$MPTI
M-Tron Industries Inc

2024 Q3 Form 10-Q Financial Statement

#000143774924026572 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $11.81M
YoY Change 16.45%
Cost Of Revenue $6.307M
YoY Change 6.52%
Gross Profit $5.501M
YoY Change 30.39%
Gross Profit Margin 46.59%
Selling, General & Admin $2.712M
YoY Change 27.98%
% of Gross Profit 49.3%
Research & Development $682.0K
YoY Change 27.48%
% of Gross Profit 12.4%
Depreciation & Amortization $220.0K
YoY Change 7.84%
% of Gross Profit 4.0%
Operating Expenses $682.0K
YoY Change -74.3%
Operating Profit $2.107M
YoY Change 34.63%
Interest Expense $44.00K
YoY Change -980.0%
% of Operating Profit 2.09%
Other Income/Expense, Net $39.00K
YoY Change 129.41%
Pretax Income $2.146M
YoY Change 35.65%
Income Tax $402.0K
% Of Pretax Income 18.73%
Net Earnings $1.744M
YoY Change 36.57%
Net Earnings / Revenue 14.77%
Basic Earnings Per Share $0.64
Diluted Earnings Per Share $0.63
COMMON SHARES
Basic Shares Outstanding 2.809M 2.799M
Diluted Shares Outstanding 2.780M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.501M
YoY Change 392.13%
Cash & Equivalents $6.501M
Short-Term Investments
Other Short-Term Assets $640.0K
YoY Change 95.72%
Inventory $9.341M
Prepaid Expenses
Receivables $5.180M
Other Receivables $0.00
Total Short-Term Assets $21.66M
YoY Change 34.5%
LONG-TERM ASSETS
Property, Plant & Equipment $4.687M
YoY Change 31.51%
Goodwill $40.00K
YoY Change
Intangibles $40.00K
YoY Change -43.66%
Long-Term Investments
YoY Change
Other Assets $7.000K
YoY Change -46.15%
Total Long-Term Assets $6.720M
YoY Change 40.32%
TOTAL ASSETS
Total Short-Term Assets $21.66M
Total Long-Term Assets $6.720M
Total Assets $28.38M
YoY Change 35.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.442M
YoY Change -20.38%
Accrued Expenses $3.271M
YoY Change 41.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.713M
YoY Change -1.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $9.000K
YoY Change -78.57%
Total Long-Term Liabilities $9.000K
YoY Change -78.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.713M
Total Long-Term Liabilities $9.000K
Total Liabilities $4.722M
YoY Change -1.91%
SHAREHOLDERS EQUITY
Retained Earnings $6.931M
YoY Change 239.42%
Common Stock $16.73M
YoY Change 19.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.66M
YoY Change
Total Liabilities & Shareholders Equity $28.38M
YoY Change 35.83%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.744M
YoY Change 36.57%
Depreciation, Depletion And Amortization $220.0K
YoY Change 7.84%
Cash From Operating Activities $1.960M
YoY Change 292.0%
INVESTING ACTIVITIES
Capital Expenditures $873.0K
YoY Change 289.73%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$873.0K
YoY Change 289.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.960M
Cash From Investing Activities -873.0K
Cash From Financing Activities 0.000
Net Change In Cash 1.087M
YoY Change 460.31%
FREE CASH FLOW
Cash From Operating Activities $1.960M
Capital Expenditures $873.0K
Free Cash Flow $1.087M
YoY Change 293.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
302000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-995000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-302000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
-0 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
82000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
127000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
127000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-82000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2588000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
395000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3913000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
926000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6501000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1321000 usd
us-gaap Interest Paid Net
InterestPaidNet
5000 usd
us-gaap Interest Paid Net
InterestPaidNet
7000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1275000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
97000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
CY2024Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
682000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1315000 usd
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
535000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1064000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Concentration Risks</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2024</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $4,452, or 37.7%, and $2,216, or 18.8%, of the Company's Revenues, respectively. For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2023</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $2,723, or 26.9%, and $1,662, or 16.4%, of the Company’s Revenues, respectively.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $9,327, or 40.6%, and $4,419, or 19.2%, of the Company's Revenues, respectively. For the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2023</em>, the Company's largest and <em style="font: inherit;">second</em> largest customers accounted for $5,057, or 25.9%, and $2,671, or 13.7%, of the Company's Revenues, respectively.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of <em style="font: inherit;"> June 30, 2024</em>, the Company's <span style="-sec-ix-hidden:c116309268">four</span> largest customers accounted for approximately $2,972, or 55.6%, of gross accounts receivable. As of <em style="font: inherit;"> December 31, 2023</em>, <span style="-sec-ix-hidden:c116309271">four</span> of the Company's largest customers accounted for approximately $3,774, or 76.4%, of gross accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit. As a result, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q2 mpti Investment Expense Rate
InvestmentExpenseRate
0.0008 pure
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.187 pure
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.194 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205 pure
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
1744000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1277000 usd
us-gaap Net Income Loss
NetIncomeLoss
3230000 usd
us-gaap Net Income Loss
NetIncomeLoss
1830000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2728599
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2697696
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2723293
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2688065
CY2024Q2 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
CY2023Q2 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
107
mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
CY2024Q2 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
51203
CY2023Q2 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
13570
mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
60339
mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
21513
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2779802
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2711266
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2783739
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2709578
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.68
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
4504000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4368000 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
4484000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4150000 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1756000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1634000 usd
CY2024Q2 us-gaap Inventory Gross
InventoryGross
10744000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
10152000 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1403000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1268000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
9341000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8884000 usd
CY2024Q2 us-gaap Land
Land
536000 usd
CY2023Q4 us-gaap Land
Land
536000 usd
CY2024Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5321000 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5216000 usd
CY2024Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
20936000 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
20046000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26793000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25798000 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22106000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21667000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4687000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4131000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
40000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
40000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1266000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1266000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1226000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1221000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45000 usd

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