M-tron Industries(US:MPTI)2025-05-13 21:06Financial Performance - Total revenues increased by $1,547, or 13.8%, from $11,185 for the three months ended March 31, 2024, to $12,732 for the three months ended March 31, 2025, primarily due to strong defense product shipments[83] - Total costs and expenses increased by $1,323, or 14.1%, from $9,396 for the three months ended March 31, 2024, to $10,719 for the three months ended March 31, 2025[84] - Gross margin decreased by 27 basis points from 42.7% for the three months ended March 31, 2024, to 42.5% for the three months ended March 31, 2025, reflecting higher revenues and increased initial manufacturing costs[84] - Net income increased by $144 from $1,486 for the three months ended March 31, 2024, to $1,630 for the three months ended March 31, 2025[101] - Adjusted EBITDA increased by $240 from $2,262 for the three months ended March 31, 2024, to $2,502 for the three months ended March 31, 2025[92] Order Backlog and Cash Position - As of March 31, 2025, the order backlog was $55,501, an increase of $8,262, or 17.5%, from $47,239 as of December 31, 2024[88] - Cash and cash equivalents increased to $13,662 as of March 31, 2025, from $12,641 as of December 31, 2024[96] - Cash provided by operating activities was $1,607 for the three months ended March 31, 2025, compared to $1,496 for the same period in 2024, an increase of $111[98] - The current ratio improved to 6.7 as of March 31, 2025, compared to 5.7 as of December 31, 2024[98] - Cash used in investing activities increased to $586 for the three months ended March 31, 2025, from $122 for the same period in 2024, an increase of $464[99] Accounting Policies and Estimates - There have been no material changes to the critical accounting estimates disclosed in the Annual Report on Form 10-K filed with the SEC on March 27, 2025[108] - Management evaluates its accounting policies, estimates, and judgments on an ongoing basis, including those related to income taxes and inventories[107]