M-tron (MPTI) 2026 財年第二季法說會：在手訂單達 8,400 萬美元

重點總覽

• 在航太與國防計畫，以及航空電子和太空出貨量較第一季增加的推動下，2026 財年第二季營收年增 13.8% 至 1,510 萬美元。
• 調整後 EBITDA 成長 41.7% 至 340 萬美元。淨利增加至 190 萬美元，但由於 2026 年 4 月辦理增資認股後加權股數增加，稀釋後每股盈餘（EPS）降至 0.43 美元。
• 截至 2026 年 6 月 30 日，在手訂單達 8,400 萬美元，年增 37.2%。管理層表示，訂單出貨比（Book-to-Bill）已連續三個季度遠高於 1。
• 毛利率為 41.2%，其中包括與 2025 年年度獎金加速歸屬相關的約 50 萬美元股票酬勞費用。
• 管理層預計下半年毛利率約在 41.5% 至 43.5% 之間，最高可能達到 44%，但認為該區間的中點更為切合實際。
• 需求主要由反無人機雷達、電子戰、飛彈導引、戰術通訊、民用航空電子及太空應用所帶動。

關鍵財務數據

業務與營運表現

航太與國防仍是 M-tron 的主要營收驅動力。本季航空電子出貨量尤為強勁，而太空領域出貨量也較第一財季有所成長。

在手訂單成長反映出數筆大型航太與國防計畫訂單、新推出的反無人機與電子戰解決方案，以及太空產業需求的提升。M-tron 提供用於相列雷達的振盪器，廣泛應用於軍事與邊境管制中的移動式及固定式反無人機系統。

該公司亦指出電子戰、飛彈導引和戰術通訊無線電設備的訂單強勁。管理層表示，M-tron 是多項精準導引武器設計方案的獨家供應商。

約一年前推出的產品在過去兩個季度內帶來了 1,200 萬美元的新訂單，將於 2026 年和 2027 年投入生產。這些產品在 2025 年僅貢獻了約 20 萬美元的銷售額。

M-tron 正投資於設備、自動化與產能擴充，以支撐更高的出貨量。公司還投資了 Skyline Instruments Corporation，該公司專門開發適用於無 GPS 信號或信號脆弱環境的同步與時脈系統。

管理層業績展望

管理層預期下半財年毛利率將介於 41.5% 至 43.5% 之間，雖然有可能達到 44%，但不太可能突破該水準。公司認為該區間的中點是更切合實際的結果。

新計畫的量產引進預計將使 2026 年毛利率降低約 1 個百分點。管理層預期，隨著生產效率提升及自動化程度提高，2027 年毛利率將略有改善。

公司預期 2026 和 2027 年將保持略為加速的成長力道。管理層預計，受軍事系統優先事項調整及 2027 財年國防預算變化的推動，2028 年將帶來更顯著的營收貢獻。

M-tron 預計與國防主承包商簽署的七年框架協議相關的首批採購訂單將在 2027 財年第一季左右下達，用於 2028 年的生產。管理層強調，隨著各項零部件和計畫陸續開標，能見度正逐漸提升。

風險與關注焦點

• 新產品線的快速擴充可能會導致生產效率低下，並帶來短期毛利率壓力。
• 未來兩個季度的在手訂單超出了目前預期的產能，這使得產能擴充和執行力的重要性大增。
• 關稅使 2026 財年第二季毛利率下降了 1.1 個百分點，且仍是大多數產品的成本逆風。
• 本季度包含 100 萬美元的非現金股票酬勞費用，其中約 50 萬美元反映在毛利率中。管理層預計未來不會再出現同等規模的類似費用。
• 由於各項計畫採用按零部件及按計畫分批競標的方式，長期國防訂單的時間點仍存在不確定性。

分析師問答環節亮點

管理層表示，在手訂單已延續至 2028 年，並已涵蓋 2027 年預期產量的一半以上。此外，未來兩個季度的在手訂單量也超過了公司目前預計在該期間內的產量。

在完成現金增資認股後，M-tron 看到併購交易機會有所增加，並正在為其企業發展團隊招聘人才。管理層仍希望在 2026 年完成一項併購交易，同時繼續將資金分配於製造產能與可擴展性上。

關於 Skyline Instruments，管理層認為隨著時間推移，M-tron 有潛力成為其振盪器供應商。此項投資旨在幫助公司評估其產品如何滿足無 GPS 信號或信號脆弱環境下的同步需求。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.