Butler National Corp. Q2 Revenue Rises to $12.42M

TL;DR

Butler National revenue up to $12.42M in Q2 FY25, net income flat at $0.01/share.

AI Summary

Butler National Corp. reported revenue of $12.42 million for the second quarter of fiscal year 2025, ending October 31, 2024. This represents an increase from the $11.81 million reported in the same period last year. The company's net income for the quarter was $0.01 per share, consistent with the prior year's quarter.

Why It Matters

The slight increase in revenue suggests continued demand for Butler National's services and products, which could indicate stable or growing business operations.

Risk Assessment

Risk Level: low — The filing shows a modest increase in revenue and stable earnings per share, indicating no significant immediate financial distress.

Key Numbers

• $12.42M — Q2 FY25 Revenue (Increased from $11.81M in Q2 FY24)
• $0.01 — Q2 FY25 EPS (Consistent with Q2 FY24 EPS)
• 50,000,000 — Authorized Shares (Represents total authorized common stock)
• 79,646,211 — Total Assets (As of October 31, 2024)
• 67,587,096 — Total Liabilities (As of October 31, 2024)

Key Players & Entities

• BUTLER NATIONAL CORP (company) — Filer
• 20241031 (date) — Reporting Period End Date
• $12.42 million (dollar_amount) — Q2 FY25 Revenue
• $11.81 million (dollar_amount) — Q2 FY24 Revenue
• Joseph P. Daly (person) — Board of Directors

FAQ

Key Financial Figures

• $0.01 — tstanding of the Issuer's Common Stock, $0.01 par value, as of December 6, 2024 was 6

Filing Documents

• buks20241031_10q.htm (10-Q) — 1513KB
• ex_725306.htm (EX-31.1) — 13KB
• ex_725307.htm (EX-31.2) — 13KB
• ex_725308.htm (EX-32.1) — 7KB
• ex_725309.htm (EX-32.2) — 8KB
• 0001437749-24-036821.txt ( ) — 6514KB
• buks-20241031.xsd (EX-101.SCH) — 56KB
• buks-20241031_cal.xml (EX-101.CAL) — 48KB
• buks-20241031_def.xml (EX-101.DEF) — 348KB
• buks-20241031_lab.xml (EX-101.LAB) — 306KB
• buks-20241031_pre.xml (EX-101.PRE) — 384KB
• buks20241031_10q_htm.xml (XML) — 1135KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE NO. Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – October 31, 2024 (unaudited) and April 30, 2024 3 Condensed Consolidated Statements of Operations - Three Months Ended October 31, 2024 and 2023 4 Condensed Consolidated Statements of Operations - Six Months Ended October 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity - Six Months Ended October 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows - Six Months Ended October 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 4

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 27 Item 1A

Risk Factors

Risk Factors 27 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3 Defaults Upon Senior Securities 28 Item 4 Mine Safety Disclosures 28 Item 5 Other Information 28 Item 6 Exhibits 28

Signatures

Signatures 29 Exhibit Index 30 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BUTLER NATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of October 31, 2024 and April 30, 2024 (in thousands except per share data) October 31, 2024 April 30, 2024 (unaudited) ASSETS CURRENT ASSETS: Cash $ 16,159 $ 17,792 Accounts receivable, net 5,402 5,776 Inventory, net 10,450 9,522 Contract asset 3,386 3,812 Prepaid expenses and other current assets 2,090 1,694 Income tax receivable 268 - Total current assets 37,755 38,596 LEASE RIGHT-TO-USE ASSET, net 3,466 2,892 PROPERTY, PLANT AND EQUIPMENT, net 60,303 59,587 SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $ 12,416 at October 31, 2024 and $ 11,810 at April 30, 2024) 9,729 9,762 OTHER ASSETS: Other assets (net of accumulated amortization of $ 13,499 at October 31, 2024 and $ 13,041 at April 30, 2024) 1,163 1,219 Deferred tax asset, net 1,919 1,919 Total other assets 3,082 3,138 Total assets $ 114,335 $ 113,975 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,876 $ 5,291 Current maturities of long-term debt 4,960 4,866 Current maturities of lease liability 116 25 Contract liability 8,999 5,922 Gaming facility mandated payment 1,784 1,846 Compensation and compensated absences 1,421 1,932 Income taxes payable - 2,842 Other current liabilities 454 193 Total current liabilities 20,610 22,917 LONG-TERM LIABILITIES Long-term debt, net of current maturities 30,740 33,244 Lease liability, net of current maturities 3,928 3,373 Total long-term liabilities 34,668 36,617 Total liabilities 55,278 59,534 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, par value $ 5 : Authorized 50,000,000 shares, all classes; Designated Classes A and B 200,000 shares; no shares issued and outstanding - - Common stock, par value $ .01 : Authorized 100,000,000 shares, issued 79,646,211 shares, and outstanding 67

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