Fourth Quarter 2025 Highlights
- Revenues were $14.2 million for the three months ended December 31, 2025 compared to $12.8 million for the three months ended December 31, 2024
- Gross margin were 46.9% for the three months ended December 31, 2025 compared to 47.2% for the three months ended December 31, 2024
- Net income per diluted share was $0.99 for the three months ended December 31, 2025 compared to $0.73 for the three months ended December 31, 2024
Fiscal Year 2025 Highlights
- Revenues were $54.4 million for the fiscal year ended December 31, 2025 compared to $49.0 million for the fiscal year ended December 31, 2024
- Gross margin was 44.4% for the fiscal year ended December 31, 2025 compared to 46.2% for the fiscal year ended December 31, 2024
- Net income per diluted share was $2.62 for the fiscal year ended December 31, 2025 compared to $2.65 for the fiscal year ended December 31, 2024
- Backlog increased 61.8% to $76.4 million as of December 31, 2025 from $47.2 million as of December 31, 2024
ORLANDO, Fla., March 24, 2026 /PRNewswire/ — M-tron Industries, Inc. (NYSE:MPTI) (“Mtron” or the “Company”), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced strong financial results for the fourth quarter and full fiscal year ended December 31, 2025.
Cameron Pforr, Chief Executive Officer, said: “We delivered another year of strong top-line performance, with revenues increasing 11.2% over 2024, which extended our record of annual revenue growth since the Company’s IPO in October 2022. The growth in revenues was fueled by a significant increase in our backlog, which grew 61.9% to $76.4 million as of December 31, 2025. This reflects the continued demand for our products and solutions and the strength of our relationship with our customers.
“While 2025 gross margin was lower than 2024, gross margin has improved for three consecutive quarters to 46.9%, which we believe more accurately reflects the underlying strength of our business.
“We also significantly strengthened our balance sheet with a successful warrant exercise, resulting in the issuance of 470,205 shares of common stock in 2025, with an additional 112,028 issued via the oversubscription privilege in January 2026. In aggregate, the warrants generated approximately $27.5 million of incremental cash, providing us with increased financial flexibility to pursue strategic acquisitions that align with our long-term growth strategy.”
|
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||||||||||
|
(in thousands, except share data) |
2025 |
2024 |
% Change |
2025 |
2024 |
% Change |
||||||||||||||||||
|
U.S. GAAP Financial Measures |
||||||||||||||||||||||||
|
Revenues |
$ |
14,233 |
$ |
12,805 |
11.2 |
% |
$ |
54,417 |
$ |
49,012 |
11.0 |
% |
||||||||||||
|
Gross margin |
46.9 |
% |
47.2 |
% |
-0.8 |
% |
44.4 |
% |
46.2 |
% |
-3.9 |
% |
||||||||||||
|
Net income |
$ |
3,425 |
$ |
2,139 |
60.1 |
% |
$ |
8,447 |
$ |
7,636 |
10.6 |
% |
||||||||||||
|
Net income per diluted share |
$ |
0.99 |
$ |
0.73 |
36.0 |
% |
$ |
2.62 |
$ |
2.65 |
-1.1 |
% |
||||||||||||
|
Non-GAAP Financial Measures (a) |
||||||||||||||||||||||||
|
Adjusted EBITDA |
$ |
4,485 |
$ |
3,056 |
46.8 |
% |
$ |
12,582 |
$ |
11,141 |
12.9 |
% |
||||||||||||
|
(a) |
A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this press release. |
Results from Operations
Fourth Quarter 2025
Revenue was $14.2 million in the fourth quarter of 2025 compared with $12.8 million in the fourth quarter of 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments, as well as an increase in shipments in the avionics sector.
Gross margin was 46.9% in the fourth quarter of 2025 compared with 47.2% in the fourth quarter of 2024. The decrease was primarily due to higher-tariffs related costs.
Net income was $3.4 million, or $0.99 per diluted share, in the fourth quarter of 2025 compared with $2.1 million, or $0.73 per diluted share, in the fourth quarter of 2024. The increase was primarily due to the increase in revenues discussed above, lower engineering, selling and administrative expenses as a percent of revenue, and a decrease in incentive compensation driven by the reversal of prior accruals partially offset by the decrease in gross margin discussed above.
Adjusted EBITDA was $4.5 million in the fourth quarter of 2025 compared with $3.1 million in the fourth quarter of 2024. The increase was primarily due to higher revenues and lower engineering, selling and administrative expenses discussed above partially offset by the decrease in gross margin discussed above.
Fiscal Year 2025
Revenue was $54.4 million in 2025 compared with $49.0 million in 2024. The increase was primarily due to higher sales related to continued strong defense program product and solution shipments as well as an increase in shipments in the avionics and industrials sectors.
Gross margin was 44.4% in 2025 compared with 46.2% in 2024. The decrease was primarily due to product mix and higher tariff-related costs.
Net income was $8.4 million, or $2.62 per diluted share, in 2025 compared with $7.6 million, or $2.65 per diluted share, in 2024. The increase was primarily due to the increase revenues discussed above partially offset by higher manufacturing cost of sales.
Adjusted EBITDA was $12.6 million in 2025 compared with $11.1 million in 2024. The increase was primarily due to higher revenues, continued operating leverage, and lower incentive compensation partially offset by lower gross margins discussed above. Adjusted EBITDA in 2024 included bonus expense of approximately 3.0% of revenues, which was not incurred in 2025.
Backlog
Backlog was $76.4 million as of December 31, 2025 compared to $47.2 million as of December 31, 2024. The increase reflects the continued strategy and focus on securing large, long duration program centric business, which can materially affect backlog to the timing and size of these orders. In addition, in 2025, the Company closed several multi-year orders, which extends our backlog out through 2028.
Investor Call
Management, including Mr. Pforr, will host a conference call with the investment community on Thursday, March 26, 2026, to discuss the Company’s fourth quarter 2025 results and to respond to investor questions.
The call will begin at 10:30 a.m. Eastern Time (U.S. and Canada) on Thursday, March 26, 2026, and can be accessed using the dial-in details below:
Toll-Free Dial-in Number: (800) 715-9871
Toll Dial-in Number: +1 (646) 307-1963
Conference ID: 2243263
An archive will be available after the call on the Investor Relations section of Mtron’s website at ir.mtron.com, along with Mtron’s earnings release.
About Mtron
M-tron Industries, Inc. (NYSE:MPTI) was originally founded in 1965 and designs, manufactures and markets …