M-Tron Industries Inc (MPTI) 2026 Q1 法說會逐字稿

Good morning. This is Cameron Pforr, M-tron Industries CEO. Thank you for listening to our 2026 M-tron Q1 Earnings Call. Please note that this call has been recorded, and the recording will be available on our Investor Relations website, ir.mtron.com.

早安。我是 Cameron Pforr，M-tron Industries 執行長。感謝各位收聽我們 2026 年 M-tron 第一季（Q1）財報電話會議。請注意，本次電話會議已錄音，錄音將於我們的投資人關係網站 ir.mtron.com 提供。

Yesterday afternoon, we released our earnings for the first fiscal quarter of 2026. Before getting underway, we're 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 2025 10-K, which was filed on 26 March 2026 with the SEC.

昨天下午，我們公布了 2026 會計年度第一季的財報。在開始之前，我們必須提醒各位，以下討論應與我們最新的財務報表及附註一併閱讀，該等內容載於我們的 2025 年 10-K 年報中，並已於 2026 年 3 月 26 日向美國證券交易委員會（SEC）提交。

This discussion may contain forward-looking statements within the meanings of Section 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 with the SEC.

本次討論可能包含《1933 年證券法》第 27A 條及《1934 年證券交易法》第 21E 條所定義之「前瞻性陳述」。此等前瞻性陳述包含已知及未知之風險與不確定性，相關內容已於我們向 SEC 提交的文件中詳述。

Although the company believes that their 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 results expressed or implied by the company's forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

儘管公司相信其前瞻性陳述係基於對其業務及未來市場狀況之合理假設，但無法保證公司實際結果不會與該等前瞻性陳述所明示或暗示之任何結果存在重大差異。公司不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。敬請讀者注意，任何前瞻性陳述均非對未來績效之保證。

With that, I'll begin the comments on our fiscal year 2026 first quarter performance. As a reminder, M-tron designs and manufactures highly engineered RF solutions, including electronic components and subsystems used to control the frequency and timing of signals in electronic circuits. We're a global company with three manufacturing sites located in the United States and India. The company's primary markets include aerospace and defense, commercial avionics, industrials and space.

接下來，我將開始說明我們 2026 會計年度第一季的營運表現。提醒各位，M-tron 設計並製造高度工程化的射頻（RF）解決方案，包括用於控制電子電路中訊號頻率與時序的電子元件與子系統。我們是一家全球性公司，在美國與印度設有三處製造據點。公司的主要市場包括航太與國防、商用航電、工業以及太空。

We're pleased to report a strong start to our 2026 fiscal year with continued strength in M-tron sales and good financial performance for Q1 FY '26. Our revenues continue to be driven by defense-related orders, and we also saw growth in the commercial avionics market. The first quarter of 2026 has to be one of the most active ones in recent history with historic changes taking place in the US defense procurement process, the rapid acceleration of certain types of weapon systems orders, efforts to significantly shorten the procurement cycle and reduce our dependency on China for many critical minerals, coupled with the addition of operations and conflicts in Venezuela and Iran.

我們很高興報告 2026 會計年度開局強勁，M-tron 銷售持續強勢，且 2026 會計年度第一季（FY '26 Q1）財務表現良好。我們的營收持續由國防相關訂單所帶動，同時也看到商用航電市場的成長。2026 年第一季可說是近年來最活躍的季度之一：美國國防採購流程出現歷史性變革、特定類型武器系統訂單快速加速、致力大幅縮短採購週期並降低對中國在多項關鍵礦物上的依賴，並且伴隨在委內瑞拉與伊朗新增的行動與衝突。

Most significant to M-tron, we saw that the Deputy Secretary of War, Feinberg, and Under Secretary Duffey negotiated 7-year framework agreements with both Raytheon and Lockheed Martin for the procurement and significant expansion in production volumes of certain precision-guided munitions. Lockheed will be tripling the production of PAC-3 interceptors for the Patriot Air Defense System, and Raytheon is doubling to quadrupling production of 5 different missile systems.

對 M-tron 而言最重要的是，我們看到戰爭部副部長 Feinberg 與次長 Duffey 分別與雷神（Raytheon）及洛克希德馬丁（Lockheed Martin）就採購並大幅擴增特定精準導引彈藥之產量，協商達成為期 7 年的框架協議。洛克希德將把愛國者防空系統（Patriot Air Defense System）的 PAC-3 攔截彈產量提高至三倍，而雷神則將 5 種不同飛彈系統的產量提高至兩倍至四倍。

We have been asked to bid on several of these opportunities and anticipate being competitive for many of these procurements. Wins would result in expansion of our backlog and considerable extension of revenue visibility into the future. These contracts, once awarded, are not expected to significantly change volumes until late 2027 and beyond. This time line and anticipated order volume could change after stockpile assessments at the conclusion of the conflict with Iran.

我們已被要求就其中數項機會提出投標，並預期在多項採購案中具備競爭力。若能得標，將使我們的在手訂單（backlog）擴大，並大幅延伸未來營收能見度。這些合約一旦授予，預期在 2027 年底及之後才會對產量帶來顯著變化。在與伊朗衝突結束後進行庫存評估之後，此一時程與預期訂單量可能會有所變動。

In addition to this long-term demand driver, the administration has submitted a proposed 2027 defense budget that increases procurement by 42% over that of fiscal year 2026. M-tron content is present in many of the areas of increased investment, and we are already seeing short-term pickups in counter-drone and border security-related procurements.

除上述長期需求驅動因素外，政府已提交 2027 年國防預算提案，將採購支出較 2026 會計年度提高 42%。M-tron 的產品內容涵蓋多個投資增加的領域，我們也已看到與反無人機及邊境安全相關的採購在短期內出現回升。

Yesterday, we reported the following Q1 FY '26 results: total revenues for the quarter were $14.7 million, a 15.3% increase over the $12.7 million of revenue in the same period last year. This represents a 3.2% increase over Q4 2025. The revenue increased in the period, primarily due to strong defense program, combined with higher avionics and product shipments.

昨天，我們公布 2026 會計年度第一季（FY '26 Q1）業績如下：本季總營收為 1,470 萬美元，較去年同期 1,270 萬美元成長 15.3%。相較 2025 年第四季（Q4 2025）則成長 3.2%。本期營收增加主要係因國防專案表現強勁，並結合較高的航電與產品出貨所致。

Gross margins for the first quarter were 44.9% compared to 42.5% in the first fiscal quarter of fiscal year 2025. This increase is primarily due to higher revenues, a healthy product mix and manufacturing efficiencies. The gross margin was still impacted by federal tariffs with no meaningful change in tariff impact on margin during the quarter.

第一季毛利率為 44.9%，相較 2025 會計年度第一季的 42.5% 提升。此一提升主要來自較高的營收、良好的產品組合以及製造效率。毛利率仍受到聯邦關稅影響，且本季關稅對毛利率的影響並無實質變化。

Net income for the period was $2.4 million or $0.67 per diluted share in the first quarter of 2026 compared with $1.6 million or $0.56 per diluted share in the first quarter of 2025. The increase in revenues discussed above, manufacturing efficiencies and higher interest income partially offset higher engineering, selling and administrative expenses related to higher research and development costs, higher sales commissions from an increase in revenue and an increase in corporate expenses, consistent with the overall growth of the business.

2026 年第一季本期淨利為 240 萬美元，或每股稀釋後 0.67 美元；相較之下，2025 年第一季為 160 萬美元，或每股稀釋後 0.56 美元。上述收入增加、製造效率提升及利息收入增加，部分抵銷了因研發成本上升、收入增加帶動的銷售佣金提高，以及公司費用增加所致的工程、銷售及管理費用上升，與整體業務成長一致。

Adjusted EBITDA was $3.2 million for the first quarter of 2026 compared with $2.5 million in the first quarter of 2025. The increase was primarily due to the revenue increase discussed above and improved gross margins.

2026 年第一季調整後 EBITDA 為 320 萬美元，較 2025 年第一季的 250 萬美元增加。增加主要歸因於上述收入成長以及毛利率改善。

Backlog was $76.8 million as of March 31, 2026, compared to $76.4 million as of December 31, 2025, and $55.5 million as of March 31 in 2025. The increase in backlog was primarily driven by orders in the aerospace and defense, avionics and space sectors.

截至 2026 年 3 月 31 日，未交貨訂單（Backlog）為 7,680 萬美元；相較之下，截至 2025 年 12 月 31 日為 7,640 萬美元，而截至 2025 年 3 月 31 日為 5,550 萬美元。未交貨訂單增加主要由航太與國防、航電及太空領域的訂單所帶動。

While demand drivers are quite strong in our two main end markets, we are currently assessing what impact this will have on our forecasted 2026 results. Many of the activities I've highlighted continue to strengthen our revenue growth and product portfolio, and we are evaluating whether we anticipate seeing it impact our forecast. As many of you know, there is a ramp-up period to order materials, training production teams and potentially outfit production lines when order volumes are increased.

儘管我們兩大主要終端市場的需求驅動因素相當強勁，我們目前正在評估這將對我們預測的 2026 年業績造成何種影響。我所強調的許多活動持續強化我們的營收成長與產品組合，我們也在評估是否預期會對我們的預測產生影響。如各位所知，當訂單量增加時，需有一段爬坡期來訂購材料、訓練生產團隊，並可能需要配置生產線。

One note that we wanted to remind investors that the company expects to have lower gross margin and operating margins in Q2 of this year due to a large stock compensation expense entry for Q2, which will impact our net income for the period. We suggest that you look at the adjusted EBITDA number and cash flow from operations for that period to understand the cash-generating capabilities of the business.

我們想提醒投資人一點：由於第二季將認列一筆較大的股票酬勞費用，公司預期今年第二季的毛利率與營業利益率將較低，並將影響該期間的本期淨利。我們建議您查看該期間的調整後 EBITDA 數字以及營運活動現金流量，以了解本業的現金創造能力。

And speaking of cash, the company ended the quarter with $51.96 million of cash and cash equivalents on the balance sheet as of March 31, 2026. In addition, the rights offering, which we commenced on March 31, 2026, expired at 5:00 PM on April 20. The offering was fully subscribed with approximately 84% of the allocated shares allocated against the basic subscription rights and the remaining shares granted to those exercising oversubscription rights. $42.1 million was received in gross proceeds from the offering and will be used to provide capital for acquisitions, support manufacturing and factory requirements and general corporate purposes.

談到現金，截至 2026 年 3 月 31 日，公司於資產負債表上的現金及約當現金為 5,196 萬美元，並以此結束本季。此外，我們於 2026 年 3 月 31 日開始進行的權利發行已於 4 月 20 日下午 5:00 到期。本次發行已全數認購，其中約 84% 的配售股份依基本認購權分配，其餘股份則配發予行使超額認購權者。本次發行收到 4,210 萬美元的總募集款項，將用於提供併購資金、支援製造與工廠需求，以及一般公司用途。

Lastly, having a strong balance sheet positions us well to compete for these large contracts, strengthening our customers' confidence in our ability to deliver. We continue to pursue complementary acquisitions and strategic partnerships in the RF components and subsystem space as well as other subsystem or solution areas focused on the aerospace and defense markets.

最後，強健的資產負債表使我們在競逐這些大型合約時具備良好優勢，並強化客戶對我們交付能力的信心。我們將持續在 RF 元件與次系統領域，以及其他聚焦航太與國防市場的次系統或解決方案領域，尋求互補性的併購與策略合作夥伴關係。

We are currently enhancing our internal corporate development capabilities in order to execute on this strategy of making complementary accretive acquisitions. Having a US-based advanced manufacturing capability to support our joint forces is more important than ever before, and we are encouraged by the changes taking place at the Department of War to strengthen the defense industrial base.

我們目前正強化公司內部的企業發展能力，以執行此一進行互補且具增益（accretive）併購的策略。具備以美國為基地的先進製造能力以支援我們的聯合部隊，比以往任何時候都更為重要；我們也對戰爭部（Department of War）為強化國防工業基礎所推動的變革感到鼓舞。

We thank our employees for their dedication to their jobs and our mission, and we also appreciate the continued partnership of our dedicated customers and the trust they place in M-tron and its employees.

我們感謝員工對其工作與我們使命的投入與奉獻，也感謝忠實客戶持續的合作夥伴關係，以及他們對 M-tron 及其員工的信任。

Before I close this session, I want to mention that we will be holding our Investor Day meeting next week on Tuesday, May 12, at 12 noon at the NYSE facility at 11 Wall Street. Please RSVP to ir@mtron.com sometime today if you'd like to attend as the building requires being on the security list for admittance. In addition, we will hold our annual meeting this year in Orlando, Florida, at 9:00 a.m. on the morning of Tuesday, June 16. More information to follow on our Investor Relations website and in the proxy materials being mailed to all shareholders of record.

在我結束本次會議之前，我想提到我們將於下週二（5 月 12 日）中午 12 點，在紐約證券交易所（NYSE）位於華爾街 11 號的場地舉辦投資人日（Investor Day）活動。若您希望出席，請於今日稍晚前寄送 RSVP 至 ir@mtron.com，因大樓入場需事先列入保全名單。此外，我們今年的年度股東會將於 6 月 16 日（週二）上午 9:00 在佛羅里達州奧蘭多舉行。更多資訊將於投資人關係網站及寄送給所有登記股東的委託書資料中提供。

With that announcement, I'd like to thank everybody for listening today and your interest in M-tron. Have a great day, and please contact us at ir@mtron.com should you have additional questions.

以上公告，我想感謝各位今天的收聽，以及對 M-tron 的關注。祝各位有美好的一天，如有其他問題，請透過 ir@mtron.com 與我們聯繫。