MPTI M tron Industries Inc

Manufacturing cost of sales

$ 12,805

$ 13,214

$ 11,808

$ 11,185

$ 10,773

$ 10,888

$ 10,140

$ 9,367

$ 49,012

$ 41,168

Costs and expenses:

6,755

6,904

6,307

6,406

6,080

6,230

5,921

6,171

26,372

24,402

Engineering, selling and administrative

3,473

3,389

3,394

2,990

4,753

2,625

2,654

2,435

13,246

12,467

Total costs and expenses

10,228

10,293

9,701

9,396

10,833

8,855

8,575

8,606

39,618

36,869

Operating income

2,577

2,921

2,107

1,789

(60)

2,033

1,565

761

9,394

4,299

Other income:

Interest income, net

104

(5)

(2)

243

Income before income taxes

(5)

100

(40)

138

Total other income, net

181

113

(42)

381

101

2,758

3,008

2,146

1,863

2,046

1,582

719

9,775

4,400

619

741

402

377

(20)

460

305

166

2,139

911

Basic (in dollars per share)

$ 2,139

$ 2,267

$ 1,744

$ 1,486

$ 73

$ 1,586

$ 1,277

$ 553

$ 7,636

$ 3,489

Income per common share:

$ 0.76

$ 0.82

$ 0.64

$ 0.55

$ 0.03

$ 0.59

$ 0.47

$ 0.21

$ 2.78

$ 1.29

Diluted (in dollars per share)

$ 0.73

$ 0.81

$ 0.63

$ 0.53

$ 0.03

$ 0.57

$ 0.47

$ 0.2

$ 2.65

$ 1.28

Weighted average shares outstanding:

Basic (in shares)

2,811,502

2,751,924

2,728,599

2,716,202

2,703,840

2,697,696

2,678,434

2,748,186

2,696,445

Diluted (in shares)

2,925,348

2,800,820

2,779,802

2,784,960

2,774,023

2,759,780

2,711,266

2,701,418

2,883,944

^[1]

2,733,502

^[1]

[1]

For the three and nine months ended September 30, 2024, weighted average shares used for calculating earnings per share excludes stock options to purchase 180,753 and 182,077 common shares, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 12,641	$ 3,913
Accounts receivable, net of allowances of $182 and $141, respectively	6,842	4,802
Inventories, net	9,509	8,884
Prepaid expenses and other current assets	760	588
Total current assets	29,752	18,187
Property, plant and equipment, net	5,061	4,131
Right-of-use lease asset	9	97
Intangible assets, net	40	45
Deferred income tax asset	1,623	1,835
Other assets	3	10
Total assets	36,488	24,305
Liabilities, Current [Abstract]
Accounts payable	1,423	1,300
Accrued compensation and commissions expense	3,235	2,196
Other Accrued Liabilities, Current	500	611
Income taxes payable	58	277
Total current liabilities	5,216	4,384
Long-term lease liability	0	26
Total liabilities	5,216	4,410
Contingencies (Note 12)
Stockholders' equity:
Preferred stock ($0.01 par value; 5,000,000 shares authorized, none issued)	0	0
Common stock ($0.01 par value; 25,000,000 shares authorized; 2,911,165 and 2,786,321 shares issued and outstanding, respectively)	28	27
Additional paid-in capital	19,907	16,167
Retained earnings	11,337	3,701
Total stockholders' equity	31,272	19,895
Total liabilities and stockholders' equity	$ 36,488	$ 24,305

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, reserves	$ 182	$ 141
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	2,911,165	2,786,321
Common stock, shares outstanding (in shares)	2,911,165	2,786,321

Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 0	$ 27	$ 14,102	$ 212	$ 14,341
Net income	0	0	0	3,489	3,489
Adjustment to The LGL Group, Inc. transfer	0	0	(219)	0	(219)
Stock-based compensation expense	0	0	2,421	0	2,421
Exercise of stock options	0	0	0	0	0
Forfeiture of shares to pay taxes	0	0	(137)	0	(137)
Balance at Dec. 31, 2023	0	27	16,167	3,701	19,895
Net income	0	0	0	7,636	7,636
Stock-based compensation expense	0	0	636	0	636
Exercise of stock options	0	1	3,104	0	3,105
Forfeiture of shares to pay taxes	0	0	0	0	0
Adjustment to The LGL Group, Inc. transfer	0	0	0	0	0
Balance at Dec. 31, 2024	$ 0	$ 28	$ 19,907	$ 11,337	$ 31,272

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 7,636	$ 3,489
Depreciation	968	797
Amortization of finite-lived intangible assets	5	53
Stock-based compensation expense	636	2,421
Deferred income tax provision	212	(784)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, net	(2,040)	395
Increase in inventories, net	(625)	(1,366)
(Increase) decrease in prepaid expenses and other assets	(165)	91
Increase (decrease) in accounts payable, accrued compensation, commissions, income taxes and other	894	(691)
Total adjustments	(115)	916
Net cash provided by operating activities	7,521	4,405
Cash flows from investing activities
Capital expenditures	(1,898)	(1,281)
Net cash used in investing activities	(1,898)	(1,281)
Cash flows from financing activities
Exercise of stock options	3,105	0
Forfeiture of shares to pay taxes	0	(137)
Amounts drawn on line of credit	0	4,120
Repayments on line of credit	0	(4,120)
Net cash provided by (used in) financing activities	3,105	(137)
Increase in cash and cash equivalents	8,728	2,987
Cash and cash equivalents at beginning of year	3,913	926
Cash and cash equivalents at end of year	12,641	3,913
Supplemental Disclosure:
Cash paid for taxes	2,388	1,629
Cash paid for interest	$ 8	$ 6

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual [Table]

Material Terms of Trading Arrangement [Text Block]

Item 9B.

Other Information

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2024

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C.

Cybersecurity

•

A strategic customer who provides a network sensor monitored by its 24/7 security operations center.

•

A commercial threat feed integrated with our perimeter security devices in partnership with the Defense Cyber Crime Center.

•

A commercial DNS security service integrated with perimeter security devices.

•

A commercial email threat detection service including detonation chamber services.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Note 1 - Background and Description of Business

12 Months Ended

Dec. 31, 2024

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1. Background and Description of Business

Mtron Separation

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of M-tron Industries, Inc. and its majority owned subsidiaries.

Uses of Estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments with no maturity or with a maturity of less than three months when purchased.

Accounts Receivable

Inventories

Inventories are valued at the lower of cost or net realizable value using the first-in, first-out ("FIFO") method.

Refer to Note 13 - Other Financial Statement Information for further information.

Property, Plant and Equipment, Net

Refer to Note 13 - Other Financial Statement Information for further information.

Intangible Assets

The amortizable intangible assets are fully amortized as of December 31, 2024.

Warranties

Revenue Recognition for Sales to Customers

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Company provides disaggregated revenue details by geographic markets in Note 14 - Domestic and Foreign Revenues.

Practical Expedients

•

The Company applies the practical expedient for shipping and handling as fulfillment costs.

•

The Company expenses sales commissions as sales and marketing expenses in the period they are incurred.

Shipping Costs

Amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in manufacturing cost of sales.

Research and Development Costs

Stock-Based Compensation

Restricted stock awards are measured at the fair value of the Company's common stock on the date of the grant and recognized over the respective service period.

Refer to Note 7 - Stock-Based Compensation for further information.

Earnings Per Share

Refer to Note 9 - Earnings Per Share for further information.

Income Taxes

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates.

Global Intangible Low-Taxed Income

Research and Experimentation

Uncertain Tax Positions

Tax Contingencies, Interest, and Penalties

Refer to Note 5 - Income Taxes for further information.

Impairments of Long-Lived Assets

Financial Instruments

Concentration Risks

Segment Information

Refer to Note 3 - Segment Information for further information.

Foreign Currency Translation

Accounting Standards Adopted

Segment Reporting

Future Application of Accounting Standards

Income Taxes

Disaggregation of Income Statement Expenses

Note 3 - Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting Disclosure [Text Block]

3. Segment Information

Chief Operating Decision Maker

The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer.

Reportable Segments

The Electronic Components segment derives revenues from sales to customers of wide range of precision frequency control and spectrum control solutions, including, but not limited to, the following:

•

filters;

•

oscillators;

•

crystal resonators; and

•

integrated microwave assemblies.

Measure of Segment Profit or Loss and Segment Assets

The accounting policies of the Electronic Components segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.

The measure of segment assets is reported on the Consolidated Balance Sheets as consolidated Total assets.

The following table presents Mtron's operations for the Electronic Components segment for the years ended December 31, 2024 and 2023:

	*Year Ended December 31,*
	*2024*			*2023*
Revenues	$	49,012		$	41,168

Less:
Cost of goods sold		21,673			19,007
Manufacturing expenses		4,699			5,395
Segment gross profit	$	22,640		$	16,766

Less:
Research and development costs		2,809			2,216
Selling and commissions		3,486			2,781
General and administrative expenses		6,951			7,470
Income tax expense		2,139			911
Other segment items ^(a)		(381	)		(101	)
Segment net income	$	7,636		$	3,489

Reconciliation of Segment gross profit to Consolidated net income
Segment operating expenses, net		(13,246	)		(12,467	)
Other income (expenses)		381			101
Income tax expense		(2,139	)		(911	)
Consolidated net income	$	7,636		$	3,489

Reconciliation of Segment net income to Consolidated net income
Adjustments and reconciling items		—			—
Consolidated net income	$	7,636		$	3,489

^(a)	Other segment items includes the following:

•

Interest income

•

Income received under the Amended and Restated Transitional Administrative and Management Services Agreement with LGL Group

•

Foreign currency translation gains and losses

•

Excess separation costs and other expense reimbursements paid to LGL Group

Other Segment Disclosures

The following table presents other segment information for the Electronic Components segment as of and for the years ended December 31, 2024 and 2023:

	*As of and For Year Ended December 31,*
	*2024*			*2023*
Interest income	$	259		$	13
Interest expense		(16	)		(6	)
Depreciation		968			797
Amortization		5			53
Other significant non-cash items
Stock-based compensation		636			2,421

Total assets		36,488			24,305
Capital expenditures		1,898			1,281

Note 4 - Related Party Transactions

12 Months Ended

Dec. 31, 2024

4. Related Party Transactions

The following table summarizes income and expenses from transactions with related parties for the years ended December 31, 2024 and 2023:

	*Year Ended December 31,*
	*2024*				*2023*
	*Income*		*Expense*		*Income*		*Expense*
GAMCO Investors, Inc.	$	250	$	—	$	12	$	—
The LGL Group, Inc.		48		105		48		28
Total	$	298	$	105	$	60	$	28

The following table summarizes assets and liabilities with related parties as of December 31, 2024 and 2023:

	*As of December 31,*
	*2024*				*2023*
	*Assets*		*Liabilities*		*Assets*		*Liabilities*
GAMCO Investors, Inc.	$	10,415	$	—	$	2,765	$	—
The LGL Group, Inc.		59		—		—		—
Total	$	10,474	$	—	$	2,765	$	—

The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below:

Investment Activity with GAMCO Investors, Inc

Transactions with The LGL Group, Inc.

Transitional Administrative and Management Services Agreement

Tax Indemnity and Sharing Agreement

For the years ended December 31, 2024 and 2023, no taxes related to the Distribution have been recorded in the Consolidated Financial Statements.

Other Transactions

Note 5 - Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Text Block]

5. Income Taxes

Effective Tax Rate

The following table presents Income before income taxes by U.S. and foreign location in which such pre-tax income was earned or incurred:

	*Year Ended December 31,*
	*2024*		*2023*
United States	$	9,411	$	3,966
Foreign		364		434
Total	$	9,775	$	4,400

Income tax expense for the years ended December 31, 2024 and 2023 is as follows:

	*Year Ended December 31,*
	*2024*		*2023*
Current tax expense:
Federal	$	1,416	$	1,308
State and local		349		314
Foreign		228		72
Total current tax expense		1,993		1,694
Deferred tax expense (benefit):
Federal		101		(662	)
State and local		38		(121	)
Foreign		7		—
Total before change in valuation allowance		146		(783	)
Change in valuation allowance		—		—
Net deferred tax expense (benefit)		146		(783	)
Total income tax expense	$	2,139	$	911

A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to Income before income taxes is detailed below:

	*Year Ended December 31,*
	*2024*			*2023*
Income before income taxes	$	9,775		$	4,400
Tax rate		21.0	%		21.0	%
Income tax expense at federal statutory tax rate		2,053			924
Tax effect of:
State taxes, net of federal benefit		295			143
Permanent differences		(201	)		14
Tax credits		(227	)		(201	)
Foreign tax expense, and other		107			55
Change in rate		16			5
Other		96			(29	)
Income tax expense (benefit)	$	2,139		$	911
Effective tax rate		21.9	%		20.7	%

Deferred Tax Assets

	*December 31,*
	*2024*		*2023*
Deferred tax assets:
Inventory reserve	$	343	$	306
Other reserves and accruals		277		307
Capitalized Sec. 174 R&E		1,261		855
Intangible assets		35		43
Stock-based compensation		154		540
Tax credit carryforwards		—		33
Other		195		173
Total deferred tax assets	$	2,265	$	2,257

Deferred tax liabilities
Fixed assets		640		399
Other		2		23
Total deferred tax liabilities		642		422
Net deferred tax assets before valuation allowance		1,623		1,835
Valuation allowance		—		—
Net deferred tax assets	$	1,623	$	1,835

As of December 31, 2024 and 2023, the Company did not record a valuation allowance against its deferred tax assets.

Uncertain Tax Benefits

	*Year Ended December 31,*
	*2024*		*2023*
Balance, beginning of year	$	111	$	77
Deductions for tax positions of prior years		13		(27	)
Additions based on tax positions related to the current year		49		61
Balance, end of year	$	173	$	111

Tax Regulatory Matters

The Company files a consolidated U.S. federal income tax return with our eligible subsidiaries. The Company also files income tax returns in various state and local and non-U.S. jurisdictions.

Note 6 - Revolving Credit Agreement

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Text Block]

6. Revolving Credit Agreement

Note 7 - Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Text Block]

7. Stock-Based Compensation

The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the period indicated:

	*Year Ended December 31,*
(in thousands, except share data)	*2024*		*2023*
Restricted stock awards	$	636	$	409
Stock options		—		2,013
Total	$	636	$	2,422

Restricted Stock Awards

Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the award.

A summary of the Company's restricted stock awards for the year ended December 31, 2024 follows:

(in thousands, except share data)	*Number of Shares*			*Weighted Average Grant Date Fair Value*			*Aggregate Grant Date Fair value*
Balance as of December 31, 2023		79,896		$	11.20		$	895
Granted		32,548			38.66			1,258
Vested		(42,320	)		(12.93	)		(547	)
Balance as of December 31, 2024		70,124		$	22.90		$	1,606

Stock Options

The following table provides a rollforward of stock option activity:

(in thousands, except share data)	*Number of Options Outstanding*			*Weighted Average Exercise Price*			*Weighted Average Grant Date Fair Value*			*Weighted Average Remaining Term (in years)*		*Aggregate Intrinsic Value*
Outstanding and exercisable as of December 31, 2023		193,010		$	34.90		$	10.63			2.9	$	219
Granted		—			—			—
Exercised		(92,296	)		(33.64	)		(10.05	)
Forfeited		(2,700	)		(36.06	)		(10.98	)
Outstanding and exercisable as of December 31, 2024		98,014		$	36.06		$	10.98			2.0	$	1,212

Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Shareholders' Equity and Share-Based Payments [Text Block]

8. Stockholders' Equity

Shares Authorized and Outstanding

The following table presents a rollforward of outstanding shares:

	*Year Ended December 31,*
	*2024*						*2023*
	*Common Stock Issued*		*Held in Treasury*		*Common Stock Outstanding*		*Common Stock Issued*			*Held in Treasury*		*Common Stock Outstanding*
Shares, beginning of year		2,786,321		—		2,786,321		2,725,670			—		2,725,670
Stock-based compensation		32,548		—		32,548		69,597			—		69,597
Exercise of stock options		92,296		—		92,296		—			—		—
Shares withheld for income taxes		—		—		—		(8,946	)		—		(8,946	)
Shares, end of year		2,911,165		—		2,911,165		2,786,321			—		2,786,321

Note 9 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Text Block]

9. Earnings Per Share

The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income per common share for the periods indicated:

	*Year Ended December 31,*
	*2024*		*2023*
Numerator for EPS:
Net income	$	7,636	$	3,489

Denominator for EPS:
Weighted average shares outstanding - basic		2,748,186		2,696,445
Dilutive effects:
Stock options		79,001		9,710
Restricted stock		56,757		27,347
Weighted average shares outstanding - diluted		2,883,944		2,733,502

Income per common share:
Basic	$	2.78	$	1.29
Diluted	$	2.65	$	1.28

Note 10 - Leases

12 Months Ended

Dec. 31, 2024

Lessee, Operating Leases [Text Block]

10. Leases

Total operating lease costs amounted to $76 and $270 for the years ended December 31, 2024 and 2023, respectively.

Future minimum lease payment obligations under operating leases are as follows:


2025	$	10
Total lease payments		10
Less: interest		(1	)
Present value of lease payments	$	9

Note 11 - Employee Benefit Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Text Block]

11. Employee Benefit Plan

Note 12 - Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

12. Contingencies

Note 13 - Other Financial Statement Information

12 Months Ended

Dec. 31, 2024

Additional Financial Information Disclosure [Text Block]

13. Other Financial Statement Information

Inventories, Net

The components of inventory as of December 31, 2024 and 2023 are summarized below:

	*December 31,*
	*2024*			*2023*
Raw materials	$	4,349		$	4,368
Work in process		4,876			4,150
Finished goods		1,720			1,634
Total gross inventory		10,945			10,152
Reserve for excess and obsolete inventory		(1,436	)		(1,268	)
Inventories, net	$	9,509		$	8,884

Property Plant and Equipment, Net

The components of property, plant and equipment as of December 31, 2024 and 2023 are summarized below:

	*December 31,*
	*2024*			*2023*
Land	$	536		$	536
Buildings and improvements		5,496			5,216
Machinery and equipment		21,664			20,046
Gross property, plant and equipment		27,696			25,798
Less: Accumulated depreciation		(22,635	)		(21,667	)
Property, plant and equipment, net	$	5,061		$	4,131

Note 14 - Domestic and Foreign Revenues

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Text Block]

14. Domestic and Foreign Revenues

Significant foreign revenues from operations (10% or more of foreign sales) were as follows:

	*Year Ended December 31,*
	*2024*		*2023*
Malaysia	$	4,676	$	5,339
Australia		2,406		1,587
Greece		1,196		229
All other foreign countries		2,751		3,909
Total foreign revenues	$	11,029	$	11,064
Total domestic revenues	$	37,983	$	30,104

The Company allocates its foreign revenue based on the customer's ship-to location.

Note 15 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information [Text Block]

15. Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for the year ended December 31, 2024:

	*Three months ended*
	*March 31, 2024*		*June 30, 2024*			*September 30, 2024*		*December 31, 2024*
Revenues	$	11,185	$	11,808		$	13,214	$	12,805
Costs and expenses:
Manufacturing cost of sales		6,406		6,307			6,904		6,755
Engineering, selling and administrative		2,990		3,394			3,389		3,473
Total costs and expenses		9,396		9,701			10,293		10,228
Operating income		1,789		2,107			2,921		2,577
Other income (expense):
Interest income, net		32		44			63		104
Other income (expense), net		42		(5	)		24		77
Total other income, net		74		39			87		181
Income before income taxes		1,863		2,146			3,008		2,758
Income tax provision		377		402			741		619
Net income	$	1,486	$	1,744		$	2,267	$	2,139

Income per common share:
Basic ^(a)	$	0.55	$	0.64		$	0.82	$	0.76
Diluted ^(a)	$	0.53	$	0.63		$	0.81	$	0.73

Weighted average shares outstanding:
Basic		2,716,202		2,728,599			2,751,924		2,811,502
Diluted		2,784,960		2,779,802			2,800,820		2,925,348

^(a)	Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the quarterly earnings per share may not sum to the earnings per share on the Consolidated Statements of Operations.

The following table provides summarized quarterly financial data for the year ended December 31, 2023:

	*Three months ended*
	*March 31, 2023*			*June 30, 2023*			*September 30, 2023*		*December 31, 2023*
Revenues	$	9,367		$	10,140		$	10,888	$	10,773
Costs and expenses:
Manufacturing cost of sales		6,171			5,921			6,230		6,080
Engineering, selling and administrative		2,435			2,654			2,625		4,753
Total costs and expenses		8,606			8,575			8,855		10,833
Operating income (loss)		761			1,565			2,033		(60	)
Other income (expense):
Interest (expense) income, net		(2	)		(5	)		1		13
Other (expense) income, net		(40	)		22			12		100
Total other (expense) income, net		(42	)		17			13		113
Income before income taxes		719			1,582			2,046		53
Income tax provision (benefit)		166			305			460		(20	)
Net income	$	553		$	1,277		$	1,586	$	73

Income per common share:
Basic ^(a)	$	0.21		$	0.47		$	0.59	$	0.03
Diluted ^(a)	$	0.20		$	0.47		$	0.57	$	0.03

Weighted average shares outstanding:
Basic		2,678,434			2,697,696			2,703,840		2,703,840
Diluted		2,701,418			2,711,266			2,759,780		2,774,023

^(a)	Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the quarterly earnings per share may not sum to the earnings per share on the Consolidated Statements of Operations.

Note 16 - Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Text Block]

16. Subsequent Events

Warrant Dividend

On February 27, 2025, Mtron's Board of Directors declared a warrant dividend to shareholders of record as of March 10, 2025. The warrants have not yet been issued.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The consolidated financial statements include the accounts of M-tron Industries, Inc. and its majority owned subsidiaries.

Use of Estimates, Policy [Policy Text Block]

Uses of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments with no maturity or with a maturity of less than three months when purchased.

Accounts Receivable [Policy Text Block]

Accounts Receivable

Inventory, Policy [Policy Text Block]

Inventories

Inventories are valued at the lower of cost or net realizable value using the first-in, first-out ("FIFO") method.

Refer to Note 13 - Other Financial Statement Information for further information.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment, Net

Refer to Note 13 - Other Financial Statement Information for further information.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible Assets

The amortizable intangible assets are fully amortized as of December 31, 2024.

Standard Product Warranty, Policy [Policy Text Block]

Warranties

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition for Sales to Customers

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Company provides disaggregated revenue details by geographic markets in Note 14 - Domestic and Foreign Revenues.

Practical Expedients

•

The Company applies the practical expedient for shipping and handling as fulfillment costs.

•

The Company expenses sales commissions as sales and marketing expenses in the period they are incurred.

Shipping Cost [Policy Text Block]

Shipping Costs

Amounts billed to customers related to shipping and handling are classified as revenue, and the Company's shipping and handling costs are included in manufacturing cost of sales.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Restricted stock awards are measured at the fair value of the Company's common stock on the date of the grant and recognized over the respective service period.

Refer to Note 7 - Stock-Based Compensation for further information.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

Refer to Note 9 - Earnings Per Share for further information.

Income Tax, Policy [Policy Text Block]

Income Taxes

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates.

Global Intangible Low-Taxed Income

Research and Experimentation

Uncertain Tax Positions

Tax Contingencies, Interest, and Penalties

Refer to Note 5 - Income Taxes for further information.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairments of Long-Lived Assets

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration Risks

Segment Reporting, Policy [Policy Text Block]

Segment Information

Refer to Note 3 - Segment Information for further information.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

New Accounting Pronouncements, Policy [Policy Text Block]

Accounting Standards Adopted

Segment Reporting

Future Application of Accounting Standards

Income Taxes

Disaggregation of Income Statement Expenses

Note 3 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Year Ended December 31,*
	*2024*			*2023*
Revenues	$	49,012		$	41,168

Less:
Cost of goods sold		21,673			19,007
Manufacturing expenses		4,699			5,395
Segment gross profit	$	22,640		$	16,766

Less:
Research and development costs		2,809			2,216
Selling and commissions		3,486			2,781
General and administrative expenses		6,951			7,470
Income tax expense		2,139			911
Other segment items ^(a)		(381	)		(101	)
Segment net income	$	7,636		$	3,489

Reconciliation of Segment gross profit to Consolidated net income
Segment operating expenses, net		(13,246	)		(12,467	)
Other income (expenses)		381			101
Income tax expense		(2,139	)		(911	)
Consolidated net income	$	7,636		$	3,489

Reconciliation of Segment net income to Consolidated net income
Adjustments and reconciling items		—			—
Consolidated net income	$	7,636		$	3,489

	*As of and For Year Ended December 31,*
	*2024*			*2023*
Interest income	$	259		$	13
Interest expense		(16	)		(6	)
Depreciation		968			797
Amortization		5			53
Other significant non-cash items
Stock-based compensation		636			2,421

Total assets		36,488			24,305
Capital expenditures		1,898			1,281

Note 4 - Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

	*Year Ended December 31,*
	*2024*				*2023*
	*Income*		*Expense*		*Income*		*Expense*
GAMCO Investors, Inc.	$	250	$	—	$	12	$	—
The LGL Group, Inc.		48		105		48		28
Total	$	298	$	105	$	60	$	28

	*As of December 31,*
	*2024*				*2023*
	*Assets*		*Liabilities*		*Assets*		*Liabilities*
GAMCO Investors, Inc.	$	10,415	$	—	$	2,765	$	—
The LGL Group, Inc.		59		—		—		—
Total	$	10,474	$	—	$	2,765	$	—

Note 5 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	*Year Ended December 31,*
	*2024*		*2023*
United States	$	9,411	$	3,966
Foreign		364		434
Total	$	9,775	$	4,400

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended December 31,*
	*2024*		*2023*
Current tax expense:
Federal	$	1,416	$	1,308
State and local		349		314
Foreign		228		72
Total current tax expense		1,993		1,694
Deferred tax expense (benefit):
Federal		101		(662	)
State and local		38		(121	)
Foreign		7		—
Total before change in valuation allowance		146		(783	)
Change in valuation allowance		—		—
Net deferred tax expense (benefit)		146		(783	)
Total income tax expense	$	2,139	$	911

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year Ended December 31,*
	*2024*			*2023*
Income before income taxes	$	9,775		$	4,400
Tax rate		21.0	%		21.0	%
Income tax expense at federal statutory tax rate		2,053			924
Tax effect of:
State taxes, net of federal benefit		295			143
Permanent differences		(201	)		14
Tax credits		(227	)		(201	)
Foreign tax expense, and other		107			55
Change in rate		16			5
Other		96			(29	)
Income tax expense (benefit)	$	2,139		$	911
Effective tax rate		21.9	%		20.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2024*		*2023*
Deferred tax assets:
Inventory reserve	$	343	$	306
Other reserves and accruals		277		307
Capitalized Sec. 174 R&E		1,261		855
Intangible assets		35		43
Stock-based compensation		154		540
Tax credit carryforwards		—		33
Other		195		173
Total deferred tax assets	$	2,265	$	2,257

Deferred tax liabilities
Fixed assets		640		399
Other		2		23
Total deferred tax liabilities		642		422
Net deferred tax assets before valuation allowance		1,623		1,835
Valuation allowance		—		—
Net deferred tax assets	$	1,623	$	1,835

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	*Year Ended December 31,*
	*2024*		*2023*
Balance, beginning of year	$	111	$	77
Deductions for tax positions of prior years		13		(27	)
Additions based on tax positions related to the current year		49		61
Balance, end of year	$	173	$	111

Note 7 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Year Ended December 31,*
(in thousands, except share data)	*2024*		*2023*
Restricted stock awards	$	636	$	409
Stock options		—		2,013
Total	$	636	$	2,422

Nonvested Restricted Stock Shares Activity [Table Text Block]

(in thousands, except share data)	*Number of Shares*			*Weighted Average Grant Date Fair Value*			*Aggregate Grant Date Fair value*
Balance as of December 31, 2023		79,896		$	11.20		$	895
Granted		32,548			38.66			1,258
Vested		(42,320	)		(12.93	)		(547	)
Balance as of December 31, 2024		70,124		$	22.90		$	1,606

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

(in thousands, except share data)	*Number of Options Outstanding*			*Weighted Average Exercise Price*			*Weighted Average Grant Date Fair Value*			*Weighted Average Remaining Term (in years)*		*Aggregate Intrinsic Value*
Outstanding and exercisable as of December 31, 2023		193,010		$	34.90		$	10.63			2.9	$	219
Granted		—			—			—
Exercised		(92,296	)		(33.64	)		(10.05	)
Forfeited		(2,700	)		(36.06	)		(10.98	)
Outstanding and exercisable as of December 31, 2024		98,014		$	36.06		$	10.98			2.0	$	1,212

Note 8 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Stockholders Equity [Table Text Block]

	*Year Ended December 31,*
	*2024*						*2023*
	*Common Stock Issued*		*Held in Treasury*		*Common Stock Outstanding*		*Common Stock Issued*			*Held in Treasury*		*Common Stock Outstanding*
Shares, beginning of year		2,786,321		—		2,786,321		2,725,670			—		2,725,670
Stock-based compensation		32,548		—		32,548		69,597			—		69,597
Exercise of stock options		92,296		—		92,296		—			—		—
Shares withheld for income taxes		—		—		—		(8,946	)		—		(8,946	)
Shares, end of year		2,911,165		—		2,911,165		2,786,321			—		2,786,321

Note 9 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Year Ended December 31,*
	*2024*		*2023*
Numerator for EPS:
Net income	$	7,636	$	3,489

Denominator for EPS:
Weighted average shares outstanding - basic		2,748,186		2,696,445
Dilutive effects:
Stock options		79,001		9,710
Restricted stock		56,757		27,347
Weighted average shares outstanding - diluted		2,883,944		2,733,502

Income per common share:
Basic	$	2.78	$	1.29
Diluted	$	2.65	$	1.28

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2024

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]


2025	$	10
Total lease payments		10
Less: interest		(1	)
Present value of lease payments	$	9

Note 13 - Other Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	*December 31,*
	*2024*			*2023*
Raw materials	$	4,349		$	4,368
Work in process		4,876			4,150
Finished goods		1,720			1,634
Total gross inventory		10,945			10,152
Reserve for excess and obsolete inventory		(1,436	)		(1,268	)
Inventories, net	$	9,509		$	8,884

Property, Plant and Equipment [Table Text Block]

	*December 31,*
	*2024*			*2023*
Land	$	536		$	536
Buildings and improvements		5,496			5,216
Machinery and equipment		21,664			20,046
Gross property, plant and equipment		27,696			25,798
Less: Accumulated depreciation		(22,635	)		(21,667	)
Property, plant and equipment, net	$	5,061		$	4,131

Note 14 - Domestic and Foreign Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	*Year Ended December 31,*
	*2024*		*2023*
Malaysia	$	4,676	$	5,339
Australia		2,406		1,587
Greece		1,196		229
All other foreign countries		2,751		3,909
Total foreign revenues	$	11,029	$	11,064
Total domestic revenues	$	37,983	$	30,104

Note 15 - Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information [Table Text Block]

	*Three months ended*
	*March 31, 2024*		*June 30, 2024*			*September 30, 2024*		*December 31, 2024*
Revenues	$	11,185	$	11,808		$	13,214	$	12,805
Costs and expenses:
Manufacturing cost of sales		6,406		6,307			6,904		6,755
Engineering, selling and administrative		2,990		3,394			3,389		3,473
Total costs and expenses		9,396		9,701			10,293		10,228
Operating income		1,789		2,107			2,921		2,577
Other income (expense):
Interest income, net		32		44			63		104
Other income (expense), net		42		(5	)		24		77
Total other income, net		74		39			87		181
Income before income taxes		1,863		2,146			3,008		2,758
Income tax provision		377		402			741		619
Net income	$	1,486	$	1,744		$	2,267	$	2,139

Income per common share:
Basic ^(a)	$	0.55	$	0.64		$	0.82	$	0.76
Diluted ^(a)	$	0.53	$	0.63		$	0.81	$	0.73

Weighted average shares outstanding:
Basic		2,716,202		2,728,599			2,751,924		2,811,502
Diluted		2,784,960		2,779,802			2,800,820		2,925,348

	*Three months ended*
	*March 31, 2023*			*June 30, 2023*			*September 30, 2023*		*December 31, 2023*
Revenues	$	9,367		$	10,140		$	10,888	$	10,773
Costs and expenses:
Manufacturing cost of sales		6,171			5,921			6,230		6,080
Engineering, selling and administrative		2,435			2,654			2,625		4,753
Total costs and expenses		8,606			8,575			8,855		10,833
Operating income (loss)		761			1,565			2,033		(60	)
Other income (expense):
Interest (expense) income, net		(2	)		(5	)		1		13
Other (expense) income, net		(40	)		22			12		100
Total other (expense) income, net		(42	)		17			13		113
Income before income taxes		719			1,582			2,046		53
Income tax provision (benefit)		166			305			460		(20	)
Net income	$	553		$	1,277		$	1,586	$	73

Income per common share:
Basic ^(a)	$	0.21		$	0.47		$	0.59	$	0.03
Diluted ^(a)	$	0.20		$	0.47		$	0.57	$	0.03

Weighted average shares outstanding:
Basic		2,678,434			2,697,696			2,703,840		2,703,840
Diluted		2,701,418			2,711,266			2,759,780		2,774,023

Note 1 - Background and Description of Business (Details Textual)	12 Months Ended
	Dec. 31, 2024
Number of Subsidiaries	2

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Asset, Useful Life (Year)	10 years								10 years
Standard and Extended Product Warranty, Term (Year)									1 year
Research and Development Expense									$ 2,809	$ 2,216
Revenue from Contract with Customer, Excluding Assessed Tax	$ 12,805	$ 13,214	$ 11,808	$ 11,185	$ 10,773	$ 10,888	$ 10,140	$ 9,367	49,012	41,168
Gain (Loss), Foreign Currency Transaction, before Tax									5	71
Customer Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 18,145	$ 12,921
Concentration Risk, Percentage									37.00%	31.40%
Customer Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| Second Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 8,522	$ 7,822
Concentration Risk, Percentage									17.40%	19.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers									4	4
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Four Largest Customers [Member]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 4,648	$ 3,774
Concentration Risk, Percentage									66.20%	76.40%
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years								5 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	35 years								35 years
Other Capitalized Property Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years								3 years
Other Capitalized Property Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	13 years								13 years

Note 3 - Segment Information - Other Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Research and development costs

$ 12,805

$ 13,214

$ 11,808

$ 11,185

$ 10,773

$ 10,888

$ 10,140

$ 9,367

$ 49,012

$ 41,168

2,809

2,216

619

741

402

377

(20)

460

305

166

2,139

911

2,139

2,267

1,744

1,486

1,586

1,277

553

7,636

3,489

Operating Segments [Member]

(5)

100

(40)

138

Income tax expense

(619)

$ (741)

$ (402)

$ (377)

$ (460)

$ (305)

$ (166)

(2,139)

(911)

Depreciation

968

797

Stock-based compensation

636

2,421

Total assets

36,488

24,305

36,488

24,305

Research and development costs

49,012

41,168

Cost of goods sold

21,673

19,007

Manufacturing expenses

4,699

5,395

Segment gross profit

22,640

16,766

2,809

2,216

Selling and commissions

3,486

2,781

General and administrative expenses

6,951

7,470

2,139

911

Other segment items (a)

^[1]

(381)

(101)

Segment operating expenses, net

7,636

3,489

(13,246)

(12,467)

Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]

381

101

Income tax expense

(2,139)

(911)

Interest income

259

Interest expense

(16)

(6)

Depreciation

968

797

Amortization

Stock-based compensation

636

2,421

Total assets

$ 36,488

$ 24,305

36,488

24,305

Capital expenditures

1,898

1,281

$ 0

[1]

Other segment items includes the following: • Interest income • Income received under the Amended and Restated Transitional Administrative and Management Services Agreement with LGL Group • Foreign currency translation gains and losses • Excess separation costs and other expense reimbursements paid to LGL Group

Note 4 - Related Party Transactions (Details Textual) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Investment Expense Rate									0.08%	0.08%
Cash and Cash Equivalents, at Carrying Value	$ 12,641				$ 3,913				$ 12,641	$ 3,913
Income Tax Expense (Benefit)	619	$ 741	$ 402	$ 377	(20)	$ 460	$ 305	$ 166	2,139	911
Engineering, Selling and Administrative	3,473	3,389	$ 3,394	$ 2,990	4,753	$ 2,625	$ 2,654	$ 2,435	13,246	12,467
GAMCO Investors [Member]
Cash and Cash Equivalents, at Carrying Value	$ 10,415				$ 2,765				10,415	2,765
Investment Income, Interest									$ 250	12
LGL Group Inc. [Member]
Number of Companies in Post Separation	2								2
LGL Group Inc. [Member] \| Amended and Restated Transitional Administrative and Management Services Agreement [Member]
Related Party Transaction, Monthly Payment	$ 4								$ 4
Related Party Transaction, Amounts of Transaction									48	48
LGL Group Inc. [Member] \| Separation Costs [Member]
Income Tax Expense (Benefit)		$ 0								$ 0
Engineering, Selling and Administrative									$ 105
Percentage of Spin Off Costs Excess of Budgeted Amount Included in Engineering, Selling and Administrative									50.00%

Note 4 - Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Assets, related party	$ 36,488	$ 24,305
Liabilities, related party	5,216	4,410
GAMCO Investors [Member]
income (loss)	250	12
Expense, related party	0	0
Assets, related party	10,415	2,765
Liabilities, related party	0	0
LGL Group Inc. [Member]
income (loss)	48	48
Expense, related party	105	28
Assets, related party	59	0
Liabilities, related party	0	0
Related Party [Member]
income (loss)	298	60
Expense, related party	105	28
Assets, related party	10,474	2,765
Liabilities, related party	$ 0	$ 0

Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance	$ 0	$ 0
Unrecognized Tax Benefits	173	$ 111	$ 77
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 173

Note 5 - Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
United States									$ 9,411	$ 3,966
Foreign									364	434
Income before income taxes	$ 2,758	$ 3,008	$ 2,146	$ 1,863	$ 53	$ 2,046	$ 1,582	$ 719	$ 9,775	$ 4,400

Note 5 - Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Federal									$ 1,416	$ 1,308
State and local									349	314
Foreign									228	72
Total current tax expense									1,993	1,694
Federal									101	(662)
State and local									38	(121)
Foreign									7	0
Total before change in valuation allowance									146	(783)
Change in valuation allowance									0	0
Net deferred tax expense (benefit)									146	(783)
Income tax provision	$ 619	$ 741	$ 402	$ 377	$ (20)	$ 460	$ 305	$ 166	$ 2,139	$ 911

Note 5 - Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income before income taxes	$ 2,758	$ 3,008	$ 2,146	$ 1,863	$ 53	$ 2,046	$ 1,582	$ 719	$ 9,775	$ 4,400
Tax rate									21.00%	21.00%
Income tax expense at federal statutory tax rate									$ 2,053	$ 924
State taxes, net of federal benefit									295	143
Permanent differences									(201)	14
Tax credits									(227)	(201)
Foreign tax expense, and other									107	55
Change in rate									16	5
Other									96	(29)
Income tax expense (benefit)	$ 619	$ 741	$ 402	$ 377	$ (20)	$ 460	$ 305	$ 166	$ 2,139	$ 911
Effective tax rate									21.90%	20.70%

Note 5 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory reserve, deferred assets	$ 343	$ 306
Other reserves and accruals, deferred assets	277	307
Capitalized Sec. 174 R&E, deferred assets	1,261	855
Intangible assets	35	43
Stock-based compensation, deferred assets	154	540
Tax credit carryforwards, deferred assets	0	33
Other, deferred assets	195	173
Total deferred tax assets	2,265	2,257
Fixed assets	640	399
Other	2	23
Total deferred tax liabilities	642	422
Net deferred tax assets before valuation allowance	1,623	1,835
Valuation allowance	0	0
Net deferred tax assets	$ 1,623	$ 1,835

Note 5 - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance	$ 111	$ 77
Deductions for tax positions of prior years	13	27
Deductions for tax positions of prior years	(13)	(27)
Additions based on tax positions related to the current year	49	61
Balance	$ 173	$ 111

Note 6 - Revolving Credit Agreement (Details Textual) - USD ($)	Jun. 15, 2022	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Revolving Credit Facility [Member] \| Fifth Third Bank, National Association [Member]
Debt Instrument, Face Amount	$ 5,000,000
Debt Instrument, Basis Spread on Variable Rate	2.25%
SOFR Floor	0.00%
Long-Term Line of Credit		$ 0	$ 0
Debt Instrument, Maturity Date	Jun. 15, 2025

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 28, 2021
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 10 months 24 days
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1,371
Incentive Plan 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	255,230

Note 7 - Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock-Based compensation expense	$ 636	$ 2,422
Restricted Stock [Member]
Stock-Based compensation expense	636	409
Share-Based Payment Arrangement, Option [Member]
Stock-Based compensation expense	$ 0	$ 2,013

Note 7 - Stock-based Compensation - Summary of Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Balance, shares (in shares) \| shares	79,896
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.2
Balance, aggregate grant date fair value \| $	$ 895
Granted, shares (in shares) \| shares	32,548
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 38.66
Granted, aggregate grant date fair value \| $	$ 1,258
Vested, shares (in shares) \| shares	(42,320)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ (12.93)
Vested, aggregate grant date fair value \| $	$ (547)
Balance, shares (in shares) \| shares	70,124
Balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 22.9
Balance, aggregate grant date fair value \| $	$ 1,606

Note 7 - Stock-based Compensation Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Outstanding and exercisable, Number of Options Outstanding (in shares)	193,010	98,014
Outstanding and exercisable, weighted average exercise price (in dollars per share)	$ 34.9	$ 36.06
Outstanding and exercisable, weighted average grant date fair value (in dollars per share)	$ 10.63	$ 10.98
Outstanding and exercisable, weighted average remaining term (Year)	2 years 10 months 24 days	2 years
Outstanding and exercisable, Aggregate Intrinsic Value	$ 219	$ 1,212
Granted, Number of Options Outstanding (in shares)		0
Granted, weighted average exercise price (in dollars per share)		$ 0
Granted, weighted average grant date fair value (in dollars per share)		$ 0
Exercised, Number of Options Outstanding (in shares)		(92,296)
Exercised, weighted average exercise price (in dollars per share)		$ (33.64)
Exercised, weighted average grant date fair value (in dollars per share)		$ (10.05)
Forfeited, Number of Options Outstanding (in shares)		(2,700)
Forfeited, weighted average exercise price (in dollars per share)		$ (36.06)
Forfeited, weighted average grant date fair value (in dollars per share)		$ (10.98)

Note 8 - Stockholders' Equity - Rollforward of Outstanding Shares (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Exercise of stock options (in shares)	92,296
Common Stock, Issued [Member]
Shares (in shares)	2,786,321	2,725,670
Stock-based compensation (in shares)	32,548	69,597
Exercise of stock options (in shares)	92,296	0
Shares withheld for income taxes (in shares)	0	(8,946)
Shares (in shares)	2,911,165	2,786,321
Treasury Stock, Common [Member]
Shares, treasury (in shares)	0	0
Stock-based compensation (in shares)	0	0
Exercise of stock options (in shares)	0	0
Shares withheld for income taxes (in shares)	0	0
Shares, treasury (in shares)	0	0
Common Stock, Outstanding [Member]
Shares (in shares)	2,786,321	2,725,670
Stock-based compensation (in shares)	32,548	69,597
Exercise of stock options (in shares)	92,296	0
Shares withheld for income taxes (in shares)	0	(8,946)
Shares (in shares)	2,911,165	2,786,321

Note 9 - Earnings Per Share - Reconciliation of Net Income and Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Weighted average shares outstanding - basic (in shares)

$ 2,139

$ 2,267

$ 1,744

$ 1,486

$ 73

$ 1,586

$ 1,277

$ 553

$ 7,636

$ 3,489

2,811,502

2,751,924

2,728,599

2,716,202

2,703,840

2,697,696

2,678,434

2,748,186

2,696,445

Stock options (in shares)

^[1]

79,001

9,710

Restricted stock (in shares)

^[1]

56,757

27,347

Weighted average shares outstanding - diluted (in shares)

2,925,348

2,800,820

2,779,802

2,784,960

2,774,023

2,759,780

2,711,266

2,701,418

2,883,944

^[1]

2,733,502

^[1]

Basic (in dollars per share)

$ 0.76

$ 0.82

$ 0.64

$ 0.55

$ 0.03

$ 0.59

$ 0.47

$ 0.21

$ 2.78

$ 1.29

Diluted (in dollars per share)

$ 0.73

$ 0.81

$ 0.63

$ 0.53

$ 0.03

$ 0.57

$ 0.47

$ 0.2

$ 2.65

$ 1.28

[1]

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Cost	$ 76	$ 270
Operating Lease, Liability	9	97
Operating Lease, Liability, Current	$ 9	$ 71
Operating Lease, Weighted Average Discount Rate, Percent	6.70%	7.60%
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 months 12 days	1 year
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 10 - Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025	$ 10
Total lease payments	10
Less: interest	(1)
Present value of lease payments	$ 9	$ 97

Note 11 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	6.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 187	$ 162
Vesting After Second Year [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20.00%
Vesting in Year Six [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	100.00%

Note 13 - Other Financial Statement Information - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Raw materials	$ 4,349	$ 4,368
Work in process	4,876	4,150
Finished goods	1,720	1,634
Total gross inventory	10,945	10,152
Reserve for excess and obsolete inventory	(1,436)	(1,268)
Inventories, net	$ 9,509	$ 8,884

Note 13 - Other Financial Statement Information - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Land	$ 536	$ 536
Buildings and improvements	5,496	5,216
Machinery and equipment	21,664	20,046
Gross property, plant and equipment	27,696	25,798
Less: Accumulated depreciation	(22,635)	(21,667)
Property, plant and equipment, net	$ 5,061	$ 4,131

Note 14 - Domestic and Foreign Revenues - Revenues From Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues	$ 12,805	$ 13,214	$ 11,808	$ 11,185	$ 10,773	$ 10,888	$ 10,140	$ 9,367	$ 49,012	$ 41,168
MALAYSIA
Revenues									4,676	5,339
AUSTRALIA
Revenues									2,406	1,587
GREECE
Revenues									1,196	229
All Other Foreign Countries [Member]
Revenues									2,751	3,909
Non-US [Member]
Revenues									11,029	11,064
UNITED STATES
Revenues									$ 37,983	$ 30,104

Note 15 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Manufacturing cost of sales

$ 12,805

$ 13,214

$ 11,808

$ 11,185

$ 10,773

$ 10,888

$ 10,140

$ 9,367

$ 49,012

$ 41,168

6,755

6,904

6,307

6,406

6,080

6,230

5,921

6,171

26,372

24,402

Engineering, selling and administrative

3,473

3,389

3,394

2,990

4,753

2,625

2,654

2,435

13,246

12,467

Total costs and expenses

10,228

10,293

9,701

9,396

10,833

8,855

8,575

8,606

39,618

36,869

Operating income

2,577

2,921

2,107

1,789

(60)

2,033

1,565

761

9,394

4,299

Interest income, net

104

(5)

(2)

243

Income before income taxes

(5)

100

(40)

138

Total other income, net

181

113

(42)

381

101

2,758

3,008

2,146

1,863

2,046

1,582

719

9,775

4,400

619

741

402

377

(20)

460

305

166

2,139

911