Nortech Systems Incorporated (NASDAQ: NSYS) is an electronics manufacturing services (EMS) company that designs and manufactures complex electromedical devices, electromechanical systems, wire and cable assemblies, printed circuit board assemblies, and higher-level box builds for customers in medical, industrial, and aerospace markets. Revenue is transactional, generated by contract manufacturing and value-added engineering services including design, prototyping, testing, supply chain management, and post-market support. Headquartered in Maple Grove, Minnesota and organized in 1990, the company operates manufacturing facilities in Minnesota, Monterrey (Mexico), and Suzhou (China). Total net sales were $118.4 million for the year ended December 31, 2025, down from $128.1 million in FY2024. One customer accounted for 32.2% of net sales in FY2025, a material concentration risk. The company does not pay dividends and reported a net loss of $252 thousand ($0.09 per diluted share) in FY2025. As of March 12, 2026, there were 563 shareholders of record.

Revenue model

Contract manufacturing and engineering services billed on a transactional basis. Customers pay for design, prototyping, production, supply chain management, and post-market services. Revenue is recognized by end market: Medical Imaging ($40.0M, 33.8% of FY2025 net sales), Medical Device ($31.9M, 27.0%), Industrial ($30.9M, 26.1%), and Aerospace and Defense ($15.5M, 13.1%), per the 10-K filed 2026-03-26.

Products and services

Complex electromedical devices, electromechanical assemblies, wire and cable assemblies, printed circuit board assemblies, higher-level assemblies and box builds. Engineering services include design for manufacturing, testing, prototyping, project management, supply chain management, and post-market support. The company has also invested in fiber optic technologies as a component offering.

Customers and end markets

End markets are medical imaging, medical devices, industrial, and aerospace and defense. One unnamed customer represented 32.2% of net sales in FY2025 and 27.7% in FY2024. Customer base is described as broad but with material concentration at the top. As of March 12, 2026, there were 563 shareholders of record.

Value-chain role

Outsourced electronics manufacturer sitting between component suppliers and original equipment manufacturers (OEMs). Provides full-service contract manufacturing from design through post-market support, positioning as a solution-based partner rather than a commodity assembler.

Geographic exposure

Manufacturing facilities in Minnesota (United States), Monterrey (Mexico), and Suzhou (China), as of December 31, 2025. Corporate headquarters in Maple Grove, Minnesota, with a lease expiring August 2033.

Source: SEC 10-K, filed 2026-03-26

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