M-tron Industries, Inc.
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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, 2026 · Filed Aug 12, 2026
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 2026-03-31; filed 2026-05-13.
0001437749-26-016784
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001437749-26-027371
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 58 previous paragraphs and 72 current paragraphs.
43 unchanged; 12 reworded; 15 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 24 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 (15)
Current report
Total revenues increased $1,827, or 13.8%, from $13,282 for the three months ended June 30, 2025 to $15,109 for the three months ended June 30, 2026 primarily due to strong aerospace and defense, space, and avionics product shipments.
Current report
Total costs and expenses increased $1,952, or 17.1%, from $11,438 for the three months ended June 30, 2025 to $13,390 for the three months ended June 30, 2026. The following items contributed to the overall increase:
Current report
Income tax expense increased $138, or 31.7%, from $435 for the three months ended June 30, 2025 to $573 for the three months ended June 30, 2026 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Current report
Six months ended June 30, 2026*** compared to six months ended June 30, 2025***
Current report
Total Revenues
Current report
Total revenues increased $3,781, or 14.5%, from $26,014 for the six months ended June 30, 2025 to $29,795 for the six months ended June 30, 2026 primarily due to strong aerospace and defense program and avionics shipments.
Current report
Total Costs and Expenses
Current report
Total costs and expenses increased $3,309, or 14.9%, from $22,157 for the six months ended June 30, 2025 to $25,466 for the six months ended June 30, 2026. The following items contributed to the overall increase:
Current report
Gross Margin
Current report
Total Other Income (Expense), Net
Current report
Total Other income (expense), net increased $720, or 285.7%, from $252 for the six months ended June 30, 2025 to $972 for the six months ended June 30, 2026. The increase was primarily due to a $825, or 351.1%, increase in Interest income, net from $235 for the six months ended June 30, 2025 to $1,060 for the six months ended June 30, 2026 primarily due to higher balances invested in money market mutual funds.
Current report
Income Tax Expense
Current report
Income tax expense increased $124, or 13.5%, from $919 for the six months ended June 30, 2025 to $1,043 for the six months ended June 30, 2026 primarily due to the increase in Income before income taxes driven by the increase in revenues discussed above.
Current report
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Current report
Adjusted EBITDA increased $1,652 from $4,921 for the six months ended June 30, 2025 to $6,573 for the six months ended June 30, 2026 primarily due to higher revenues.
Removed paragraphs (3)
Previous report
Total revenues increased $1,954, or 15.3%, from $12,732 for the three months ended March 31, 2025 to $14,686 for the three months ended March 31, 2026 primarily due to strong defense product shipments as well as higher avionics sector shipments.
Previous report
Total expenses increased $1,357, or 12.7%, from $10,719 for the three months ended March 31, 2025 to $12,076 for the three months ended March 31, 2026. The increase is primarily due to the following:
Previous report
Income tax expense decreased $14, or 2.9%, from $484 for the three months ended March 31, 2025 to $470 for the three months ended March 31, 2026 primarily due to temporary differences related to stock compensation partially offset by the increase in Income before incomes taxes.
Reworded paragraphs (12)
Previous wording
The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the audited Consolidated and Combined Financial Statements and the notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC") on March 26, 2026. The terms the "Company,", "Mtron,"* *"MPTI," "we," "our," or "us" refer to M-tron Industries, Inc. and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our Condensed Consolidated Financial Statements and the notes thereto.
Current wording
The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the audited Consolidated Financial Statements and the notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC") on March 26, 2026. The terms the "Company," "Mtron,"* *"MPTI," "we," "our" or "us" refer to M-tron Industries, Inc. and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our Condensed Consolidated Financial Statements and the notes thereto.
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) increased 244 basis points from 42.5% for the three months ended March 31, 2025 to 44.9% for the three months ended March 31, 2026 reflecting higher revenues, product mix, and manufacturing efficiencies.
Current wording
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) decreased 240 basis points from 43.6% for the three months ended June 30, 2025 to 41.2% for the three months ended June 30, 2026 reflecting $470 of stock-based compensation related to 2025 bonuses and product mix partially offset by higher revenues and manufacturing efficiencies.
Previous wording
Total Other income, net increased $147, or 145.5%, from $101 for the three months ended March 31, 2025 to $248 for the three months ended March 31, 2026. The increase is primarily due to a $259, or 233.3%, increase in Interest income, net from $111 for the three months ended March 31, 2025 to $370 for the three months ended March 31, 2026 driven by higher balances invested in money market mutual funds.
Current wording
Total Other income, net increased $573, or 379.5%, from $151 for the three months ended June 30, 2025 to $724 for the three months ended June 30, 2026. The increase was primarily due to a $566, or 456.5%, increase in Interest income, net from $124 for the three months ended June 30, 2025 to $690 for the three months ended June 30, 2026 driven by higher balances invested in money market mutual funds.
Previous wording
The increase was partially offset by a $112, or 1,120.0%, decrease in Other income (expense), net from ($10) for the three months ended March 31, 2025 to ($122) for the three months ended March 31, 2026 primarily due to unfavorable currency movements related to our India production facility.
Current wording
The increase was partially offset by a $105, or 617.6%, decrease in Other income (expense), net from $17 for the six months ended June 30, 2025 to ($88) for the six months ended June 30, 2026 primarily due to unfavorable currency movements.
Previous wording
As of March 31, 2026, our order backlog was $76,834, an increase of $409, or 0.5%, from $76,425 as of December 31, 2025 and an increase of $21,333, or 38.4%, from $55,501 as of March 31, 2025. The increase in backlog from December 31, 2025 is primarily driven by orders in the aerospace and defense, avionics, and space sectors during the quarter. The nature of a program centric business model materially affects backlog based on the timing and size of the orders.
Current wording
As of June 30, 2026, our order backlog was $83,968, an increase of $7,543, or 9.9%, from $76,425 as of December 31, 2025 and an increase of $22,769, or 37.2%, from $61,199 as of June 30, 2025. The increase in backlog from December 31, 2025 reflects the continued strength of our aerospace & defense and avionics customer 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 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 $670 from $2,502 for the three months ended March 31, 2025 to $3,172 for the three months ended March 31, 2026 primarily due to higher revenues and improved gross margins.
Current wording
Adjusted EBITDA increased $982 from $2,419 for the three months ended June 30, 2025 to $3,401 for the three months ended June 30, 2026 primarily due to higher revenues partially offset by lower gross margins.
Previous wording
As of March 31, 2026 and December 31, 2025, Cash and cash equivalents were $51,958 and $20,891, respectively.
Current wording
As of June 30, 2026 and December 31, 2025, Cash and cash equivalents were $96,245 and $20,891, respectively.
Previous wording
Cash provided by operating activities was $2,118 for the three months ended March 31, 2026 compared to $1,607 for the three months ended March 31, 2025, an increase of $511, primarily due to the following:
Current wording
Cash provided by operating activities was $5,822 for the six months ended June 30, 2026 compared to cash provided by operating activities of $4,462 for the six months ended June 30, 2025, an increase of $1,360, primarily due to the following:
Previous wording
Cash used in investing activities was $452 for the three months ended March 31, 2026 compared to cash used in investing activities of $586 for the three months ended March 31, 2025, a decrease of $134, primarily due to the timing of capital projects, where delivery is expected at a future date.
Current wording
Cash used in investing activities was $2,326 for the six months ended June 30, 2026 compared to cash used in investing activities of $1,398 for the six months ended June 30, 2025, an increase of $928, primarily due to the timing of capital projects, where delivery is expected at a future date as well as the purchase of short-term investments and other investments.
Previous wording
Cash provided by financing activities was $29,401 for the three months ended March 31, 2026 compared to cash provided by financing activities of $0 for the three months ended March 31, 2025, an increase of $29,401, primarily due to the settlement of warrants in January 2026 as well as the exercise of stock options.
Current wording
Cash provided by financing activities was $71,858 for the six months ended June 30, 2026 compared to cash used in financing activities of $176 for the six months ended June 30, 2025, an increase of $72,034, primarily due to the settlement of warrants in January 2026 and the completion of the subscription rights offering in April 2026.
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
Gross margin (Revenues less Manufacturing cost of sales as a percentage of Revenues) remained flat at 43.0% for the six months ended June 30, 2026 and 2025.