M-tron Industries (MPTI) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and FY 2025 results, with revenue up 11.2% year-over-year to $54.4 million, driven by defense and commercial avionics demand.

• Net income for FY 2025 was $8.4 million, or $2.62 per diluted share, compared to $7.6 million, or $2.65 per diluted share, in 2024.

• Backlog surged 62% year-over-year to $76.4 million as of December 31, 2025, driven by multi-year orders and strong demand in defense and avionics.

• Strategic investments in R&D, production upgrades, and partnerships to support future growth.

• Positioned for further expansion in defense, radar, and electronic warfare markets.

Financial highlights

• Q4 2025 revenue: $14.2 million, up 11.2% year-over-year.

• Q4 gross margin: 46.9% (vs. 47.2% prior year), impacted by tariffs and product mix.

• Q4 net income per diluted share: $0.99 (vs. $0.73 prior year).

• Q4 adjusted EBITDA: $4.5 million, up 46.8% year-over-year.

• FY 2025 gross margin: 44.4% (vs. 46.2% in 2024), affected by tariffs and new product mix.

• FY 2025 adjusted EBITDA: $12.6 million, up 12.9% year-over-year.

Outlook and guidance

• Anticipates strong growth in radar and electronic warfare for 2026 and 2027.

• Expects continued demand from commercial avionics as Boeing and Airbus ramp production.

• Slightly more favorable tariff environment expected in 2026, with gross margin improvement possible.

• Backlog growth driven by defense, aerospace, and avionics; space sector opportunities expected to increase by 2027-2028.

• Management highlighted robust backlog extending through 2028, supporting future revenue growth.