M-Tron Industries Inc (MPTI) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the M-Tron earnings call for the third quarter of 2025. (Operator Instructions)

感謝您的耐心等待。我叫傑伊，今天我將擔任你們的會議接線生。在此，我謹代表 M-Tron 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Linda Biles, EVP of Finance. You may begin.

現在我將把會議交給財務執行副總裁琳達·比爾斯。你可以開始了。

Good morning, everyone. Thank you for joining our 2025 M-Tron Q3 earnings call. Please note that this call will be recorded, and we will make the recording available on our Investor Relations website, www.mtron.com shortly after the call.

各位早安。感謝您參加我們2025年M-Tron第三季財報電話會議。請注意，本次電話會議將被錄音，會議結束後不久，我們將在投資者關係網站 www.mtron.com 上提供錄音。

Yesterday afternoon, we released our earnings for the third fiscal quarter of 2025. Before getting underway, we are required to advise you that the following discussion should be taken in conjunction with our most recent financial statements and notes as contained within our 2024 10-K which was filed on March 27, 2025, with the SEC.

昨天下午，我們發布了 2025 財年第三季的財報。在開始之前，我們必須告知您，以下討論應結合我們最新的財務報表和附註進行，這些報表和附註包含在我們於 2025 年 3 月 27 日向美國證券交易委員會提交的 2024 年 10-K 表格中。

This discussion may contain forward-looking statements within the meaning of 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements contain known and unknown risks and uncertainties, which are detailed in our filings within the SEC. Although the company believes that the forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there are no assurances that the company's actual results will not differ materially from any result expressed or implied by the company's forward-looking statements.

本討論可能包含 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條所指的前瞻性陳述。這些前瞻性聲明包含已知和未知的風險和不確定性，這些風險和不確定性已在提交給美國證券交易委員會的文件中詳細說明。儘管本公司認為這些前瞻性聲明是基於對其業務和未來市場狀況的合理假設，但不能保證公司的實際業績不會與公司前瞻性聲明中明示或暗示的任何業績有重大差異。

The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as the result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。讀者請注意，任何前瞻性陳述均不構成對未來績效的保證。

With that, I will now turn the call over to our CEO, Cameron Pforr.

接下來，我將把電話交給我們的執行長卡梅倫·普福爾。

Thank you, Linda. Good morning, everyone. Thank you for attending our third-quarter FY 2025 earnings call.

謝謝你，琳達。各位早安。感謝您參加我們2025財年第三季財報電話會議。

We are pleased to discuss our strong results for the first nine months of the fiscal year and our outlook going forward. As a reminder, M-Tron designs and manufactures highly engineered RF solutions, including electronic components and subassemblies used to control the frequency and timing of signals and electronic circuits.

我們很高興與大家分享本財年前九個月的強勁業績以及我們對未來的展望。再次提醒，M-Tron 設計和製造高度工程化的射頻解決方案，包括用於控制訊號和電子電路的頻率和時間的電子元件和子組件。

We're a global company with three manufacturing sites in the United States and in India. The company's primary markets include aerospace and defense, commercial avionics, space and industrials. We're pleased to report that the company continued to perform well with continued strength in M-Tron Q3 sales and backlog.

我們是一家全球性公司，在美國和印度設有三個生產基地。該公司的主要市場包括航空航太和國防、商用航空電子設備、航太和工業領域。我們很高興地報告，公司業績持續保持良好勢頭，M-Tron 第三季銷售額和積壓訂單持續強勁成長。

Our revenues continue to be driven by defense-related orders. However, we did see some growth this quarter in other areas as well. With consistent operating performance, we have been able to continue to make strategic investments in research and development and continue to improve the market profile of the company and prime to pump for future growth.

我們的收入仍主要來自國防相關訂單。不過，本季我們在其他領域也看到了一些成長。憑藉著穩定的經營業績，我們得以持續對研發進行策略性投資，不斷提升公司的市場形象，為未來的成長奠定基礎。

Yesterday, we reported the following Q3 2025 results. The total revenues for the third quarter was $14.2 million, which was a 7.2% increase over the $13.2 million for the third quarter in 2024. This increase was primarily due to strong growth in avionics, space and industrial product shipments. Gross margins for the third quarter were 44.3% compared with the elevated 47.8% gross margins in Q3 2024. The decrease was primarily due to product mix and also higher tariff-related costs, which we've discussed in the past.

昨天，我們公佈了以下 2025 年第三季業績。第三季總營收為 1,420 萬美元，比 2024 年第三季的 1,320 萬美元成長了 7.2%。這一成長主要歸功於航空電子產品、航太產品和工業產品出貨量的強勁成長。第三季的毛利率為 44.3%，而 2024 年第三季的毛利率則高達 47.8%。下降的主要原因是產品組合變化以及關稅相關成本上升，我們之前已經討論過這個問題。

Net income for the quarter was $1.8 million or $0.63 per diluted share compared with $2.3 million or $0.81 per diluted share for the three months ended September 30, 2024. This decrease was primarily due to a large reversal of a deferred tax asset called for by the tax law changes in The Big Beautiful Bill. That was almost $1 million of expense or a little bit more than $1 million expense plus the P&L, the lower gross margins from the year prior and also slightly higher OpEx expenses consistent with our growth.

本季淨收入為 180 萬美元，即每股攤薄收益 0.63 美元，而截至 2024 年 9 月 30 日的三個月淨收入為 230 萬美元，即每股攤薄收益 0.81 美元。這項減少主要是由於《宏偉法案》中的稅法變更要求大幅沖回遞延所得稅資產。那筆支出接近 100 萬美元，或略高於 100 萬美元，再加上損益表、比前一年較低的毛利率以及與我們成長相符的略高的營運支出。

Adjusted EBITDA was $3.2 million for the three months ended September 30, 2025, compared with $3.3 million for the prior year's September quarter. The slight decrease was primarily due to lower gross margins and a relatively small investment in SG&A. Backlog ended as of September 30, 2025, was $58.8 million, which was an increase of 48% from the $39.8 million for September 30, 2024, and was a 24.5% increase from the end of year December 31, 2024 figure of $47.2 million.

截至 2025 年 9 月 30 日止三個月的調整後 EBITDA 為 320 萬美元，而去年同期為 330 萬美元。略微下降的主要原因是毛利率降低以及銷售、管理及行政費用投入相對較少。截至 2025 年 9 月 30 日，積壓訂單總額為 5,880 萬美元，比 2024 年 9 月 30 日的 3,980 萬美元增加了 48%，比 2024 年 12 月 31 日年底的 4,720 萬美元增長了 24.5%。

The increase in backlog from December reflects robust demand across aerospace and defense programs, new program launches and a recent surge in avionics and space orders.

12 月積壓訂單的增加反映了航空航太和國防項目的強勁需求、新項目的啟動以及近期航空電子設備和航太訂單的激增。

On October 23, 2025, the company announced that the dividend of warrants that granted in April 2025, achieved its early trigger condition and is exercisable through 5:00 PM on December 11, 2025. Five warrants are exercisable to purchase one common share of stock. The strike price is $47.50 per share, and the warrants have an oversubscription feature, which allows warrant holders who have exercised all of their warrants to potentially seek and acquire additional warrants if the offering is undersubscribed.

2025 年 10 月 23 日，該公司宣布，2025 年 4 月授予的認股權證的股息已達到提前觸發條件，可在 2025 年 12 月 11 日下午 5:00 之前行使。五張認股權證可購買一股普通股。行使價格為每股 47.50 美元，認股權證具有超額認購功能，允許已行使所有認股權證的認股權證持有人在認購不足的情況下尋求並獲得額外的認股權證。

Warrant holders are encouraged to review the warrant agreement in the FAQ page on our Investor Relations website, which is ir.mtron.com. We continue to execute on our strategy of continuing and moving into more program business, which now makes up the vast majority of our aerospace and defense revenue. We are involved in over 40 programs of record, and many of these programs are sole-source programs where we stand to reap many benefits as defense spending in the areas we support continue to grow.

我們鼓勵認股權證持有人查閱我們投資者關係網站（ir.mtron.com）常見問題頁面上的認股權證協議。我們將繼續執行我們的策略，不斷拓展並進軍更多專案業務，這些業務目前占我們航空航太和國防收入的絕大部分。我們參與了 40 多個正式項目，其中許多項目都是單一來源項目，隨著我們所支持領域的國防開支持續增長，我們將從中受益匪淺。

Just to give you a little bit of flavor for that. This year, we've had some big wins in EW and radar systems. And that's an area where we expect to double our revenue next year just reflecting those wins and some of the programs moving to higher rates of production. In addition, we've been asked to provide plans to dramatically increase our precision guided munitions production for certain programs as well as a new UAV program, which we're very excited about.

只是為了讓您稍微了解一下情況。今年，我們在電子戰和雷達系統領域取得了一些重大勝利。我們預計明年該領域的收入將翻一番，這主要得益於這些成功案例以及一些專案產量的提高。此外，我們還被要求提供一項計劃，以大幅提高某些項目以及一項新的無人機項目的精確導引武器產量，我們對此感到非常興奮。

We continue to innovate, as evidenced by the high rate of revenue from newly designed products. To give you an example of some of this innovation, we and other vendors in this space produce compensated oscillators, which are used in airframes with a great amount of vibration. So usually a helicopter or fighter aircraft. This compensation is done to reduce the drift of the timer. Traditionally, they were externally compensated and a typical size or a unit like this or a module like this was 16 inches by 16 inches.

我們不斷創新，新設計產品的高收入率就證明了這一點。舉例來說，我們和其他供應商在這個領域生產補償振盪器，這些振盪器用於振動很大的機身。所以通常是直升機或戰鬥機。這樣做是為了減少計時器的漂移。傳統上，它們是外部補償的，典型的尺寸或像這樣的單元或像這樣的模組是 16 英寸乘 16 英寸。

We've developed an internally compensated oscillator, which is a little bit more than two inches by two inches and performs the same function, and we're seeing dramatic demand for this line of products. This type of innovation was really what keeps M-Tron at the fore of the industry. I'd like to thank our dedicated customers for their continued business and partnership and our loyal employees for supporting the company and its mission of serving the nation and its capability to defend freedom.

我們開發了一種內部補償振盪器，它的尺寸略大於兩英寸乘兩英寸，功能相同，我們看到市場對這一系列產品的需求非常旺盛。正是這種創新精神讓 M-Tron 始終處於業界領先地位。我要感謝我們忠實的客戶一直以來的支持與合作，也要感謝我們忠誠的員工對公司及其服務國家、捍衛自由的使命的支持。

M-Tron plays a critical role in the sense of our nation by providing US sourced highly engineered components from any US and allied military programs and having a US-based advanced manufacturing capabilities to support our joint forces is more important than ever.

M-Tron 在我國發揮著至關重要的作用，它為美國及其盟國的任何軍事項目提供美國本土生產的高精尖零件，而擁有美國本土的先進製造能力來支持我們的聯合部隊比以往任何時候都更加重要。

And before I open the floor to questions, I wanted to mention that we will be presenting at the IDEAS conference next week in Dallas, Texas, at the Sidoti Year End Virtual Investor Conference later in December and at the Oppenheimer Conference in February of 2026. Information for these events will be posted on our investor website, and I hope that many of you can join us for some of those presentations and meetings.

在正式開始提問之前，我想提一下，我們將於下週在德克薩斯州達拉斯舉行的 IDEAS 大會上進行演講，12 月下旬在 Sidoti 年終虛擬投資者大會上進行演講，以及 2026 年 2 月在奧本海默大會上進行演講。這些活動的相關資訊將發佈在我們的投資者網站上，我希望你們中的許多人都能參加其中的一些演講和會議。

Operator, can you please open up the line now and allow our first question?

接線員，請現在開通線路，允許我們問第一個問題好嗎？

(Operator Instructions) Anja Soderstrom, Sidoti.

（操作說明）安雅·索德斯特羅姆，西多蒂。

Congrats on the appointment, Cameron.

恭喜你獲得任命，卡梅倫。

Yes. Thank you, Anja.

是的。謝謝你，安雅。

You noted the increased spend on research and development. Is there a specific area you are increasing it within? And can you talk a little bit about what you're doing there?

您注意到研發投入增加。您是在哪個特定區域增加的？您能簡單談談您在那裡從事的工作嗎？

Yes. No, it's really bringing on board design engineers. We've been spending a lot of -- we're a filter and oscillator company, but every type of filter oscillator we build takes some different expertise levels of areas. So that's one area we're trying to hire.

是的。不，其實是要引進設計工程師。我們投入了大量資金——我們是一家濾波器和振盪器公司，但我們製造的每一種濾波器振盪器都需要不同領域的專業知識水平。所以這是我們目前正在努力招募的一個領域。

And this is really something that helps us drive the revenue because we're a very engineering-focused company, and our sales teams really get our engineers engaged very early with our customer prospects to work on a kind of a codeveloped solution. So it's really a hiring.

這確實有助於我們提高收入，因為我們是一家非常注重工程技術的公司，我們的銷售團隊會儘早讓我們的工程師與潛在客戶合作，共同開發解決方案。所以這其實是一次招募。

Okay. And then also, you mentioned industrials have started to pick up for you. What are your sort of main programs there within Industrial?

好的。另外，您也提到工業板塊已經開始好轉。你們工業領域的主要項目有哪些？

Yes. I think the biggest area in the short term, that's an area that we've put in several markets. So test and measurement is one of the bigger ones, oil and gas, like downhole drilling, telecom also fits into that area. But what's been driving as recent was some test and measurement revenues.

是的。我認為短期內最大的挑戰，就是我們在多個市場都投入的領域。因此，測試和測量是其中較大的領域之一，石油和天然氣，如井下鑽探，電信也屬於這一領域。但最近推動成長的主要是測試和測量方面的收入。

Okay. And then you also mentioned the recent search in Avionics. How are you seeing that trending in the fourth quarter?

好的。然後您也提到了最近在航空電子設備領域的搜尋。您認為第四季的發展趨勢如何？

Right. So I kind of mentioned on some earlier calls that we supply through several other primes, really all the Airbus and Boeing aircraft builds. And those are -- those companies have really started reengaging their backlogs are increasing really dramatically, and they're moving towards higher production rates.

正確的。我在之前的幾次電話會議中提到過，我們透過其他幾家主要供應商供貨，實際上涵蓋了所有空中巴士和波音飛機的製造。這些公司已經開始重新投入生產，積壓訂單正在急劇增加，他們正朝著更高的生產力邁進。

We did see orders from Boeing, for example, earlier in the year and maybe earlier than we expected, frankly, just kind of given the events there and the inventory we thought they had. And we did have a big order and a large contract for commercial aircraft earlier in the year, and we're starting to see orders against that contract.

例如，我們確實在今年早些時候看到了來自波音公司的訂單，坦白說，這可能比我們預期的要早，這主要是考慮到當時的情況以及我們認為他們擁有的庫存。今年早些時候，我們確實收到了一份商用飛機的大訂單和大合同，現在我們已經開始看到該合約項下的訂單了。

Okay. And then lastly, we've been talking about tariffs before. But what can you do there to sort of combat that?

好的。最後，我們之前也討論過關稅問題。但是，在那裡你可以做些什麼來對抗這種情況呢？

Yes. That's a great question, and it's kind of an ever-moving target, as most of the people on the line probably figure now at this point in time. We really anticipate probably tariffs remaining in place for the next three years unless Supreme Court takes some action there. So maybe something we have to live at this point. It's costing us about 1% to 1.5% of revenue in terms of the impact on gross margins.

是的。這是一個很好的問題，而且這個問題一直在變化，正如目前大多數參與討論的人可能都意識到的那樣。我們預計，除非最高法院採取行動，否則關稅很可能在未來三年內繼續維持不變。所以，或許這就是我們現在必須接受的現實。從毛利率的角度來看，這將使我們損失約 1% 到 1.5% 的收入。

There are a couple of things we're doing. So one is we're examining the materials that we order what has to be shipped into the country and what can be for certain parts we order can they be shipped directly with customers. So we are making some changes in that regard. We are actively working with our customers to enact a clause of the FAR, which allows us to get tariff relief for defense products that are specifically for US forces that doesn't apply to shipments to other NATO countries.

我們正在做兩件事。所以，一方面，我們正在檢查我們訂購的材料，哪些必須運入國內，哪些可以，以及我們訂購的某些零件是否可以直接運送給客戶。所以我們正在這方面做出一些改變。我們正在積極與客戶合作，以實施聯邦採購條例 (FAR) 中的一項條款，該條款允許我們為專門供美國軍隊使用的國防產品獲得關稅減免，但該減免不適用於向其他北約國家的運輸。

And we've also passed along some tariff charges, and we think that's fair and that's part of our contract. But we are, at this point in time, looking to incorporate tariff charges and much of our pricing for new orders. So that's just a reality.

我們也轉嫁了一些關稅費用，我們認為這很公平，也是我們合約的一部分。但目前，我們正在考慮將關稅費用納入新訂單的大部分定價中。這就是現實。

Okay. And like when would that become effective then? How much longer are we going to have this headwind?

好的。那麼，這項措施何時才能生效呢？這種逆風還要持續多久？

Yes. No, we're -- on the FAR exemptions, that's really just starting to come into effect now just because the way the program is set up, you need to do it on the front end when you're ordering materials for a future shipment. And so for all inventory that we had in stock, we couldn't use that exemption.

是的。不，關於 FAR 豁免，這實際上才剛開始生效，因為該計劃的設置方式是，您需要在為未來的貨物訂購材料時提前進行豁免。因此，對於我們庫存的所有商品，我們都無法使用這項豁免。

But for new orders we are putting that into effect. On pricing, that's something that we're having to factor into our pricing currently.

但對於新訂單，我們正在落實這項規定。關於定價，這是我們目前在定價過程中必須考慮的因素。

Otto Haeg, Farnam Street.

奧托哈格，法納姆街。

Congrats on the appointment. A quick question on the Indiana Microelectronics partnership that you announced. Can you -- how the tunable products, if you will, and integrating their technology into or with MPTI, how do you see that working? What products are we talking about? Can you -- what can you tell us about that partnership?

恭喜您獲得任命。關於您宣布的與印第安納微電子公司的合作，我有一個簡短的問題。您能否談談可調式產品，以及它們如何將自身技術整合到 MPTI 中，或者如何與 MPTI 結合使用？我們指的是哪些產品？您能跟我們說說這項合作關係嗎？

Yes. We're actually very excited about it. It's a company we've known for a long time, and we've been keen to work with them in the past. We're glad we've come to agreement about how to do it, how to support each other. They're a really great design team. They've won some very interesting contracts, primarily with the military but other areas as well. And one of the issues, I think, for them was really how do they scale their business. So we've really formed a partnership where we'll work with them on the sales and marketing of their designs.

是的。我們對此感到非常興奮。我們認識這家公司很久了，過去也一直很想跟他們合作。我們很高興就如何做這件事、如何互相支持達成了一致。他們是一個非常優秀的設計團隊。他們贏得了一些非常有趣的合同，主要來自軍方，但也包括其他領域。我認為，他們面臨的問題之一是如何擴大業務規模。因此，我們已經建立了真正的合作夥伴關係，我們將與他們合作，共同進行其設計產品的銷售和市場推廣。

And then also working with them once we procure an order on the manufacturability of the product. So when we go to the market, we provide a quote for someone, our engineers working with their engineers to make sure that we're going to be delivering can be manufactured effectively. And they make a number of tunable filters.

然後，一旦我們獲得訂單，我們也會與他們合作，探討產品的可製造性。所以當我們進入市場時，我們會向客戶報價，我們的工程師會與他們的工程師合作，以確保我們交付的產品能夠有效生產。他們還生產多種可調濾波器。

They're really kind of software tunable and the processes is not too difficult. So we spent time with their team, really understanding that. We think that's something we can stand up pretty quickly without a lot of CapEx on either party side. And we've already actually had some sales wins. So we're excited about where that can go.

它們在軟體上其實相當可調，而且流程也不太複雜。所以我們花時間與他們的團隊相處，並真正了解了情況。我們認為，雙方都不需要投入大量資本支出，就能很快實現這一點。我們實際上已經取得了一些銷售上的成功。所以我們對它的未來發展方向感到興奮。

Do you think this is something where these could turn into rather large orders over time, programs? Or is this going to be kind of smaller programs or smaller products, if you will, runs? Can you just elaborate on that a little bit?

你認為這些項目隨著時間的推移有可能發展成相當大的訂單嗎？或者說，這會是一些規模較小的項目或產品，或者說是一些小規模的運作？能再詳細解釋一下嗎？

Yes. I mean we're obviously very early in the relationship, but we actually think it can grow into some fairly large contracts. They have already made great headway with several customers of their own that would like to scale production. And we think that just with the size of our manufacturer rep sales force, we'll find a lot of other opportunities to work together.

是的。我的意思是，我們顯然還處於合作關係的初期階段，但我們確實認為它有可能發展成一些相當大的合約。他們已經與幾位希望擴大生產規模的客戶取得了巨大進展。我們認為，光是我們龐大的廠商代表銷售團隊，我們就能找到許多其他合作機會。

Excellent. One additional, if I can. Can you give us an update on Connectivity partners have -- it doesn't appear we've made any investments there? Or what's happening in terms of them raising capital? Any update on what's happening with Connectivity?

出色的。如果可以的話，再加一個。能否向我們介紹一下互聯互通合作夥伴的最新情況？ ——看起來我們似乎還沒有在這方面進行任何投資？或者說，他們在籌資方面進展如何？網路連線有什麼最新進展嗎？

Yes. There's no investment on M-Tron's part to date. I do know that they've been meeting with companies and identifying like targets, and so they're trying to really build up a backlog of opportunities to grow their fundraising marketing and just prepped in terms of standing up the firm, but no current news in terms of how it impacts us.

是的。截至目前，M-Tron方面尚未進行任何投資。我知道他們一直在與各公司會面，尋找合適的投資目標，因此他們正努力積累機會，以發展其籌款營銷，並已做好成立公司的準備，但目前還沒有任何關於這會對我們產生何種影響的消息。

With no further questions, that concludes our Q&A session. I'll now turn the conference back over to Mr. Pforr for closing remarks.

沒有其他問題了，我們的問答環節到此結束。現在我將把會議交還給普福爾先生，請他作閉幕致詞。

Okay. Well, thank you all for joining, and I appreciate the questions, Anja and Otto. Wishing everyone on the call, a great day, and I appreciate your interest in the firm.

好的。感謝各位的參與，也感謝安雅和奧托提出的問題。祝所有參加電話會議的朋友們今天過得愉快，感謝大家對本公司的關注。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。