$MPTI
M-tron Industries, Inc.

2024 Q4 Form 10-Q Financial Statement

#000143774924034901 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $13.21M $10.89M
YoY Change 21.36% 29.36%
Cost Of Revenue $6.230M
YoY Change
Gross Profit $4.658M
YoY Change
Gross Profit Margin 42.78%
Selling, General & Admin $2.625M
YoY Change
% of Gross Profit 56.35%
Research & Development $714.0K $566.0K
YoY Change 26.15%
% of Gross Profit 12.15%
Depreciation & Amortization $205.0K
YoY Change 10.22%
% of Gross Profit 4.4%
Operating Expenses $714.0K $2.625M
YoY Change -72.8% -66.29%
Operating Profit $2.921M $2.033M
YoY Change 43.68% 222.7%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $87.00K $13.00K
YoY Change 569.23% -181.25%
Pretax Income $3.008M $2.046M
YoY Change 47.02% 233.22%
Income Tax $741.0K $460.0K
% Of Pretax Income 24.63% 22.48%
Net Earnings $2.267M $1.586M
YoY Change 42.94% 215.31%
Net Earnings / Revenue 17.16% 14.57%
Basic Earnings Per Share $0.82 $0.59
Diluted Earnings Per Share $0.81 $0.57
COMMON SHARES
Basic Shares Outstanding 2.866M 2.809M 2.727M
Diluted Shares Outstanding 2.801M 2.760M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.552M
YoY Change 216.63%
Cash & Equivalents $8.490M $2.552M
Short-Term Investments
Other Short-Term Assets $419.0K
YoY Change 195.07%
Inventory $9.553M $8.962M
Prepaid Expenses
Receivables $6.058M $5.031M
Other Receivables $0.00
Total Short-Term Assets $24.66M $16.96M
YoY Change 45.34% 24.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.887M $3.635M
YoY Change 34.44% 2.14%
Goodwill $40.00K
YoY Change
Intangibles $40.00K $58.00K
YoY Change -31.03%
Long-Term Investments
YoY Change
Other Assets $7.000K $12.00K
YoY Change -41.67% -33.33%
Total Long-Term Assets $6.860M $4.821M
YoY Change 42.29% -52.73%
TOTAL ASSETS
Total Short-Term Assets $24.66M $16.96M
Total Long-Term Assets $6.860M $4.821M
Total Assets $31.52M $21.79M
YoY Change 44.67% -8.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.225M $1.418M
YoY Change -13.61% -52.34%
Accrued Expenses $2.471M
YoY Change 47.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.287M $3.992M
YoY Change 32.44% -15.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $40.00K
YoY Change -56.04%
Total Long-Term Liabilities $40.00K
YoY Change -56.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.287M $3.992M
Total Long-Term Liabilities $40.00K
Total Liabilities $5.296M $4.032M
YoY Change 31.35% -16.3%
SHAREHOLDERS EQUITY
Retained Earnings $9.198M $3.628M
YoY Change 153.53%
Common Stock $17.02M $14.13M
YoY Change 20.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.22M $17.75M
YoY Change
Total Liabilities & Shareholders Equity $31.52M $21.79M
YoY Change 44.67% -8.39%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $2.267M $1.586M
YoY Change 42.94% 215.31%
Depreciation, Depletion And Amortization $205.0K
YoY Change 10.22%
Cash From Operating Activities $1.494M
YoY Change 519.92%
INVESTING ACTIVITIES
Capital Expenditures $263.0K
YoY Change -198.13%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$263.0K
YoY Change -1.87%
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 1.494M
Cash From Investing Activities -263.0K
Cash From Financing Activities 0.000
Net Change In Cash 1.231M
YoY Change -514.48%
FREE CASH FLOW
Cash From Operating Activities $1.494M
Capital Expenditures $263.0K
Free Cash Flow $1.231M
YoY Change 141.85%

Facts In Submission

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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-1143000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5707000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2273000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1473000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
565000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1473000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-565000 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
343000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
343000 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
4577000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1626000 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8490000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2552000 usd
us-gaap Interest Paid Net
InterestPaidNet
7000 usd
us-gaap Interest Paid Net
InterestPaidNet
14000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1296000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1032000 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>
CY2024Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
714000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2029000 usd
CY2023Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
566000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1630000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Concentration Risks</i></b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">For the three months ended September 30, 2024, the Company's largest and second largest customers accounted for $4,481, or 33.9%, and $2,582, or 19.5%, of the Company's Revenues, respectively. For the three months ended September 30, 2023, the Company's largest and second largest customers accounted for $3,738, or 34.3%, and $2,796, or 25.7%, of the Company’s Revenues, respectively.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">For the nine months ended September 30, 2024, the Company's largest and second largest customers accounted for $13,808, or 38.1%, and $7,001, or 19.3%, of the Company's Revenues, respectively. For the nine months ended September 30, 2023, the Company's largest and second largest customers accounted for $8,795, or 28.9%, and $5,467, or 18.0%, of the Company's Revenues, respectively.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </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 September 30, 2024, the Company's <span style="-sec-ix-hidden:c120797343">four</span> largest customers accounted for approximately $4,268, or 68.6%, of gross accounts receivable. As of December 31, 2023, <span style="-sec-ix-hidden:c120797346">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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
CY2024Q3 mpti Investment Expense Rate
InvestmentExpenseRate
0.0008 pure
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246 pure
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.225 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
2267000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
1586000 usd
us-gaap Net Income Loss
NetIncomeLoss
5497000 usd
us-gaap Net Income Loss
NetIncomeLoss
3416000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2751924
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2703840
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2729803
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2693400
CY2024Q3 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
0
CY2023Q3 mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
9710
mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
71
mpti Incremental Common Shares Attributable To Dilutive Effect Of Stock Options
IncrementalCommonSharesAttributableToDilutiveEffectOfStockOptions
9710
CY2024Q3 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
48896
CY2023Q3 mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
46230
mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
58172
mpti Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStock
36709
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2800820
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2759780
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2788046
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2739819
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.27
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.25
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
4574000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4368000 usd
CY2024Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4737000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4150000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1701000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1634000 usd
CY2024Q3 us-gaap Inventory Gross
InventoryGross
11012000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
10152000 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1459000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1268000 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
9553000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8884000 usd
CY2024Q3 us-gaap Land
Land
536000 usd
CY2023Q4 us-gaap Land
Land
536000 usd
CY2024Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5321000 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5216000 usd
CY2024Q3 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
21414000 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
20046000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27271000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25798000 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22384000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21667000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4887000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4131000 usd
CY2024Q3 us-gaap Goodwill
Goodwill
40000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
40000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1266000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1266000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1226000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1221000 usd
CY2024Q3 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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