엠트론(MPTI) 2026 회계연도 2분기 실적발표 컨퍼런스 콜: 수주 잔고 8,400만 달러 기록

핵심 요약

• 2026 회계연도 2분기 매출은 항공우주 및 방위 프로그램과 1분기 대비 증가한 항공전자 및 우주 분야 출하량에 힘입어 전년 동기 대비 13.8% 증가한 1,510만 달러를 기록했습니다.
• 조정 EBITDA는 41.7% 증가한 340만 달러를 기록했습니다. 당기순이익은 190만 달러로 증가한 반면, 희석 주당순이익(EPS)은 2026년 4월 유상증자 이후 가중평균 주식 수가 늘어나면서 0.43달러로 감소했습니다.
• 2026년 6월 30일 기준 수주잔고는 전년 동기 대비 37.2% 증가한 8,400만 달러를 달성했습니다. 경영진은 수주출하비율(book-to-bill)이 3분기 연속 1을 크게 웃돌고 있다고 밝혔습니다.
• 매출총이익률은 41.2%를 기록했으며, 여기에는 2025년 연간 보너스의 조기 권리 확정과 관련된 약 50만 달러의 주식기준보상이 포함되어 있습니다.
• 경영진은 하반기 매출총이익률이 약 41.5%~43.5% 수준이 될 것으로 예상하며, 44%에 도달할 가능성도 있지만 범위의 중간 정도가 더 현실적이라고 보고 있습니다.
• 드론 대응(counter-drone) 레이더, 전자전, 미사일 유도, 전술 통신, 상업용 항공전자 및 우주 응용 분야가 수요를 견인했습니다.

주요 재무 데이터

사업 및 영업 실적

항공우주 및 방위 부문은 M-tron의 주요 매출 동력으로 유지되었습니다. 이번 분기에는 항공전자 출하량이 특히 강세를 보였으며, 우주 분야 출하량도 회계연도 1분기 대비 증가했습니다.

수주잔고 성장은 수주한 대형 항공우주 및 방위 프로그램 프로젝트, 신규 드론 대응 및 전자전 솔루션, 우주 산업의 수요 증가를 반영합니다. M-tron은 군사 및 국경 통제 용도로 배치되는 이동식 및 고정식 드론 대응 시스템의 위상 배열 레이더에 사용되는 오실레이터를 공급합니다.

회사 측은 전자전, 미사일 유도 및 전술 통신 무전기 부문에서도 견조한 수주를 기록했다고 밝혔습니다. 경영진은 M-tron이 다수의 정밀 유도 무기 설계 규격에서 단독 공급업체(sole-source provider) 위치를 차지하고 있다고 덧붙였습니다.

약 1년 전 출시된 신제품들이 지난 2분기 동안 2026년 및 2027년 생산 물량에 대해 1,200만 달러의 신규 수주를 창출했습니다. 해당 제품들은 2025년에 약 20만 달러의 매출을 기록한 바 있습니다.

M-tron은 늘어나는 물량을 지원하기 위해 설비, 자동화 및 생산 능력에 투자하고 있습니다. 또한 GPS가 차단되거나 불안정한 환경을 위한 동기화 및 타이밍 시스템을 개발하는 스카이라인 인스트루먼츠(Skyline Instruments Corporation)에도 투자했습니다.

경영진 전망(가이던스)

경영진은 회계연도 하반기 매출총이익률이 대략 41.5%에서 43.5% 범위에 들어설 것으로 예상하며, 44%도 가능하지만 이를 초과하진 않을 것으로 보고 있습니다. 회사는 중간 수준이 더 현실적인 결과라고 판단합니다.

신규 프로그램의 생산 확대(ramp)로 인해 2026년 매출총이익률은 약 1%포인트 감소할 것으로 예상됩니다. 경영진은 생산 효율성이 향상되고 자동화가 늘어남에 따라 2027년에는 이익률이 소폭 개선될 것으로 전망합니다.

회사는 2026년과 2027년에 걸쳐 성장세가 소폭 가속화될 것으로 예상합니다. 경영진은 군사 시스템 우선순위 변경과 2027 회계연도 국방 예산 영향으로 2028년에 더욱 유의미한 매출 기여가 이뤄질 것으로 내다봅니다.

M-tron은 방산 주계약업체들과의 7년 장기 기본 계약에 연계된 첫 발주서가 2028년 생산을 위해 2027 회계연도 1분기 무렵에 들어올 것으로 예상하고 있습니다. 경영진은 개별 부품 및 프로그램별로 입찰이 진행됨에 따라 가시성이 단계적으로 확보되고 있다고 강조했습니다.

리스크 및 주요 점검 사항

• 신규 제품 라인의 급격한 확장은 생산 비효율을 유발하고 단기적인 매출총이익률 압박을 가할 수 있습니다.
• 향후 2개 분기의 수주잔고가 현재 예상되는 생산량을 초과하여, 생산 능력 확장 및 실행력의 중요성이 더욱 커지고 있습니다.
• 관세로 인해 2026 회계연도 2분기 매출총이익률이 1.1% 감소했으며, 이는 대부분의 제품군에서 여전히 비용 부담 요인으로 작용하고 있습니다.
• 이번 분기에는 매출총이익률에 반영된 약 50만 달러를 포함해 총 100만 달러의 비현금 주식보상비용이 포함되었습니다. 경영진은 유사한 규모의 비용이 반복 발생하지는 않을 것으로 예상합니다.
• 프로그램이 부품별, 프로그램별로 입찰에 붙여지고 있기 때문에 장기 방산 수주 시점은 여전히 불확실합니다.

애널리스트 Q&A 주요 내용

경영진은 수주잔고가 2028년까지 이어지며, 2027년 예상 생산량의 절반 이상을 이미 포함하고 있다고 밝혔습니다. 또한 향후 2개 분기 동안 생산할 수 있을 것으로 예상하는 물량보다 더 많은 수주잔고를 보유하고 있습니다.

유상증자 이후 M-tron은 인수합병(M&A) 딜 흐름이 증가함에 따라 경영기획/사업개발 팀 인력을 채용하고 있습니다. 경영진은 제조 능력 및 확장성에 자본을 계속 배분하는 한편, 2026년 중에 거래를 완료하기를 희망하고 있습니다.

스카이라인 인스트루먼츠와 관련하여 경영진은 시간이 지남에 따라 M-tron이 오실레이터 공급업체가 될 가능성이 있다고 보고 있습니다. 이번 투자는 또한 M-tron 제품이 GPS 차단 환경이나 불안정한 환경에서 동기화 요구사항을 어떻게 해결할 수 있는지 평가하는 데 도움을 주기 위한 목적도 있습니다.

실적 발표 전화회의(콜) 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.