M-tron (MPTI) 2026财年第二季度业绩电话会：积压订单达8400万美元

核心要点

• 受航空航天与国防项目以及航空电子与航天出货量较第一季度增加的推动，2026财年第二季度营收同比增长13.8%至1510万美元。
• 调整后EBITDA增长41.7%至340万美元。净利润增至190万美元，但由于2026年4月配股后加权股数增加，摊薄后每股收益降至0.43美元。
• 截至2026年6月30日，未完工订单达到8400万美元，同比增长37.2%。管理层表示，订单出货比已连续三个季度保持在远高于1的水平。
• 毛利率为41.2%，其中包括与2025年度奖金加速归属相关的约50万美元股权激励费用。
• 管理层预计下半年毛利率将在约41.5%至43.5%之间，有可能达到44%，但认为取区间中值更为现实。
• 需求主要由反无人机雷达、电子战、导弹制导、战术通信、商用航空电子及航天应用所带动。

关键财务数据

业务与运营表现

航空航天与国防业务仍是M-tron的主要营收驱动力。本季度航空电子出货量尤为强劲，同时航天出货量也较第一财季有所增加。

未完工订单的增长反映了数个大型航空航天与国防项目订单、新型反无人机与电子战解决方案，以及航天工业需求的增长。M-tron提供用于相控阵雷达的振荡器，这些雷达部署于军事及边境监控应用中的移动式和固定式反无人机系统中。

该公司还报告称，电子战、导弹制导及战术通信电台订单强劲。管理层表示，M-tron是多个精确制导武器设计位置的独家供应商。

大约一年前推出的产品在过去两个季度中带来了1200万美元的新订单，用于2026年和2027年的生产。这些产品在2025年仅产生了约20万美元的销售额。

M-tron正在投资设备、自动化和产能，以支持更高的生产规模。公司还投资了Skyline Instruments Corporation，该公司致力于开发用于无GPS信号或GPS信号脆弱环境下的同步和时钟系统。

管理层业绩指引

管理层预计下半财年毛利率将落在约41.5%至43.5%的区间内，有可能达到44%，但不太可能突破这一水平。公司认为区间中值是更现实的结果。

预计新项目的量产攀升将在2026年使毛利率降低约1个百分点。管理层预计随着生产效率的提高和自动化程度的增加，2027年的利润率将略有改善。

公司预计2026年和2027年增长将以略微加快的节奏持续。管理层预计，由于军事系统优先事项的调整以及2027财年国防预算的变化，2028年将带来更为显著的营收贡献。

M-tron预计，与国防巨头签署的七年框架协议相关的首批采购订单将在2027财年第一季度左右下达，用于2028年的生产。管理层强调，随着各个零部件和具体项目陆续对外招标，业务能见度正在逐步提升。

风险与关注领域

• 较新产品线的快速扩张可能会导致生产效率下降，并带来短期毛利率压力。
• 未来两个季度的未完工订单超过了目前预期的产能，这突显了扩产和执行力的重要性。
• 关税使2026财年第二季度的毛利率下降了1.1个百分点，且仍是大多数产品面临的成本阻力。
• 本季度包含100万美元的非现金股权激励费用，其中约50万美元反映在毛利率中。管理层预计同等规模的费用不会再次发生。
• 长期国防订单的下达时间仍存在不确定性，因为项目是按零部件和具体项目逐一进行招标的。

分析师问答要点

管理层表示，未完工订单已延伸至2028年，且已包含2027年预期产量的一半以上。此外，公司未来两个季度的未完工订单量也超过了当前预计在该期间内的生产量。

配股完成后，M-tron看到的并购交易流有所增加，目前正在为其企业发展团队招聘人员。管理层仍希望在2026年内完成一项并购交易，同时继续向生产产能和可扩展性分配资金。

关于Skyline Instruments，管理层认为M-tron随着时间的推移有望成为其振荡器供应商。此项投资旨在帮助公司评估其产品如何满足无GPS信号或GPS信号脆弱环境下的同步需求。

业绩电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.