Butler National Corp (OTC: BUKS) is a diversified aerospace and gaming management company that designs, manufactures, and services aircraft modifications while managing a state-licensed casino facility. Revenue comes from two segments: Aerospace Products, which generates sales from FAA-approved structural modifications, avionics integration, defense articles, and repair station services; and Professional Services, which earns management fees from operating the Boot Hill Casino and Resort in Dodge City, Kansas under contract with the Kansas Lottery. Total fiscal 2025 revenue increased 7% to $84.0 million (FY2025, ended April 30, 2025). The Aerospace Products segment focuses on Learjet, Textron Beechcraft King Air, and Textron Cessna turboprop platforms. Professional Services also includes a DraftKings-branded sportsbook that opened February 28, 2023, operated under a provider contract with DraftKings. Headquarters are at One Aero Plaza, New Century, Kansas, with additional facilities in Tempe, Arizona; Excelsior Springs, Missouri; and Newton, Kansas. As of April 30, 2025, the company employed 144 full-time and 3 part-time staff outside gaming, plus 192 full-time and 44 part-time staff at Boot Hill.

Revenue model

Transactional revenue from aircraft modification and repair services, product sales of FAA-certified Supplemental Type Certificates (STCs) and defense articles in the Aerospace Products segment; management fee revenue from operating Boot Hill Casino and Resort under a Kansas Lottery gaming facility management contract, plus sports wagering revenue via DraftKings partnership in the Professional Services segment.

Products and services

Aerospace Products: FAA-approved STC aircraft modifications, aerial surveillance products, navigation and flight display installations, aerodynamic enhancement products, crew workstations, range extension products, avionics integration, aerostructure manufacturing, defense-related articles, and FAA Repair Station services. Professional Services: casino management (approximately 500 slot machines, 15 table games, restaurant) at Boot Hill Casino and Resort; DraftKings-branded sportsbook and interactive mobile sports wagering platform.

Customers and end markets

Aerospace customers operate Learjet, Textron Beechcraft King Air, and Textron Cessna turboprop aircraft; end markets include business aviation, defense, and government surveillance. Gaming patrons at Boot Hill Casino and Resort in Dodge City, Kansas; sports wagering customers via DraftKings mobile platform across Kansas.

Value-chain role

Vertically integrated in aerospace: designs, engineers, manufactures, certifies (FAA STCs), installs, and repairs aircraft modifications. In gaming: acts as third-party management contractor for the Kansas Lottery, which owns and operates all games and equipment; Butler National provides operational management and marketing.

Geographic exposure

Primarily domestic U.S. Aerospace operations in Kansas (New Century and Newton), Arizona (Tempe), and Missouri (Excelsior Springs). Gaming operations in Dodge City, Kansas. Aerospace products marketed in domestic and international markets per FY2025 10-K.

Source: SEC 10-K, filed 2025-07-03

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