M-tron Industries, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, increased 11.1% to $15.7 million from $14.2 million in the same period in 2025; revenue for the nine months ended September 30, 2026, increased 13.3% to $45.5 million from $40.2 million in 2025.
• Gross margin for the three months ended September 30, 2026, was 44.5%, an increase of 20 basis points from 44.3% in 2025; gross margin for the nine months ended September 30, 2026, was 43.5%, flat compared to 43.5% in 2025.
• Net income for the three months ended September 30, 2026, increased 66.4% to $3.0 million from $1.8 million in 2025; net income for the nine months ended September 30, 2026, increased 45.5% to $7.3 million from $5.0 million in 2025.
• Net income per diluted share for the three months ended September 30, 2026, increased 16.7% to $0.70 from $0.60 in 2025; net income per diluted share for the nine months ended September 30, 2026, increased 9.0% to $1.79 from $1.64 in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, increased 12.9% to $3.6 million from $3.2 million in 2025; Adjusted EBITDA for the nine months ended September 30, 2026, increased 25.5% to $10.2 million from $8.1 million in 2025.
• Cash and cash equivalents increased to $97.5 million as of September 30, 2026, from $20.9 million as of December 31, 2025.
• Total assets increased to $129.0 million as of September 30, 2026, from $68.4 million as of December 31, 2025.
• Total liabilities increased to $6.5 million as of September 30, 2026, from $5.2 million as of December 31, 2025.
• Total stockholders' equity increased to $122.6 million as of September 30, 2026, from $63.2 million as of December 31, 2025.
• Interest income, net increased to $0.9 million for the three months ended September 30, 2026, from $0.1 million in 2025, and to $1.9 million for the nine months ended September 30, 2026, from $0.4 million in 2025.
• Engineering, selling, and administrative expenses increased to $4.6 million for the three months ended September 30, 2026, from $3.7 million in 2025, and to $13.1 million for the nine months ended September 30, 2026, from $11.1 million in 2025.

Business Segments and Product Lines:

• Revenue growth was primarily driven by strong shipments in aerospace, defense, avionics, and space products.
• Gross margin expansion in the third quarter was primarily attributed to product mix.
• Backlog increased to $84.9 million as of September 30, 2026, representing a 44.3% increase from $58.8 million as of September 30, 2025, and an 11.0% increase from $76.4 million as of December 31, 2025.
• Backlog growth reflects broad demand, continued purchasing under several large aerospace and defense programs, initiation of orders for new aerospace and defense programs, and a recent uptick in space industry orders.

Management Commentary and Tone:

• CEO Cameron Pforr stated that third-quarter results reflect continued strength of demand across defense and aerospace markets.
• Management noted the company is continuing to invest in its team and capabilities to support anticipated growth opportunities.
• The increase in net income was driven by higher gross margin and higher interest income earned on investments in money market mutual funds due to higher balances invested.
• Higher expenses were driven by increased research and development investment, higher sales commissions consistent with revenue growth, higher stock-based compensation, and increased administrative and corporate expenses to support business growth.

Other Key Points:

• The company will host an earnings call on Thursday, November 12, 2026, at 4:30 p.m. Eastern Time to discuss results and answer investor questions.
• M-tron Industries, Inc. designs, manufactures, and markets highly engineered frequency and spectrum control products with facilities in Orlando, Florida; Yankton, South Dakota; Noida, India; and a sales office in Hong Kong.
• The press release includes forward-looking statements subject to risks and uncertainties described in the company's SEC filings, particularly the Form 10-K filed on March 26, 2026.
• Non-GAAP Adjusted EBITDA excludes interest income, interest expense, depreciation, amortization, non-cash stock-based compensation, and other discrete items.