheets.
Current wording
As of June 30, 2025, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of approximately $41.8 million, of which $25.2 million was held within the Merchant Investment business. The Company accounts for its Marketable securities under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321,Investments - Equity Securities ("ASC 321") and as such, its Marketable securities are reported at fair value on its Consolidated Balance Sheets.
Previous wording
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) increased 450 basis points from 48.0% for the three months ended March 31, 2024 to 52.4% for the three months ended March 31, 2025 reflecting a higher margin product mix.
Current wording
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) decreased 270 basis points from 59.7% for the three months ended June 30, 2024 to 57.0% for the three months ended June 30, 2025 reflecting sales of lower margin products.
Previous wording
Income tax expense decreased $8, or 22.2%, from $36 for the three months ended March 31, 2024 to $28 for the three months ended March 31, 2025 primarily due to the decrease in Income from continuing operations.
Current wording
Income tax expense (benefit) decreased $62, or 81.6%, from $76 for the three months ended June 30, 2024 to $14 for the three months ended June 30, 2025 primarily due to the decrease in Income from operations.
Previous wording
Three months ended March 31, 2025*** compared to three months ended March 31, 2024***
Current wording
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Previous wording
As of March 31, 2025, our order backlog was $295, a decrease of $41, or 12.2%, from $336 as of December 31, 2024 and a decrease of $46, or 13.5%, from $341 as of March 31, 2024. The backlog of unfilled orders includes amounts based on signed contracts likely to be fulfilled largely in the next 12 months but usually will ship within the next 90 days. Order backlog is adjusted quarterly to reflect project cancellations, deferrals, and revised project scope and cost, if any.
Current wording
As of June 30, 2025, our order backlog was $527, an increase of $191, or 56.8%, from $336 as of December 31, 2024 and a decrease of $210, or 28.5%, from $737 as of June 30, 2024. The backlog of unfilled orders includes amounts based on signed contracts likely to be fulfilled largely in the next 12 months but usually will ship within the next 90 days. Order backlog is adjusted quarterly to reflect project cancellations, deferrals, and revised project scope and cost, if any.
Previous wording
The following table presents income from continuing operations of our Electronic Instruments segment for the periods indicated:
Current wording
The following table presents income from operations of our Electronic Instruments segment for the periods indicated:
Previous wording
The following table presents income from continuing operations of our Merchant Investment segment for the periods indicated:
Current wording
The following table presents income from operations of our Merchant Investment segment for the periods indicated:
Previous wording
The following table presents income from continuing operations of our Corporate segment for the periods indicated:
Current wording
The following table presents income from operations of our Corporate segment for the periods indicated:
Previous wording
As of March 31, 2025 and December 31, 2024, Cash and cash equivalents were $41,925 and $41,585, respectively.
Current wording
As of June 30, 2025 and December 31, 2024, Cash and cash equivalents were $41,735 and $41,585, respectively.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
The following table presents our Condensed Statements of Operations for the periods indicated:
Current report — wording carried from elsewhere
Net Income Attributable to Non-Controlling Interests
Current report — wording carried from elsewhere
The following table presents income from operations of our Electronic Instruments segment for the periods indicated:
Current report — wording carried from elsewhere
The following table presents income from operations of our Merchant Investment segment for the periods indicated:
Current report — wording carried from elsewhere
The following table presents income from operations of our Corporate segment for the periods indicated: