M-tron Industries Q2 2024: Net Loss and Asset/Liability Snapshot

TL;DR

MPTI Q2 2024: $5M assets, $2.8M liabilities, $163k net loss. Financials filed.

AI Summary

M-tron Industries, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $5,000,000 and total liabilities of $2,808,579 as of June 30, 2024. For the six months ended June 30, 2024, the company had a net loss of $163,000.

Why It Matters

This filing provides a financial snapshot of M-tron Industries, Inc. for the second quarter of 2024, detailing its assets, liabilities, and net loss, which are crucial for investors to assess the company's financial health.

Risk Assessment

Risk Level: medium — The company reported a net loss for the period, indicating potential financial challenges.

Key Numbers

• $5.0M — Total Assets (As of June 30, 2024)
• $2.8M — Total Liabilities (As of June 30, 2024)
• $0.163M — Net Loss (For the six months ended June 30, 2024)

Key Players & Entities

• M-tron Industries, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $5,000,000 (dollar_amount) — Total assets as of June 30, 2024
• $2,808,579 (dollar_amount) — Total liabilities as of June 30, 2024
• $163,000 (dollar_amount) — Net loss for the six months ended June 30, 2024

FAQ

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 2,808,579 shares of common stock, $0.01 par value per share, outstanding. Tabl

Filing Documents

• mpti20240813_10q.htm (10-Q) — 933KB
• ex_673946.htm (EX-31.1) — 13KB
• ex_673947.htm (EX-31.2) — 13KB
• ex_673948.htm (EX-32.1) — 5KB
• ex_673949.htm (EX-32.2) — 5KB
• mtronlogosmall.jpg (GRAPHIC) — 7KB
• 0001437749-24-026572.txt ( ) — 4061KB
• mpti-20240630.xsd (EX-101.SCH) — 33KB
• mpti-20240630_cal.xml (EX-101.CAL) — 30KB
• mpti-20240630_def.xml (EX-101.DEF) — 216KB
• mpti-20240630_lab.xml (EX-101.LAB) — 191KB
• mpti-20240630_pre.xml (EX-101.PRE) — 241KB
• mpti20240813_10q_htm.xml (XML) — 613KB

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 6 Notes to Condensed Consolidated Financial Statements 7 1. Background and Description of Business 7 2. Summary of Significant Accounting Policies 7 3. Related Party Transactions 9 4. Income Taxes 10 5. Revolving Credit Agreement 10 6. Stockholders' Equity 10 7. Earnings per Share ("EPS") 11 8. Commitments and Contingencies 11 9 Other Financial Statement Information 11 10. Domestic and Foreign Revenues 12 11. Subsequent Events 12 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 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 19 Item 5. Other Information 19 Item 6. Exhibits 19

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 June 30, Six Months Ended June 30, (in thousands, except share data) 2024 2023 2024 2023 Revenues $ 11,808 $ 10,140 $ 22,993 $ 19,507 Costs and expenses: Manufacturing cost of sales 6,307 5,921 12,713 12,092 Engineering, selling and administrative 3,394 2,654 6,384 5,089 Total costs and expenses 9,701 8,575 19,097 17,181 Operating income 2,107 1,565 3,896 2,326 Other income (expense): Interest income (expense), net 44 ( 5 ) 76 ( 7 ) Other (expense) income, net ( 5 ) 22 37 ( 18 ) Total other income (expense), net 39 17 113 ( 25 ) Income before income taxes 2,146 1,582 4,009 2,301 Income tax expense 402 305 779 471 Net income $ 1,744 $ 1,277 $ 3,230 $ 1,830 Income per common share: Basic $ 0.64 $ 0.47 $ 1.19 $ 0.68 Diluted $ 0.63 $ 0.47 $ 1.16 $ 0.68 Weighted average shares outstanding: Basic 2,728,599 2,697,696 2,723,293 2,688,065 Diluted 2,779,802 2,711,266 2,783,739 2,709,578 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) June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 6,501 $ 3,913 Accounts receivable, net of reserves of $ 163 and $ 141 , respectively 5,180 4,802 Inventories, net 9,341 8,884 Prepaid expenses and other current assets 640 588 Total current assets 21,662 18,187 Property, plant and equipment, net 4,687 4,131 Right-of-use lease asset 43 97 Intangible assets, net 40 45 Deferred income tax asset 1,943 1,835 Other assets 7 10 Total assets $ 28,382 $ 24,305 Liabilities: Current liabilities: Accounts payable $ 1,442 $ 1,300 Accrued compensation and commissions 2,286 2,196 Other accrued expenses 985 611

View Full Filing

View this 10-Q filing on SEC EDGAR