M-tron Industries, Inc.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-12.
0001437749-25-026272
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001437749-25-034501
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 72 previous paragraphs and 73 current paragraphs.
50 unchanged; 12 reworded; 11 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 23 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 (11)
Current report
Total revenues increased $956, or 7.2%, from $13,214 for the three months ended September 30, 2024 to $14,170 for the three months ended September 30, 2025 primarily due to strong growth in avionics, space, and industrials product shipments.
Current report
Total costs and expenses increased $1,327, or 12.9%, from $10,293 for the three months ended September 30, 2024 to $11,620 for the three months ended September 30, 2025. The following items contributed to the overall increase:
Current report
Total Other income, net increased $126, or 144.8%, from $87 for the three months ended September 30, 2024 to $213 for the three months ended September 30, 2025. The following items contributed to the overall increase:
Current report
Income tax expense increased $190, or 25.6%, from $741 for the three months ended September 30, 2024 to $931 for the three months ended September 30, 2025 primarily due to a one-time adjustment to reverse previously recorded deferred tax assets associated with capitalized research and development expenditures related to the enactment of the One Big Beautiful Bill Act ("OBBBA") partially offset by the decrease in Income before income taxes.
Current report
Nine months ended September 30, 2025*** compared to nine months ended September 30, 2024***
Current report
Total costs and expenses increased $4,387, or 14.9%, from $29,390 for the nine months ended September 30, 2024 to $33,777 for the nine months ended September 30, 2025. The following items contributed to the overall increase:
Current report
Total Other Income, Net
Current report
Total Other income, net increased $265, or 132.5%, from $200 for the nine months ended September 30, 2024 to $465 for the nine months ended September 30, 2025. The following items contributed to the overall increase:
Current report
Income tax expense increased $330, or 21.7%, from $1,520 for the nine months ended September 30, 2024 to $1,850 for the nine months ended September 30, 2025 primarily due a one-time adjustment to reverse previously recorded deferred tax assets associated with capitalized research and development expenditures related to the enactment of the One Big Beautiful Bill Act ("OBBBA") partially offset by the decrease in Income before income taxes.
Current report
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Current report
The increase was partially offset by a $475 decrease in Net income from $5,497 for the nine months ended September 30, 2024 to $5,022 for the nine months ended September 30, 2025.
Removed paragraphs (10)
Previous 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:
Previous report
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 report
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 report
Six months ended June 30, 2025*** compared to six months ended June 30, 2024***
Previous 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.
Previous 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:
Previous report
Total Other Income (Expense), Net
Previous 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:
Previous report
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.
Previous report
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Reworded paragraphs (12)
Previous wording
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 wording
During the nine months ended September 30, 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.
Previous wording
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 wording
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 350 basis points from 47.8% for the three months ended September 30, 2024 to 44.3% for the three months ended September 30, 2025 reflecting product mix and higher tariff-related costs.
Previous wording
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 wording
Total revenues increased $3,977, or 11.0%, from $36,207 for the nine months ended September 30, 2024 to $40,184 for the nine months ended September 30, 2025 primarily due to continued strong defense program product shipments.
Previous 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.
Current wording
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 230 basis points from 45.8% for the nine months ended September 30, 2024 to 43.5% for the nine months ended September 30, 2025 reflecting product mix and higher tariff-related costs partially offset by the increase in revenues.
Previous wording
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 wording
As of September 30, 2025, our order backlog was $58,798, an increase of $11,559, or 24.5%, from $47,239 as of December 31, 2024 and an increase of $19,035, or 47.9%, from $39,763 as of September 30, 2024. The increase in backlog from December 31, 2024 reflects the continued robust demand across aerospace and defense programs, new program launches, and higher avionics and space orders.
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:
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 as well as a more accurate view of the Company's ability to generate cash profits:
Previous wording
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 wording
Adjusted EBITDA decreased $124 from $3,300 for the three months ended September 30, 2024 to $3,176 for the three months ended September 30, 2025 primarily due to lower gross margins discussed above and higher interest income partially offset higher stock-based compensation.
Previous 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.
Current wording
Adjusted EBITDA increased $12 from $8,085 for the nine months ended September 30, 2024 to $8,097 for the nine months ended September 30, 2025 primarily due to higher depreciation and higher stock-based compensation partially offset by lower gross margins discussed above and higher interest income.
Previous wording
As of June 30, 2025 and December 31, 2024, Cash and cash equivalents were $15,529 and $12,641, respectively.
Current wording
As of September 30, 2025 and December 31, 2024, Cash and cash equivalents were $18,329 and $12,641, respectively.
Previous 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:
Current wording
Cash provided by operating activities was $7,979 for the nine months ended September 30, 2025 compared to cash provided by operating activities of $5,707 for the nine months ended September 30, 2024, an increase of $2,272, primarily due to the following:
Previous 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.
Current wording
Cash used in investing activities was $2,205 for the nine months ended September 30, 2025 compared to cash used in investing activities of $1,473 for the nine months ended September 30, 2024, an increase of $732, primarily due to the purchase of equipment to support growth, next generation product development, and operational efficiencies during the nine months ended September 30, 2025.
Previous 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.
Current wording
Cash used in financing activities was $86 for the nine months ended September 30, 2025 compared to cash provided by financing activities of $343 for the nine months ended September 30, 2024, a decrease of $429, primarily due to costs incurred related to the issuance of warrants in April 2025 partially offset by the exercise of stock options.