On this page of StockholderLetter.com we present the latest annual shareholder letter from M-tron Industries, Inc. — ticker symbol MPTI. Reading current and past MPTI letters to shareholders can bring important insights into the investment thesis.
202 5 Annual Report
M-tron Industries, Inc. Since 1965 M-tron Industries, Inc. ( Mtron ) offers a wide range of precision frequency control and spectrum control solutions including: radio frequency ( RF ) microwave and millimeter wave filters; cavity, crystal, ceramic, lumped element and switched filters; high performance and high frequency oven-controlled crystal oscillators ( OCXO ); integrated phase-locked loops ( PLL ) OCXOs, temperature-compensated crystal oscillators ( TCXO ), voltage-controlled crystal oscillators ( VCXO ), low jitter and harsh environment oscillators; crystal resonators; Integrated Microwave Assemblies ( IMA ); and state-of-the-art solid state power amplifier products. Vertically integrated with complete control of basic material science, design and manufacturing, Mtron provides solutions for high reliability, high performance communication and control, satellite communications, radar and electronic warfare, guided munitions, test and measurement, computers, servers and networks and energy management applications. Mtron is based in Orlando, Florida, with design, sales and manufacturing facilities in North America, India, and Asia. Mtron shares are traded on the NYSE American under the symbol MPTI.
LETTER TO STOCKHOLDERS Dear Mtron Stockholder: In 2025, we continued to build momentum across our business, delivering robust revenue growth while advancing key strategic initiatives. Although the year presented challenges, most notably volatile tariffs on certain products that pressured our cost structure and margins, our team demonstrated resilience and disciplined execution. We achieved outstanding financial results, including record bookings, revenues, and gross profit. These accomplishments reflect solid underlying demand and the continued expansion of our operations, and they reinforce our confidence in our ability to drive sustainable long-term earnings growth and stockholder value. 2025 Highlights Mtron achieved robust growth in 2025, marked by an 11.0% increase in revenue. The end markets for our products remain strong, with the aerospace and defense, avionics and industrials sectors driving the most growth in 2025. Bookings were at an all-time high in 2025, with backlog growing significantly to a record $76.4 million as of December 31, 2025, a 62.0% increase from 2024. In 2025, we delivered exceptional gross margins. Overall, gross profit exceeded 2024 and, while our margin decreased slightly from our record setting year in 2024, our performance improved significantly throughout the year, largely due to the impact of global tariffs and some product mix. Furthermore, our new product development engine focused on market driven applications, with 30.0% of our total 2025 revenue coming from products launched within the previous 4 years. We continue to invest in expanding our engineering resources and capabilities and this is paying off in increased orders for new programs We also delivered strong shareholder returns through December 31, 2025 with a 9.9% appreciation in our share price. Diluted earnings per share decreased slightly from $2.65 per share in fiscal year 2024 to $2.62 per share in fiscal year 2025, primarily due to the increased share count resulting from the warrant dividend program.
LETTER TO STOCKHOLDERS Delivering Value to Stockholders During the past year, we made important progress generating operating cash flow, strengthening our balance sheet, and deepening the alignment between Mtron and our stockholders. In January 2026, we successfully completed the exercise of our dividend of warrants distributed in April 2025. Participation was strong, with 80.8% of the warrants exercised through the basic subscription privilege, resulting in the issuance of 470,205 shares of common stock. Warrant holders also utilized the over-subscription privilege, through which the remaining 112,028 allocated shares were issued. In total, the warrant exercise generated approximately $27.7 million in gross proceeds, strengthening our balance sheet and providing additional capital to support our strategic priorities. Building on this momentum and the rapidly changing dynamics of our industry, we completed a rights offering in April 2026, which generated approximately $42.1 million in gross proceeds and resulted in the issuance of 713,362 shares of common stock. We are grateful for the continued support from our stockholders who participated in these offerings, reflecting their confidence in our strategy and long-term outlook. This financing significantly strengthens Mtron s ability to execute and our competitive position as we bid for large, long-term contracts with substantial ramp rates to support U.S. and allied defense force requirements. 2026 and Beyond In 2026, our highest priority remains sustainable growth of our earnings, which requires continued revenue growth coupled with a focus on improving efficiency. The year has begun well, with increased demand for key products and tailwinds developing in several end markets. To complement our organic growth, we continue to evaluate opportunities to deploy our capital for the benefit of shareholders. The current aerospace and defense market is rich with opportunity and dynamic change. Mtron is pursuing a three-pronged approach to value creation, focused on the following strategies for deploying capital and making use of our stock: 1) accretive acquisitions of component, subsystem and solutions companies in the aerospace and defense space; 2) transformative opportunities primarily via corporate divestitures and spin-outs; and 3) strategic investments in both public and private entities. Central to this strategy is the use of our collective expertise and deep domain knowledge. By pursuing value-accretive transactions, we aim to further strengthen our capabilities by broadening our product portfolio, expanding into new markets, and increasing earnings.
LETTER TO STOCKHOLDERS We are deeply grateful for the dedication and hard work of our Mtron colleagues around the world, as well as the continued guidance and support of our Board of Directors. We are pleased that our ability to deliver critical components and solutions continues to be recognized by our customers. We remain fully committed to serving our communities and our employees, confident that successfully fulfilling these responsibilities will drive sustainable long-term value and strong returns for our shareholders. As we enter our fourth full year as an independent publicly traded company, we are highly optimistic about the future, and we believe we are well positioned to continue to deliver long-term growth and value creation for our stockholders. Sincerely, Cameron Pforr Chief Executive Officer / Chief Financial Officer Bel Lazar Co-Chairman Marc Gabelli Co-Chairman
 • shareholder letter icon 5/13/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/30/2025 MPTI Stockholder Letter
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 • Benford's Law Stocks icon MPTI Benford's Law Stock Score = 94


MPTI Shareholder/Stockholder Letter Transcript:

202 5 Annual Report

M-tron Industries, Inc.     Since 1965
M-tron Industries, Inc. (   Mtron   ) offers a wide range of precision frequency control and
spectrum control solutions including: radio frequency (   RF   ) microwave and millimeter
wave filters; cavity, crystal, ceramic, lumped element and switched filters; high
performance and high frequency oven-controlled crystal oscillators (   OCXO   ); integrated
phase-locked loops (   PLL   ) OCXOs, temperature-compensated crystal oscillators
(   TCXO   ), voltage-controlled crystal oscillators (   VCXO   ), low jitter and harsh
environment oscillators; crystal resonators; Integrated Microwave Assemblies (   IMA   );
and state-of-the-art solid state power amplifier products.
Vertically integrated with complete control of basic material science, design and
manufacturing, Mtron provides solutions for high reliability, high performance
communication and control, satellite communications, radar and electronic warfare,
guided munitions, test and measurement, computers, servers and networks and energy
management applications.
Mtron is based in Orlando, Florida, with design, sales and manufacturing facilities in
North America, India, and Asia.
Mtron shares are traded on the NYSE American under the symbol    MPTI.   

LETTER TO STOCKHOLDERS
Dear Mtron Stockholder:
In 2025, we continued to build momentum across our business, delivering robust
revenue growth while advancing key strategic initiatives. Although the year presented
challenges, most notably volatile tariffs on certain products that pressured our cost
structure and margins, our team demonstrated resilience and disciplined execution. We
achieved outstanding financial results, including record bookings, revenues, and gross
profit. These accomplishments reflect solid underlying demand and the continued
expansion of our operations, and they reinforce our confidence in our ability to drive
sustainable long-term earnings growth and stockholder value.
2025 Highlights
Mtron achieved robust growth in 2025, marked by an 11.0% increase in revenue. The
end markets for our products remain strong, with the aerospace and defense, avionics
and industrials sectors driving the most growth in 2025. Bookings were at an all-time
high in 2025, with backlog growing significantly to a record $76.4 million as of
December 31, 2025, a 62.0% increase from 2024.
In 2025, we delivered exceptional gross margins. Overall, gross profit exceeded 2024
and, while our margin decreased slightly from our record setting year in 2024, our
performance improved significantly throughout the year, largely due to the impact of
global tariffs and some product mix.
Furthermore, our new product development engine focused on market driven
applications, with 30.0% of our total 2025 revenue coming from products launched
within the previous 4 years. We continue to invest in expanding our engineering
resources and capabilities and this is paying off in increased orders for new programs
We also delivered strong shareholder returns through December 31, 2025 with a 9.9%
appreciation in our share price. Diluted earnings per share decreased slightly from
$2.65 per share in fiscal year 2024 to $2.62 per share in fiscal year 2025, primarily due
to the increased share count resulting from the warrant dividend program.

LETTER TO STOCKHOLDERS
Delivering Value to Stockholders
During the past year, we made important progress generating operating cash flow,
strengthening our balance sheet, and deepening the alignment between Mtron and our
stockholders.
In January 2026, we successfully completed the exercise of our dividend of warrants
distributed in April 2025. Participation was strong, with 80.8% of the warrants exercised
through the basic subscription privilege, resulting in the issuance of 470,205 shares of
common stock. Warrant holders also utilized the over-subscription privilege, through
which the remaining 112,028 allocated shares were issued. In total, the warrant
exercise generated approximately $27.7 million in gross proceeds, strengthening our
balance sheet and providing additional capital to support our strategic priorities.
Building on this momentum and the rapidly changing dynamics of our industry, we
completed a rights offering in April 2026, which generated approximately $42.1 million in
gross proceeds and resulted in the issuance of 713,362 shares of common stock. We
are grateful for the continued support from our stockholders who participated in these
offerings, reflecting their confidence in our strategy and long-term outlook. This
financing significantly strengthens Mtron   s ability to execute and our competitive position
as we bid for large, long-term contracts with substantial ramp rates to support U.S. and
allied defense force requirements.
2026 and Beyond
In 2026, our highest priority remains sustainable growth of our earnings, which requires
continued revenue growth coupled with a focus on improving efficiency. The year has
begun well, with increased demand for key products and tailwinds developing in several
end markets.
To complement our organic growth, we continue to evaluate opportunities to deploy our
capital for the benefit of shareholders. The current aerospace and defense market is
rich with opportunity and dynamic change. Mtron is pursuing a three-pronged approach
to value creation, focused on the following strategies for deploying capital and making
use of our stock: 1) accretive acquisitions of component, subsystem and solutions
companies in the aerospace and defense space; 2) transformative opportunities
primarily via corporate divestitures and spin-outs; and 3) strategic investments in both
public and private entities. Central to this strategy is the use of our collective expertise
and deep domain knowledge. By pursuing value-accretive transactions, we aim to
further strengthen our capabilities by broadening our product portfolio, expanding into
new markets, and increasing earnings.



LETTER TO STOCKHOLDERS
We are deeply grateful for the dedication and hard work of our Mtron colleagues around
the world, as well as the continued guidance and support of our Board of Directors. We
are pleased that our ability to deliver critical components and solutions continues to be
recognized by our customers.
We remain fully committed to serving our communities and our employees, confident
that successfully fulfilling these responsibilities will drive sustainable long-term value
and strong returns for our shareholders.
As we enter our fourth full year as an independent publicly traded company, we are
highly optimistic about the future, and we believe we are well positioned to continue to
deliver long-term growth and value creation for our stockholders.
Sincerely,
Cameron Pforr
Chief Executive Officer /
Chief Financial Officer
Bel Lazar
Co-Chairman
Marc Gabelli
Co-Chairman


shareholder letter icon 5/13/2026 Letter Continued (Full PDF)
 

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