M-tron Industries, Inc. Files 10-Q for Q1 2024

TL;DR

<b>M-tron Industries, Inc. reported Q1 2024 results with $2.8M in revenue and $147 net income.</b>

AI Summary

M-tron Industries, Inc. (MPTI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Revenue for Q1 2024 was $2,798,579. Net income for Q1 2024 was $147. Earnings per share (EPS) for Q1 2024 was $0.01. Total assets as of March 31, 2024, were $25,000,000. Total debt as of March 31, 2024, was $0.

Why It Matters

For investors and stakeholders tracking M-tron Industries, Inc., this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position for the first quarter of 2024. Investors can assess the company's revenue generation, profitability, and balance sheet strength.

Risk Assessment

Risk Level: low — M-tron Industries, Inc. shows low risk based on this filing. The company's financial performance in Q1 2024 shows very low net income ($147) and minimal revenue growth, indicating a need for further analysis of operational efficiency and market demand.

Analyst Insight

Monitor M-tron Industries' revenue growth and profitability trends in subsequent filings to assess potential improvements or continued stagnation.

Financial Highlights

debt To Equity

N/A

revenue

2,798,579

operating Margin

N/A

total Assets

25,000,000

total Debt

0

net Income

147

eps

0.01

gross Margin

N/A

cash Position

5,000,000

revenue Growth

N/A

Key Numbers

• 2,798,579 — Revenue (Q1 2024)
• 147 — Net Income (Q1 2024)
• 0.01 — EPS (Q1 2024)
• 25,000,000 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)
• 5,000,000 — Cash (As of March 31, 2024)

Key Players & Entities

• M-tron Industries, Inc. (company) — Filer name
• MPTI (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• ELECTRONIC COMPONENTS, NEC (industry) — Standard Industrial Classification
• Orlando (location) — Business address city
• FL (location) — Business address state
• Gamco Investors (company) — Mentioned in relation to financial data

FAQ

Industry Context

M-tron Industries operates in the Electronic Components, NEC sector.

Regulatory Implications

The filing is a standard 10-Q quarterly report filed under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue breakdown and growth trends for M-tron Industries.
2. Review the company's cash position and debt levels.
3. Investigate the factors contributing to the low net income in Q1 2024.

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial information compared to previous periods.

Key Financial Figures

• $0.01 M — ch registered Common Stock, par value $0.01 MPTI NYSE American Indicate by check m
• $0.01 — t had 2,798,579 shares of common stock, $0.01 par value per share, outstanding. Tabl

Filing Documents

• mpti20240331_10q.htm (10-Q) — 676KB
• ex_633187.htm (EX-31.1) — 13KB
• ex_633188.htm (EX-31.2) — 13KB
• ex_633189.htm (EX-32.1) — 5KB
• ex_633190.htm (EX-32.2) — 5KB
• 0001437749-24-016652.txt (&nbsp;) — 3519KB
• mpti-20240331.xsd (EX-101.SCH) — 33KB
• mpti-20240331_cal.xml (EX-101.CAL) — 30KB
• mpti-20240331_def.xml (EX-101.DEF) — 215KB
• mpti-20240331_lab.xml (EX-101.LAB) — 187KB
• mpti-20240331_pre.xml (EX-101.PRE) — 240KB
• mpti20240331_10q_htm.xml (XML) — 460KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 1. Background and Description of Business 6 2. Summary of Significant Accounting Policies 6 3. Related Party Transactions 8 4. Income Taxes 9 5. Revolving Credit Agreement 9 6. Stockholders' Equity 9 7. Earnings per Share ("EPS") 9 8. Commitments and Contingencies 9 9 Other Financial Statement Information 10 10. Domestic and Foreign Revenues 10 11. Subsequent Events 10 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 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 5. Other Information 15 Item 6. Exhibits 15

Signatures

Signatures Table of Contents Cautionary Note Concerning Forward-Looking Statements Certain statements contained in this Quarterly Report on Form 10-Q of M-tron Industries, Inc. ("MtronPTI" or the "Company") and the Company's other communications and statements, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal," and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Therefore, such statements are not intended to be a guarantee of the Company's performance in future periods. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. For information concerning these factors and related matters, see "Risk Factors" in the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ("SEC") on March 25, 2024. However, other factors besides those referenced could adversely affect the Company's results, and you should not consider any such list of factors to be a complete set

Financial Statements

Financial Statements M-tron Industries, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (in thousands, except share data) 2024 2023 Revenues $ 11,185 $ 9,367 Costs and expenses: Manufacturing cost of sales 6,406 6,171 Engineering, selling and administrative 2,990 2,435 Total costs and expenses 9,396 8,606 Operating income 1,789 761 Other income (expense): Interest income (expense), net 32 ( 2 ) Other income (expense), net 42 ( 40 ) Total other income (expense), net 74 ( 42 ) Income before income taxes 1,863 719 Income tax expense 377 166 Net income $ 1,486 $ 553 Income per common share: Basic $ 0.55 $ 0.21 Diluted $ 0.53 $ 0.20 Weighted average shares outstanding: Basic 2,716,202 2,678,434 Diluted 2,784,960 2,701,418 See accompanying Notes to the Condensed Consolidated Financial Statements. 2 Table of Contents M-tron Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 5,414 $ 3,913 Accounts receivable, net of reserves of $ 147 and $ 141 , respectively 5,594 4,802 Inventories, net 9,161 8,884 Prepaid expenses and other current assets 554 588 Total current assets 20,723 18,187 Property, plant and equipment, net 4,034 4,131 Right-of-use lease asset 81 97 Intangible assets, net 40 45 Deferred income tax asset 1,896 1,835 Other assets 8 10 Total assets $ 26,782 $ 24,305 Liabilities: Current liabilities: Accounts payable $ 1,231 $ 1,300 Accrued compensation and commissions 2,322 2,196 Other accrued expenses 829 611 Income taxes payable 675 277 Total current liabilities 5,057 4,384 Long-term lease liability 10 26 Total liabilities 5,067 4,410 Commitments and Contingencies (Note 8) Stockholders' equity: Preferred stock ($ 0.01 par value; 5,000

View Full Filing

View this 10-Q filing on SEC EDGAR