M-tron Industries, Inc. Reports First Quarter 2024 Results and Reminds

• Revenues increased $1,818,000 to $11,185,000 for the three months ended March 31, 2024 from $9,367,000 for the three months ended March 31, 2023

• Gross margin increased 861 basis points to 42.7% for the three months ended March 31, 2024 from 34.1% for the three months ended March 31, 2023

• Net income per diluted share increased $0.33 to $0.53 for the three months ended March 31, 2024 from $0.20 for the three months ended March 31, 2023

• Backlog was $46,130,000 as of March 31, 2024, a decrease of $1,701,000 from $47,831,000 as of December 31, 2023 and an increase of $592,000 from $45,538,000 as of March 31, 2023

• Adjusted EBITDA, a non-GAAP measure, increased $1,234,000 to $2,262,000 for the three months ended March 31, 2024 from $1,028,000 for the three months ended March 31, 2023

ORLANDO, Fla., May 07, 2024–(BUSINESS WIRE)–M-tron Industries, Inc. (NYSE American: MPTI) (the “Company” or “MtronPTI”) announced its financial results for the three months ended March 31, 2024.

Michael Ferrantino, MtronPTI’s Chief Executive Officer, stated, “MtronPTI’s team executed exceptionally well on all fronts, delivering the highest quarterly revenues in 15+ years. We continue to execute on our operational goals and product roadmap to deliver greater value to our shareholders.”

MtronPTI will host an Investor Day on Wednesday, May 8, 2024 at 10:00am ET at the New York Stock Exchange to provide shareholders, analysts and other stakeholders with an in-depth look into MtronPTI’s strategic direction, financial performance, and operational highlights. The event will include presentations by key members of MtronPTI’s executive leadership team, as well as opportunities for Q&A sessions.

The live presentation can be accessed via the link and information below or via MtronPTI’s investor relations website at https://ir.mtronpti.com under Events and Presentations.

The webcast and presentation materials will be archived and available for replay.

Results from Operations

First quarter 2024 Net income was $1,486,000, or $0.53 per diluted share, compared with $553,000, or $0.20 per diluted share, in the first quarter of 2023. The increase was primarily due to higher sales related to strong defense product shipments partially offset by higher Manufacturing cost of sales consistent with the growth in revenues as well as higher Engineering, selling and administrative expenses related to higher research and development costs, higher sales commissions from an increase in revenues, and an increase in corporate expenses consistent with the overall growth in the business.

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First quarter 2024 Adjusted EBITDA was $2,262,000, or $0.81 per diluted share, compared with $1,028,000, or $0.38 per diluted share, in the first quarter of 2023. The increase was primarily due to higher interest income, depreciation, and stock-based compensation.

First quarter 2024 Gross margin was 42.7% compared with 34.1% in the first quarter of 2023. The increase is primarily due to higher revenues and change in product mix to higher margin products.

Backlog was $46,130,000 as of March 31, 2024 compared to $47,831,000 as of December 31, 2023 and $45,538,000 as of March 31, 2023. The decrease in Backlog reflects an increase in revenue and timing of certain orders.