Financial Performance - Total revenues for the three months ended June 30, 2021, were $6,882,000, a decrease of 2.5% compared to $7,059,000 for the same period in 2020[93] - Total revenues for the six months ended June 30, 2021, were $13,418,000, a decrease of $2,259,000 or 14.4% from $15,677,000 for the same period in 2020[100] - Net loss for the three months ended June 30, 2021, was $18,000, compared to net income of $255,000 for the same period in 2020[99] - Net income decreased to $9,000 compared to $438,000 for the six months ended June 30, 2020, with diluted net income per share at $0.00 versus $0.08[106] - Operating income for the three months ended June 30, 2021, was $616,000, compared to $184,000 for the same period in 2020, reflecting margin improvement[95] - Operating income was reported at $556,000, down from $844,000 for the six months ended June 30, 2020, reflecting reduced revenues[102] Margins and Costs - Consolidated gross margin improved to 39.7% from 31.8% for the three months ended June 30, 2020, due to favorable product mix and cost reductions[94] - Consolidated gross margin improved to 36.3% from 33.2% for the six months ended June 30, 2020, due to favorable product mix and cost reductions[101] Order and Bookings - The order backlog as of June 30, 2021, was $21,347,000, an increase of 7.8% from $19,801,000 at December 31, 2020[85] - Quarterly bookings for the second quarter of 2021 were $7,841,000, an increase of 12.0% compared to 2020 levels[85] - The Company expects to fill substantially all of its order backlog within the next twelve months but cannot provide assurances regarding the fulfillment of specific orders[87] Investments and Financing - The Company invested $3.35 million in LGL Systems Acquisition Holding Company, LLC, which serves as the Sponsor of LGL Systems Acquisition Corp.[88] - The SPAC IPO closed on November 12, 2019, with proceeds totaling $172.5 million[89] - The company has a revolving line of credit with Synovus Bank for up to $3.5 million, with no borrowings outstanding as of June 30, 2021[112] Cash Flow and Capital - Cash provided by operating activities was $48,000 for the six months ended June 30, 2021, down from $871,000 in the same period of 2020[108] - Cash used in investing activities increased to $3,125,000 from $105,000, primarily due to funding for the PIPE subscription agreement and higher capital expenditures[109] - As of June 30, 2021, consolidated working capital was $28,437,000, down from $30,384,000 as of December 31, 2020[111] Dividend Policy and COVID-19 Impact - The company does not pay cash dividends, adhering to a policy focused on long-term growth objectives[114] - The company continues to monitor the impact of COVID-19 on its operations and industry, which could materially disrupt business[113]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 001-00106 THE LGL GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) 2525 Shader Rd., Orlando, Florida 32804 (Address of principal executive offices) (Zip Code) Delaware ...

Business Segments and Operations - The LGL Group, Inc. operates through two segments: Electronic Components and Electronic Instruments, focusing on high-reliability frequency and spectrum control products [19]. - The company remains dependent on a single line of business, with virtually all revenues in 2020 and 2019 derived from electronic components [61]. - The company expects that the electronic components product line will continue to account for substantially all revenues in 2021 [61]. Revenue and Customer Concentration - In 2020, the largest customer accounted for $5,324,000, or 17.1% of total revenues, while the second largest customer accounted for $4,351,000, or 14.0% of total revenues [37]. - The largest customer accounted for $5,324,000, or 17.1% of total revenues in 2020, up from $3,187,000, or 10.0% in 2019 [65]. - The second largest customer contributed $4,351,000, or 14.0% of total revenues in 2020, compared to $5,522,000, or 17.3% in 2019 [65]. - As of December 31, 2020, four largest customers represented approximately $1,856,000, or 43.1% of accounts receivable, compared to 40% in 2019 [66]. - Foreign revenues accounted for 23.8% and 26.6% of consolidated revenues in 2020 and 2019, respectively, indicating a significant reliance on international sales [92]. Financial Performance - Total revenues for 2020 were $31,162,000, a decrease of 2.3% from $31,897,000 in 2019 [133]. - Net income for 2020 was $968,000, down from $7,016,000 in 2019, representing a decline of 86.2% [133]. - The company’s operating income for 2020 was $1,415,000, a decrease of 58.8% from $3,439,000 in 2019 [133]. - Consolidated gross margin decreased to 35.1% compared to 39.2% for the prior year, impacted by a shift in product mix and increased production costs due to COVID-19 [152]. Cash Flow and Liquidity - Cash and cash equivalents increased to $18,331,000 in 2020 from $12,453,000 in 2019, a growth of 47.2% [133]. - Cash provided by operating activities was $3,192,000 for 2020, an increase from $2,666,000 in 2019, primarily due to favorable changes in accounts receivable and inventory levels [164]. - Cash used in investing activities decreased significantly to $428,000 in 2020 from $6,163,000 in 2019, reflecting reduced capital expenditures and investments [165]. - Cash provided by financing activities increased to $3,114,000 in 2020 from $442,000 in 2019, mainly due to the sale of securities under the ATM Offering [166]. Research and Development - Research and development expenses were approximately $2,142,000 in 2020, compared to $2,004,000 in 2019, indicating a focus on revitalizing intellectual property [41]. - MtronPTI's product development emphasizes smaller packages, lower power, and new materials to enhance performance in harsh environments [27]. Compliance and Regulations - The company is subject to significant government regulations and audits, which may increase compliance costs and impact financial results [54]. - The company is required to comply with the Cybersecurity Maturity Model Certification (CMMC) program, which may increase compliance costs and affect operating margins [81]. - The company must maintain effective internal control over financial reporting to ensure accurate and timely financial results, as required by the Sarbanes-Oxley Act [97]. COVID-19 Impact - The outbreak of COVID-19 has disrupted supply chains, affecting the availability of components and raw materials, leading to potential redesigns and shipment delays [50]. - The ongoing effects of the COVID-19 pandemic have caused disruptions, including the temporary closure of the Noida facility, which resumed full operations by June 2020 [99]. - The company anticipates that the impact of COVID-19 on future results will depend on developments related to the pandemic and government responses [140]. - Management continues to monitor the impacts of COVID-19 on customers and suppliers, ensuring sufficient liquidity for ongoing working capital and capital expenditure requirements for the next 12 months [168]. Shareholder and Governance - The company’s officers, directors, and 10% or greater stockholders control approximately 43.8% of the voting power, which may affect corporate governance and stockholder interests [108]. - The Audit Committee consists of members who are financially literate and independent, with Mr. Hunter serving as Chairman and qualifying as the financial expert [193]. - The company adopted a code of ethics applicable to all employees, including principal executive and financial officers [192]. Stock and Equity - The company authorized a stock repurchase program for up to 540,000 shares, with 81,584 shares repurchased at a cost of $580,000 as of December 31, 2020 [126]. - The total number of common stock outstanding as of March 16, 2021, is 5,327,966 shares [206]. - The equity compensation plan has 58,050 options outstanding with a weighted average exercise price of $8.55, and 290,091 shares available for future issuance [208].

Financial Data and Key Metrics Changes - The company's annual revenue for 2020 was $31.2 million, a decline of $0.7 million or 2.2% compared to $31.9 million in 2019 [30] - Gross margins decreased from 39.2% in 2019 to 31% in 2020, returning to historic gross margins in the strong mid-30s [30] - Adjusted EBITDA for 2020 was reported at 8.6% [30] - The backlog decreased from $21.9 million in 2019 to $19.8 million in 2020, remaining strong and steady going into 2021 [30] Business Line Data and Key Metrics Changes - The avionics market experienced a decline due to COVID-19, but increased revenues were seen in the space, defense, and medical markets [30] - MTronPTI, the principal operating subsidiary, focused on becoming a preferred supplier in the defense landscape, particularly in avionics, military, aerospace, and space markets [24] Market Data and Key Metrics Changes - The company faced significant shifts in customer mix, particularly with a decline in the aerospace industry due to COVID-19 [7] - Despite the challenges, MTronPTI managed to keep revenues close to 2019 levels, indicating resilience in its operations [23] Company Strategy and Development Direction - The company intends to continue participating in SPAC sponsorships across multiple industry verticals, viewing it as a way to deploy capital and earn returns [7] - Future growth opportunities are expected to come from developing new technologies and products, as well as pursuing synergistic acquisitions [28] - The company aims to broaden its franchise by expanding into new markets and enhancing its product offerings [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed confidence in the company's ability to adapt and grow [7] - The focus will be on cash generation, efficiencies, and excellence, with an emphasis on M&A opportunities [11] - The management team is optimistic about the future, highlighting the potential for growth through product development and market share gains [32] Other Important Information - The company has $24 million in cash and marketable securities as of December 31, 2020 [6] - A merger with IronNet Cybersecurity through LGL Systems Acquisition Corp was announced, which is expected to provide economic value to the company [36] Q&A Session Summary Question: Can you provide parameters around the SPAC franchise business and the significance of the IronNet deal? - The IronNet transaction has met its financing conditions to close, with an estimated economic value of about $12 million for The LGL Group, not including potential share price appreciation [36] Question: Clarification on the investment in SPAC and warrants? - The company invested in the SPAC sponsor, which includes both B shares and warrants, thus taking on all risk capital [40] Question: How does the current investment value look? - The economic interest is approximately $24 million in cash plus about $15 million at $10 per share, totaling around $40 million [43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 001-00106 THE LGL GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 38-1799862 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 001-00106 THE LGL GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (State or Other Jurisdiction of Incorporation or Organization) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 001-00106 THE LGL GROUP, INC. (Exact Name of R ...

The LGL Group, Inc. (NYSE:LGL) Q4 2019 Earnings Conference Call March 30, 2020 4:30 PM ET Company Representatives Marc Gabelli - Chairman James Tivy - Chief Financial Officer Ivan Arteaga - Interim CEO Bill Drafts - President of MtronPTI Conference Call Participants Chris Sakai - Singular Research Ian Cassel - Private Investor Operator Ladies and gentlemen, thank you for standing by and welcome to the LGL 2019 Annual Results Conference Call. At this time all participants are in a listen-only mode. After the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ______________________ Commission file number: 001-00106 The LGL Group, Inc. (Exact name of Registrant as Specified in Its Charter) | Delaware | 38-179986 ...

For the quarterly period ended September 30, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 001-00106 (State or Other Jurisdiction of Incorporation or Organization) Delaware 38-1799862 (I.R.S. Empl ...