LGL GROUP INC
For the period ended Dec 31, 2025. Filed Mar 30, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 30, 2026
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-K
Period ended 2024-12-31; filed 2025-03-31.
0001437749-25-010246
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-30.
0001437749-26-010362
Item 7. 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 82 previous paragraphs and 79 current paragraphs.
56 unchanged; 11 reworded; 12 added; 14 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 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 (12)
Current report
U.S. trade policy, including the imposition, modification, or removal of tariffs remains subject to change due to legislative, regulatory, and judicial developments. Changes in tariff regimes or trade restrictions may increase the cost of imported components, raw materials, or finished goods. If such cost increases occur and exceed our ability to offset them through pricing actions, cost reduction, or supply chain adjustments, our margins and results of operations could be adversely affected. We may seek to adjust prices charged to customers; however, there can be no assurance that such adjustments would be successful.
Current report
Total revenues decreased $123, or 2.9%, from $4,292 in 2024 to $4,169 in 2025. The overall decrease was primarily driven by a $374, or 18.1%, decrease in Net investment income from $2,071 in 2024 to $1,697 in 2025 reflecting lower yields earned on our investments in United States Treasury money market funds within the Merchant Investment and Corporate segments.
Current report
The decrease was partially offset by a $227, or 10.2%, increase in Net sales from $2,226 in 2024 to $2,453 in 2025 primarily due to higher product shipments within the Electronic Instruments segment.
Current report
Income tax expense decreased $683, or 385.9%, from $177 in 2024 to ($506) in 2025 primarily due to the reversal of a previously recorded uncertain tax position as the related tax matter is no longer subject to examination by the relevant taxing authority.
Current report
Income Before Income Taxes
Current report
Income Before Income Taxes
Current report
Income before income taxes decreased $282 from $847 in 2024 to $565 in 2025 primarily due to:
Current report
The following table presents income before incomes taxes of the Corporate segment for the periods indicated:
Current report
Loss Before Income Taxes
Current report
Loss before income taxes increased $221, or 56.5%, from $391 in 2024 to $612 in 2025 primarily due to:
Current report
Financing Activities
Current report
Cash used in financing activities was $141 in 2025 compared to $0 in 2024, a decrease of $141 primarily due to the repurchase of common stock partially offset by the net proceeds from the exercise of warrants.
Removed paragraphs (14)
Previous report
The current U.S. federal administration has proposed or imposed tariffs on certain products entering the United States imported from other countries. Additionally, foreign governments have imposed retaliatory tariffs on products exported from the United States. The increase in tariffs could have an adverse impact on Manufacturing cost of goods as these costs could increase at a higher rate than our revenues. As a result, we may increase the prices we charge our customers.
Previous report
Total revenues increased $614, or 16.7%, from $3,678 in 2023 to $4,292 in 2024. The following items contributed to the overall increase:
Previous report
The increase was partially offset by a $389, or 101.3%, decrease in Net gains (losses) from $384 in 2023 to ($5) in 2024 primarily due to mark-to-market movements on Marketable securities in 2024 versus realized gains on the related sales of mutual fund investments in 2023 within the Corporate segment.
Previous report
Income tax expense decreased $124, or 41.2%, from $301 in 2023 to $177 in 2024 primarily due to return-to-provision true ups in 2024 partially offset by the increase in Income from continuing operations discussed above.
Previous report
Income from Discontinued Operations, Net of Tax
Previous report
Income (loss) from discontinued operations increased $28, or 100.0%, from ($28) in 2023 to $0 in 2024 primarily due to Separation costs incurred 2023.
Previous report
Income from Continuing Operations Before Income Taxes
Previous report
Income from Continuing Operations Before Income Taxes
Previous report
Income from continuing operations before income taxes increased $194 from $653 in 2023 to $847 in 2024 due to an increase in Net investment income driven by higher balances invested in United States Treasury money market funds in 2024 partially offset by higher corporate-level expenses allocated to the Merchant Investment segment.
Previous report
The following table presents income from continuing operations of Corporate for the periods indicated:
Previous report
Loss from Continuing Operations Before Income Taxes
Previous report
Loss from continuing operations before income taxes increased $232, or 145.9%, from $159 in 2023 to $391 in 2024 primarily due to a $389, or 101.3%, decrease in Net gains (losses) from $384 in 2023 to ($5) in 2024 driven by mark-to-market movements on Marketable securities in 2024 versus realized gains on the related sales of mutual fund investments in 2023 partially offset by a $146, or 20.9%, increase in Net investment income from $697 in 2023 to $843 in 2024 driven by higher balances invested in United States Treasury money market funds.
Previous report
Investing Activities
Previous report
Cash provided by investing activities was $0 in 2024 compared to $18,819 in 2023, a decrease of $18,819 primarily due to the sale of the Company's investments in marketable securities, including IrontNet, Inc. and mutual fund investments during Q1 and Q2 2023 at a gain as well as the consolidation of non-controlling interests related to LGL Systems Acquisition Holding Company, LLC.
Reworded paragraphs (11)
Previous wording
We are not aware of any material trends or uncertainties, other than the global economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed in Part I, Item 1A, Risk Factors, of this Report .
Current wording
We are not aware of any material trends or uncertainties, other than the global economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those discussed below and listed in Part I, Item 1A, Risk Factors, of this Report .
Previous wording
The U.S. Federal Reserve decreased the federal funds rate a total of three times throughout 2024, resulting in a range from 4.25% to 4.50% as of December 31, 2024. Through the date of filing of this Report, the U.S. Federal Reserve has maintained the federal funds rate between 4.25% to 4.50%. It is expected that the U.S. Federal Reserve will continue to decrease the federal funds rate during 2025 to, among other things, control inflation; however, the timing of any future changes remains unclear. If interest rates continue to decline, the returns generated by our investments in U.S. Treasuries could be adversely impacted.
Current wording
The U.S. Federal Reserve decreased the federal funds rate a total of three times throughout 2025, resulting in a range from 3.50% to 3.75% as of December 31, 2025. Through the date of filing of this Report, the U.S. Federal Reserve has maintained the federal funds rate between 3.50% to 3.75%. If interest rates continue to decline, the returns generated by our investments in U.S. Treasuries could be adversely impacted.
Previous wording
Total expenses increased $561, or 18.5%, from $3,032 in 2023 to $3,593 in 2024. The following items contributed to the overall increase:
Current wording
Total expenses increased $327, or 9.1%, from $3,593 in 2024 to $3,920 in 2025. The following items contributed to the overall increase:
Previous wording
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) decreased 90 basis points from 53.9% in 2023 to 53.0% in 2024 primarily due to several contracts with lower margin products within the Electronic Instruments segment.
Current wording
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) decreased 10 basis points from 53.0% in 2024 to 52.9% in 2025 primarily due to the slight increase in Manufacturing cost of sales.
Previous wording
As of December 31, 2024, our order backlog was $336, a increase of $193, compared to $143 as of December 31, 2023 primarily due to the timing and size of orders. The backlog of unfilled orders includes amounts based on purchase orders, which we have determined are firm orders likely to be fulfilled primarily in the next 12 months.
Current wording
As of December 31, 2025, our order backlog was $625, an increase of $289, compared to $336 as of December 31, 2024 primarily due to the timing and size of orders. The backlog of unfilled orders includes amounts based on purchase orders, which we have determined are firm orders likely to be fulfilled primarily in the next 12 months.
Previous wording
Net income attributable to non-controlling interests increased $42 from $48 in 2023 to $90 in 2024 primarily due to higher income from LGL Systems.
Current wording
Net income attributable to non-controlling interests decreased $23 from $90 in 2024 to $67 in 2025 primarily due to lower income from LGL Systems.
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 before income taxes of our Electronic Instruments segment for the periods indicated:
Previous wording
Income from continuing operations before income taxes increased $91, or 59.9%, from $152 in 2023 to $243 in 2024. The increase was primarily driven by a $498, or 28.8%, increase in Net sales from $1,728 in 2023 to $2,226 in 2024 primarily due to additional contracts won in 2024.
Current wording
Income before income taxes increased $53, or 21.8%, from $243 in 2024 to $296 in 2025. The increase was primarily driven by a $227, or 10.2%, increase in Net sales from $2,226 in 2024 to $2,453 in 2025 primarily due to additional contracts won in 2024.
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 before income taxes of our Merchant Investment segment for the periods indicated:
Previous wording
As of December 31, 2024 and 2023, Cash and cash equivalents were $41,585 and $40,711, respectively.
Current wording
As of December 31, 2025 and 2024, Cash and cash equivalents were $41,514 and $41,585, respectively.
Previous wording
Cash provided by operating activities was $874 in 2024 compared to $385 in 2023, an increase of $489 primarily due to the following:
Current wording
Cash provided by operating activities was $70 in 2025 compared to $874 in 2024, a decrease of $804 primarily due to the following:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The increase was partially offset by: