Exhibit Index 29 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ Nevada 83-4064262 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.60 per share BKTI NYSE American FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO S ...

BK Technologies Corp (NYSE:BKTI) Q4 2023 Results Conference Call March 14, 2024 9:00 AM ET Company Participants John Nesbett - IMS Investor Relations John Suzuki - Chief Executive Officer Scott Malmanger - Chief Financial Officer Conference Call Participants Brett Reiss - Janney Montgomery Scott Aaron Martin - AIGH Investment Partners Operator Good morning, ladies and gentlemen, and welcome to the BK Technologies Corporation Conference Call for the Fourth Quarter and Full Year 2023. This call is being recor ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) BK Technologies reported a strong fiscal year 2023, with a 45% increase in full-year revenue to $74.1 million and a 37% increase in radio shipments, achieving Q4 profitability with an EPS of $0.08 and targeting over $1.50 EPS for 2024 Full Year 2023 Performance | Metric | Full Year 2023 | Change vs. 2022 | | :--- | :--- | :--- | | Revenue | $74.1 million | 45% Increase | | Radio Shipments | 34,500 units | 37% Increase | Q4 2023 Earnings Per Share | Metric | Q4 2023 | | :--- | :--- | | EPS | $0.08 | - The company is targeting a full-year 2024 Earnings Per Share (EPS) in excess of **$1.50**[18](index=18&type=chunk) [Management Commentary and Strategic Outlook](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Outlook) The CEO highlighted 2023 as a strong year with significant revenue growth and margin improvement, strategically partnering with East West Manufacturing for production outsourcing and focusing on 2024 margin expansion and BKR9000 market establishment - The company expanded its relationship with East West Manufacturing to become the primary manufacturer of its radio product line, aiming to improve long-term gross margins by simplifying supply chain management and reducing production costs[31](index=31&type=chunk) - East West Manufacturing made a **$2 million** strategic investment in BK Technologies, with proceeds used to pay down accounts payable and the credit facility[31](index=31&type=chunk) - The 2024 outlook is optimistic, with expectations for expanding gross margins, lower operating costs, and significantly improved profitability, focusing on establishing the BKR9000 as a premier multiband radio[18](index=18&type=chunk) [Fourth Quarter 2023 Financial Review](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Review) Q4 2023 revenue decreased 20% to $16.3 million from a record Q4 2022, yet gross margin significantly improved to 35.1%, leading to profitability with $0.4 million operating income and $0.29 million net income, and Adjusted EBITDA more than doubled to $0.89 million Q4 2023 Key Financial Metrics | Metric | Q4 2023 (in thousands) | Q4 2022 (in thousands) | | :--- | :--- | :--- | | Revenue | $16,300 | $20,300 | | Gross Profit Margin | 35.1% | 21.7% | | Operating Income (Loss) | $400 | ($1,600) | | Net Income (Loss) | $290 | ($961) | | EPS | $0.08 | ($0.28) | - The year-over-year revenue decrease is attributed to record radio shipments in Q4 2022, which occurred after improved component availability allowed the company to clear a significant backlog[2](index=2&type=chunk) - Gross margin improvement was driven by lower material costs and successful production cost reduction initiatives implemented during 2023[2](index=2&type=chunk) Non-GAAP Adjusted EBITDA | Metric | Q4 2023 (in thousands) | Q4 2022 (in thousands) | | :--- | :--- | :--- | | Non-GAAP Adjusted EBITDA | $892 | $436 | [Full Year 2023 Financial Review](index=1&type=section&id=Full%20Year%202023%20Financial%20Review) Full year 2023 revenue grew 45% to $74.1 million, with gross margin improving to 30.0%, significantly reducing operating loss to ($0.78 million) and net loss to ($2.2 million), while Non-GAAP Adjusted EBITDA turned positive at $0.13 million Full Year 2023 Key Financial Metrics | Metric | Full Year 2023 (in thousands) | Full Year 2022 (in thousands) | | :--- | :--- | :--- | | Revenue | $74,100 | $51,000 | | Gross Profit Margin | 30.0% | 19.3% | | Operating Loss | ($777) | ($11,100) | | Net Loss | ($2,200) | ($11,600) | | EPS | ($0.65) | ($3.44) | - The improvement in full-year gross margin was primarily related to decreased material, component, and freight costs due to improving supply chain factors[33](index=33&type=chunk) Non-GAAP Adjusted EBITDA | Metric | Full Year 2023 (in thousands) | Full Year 2022 (in thousands) | | :--- | :--- | :--- | | Non-GAAP Adjusted EBITDA | $130 | ($9,100) | - Working capital increased to approximately **$16.8 million** at year-end 2023, compared to **$13.2 million** at year-end 2022[5](index=5&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the company's condensed consolidated statements of operations and balance sheets, along with reconciliations of non-GAAP financial measures for both quarterly and annual periods [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations for the year ended December 31, 2023, shows a 45% increase in net sales to $74.1 million and a significant reduction in net loss to ($2.2 million), achieving Q4 net income of $290 thousand Condensed Consolidated Statements of Operations | (In thousands, except per share data) | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Twelve Months Ended Dec 31, 2023 | Twelve Months Ended Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | **$16,309** | **$20,339** | **$74,094** | **$50,951** | | Cost of products | $10,577 | $15,932 | $51,858 | $41,107 | | SG&A expenses | $5,332 | $5,973 | $23,013 | $20,925 | | **Operating income (loss)** | **$400** | **($1,566)** | **($777)** | **($11,081)** | | **Net income (loss)** | **$290** | **($961)** | **($2,230)** | **($11,633)** | | **Net income (loss) per share** | **$0.08** | **($0.28)** | **($0.65)** | **($3.44)** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, BK Technologies reported total assets of $49.4 million, with current assets at $37.2 million, including $24.0 million in inventories, and total liabilities of $28.1 million Condensed Consolidated Balance Sheets | (In thousands) | Dec 31, 2023 | | :--- | :--- | | **Total current assets** | **$37,202** | | *Cash and cash equivalents* | *$3,456* | | *Inventories, net* | *$23,952* | | **Total assets** | **$49,408** | | **Total current liabilities** | **$20,418** | | **Total liabilities** | **$28,097** | | **Total stockholders' equity** | **$21,311** | | **Total liabilities and stockholders' equity** | **$49,408** | [Reconciliation of Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company reconciled GAAP Net Income to non-GAAP Adjusted EBITDA and Adjusted EPS, with full-year 2023 Adjusted EBITDA at $130 thousand and Q4 2023 Adjusted EBITDA at $892 thousand, reflecting a significant turnaround Reconciliation to Adjusted EBITDA (In thousands) | Reconciliation to Adjusted EBITDA (In thousands) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income/(Loss) | $290 | ($961) | ($2,230) | ($11,633) | | EBITDA | $848 | ($525) | $34 | ($10,066) | | **Adjusted EBITDA** | **$892** | **$436** | **$130** | **($9,052)** | Reconciliation to Adjusted EPS (In thousands, except per share data) | Reconciliation to Adjusted EPS | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income/(Loss) | $290 | ($961) | ($2,230) | ($11,633) | | **Adjusted Earnings (Loss) (non-GAAP)** | **$650** | **($603)** | **($52)** | **($9,631)** | | **Adjusted EPS - diluted** | **$0.19** | **($0.18)** | **($0.02)** | **($2.85)** |

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ For the fiscal year ended December 31, 2023 Commission file number: 001-32644 Registrant's telephone number, including area code: (321) 984-1414 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 1 ...

Financial Data and Key Metrics Changes - The company reported a 68% increase in revenue to $20.1 million for the third quarter, compared to $11.9 million in the same quarter last year [4][6] - Year-to-date revenues exceeded $57 million, surpassing the previous full-year record of $51 million achieved in 2022 [6] - Gross profit margin improved to 32% in the third quarter, up from 19% in the same quarter last year [6][67] - The company recorded net income of $90,000 or $0.03 per share, compared to a net loss of $2.4 million or $0.71 per share in the prior-year period [68] Business Line Data and Key Metrics Changes - The company shipped 9,310 radios in the third quarter, bringing the total to 28,249 radios shipped year-to-date [4][5] - The order backlog at the end of the third quarter was $21.8 million [6][90] - The BKR 5000 continues to see strong demand, with significant orders from various agencies, while the BKR 9000 is gaining traction with ongoing field tests [10][24][90] Market Data and Key Metrics Changes - The company is targeting Tier 3 counties in the U.S. for the BKR 9000, with an estimated 750 such counties identified [89] - The public safety market represents a significant opportunity for SaaS solutions, with AT&T reporting 5.3 million connections across 27,000 public safety agencies [26] Company Strategy and Development Direction - The company announced a strategic decision to shift production operations to East West manufacturing to simplify supply chain management and reduce costs [9][28] - The BKR 9000 is positioned to expand market share due to its multiband capabilities and cost-effective pricing [10][24] - The company aims to maximize production efficiency and is on track to meet its annual shipment target of 32,000 to 36,000 radios [95] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market interest in the BKR 9000 and the potential for expanding the customer base [24][95] - The company expects continued gross margin improvement through 2024, driven by cost reduction initiatives and the introduction of higher-margin products [67][30] - Management noted that the transition to East West is expected to occur over six months without disruptions to production schedules [28] Other Important Information - The company has approximately $4.1 million in cash and cash equivalents and no long-term debt, providing a solid liquidity position [25] - The SaaS business unit, InteropONE, has onboarded its first paying subscriber and is expanding its customer base [27][70] Q&A Session Summary Question: Can you break down the sequential improvement in gross margin? - Management indicated that most of the improvement is due to cost reduction efforts rather than revenue mix [11][30] Question: How should we think about backlog going forward? - Management expects backlog to decrease as lead times normalize, but demand for the BKR 5000 and 9000 is growing [17][78] Question: Can you provide an update on the SaaS offering and customer trials? - Management reported about 20 field trials ongoing, with a handful of paying customers [56][57] Question: What are the key clauses in the contract with East West? - Management emphasized the importance of choosing a partner that aligns with the company's size and needs, ensuring attention and support during supply chain challenges [40][41] Question: How do you anticipate the transition from the BKR 5000 to 9000? - Management noted that the BKR 9000 targets a different market and is expected to see gradual adoption similar to the BKR 5000 [75][76]

[PART I - FINANCIAL INFORMATION](index=1&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for BK Technologies Corporation [Item 1. Financial Statements](index=1&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) Presents BK Technologies Corporation's unaudited condensed consolidated financial statements and notes for September 30, 2023 [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Provides key financial data from the balance sheets, statements of operations, and cash flows for the specified periods Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $36,712 | $36,217 | | **Total Assets** | $49,068 | $48,832 | | **Total Current Liabilities** | $22,873 | $22,970 | | **Total Liabilities** | $30,454 | $28,697 | | **Total Stockholders' Equity** | $18,614 | $20,135 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | $20,069 | $11,917 | $57,786 | $30,612 | | **Operating income (loss)** | $594 | $(2,391) | $(1,177) | $(9,515) | | **Net income (loss)** | $90 | $(2,402) | $(2,520) | $(10,672) | | **Net income (loss) per share-basic** | $0.03 | $(0.71) | $(0.74) | $(3.16) | | **Net income (loss) per share-diluted** | $0.03 | $(0.71) | $(0.74) | $(3.16) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $3,940 | $(6,858) | | **Net cash used in investing activities** | $(1,835) | $(959) | | **Net cash provided by financing activities** | $43 | $1,271 | | **Net change in cash and cash equivalents** | $2,148 | $(6,546) | | **Cash and cash equivalents, end of period** | $4,066 | $4,034 | [Notes to Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details significant accounting policies, transactions, and events impacting the financial statements, including a reverse stock split and debt agreements - The company executed a one-for-five reverse stock split, effective April 21, 2023. All share and per-share amounts in the financial statements have been retroactively adjusted to reflect this split[43](index=43&type=chunk)[68](index=68&type=chunk) - On November 22, 2022, the company entered into an Invoice Purchase and Security Agreement (IPSA) with Alterna Capital Solutions for a one-year line of credit up to **$15 million**, which was used to replace the previous JPMC Credit Agreement[42](index=42&type=chunk)[84](index=84&type=chunk) - As of September 30, 2023, the company had net deferred tax assets of approximately **$4.1 million**, but has established a valuation allowance of **$4.2 million** as it concluded it is not more likely than not that the full benefit will be realized[74](index=74&type=chunk)[191](index=191&type=chunk) - Sales to U.S. government agencies constituted **60.5%** of net sales for Q3 2023 and **51.2%** for the first nine months of 2023, a significant increase from **35.2%** and **36.4%** in the respective periods of the prior year[104](index=104&type=chunk) - Subsequent to the quarter end, on November 6, 2023, the company entered into a Master Service Agreement with East West Manufacturing for the production of LMR products. As part of the agreement, East West purchased **$1 million** of the company's common stock and received a warrant to purchase additional shares[114](index=114&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses significant financial improvements in Q3 and 9M 2023, driven by strong sales, improved gross margins, and a shift to net income [Executive Summary & Business Overview](index=15&type=section&id=Executive%20Summary%20%26%20Business%20Overview) Outlines the company's business units, product focus, and significant progress in fulfilling its radio unit backlog - The company operates two business units: Radio, which designs and markets American-made two-way LMRs for public safety and government markets, and SaaS, which focuses on public safety smartphone applications[7](index=7&type=chunk)[123](index=123&type=chunk)[144](index=144&type=chunk) - Strong customer demand in 2022 led to a significant backlog of approximately **13,000 radio units** as of December 31, 2022. The company successfully fulfilled about **83%** of this backlog during the first nine months of 2023[14](index=14&type=chunk)[151](index=151&type=chunk) - The backlog of unshipped customer orders was approximately **$21.8 million** as of September 30, 2023, down from **$27.0 million** at year-end 2022, reflecting the fulfillment of prior orders[145](index=145&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Analyzes the company's sales, gross profit, operating income, and net income performance for Q3 and nine months ended September 30, 2023 Q3 2023 vs Q3 2022 Performance (in thousands) | Metric | Q3 2023 | Q3 2022 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | $20,069 | $11,917 | $8,152 | +68.4% | | **Gross Profit** | $6,406 | $2,241 | $4,165 | +185.9% | | **Gross Margin** | 31.9% | 18.8% | +13.1 pts | - | | **Operating Income (Loss)** | $594 | $(2,391) | $2,985 | Turnaround | | **Net Income (Loss)** | $90 | $(2,402) | $2,492 | Turnaround | Nine Months 2023 vs 2022 Performance (in thousands) | Metric | 9M 2023 | 9M 2022 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Sales, net** | $57,786 | $30,612 | $27,174 | +88.8% | | **Gross Profit** | $16,504 | $5,437 | $11,067 | +203.6% | | **Gross Margin** | 28.6% | 17.8% | +10.8 pts | - | | **Operating Loss** | $(1,177) | $(9,515) | $8,338 | Improvement | | **Net Loss** | $(2,520) | $(10,672) | $8,152 | Improvement | - The increase in sales was primarily driven by the BKR 5000 portable radio and the new BKR 9000, which achieved FCC compliance and first sales in Q2 2023[181](index=181&type=chunk) - SG&A expenses increased by **18.3%** for the nine-month period, primarily due to higher staffing, travel, and go-to-market activities supporting new product launches and anticipated sales growth[184](index=184&type=chunk)[185](index=185&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's cash flow, working capital, and ability to meet future operational and capital requirements - Net cash provided by operating activities was **$3.9 million** for the first nine months of 2023, a significant turnaround from the **$6.9 million** used in the same period of 2022. This was mainly due to reduced accounts receivable and inventories, and an increase in deferred revenues[192](index=192&type=chunk) Working Capital (in thousands) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Working Capital** | $13,839 | $13,247 | | **Cash & Receivables** | $13,176 | $12,534 | - Management believes that the current cash balance of **$4.1 million**, combined with anticipated cash from operations and borrowing availability, is sufficient to meet working capital requirements for the foreseeable future[169](index=169&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) The company, as a "smaller reporting company," is not required to provide the disclosure under this item - As a "smaller reporting company" as defined by Regulation S-K, the Company is not required to include disclosure under this item[198](index=198&type=chunk) [Item 4. Controls and Procedures](index=21&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the quarter. There were no material changes in internal control over financial reporting during the period - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[206](index=206&type=chunk) - There were no changes in the company's internal control over financial reporting during the third quarter of 2023 that have materially affected, or are reasonably likely to materially affect, these controls[201](index=201&type=chunk) [PART II - OTHER INFORMATION](index=22&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers other required disclosures, including risk factors, equity security sales, and a list of exhibits [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20RISK%20FACTORS) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 - There have been no material changes to the Risk Factors included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022[207](index=207&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's share repurchase program, authorized for up to $5 million. No shares were repurchased during the third quarter of 2023 Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares that May Still be Purchased Under the Plan | | :--- | :--- | :--- | :--- | | July 2023 | — | — | $5,000,000 | | August 2023 | — | — | $5,000,000 | | September 2023 | — | — | $5,000,000 | | **Total Q3 2023** | **—** | **—** | **$5,000,000** | [Item 6. Exhibits](index=22&type=section&id=Item%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes certifications from the Principal Executive Officer and Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002, as well as XBRL Interactive Data Files[211](index=211&type=chunk) [Special Note Concerning Forward-Looking Statements](index=13&type=section&id=SPECIAL%20NOTE%20CONCERNING%20FORWARD-LOOKING%20STATEMENTS) Provides a cautionary note regarding forward-looking statements, outlining inherent risks and uncertainties that could affect actual results [Forward-Looking Statements Disclaimer](index=13&type=section&id=Forward-Looking%20Statements%20Disclaimer) Cautions that the report contains forward-looking statements subject to risks like competition, supplier reliance, government sales, and economic conditions - The report contains forward-looking statements identified by words such as "may," "believe," "plan," "project," and "expect"[94](index=94&type=chunk) - Key factors that could cause actual results to differ from forward-looking statements include: - Competition in the LMR industry - Reliance on contract manufacturers and suppliers - Heavy reliance on sales to U.S. Government agencies - Successful introduction of new products like the BKR Series and SaaS solutions - General economic conditions, including inflation and supply-chain constraints[96](index=96&type=chunk)[118](index=118&type=chunk)[142](index=142&type=chunk) - The company assumes no obligation to publicly update or revise any forward-looking statements after the date of the report[13](index=13&type=chunk)

BK Technologies Corp. (NYSE:BKTI) Q2 2023 Earnings Conference Call August 10, 2023 9:00 AM ET Company Participants Jen Belodeau - IMS IR John Suzuki - CEO Scott Malmanger - CFO Conference Call Participants Matt Williams - Friess Associates Aaron Martin - AIGH Investment Partners Scott Weis - Semco Orin Hirschman - AIGH Investment Partners Operator Greetings. Welcome to the BK Technologies Second Quarter 2023 Conference Call. At this time all participants are in a listen-only mode. A question and answer sess ...

Financial Performance - For the three months ended June 30, 2023, the net loss was approximately $1.3 million ($0.39 per share), an improvement from a net loss of approximately $4.3 million ($1.28 per share) for the same period last year [121]. - For the six months ended June 30, 2023, the net loss totaled approximately $2.6 million ($0.77 per share), compared to a net loss of approximately $8.3 million ($2.45 per share) for the same period last year [121]. - The pretax loss for the three months ended June 30, 2023, was approximately $1.3 million, compared to a pretax loss of approximately $4.3 million for the same period in the prior year [102]. - The company recognized a net loss of approximately $1.3 million for Q2 2023, an improvement from a net loss of approximately $4.3 million in Q2 2022 [126]. - The net loss for the second quarter of 2023 was 7.1%, significantly improved from 35.8% in the same quarter last year [157]. - The operating loss for the second quarter of 2023 was approximately $0.8 million, or 4.1% of sales, compared to $3.7 million, or 30.4% of sales, for the same quarter last year [164]. Sales and Revenue - Customer orders reached a record of approximately $70 million in 2022, with strong demand continuing through Q2 2023 [123]. - Net sales for Q2 2023 increased by 56.9% to approximately $19.0 million, compared to approximately $12.1 million in Q2 2022 [127]. - For the six months ended June 30, 2023, net sales totaled approximately $37.7 million, up from approximately $18.7 million in the same period last year, representing a 101.7% increase [127]. - The gross profit margin for Q2 2023 was approximately 27.4%, compared to 14.2% for the same period last year, reflecting improved production volumes and reduced material costs [145]. Operational Metrics - As of June 30, 2023, the backlog of unshipped customer orders was approximately $24.0 million, down from $27.0 million as of December 31, 2022 [101]. - The company fulfilled approximately 76% of the 13,000 radio units in backlog during the first half of 2023 [119]. - Approximately 76% of the backlog of 13,000 radio units as of December 31, 2022, was fulfilled during the first six months of 2023 [156]. - The BKR 5000 portable radio was the primary contributor to orders and shipments in Q2 2023, with new models like the BKR 9000 achieving FCC compliance [128]. Expenses and Costs - SG&A expenses for Q2 2023 were approximately $6.0 million (31.5% of sales), down from approximately $5.4 million (44.6% of sales) in Q2 2022 [132]. - Engineering and product development expenses for the second quarter of 2023 totaled approximately $2.6 million, representing 13.7% of sales, compared to $2.3 million or 12.1% of sales for the same quarter last year [162]. - Other general and administrative expenses for the second quarter of 2023 totaled approximately $1.9 million, or 9.8% of sales, compared to $2.0 million, or 10.5% of sales, for the same quarter last year [163]. - The company recognized other expenses, net totaling approximately $0.6 million for the three months ended June 30, 2023, primarily due to unrealized losses from investments [120]. Cash Flow and Financing - Cash provided by operating activities for the six months ended June 30, 2023, totaled approximately $1.5 million, compared to cash used of approximately $5.3 million in the same period last year [140]. - Outstanding borrowings under the credit facility were approximately $6.6 million, with receivables transferred under this facility amounting to $7.2 million [104]. - Cash used in investing activities for the six months ended June 30, 2023, totaled approximately $0.9 million, an increase from $0.7 million for the same period last year [169]. Future Outlook - The company anticipates ongoing challenges from material shortages and inflation, which could adversely impact future sales and gross profit margins [158]. - The company established a valuation allowance of $4.1 million for deferred tax assets as of June 30, 2023, due to insufficient taxable income generation [167]. - The company is increasing its utilization of U.S.-based resources to enhance production security and control [160]. Business Units - The company operates two business units: Radio and SaaS, focusing on public safety communications products [99]. - The SaaS business unit aims to deliver innovative smartphone applications for public safety, enhancing the functionality of the company's radio products [118].

BK Technologies Corp. (NYSE:BKTI) Q1 2023 Results Conference Call May 4, 2023 9:00 AM ET Company Participants John Nesbett - IMS IR John Suzuki - CEO Scott Malmanger - CFO Conference Call Participants Orin Hirschman - AIGH Partners Scott Weis - Semco Capital Operator Good morning, ladies and gentlemen, and welcome to the BKTI First Quarter 2023 Earnings Call. This call is being recorded. [Operator Instructions] Following management’s remarks, the call will be open to questions. There is a slide presentation ...

BK TECHNOLOGIES CORPORATION Condensed Consolidated Balance Sheets (In thousands, except share data) | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------| | Accrued compensation and related taxes | 1,573 | 1,143 | | Accrued warranty expense | 669 | 591 | | Accrued other expenses and oth ...