M-tron（MPTI）2026年度第2四半期決算説明会：受注残高は8,400万ドルに到達

主要ポイント

• 2026年度第2四半期の売上高は、航空宇宙・防衛プログラムおよび第1四半期と比較したアビオニクスと宇宙関連の出荷増加に牽引され、前年同期比13.8%増の1,510万ドルとなりました。
• 調整後EBITDAは41.7%増の340万ドルとなりました。純利益は190万ドルに増加したものの、2026年4月のライツ・オファーリング（株主割り当て増資）に伴う加重平均株式数の増加により、希薄化後EPSは0.43ドルに低下しました。
• 2026年6月30日時点の受注残高は前年同期比37.2%増の8,400万ドルに達しました。経営陣によると、BBレシオ（受注出荷比率）は3四半期連続で1を大幅に上回る水準を維持しています。
• 粗利益率は41.2%となり、これには2025年年間ボーナスの権利確定加速に伴う約50万ドルの株式報酬費用が含まれています。
• 経営陣は、下期の粗利益率が約41.5%〜43.5%（場合によっては44%に達する可能性もある）になると予想していますが、レンジの中央付近がより現実的であるとみています。
• 需要は、対ドローンレーダー、電子戦、ミサイル誘導、戦術通信、民生用アビオニクス、および宇宙用途が牽引しました。

主要財務データ

事業および業績の動向

航空宇宙・防衛部門は引き続きM-tronの主要な売上ドライバーとなりました。当四半期は特にアビオニクス関連の出荷が好調で、宇宙関連の出荷も第1四半期から増加しました。

受注残高の増加は、複数の大型航空宇宙・防衛プログラムの受注、新たな対ドローンおよび電子戦ソリューション、ならびに宇宙産業での需要増加を反映しています。M-tronは、軍事および国境警備用途で導入されている移動式および固定式の対ドローンシステム向けフェーズドアレイレーダーに使用される発振器を供給しています。

同社はまた、電子戦、ミサイル誘導、戦術通信用無線機向けの好調な受注も報告しました。経営陣によると、M-tronは多数の精密誘導兵器の設計ポジションにおいて単独サプライヤー（ソールソース）となっています。

約1年前に投入された製品は、直近2四半期で2026年および2027年生産分として1,200万ドルの新規受注を獲得しました。これらの製品による2025年の売上高は約20万ドルでした。

M-tronは、生産量の拡大に対応するため、設備、自動化、および生産能力に投資しています。また同社は、GPSが利用できない環境や脆弱な環境向けの同期およびタイミングシステムを開発するSkyline Instruments Corporationにも投資しました。

経営陣の見通し（ガイダンス）

経営陣は、年度下期の粗利益率がおよそ41.5%〜43.5%の範囲に収まると予想しており、44%に達する可能性はあるものの、それを超える可能性は低いとしています。同社はレンジの中央付近がより現実的な結果になるとと考えています。

新規プログラムの立ち上げに伴い、2026年の粗利益率は約1パーセントポイント押し下げられる見込みです。経営陣は、生産の効率化と自動化の進展により、2027年には利益率がわずかに改善すると予想しています。

同社は、2026年および2027年を通じて成長がやや加速すると予想しています。経営陣は、軍事システムの優先順位の変更や2027年度の防衛予算により、2028年にはより大幅な売上貢献が見込まれると期待しています。

M-tronは、大手防衛プライム企業との7年間の包括協定（フレームワーク協定）に関連する最初の注文書が、2028年生産分として2027年度第1四半期頃に届くと見込んでいます。経営陣は、個別部品やプログラムが入札に付されるにつれて、見通しが徐々に明確になっていくと強調しました。

リスクと注視すべき点

• 新製品ラインの急速な拡大により、生産効率の低下や短期的な粗利益率への圧迫が生じる可能性があります。
• 今後2四半期の受注残高は現在予想される生産量を上回っており、生産能力の拡大と確実な実行の重要性が高まっています。
• 関税により2026年度第2四半期の粗利益率は1.1%押し下げられ、大半の製品において引き続きコストの逆風となっています。
• 当四半期には、粗利益率に反映された約50万ドルを含め、100万ドルの非現金性株式報酬費用が含まれていました。経営陣は、同等規模の費用が再び発生することはないと見込んでいます。
• 防衛関連の長期的な受注時期は、プログラムが部品ごと、プログラムごとに入札に付されているため、依然として不確実です。

アナリストQ&Aの要点

経営陣によると、受注残高は2028年まで及んでおり、すでに2027年に予想される生産量の過半数が含まれています。また、同社は今後2四半期について、同期間に生産を予定している数量を上回る受注残高を抱えています。

ライツ・オファーリング実施後、M-tronではM&Aの案件情報（ディールフロー）が増加しており、経営企画・企業開発チームの採用を進めています。経営陣は、生産能力と拡張性への資金配分を続けつつも、2026年中に買収案件を完了させたいと考えています。

Skyline Instrumentsに関して、経営陣は将来的にM-tronが発振器のサプライヤーとなる可能性があるとみています。またこの投資は、GPSが利用できない環境や脆弱な環境における同期要件に自社製品がどのように対応できるかを検証することも目的としています。

決算説明会（トランスクリプト）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to the M-tron Earnings Call for Second Quarter 2026. [Operator Instructions] We'll now hand the conference over to Linda Biles, EVP of Finance. Please go ahead.

Linda Biles

Good morning, everyone. Thank you for joining our 2026 M-tron Q2 earnings call. Please note that this call will be recorded and we will make the recording available on our website, www.mtron.com, shortly after the call. Yesterday afternoon, we released our earnings for the second fiscal quarter of 2026.

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 2025 10-K, which was filed on March 26, 2026, with the SEC. This discussion may contain forward-looking statements within the meaning 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.

Although the company believes that the forward-looking statements are based on 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 statement. The company undertakes no obligations to publicly update or revise any forward-looking statement, whether it's the result of new information, future events, or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

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

Cameron Pforr

Thank you, Linda, and good morning, everyone. Thank you for attending our second quarter FY 2026 earnings call. We're pleased to discuss our strong first half results for the fiscal year 2026 and our outlook going forward.

As a reminder, M-tron designs and manufactures highly engineered RF solutions, including electronic components and sub-assemblies used to control the frequency and timing of signals and electronic circuits. We're a global company with three manufacturing sites in the United States and in India. And our 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 our 2026 Q2 sales, earnings, and booking results, and a growing backlog.

Our revenues continue to be driven by our defense-related orders. In this quarter, we saw particular strong growth in avionics shipments. Our backlog continues to increase with strong growth over the past year in aerospace and defense and space orders. And we've now had three quarters in a row with very strong book-to-bill ratios. With consistent operating performance, we have been able to continue to make strategic investments in research and development and continue to increase the market profile of the company and prime the pump for future growth.

Yesterday afternoon, we reported the following Q2 FY 2026 results. Total revenues for the second quarter were $15.1 million, a 13.8% increase over the $13.3 million of revenue in the same period last year. The revenue increased in the period primarily due to continued strong aerospace and defense program shipments, and an increase in the quarter over the Q1 in both avionics and space shipments.

Gross margins for the second quarter of 2026 were 41.2% compared to 43.6% for the second quarter in 2025. This number reflects approximately $0.5 million of non-cash stock-based compensation directly related to our 2025 annual bonus, a charge not expected to recur at comparable levels in future quarters. When you factor this into how you look at the margins, our margins were very steady quarter to quarter.

Net income was $1.9 million or $0.43 per diluted share for the 3 months ended June 30, 2026, compared with $1.6 million or $0.53 per diluted share for the 3 months ended June 30, 2025. The net income figure includes a $1.0 million non-cash stock compensation expense directly related to the accelerated vesting of stock-based 2025 annual bonus. These prior year periods do not include such a charge for the 2024 annual bonus. And again, we do not expect this type of magnitude of expense to recur in the future periods.

Even with net income increasing, we saw a decrease in earnings per share due to the increase in weighted shares outstanding related to our rights offering that was completed in April of 2026. Adjusted EBITDA was $3.4 million for the 3 months ended June 30, 2026, compared with $2.4 million for the 3 months ended June 30, 2025. This 41.7% increase was primarily due to higher revenues, partially offset by an increase in engineering, selling, and administrative expense, which grew at a slower rate than revenue.

Backlog increased 37.2% to $84 million as of June 30, 2026, compared with the $61.2 million of backlog as of June 30, 2025. The increase in backlog reflects continued broad demand for our products, including several large aerospace and defense program orders, several large orders for new solutions for counter-drone and electronic warfare received during this -- the past 2 quarters, and an increase in space industry orders as well.

We continue to execute well on our strategy of continually moving into more program business, which now makes up the vast majority of our aerospace and defense revenues. We have also had heavy order volume this spring in the counter-drone area where we're supplying oscillators for phased array radar being used for both mobile and stationary counter-drone solutions. These systems are being deployed for both military and border control applications. We've also had strong orders for electronic warfare, missile guidance systems, and repeat orders for tactical communication radios.

We're also engaged with the defense primes on long-term supply agreements for many of these missile systems for which they recently signed 7-year framework agreements. We are putting in longer-term bids for the current programs and are also now competing for some systems for which we were not the original supplier. We believe that our percent of content for the various systems will increase due to this process. Now, these programs are being put out to bid part by part and program by program. So, the visibility is, kind of, slowly coming into focus.

We now expect to see our first purchase orders from these increased volumes due to these agreements in probably the first quarter of 2027, and that would be for 2028 production, and we're beginning to get increased visibility now on the volumes required. Meanwhile, we have strong growth in many of our current precision-guided munition production orders. On many of these program design slots, we're a sole source provider. And we stand to reap many benefits of defense spending in this area that we support continues to grow.

Some of you have asked also about the continued impact of tariffs. Q2 Fiscal year 2025 was the first year that we were -- it was the first full quarter of impact to the tariffs, and it remained impacted by tariffs across the majority of our products. However, it's been reduced slightly this year after the Supreme Court ruling. We saw a 1.1% impact on gross margins this past quarter compared to 1.25% a year ago in Q2 2025.

Overall, we see demand for aerospace and defense products only increasing over the next several years, and 2026 being a very strong year for avionics and space orders and shipments. We believe that we will continue to grow at a slightly accelerated rate through '26 and '27, and we'll begin to see more significant impact to our 2028 revenues from the strategic reshuffling and prioritizing of certain military systems we're now seeing in the FY '27 defense budget and also reconciliation requests.

As we more rapidly scale, we expect gross margins to initially decrease slightly as programs ramp and move to a full rate of production. But overall, earnings continue to increase as revenue should increase at a higher rate than operating expenses. We will continue to update the market as we learn more from our customers about the production volumes expectations on these '27 and '28 production orders and beyond.

M-tron plays a critical role in defense of our nation by providing U.S. source and highly engineered components for the U.S. and allied military programs. We continue to make significant investments in our ability to scale production with much new equipment and automation coming online and the development of innovative new solutions. This past 2 quarters, for example, we've received $12 million in new orders for '26 and '27 production for products that we just introduced to the market a year ago and sold approximately $200,000 of in 2025.

We've also strengthened our balance sheet to signal to our customers that we have market staying power. We have the ability to invest in our growth and a desire to be a strategic partner as they scale their businesses to meet unprecedented demand. We will also use this funding to add to our product portfolio and engineering talent pool through both acquisition and investments. During the quarter, for example, the company made an investment in an innovative dual-use synchronization and timing systems company, Skyline Instruments Corporation.

Skyline is making significant advancements critical for the synchronization of RF sensor data and operations in GPS-denied or fragile environments. This is part of the company's effort to continue to innovate and to learn about future market opportunities in areas critical to our national defense.

Before I open the floor to questions, I wanted to mention that we will be presenting at the Moody Capital Conference in early September in New York City, also participating at the Sidoti Small-Cap Virtual Conference later in September. Information for both of these events will be posted on our investor website. I also encourage you to follow us on LinkedIn as well as community updates on our press releases on the website.

Anyway, operator, thank you for your assistance today. Can you open the lines and allow the first questions?

Operator

[Operator Instructions] Your first question comes from the line of John Bair with Ascend Wealth Advisors. Please go ahead. Your line is now open.

質疑応答

John Bair

Question on your outlook on M&A. I know the rights offering bolstered your cash balance and so forth, so just wondering if you can comment on that, what you see there potentially...

Cameron Pforr

I'd be happy to.

John Bair

We're working on some things and just wondering how that's coming along.

Cameron Pforr

Yes, we are. We have been talking to a number of companies. Since we completed the rights offering, we've had, kind of, an increase in deal flow. So, we now have more banks actively engaged in giving us ideas, which we appreciate. And we've been following up with some of those opportunities. And we still hope to get a deal done this year. We're also starting to hire for our corporate development team. So, trying to make that a more formal process and a better resource in the company. So, we do anticipate accelerating that.

John Bair

And how much increase in bid order and order activity and so forth? So, I'm assuming that your roofline and capability of keeping up with that is adequate at this point, and maybe some of that rights offering money utilized for increased production?

Cameron Pforr

Yes, no, great question, John. So, we're actually -- we've had very strong bookings growth throughout this year and the past 3 quarters have been very strong. And I would say that -- and it looks like it'll continue to be strong. So, right now, we're very focused on increasing our manufacturing capacity and scalability, and we've made a number of investments and accelerated our investments earlier this year just to meet the needs for our customers. So, we're going to continue looking at that as well.

Operator

Your next question comes from the line of Anja Soderstrom with Sidoti. Please go ahead. Your line is now open.

Anja Soderstrom

Congrats on the quarter. How much of the backlog do you expect to convert over the next 12 months, and has the timing of that conversion changed?

Cameron Pforr

Yes, I would say -- so, the backlog's been very strong, Anja, and I appreciate your question on this. We've had three quarters in a row of very good bookings and the book-to-bill ratio has been well above one. Right now, we have considerable backlog, not only for the next two quarters, we have more backlog than we actually currently anticipate producing in those two quarters. And we're trying to figure out how we can handle that. But also the backlog goes out through 2028, and we have, you know, more than half of next year's production already in the backlog. And that's, you know, we're only halfway through the year, really.

Anja Soderstrom

Okay. And you mentioned for the gross margin, you expect that to, sort of, contract in the second half due to ramping on new programs. But you also had an impact from the stock-based compensation for the second quarter. So, how should we think about the contraction there for the second half?

Cameron Pforr

Yes, what we're faced is really rapid expansion for several products that are relatively new to us. We are making investments to try to automate that production and to improve the margins there. We're making good progress. As we continue to bring up several new programs with expectations of very rapid growth, there will be some growing pains there. So it's difficult to tell quarter by quarter what the margins will be, but I think with the tariffs continuing, we probably were going to see gross margins in the back half of the year, somewhere in the maybe 41.5% to 43.5% range, maybe 44%, but certainly not any higher than that. I think realistically, we're probably in the middle of that range.

Anja Soderstrom

And then, as you ramp those programs into 2027 and have the stock-based compensation comparison this year and the tariffs, that should have a positive impact then on the margins for next year, or how should we think about that?

Cameron Pforr

Yes, I do see -- as we get more comfortable with the production of certain products, the margins will go up a little bit just because of being more efficient. And so, I do think that if you look at the larger programs, the margins tend to go up over the first 2 or 3 quarters, 1 to 2 quarters, and then they flatten out. After that, the benefits you can get really are from increased automation on a line. And so, I do think that the margins will be slightly better next year. But I think this year, we've had such strong bookings in the first half of the year with products with a very rapid ramp that will have probably a point impact on our gross margins.

Anja Soderstrom

Okay. And then I'm just curious with the Skyline Instruments investment. What benefits do you expect that to bring for the company in the near term, and how should we think about that kind of strategic investment?

Cameron Pforr

Sure. Yes, several of them. First of all, they are a consumer of oscillators. So, we hope to, over time, be a supplier there, potentially. But also, we have good dialogue with the management team there and really looking at their expertise to help us learn about how our products can play a role in areas where GPS is either fragile or denied. So trying to understand how we adapt our product line to meet that future needs.

Operator

There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Cameron Pforr, CEO, for the closing remarks. Please go ahead.

Cameron Pforr

Okay, well, I'd like to thank everybody for participating in today's call and your interest in M-tron. Have a great day and please contact us at ir@mtron.com should you have any additional questions. And we look forward to seeing you at some of the events in the next couple of months.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.