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Here are 1-2 brief analogies to describe LGL Group:

• A small-cap version of Roper Technologies, acquiring and operating niche high-tech industrial manufacturing businesses.
• Like a specialized supplier of critical engineered components for aerospace, defense, and communications infrastructure, similar to a focused TE Connectivity or Amphenol for different types of essential parts.

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• Frequency Control Devices: Manufactures precise quartz crystals and oscillators, essential components for timing and frequency generation in electronic systems.
• RF and Microwave Filters: Designs and produces a variety of filters, including crystal and cavity filters, used for signal conditioning and frequency selection in radio frequency applications.
• Integrated RF and Microwave Assemblies: Develops custom modules and subsystems that combine frequency control, filtering, and other RF components for complex signal processing and communication systems.

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The LGL Group (LGL) operates primarily as a Business-to-Business (B2B) company, with its main operating subsidiary, M-TronPTI, specializing in the design and manufacture of high-performance frequency control products and solutions.

According to its most recent 10-K filings (as of December 31, 2023), no single customer represented more than 10% of LGL's consolidated net sales during the years ended December 31, 2023, 2022, or 2021. Therefore, LGL does not publicly disclose specific "major customer" names as defined by significant revenue concentration.

However, LGL's customer base consists of approximately 1,500 companies across various industries. While specific customer names are not provided due to the diversified nature of its sales, LGL's products are sold to the following categories of companies:

• Prime contractors and Tier 1 and Tier 2 suppliers for various programs within the Aerospace & Defense sector. These customers integrate LGL's components into systems for avionics, defense, and space applications.
• Companies within the Industrial sector, utilizing LGL's products in diverse industrial equipment and systems.
• Manufacturers and integrators in the Communications industry, where precise frequency control is critical for networking and data transmission.
• Firms involved in advanced Medical applications, requiring high-reliability components.

These categories represent the primary types of companies that constitute LGL's broad customer base, rather than specific individually named major customers.

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Marc Gabelli, Chief Executive Officer and Chairman

Mr. Gabelli serves as Chief Executive Officer and Chairman of The LGL Group, Inc., having been appointed in May 2025 (and Co-Chief Executive Officer since 2022). He is also currently the Interim Chief Executive Officer of Teton Advisors, Inc., President and Managing Director and Board member of GGCP, Inc. and subsidiaries (an investment management firm), and President, Chief Executive Officer, and Portfolio Manager of Gabelli Securities International Ltd. (a manager of hedge fund portfolios). Previously, Mr. Gabelli served as Chief Executive Officer of LGL Systems Acquisition Corp. and President of Associated Capital Group, Inc. He has managed investment funds since 1990 and built the hedge fund platform for Gabelli & Partners, LLC. His father, Mario Gabelli, founded Gabelli Asset Management Company. Mr. Gabelli is also associated with Gabelli Private Equity Partners LLC, a private equity firm.

Christopher L. Nossokoff, Principal Financial Officer and Vice President - Finance

Mr. Nossokoff was appointed as the principal financial officer of The LGL Group, Inc. in April 2024, succeeding James W. Tivy. He has served as Vice President - Finance at both LGL Group, Inc. and MtronPTI since 2023. Prior to joining LGL Group, he was a Manager - Financial Due Diligence at PricewaterhouseCoopers LLP from 2022 to 2023, and held various assurance roles, including Senior Manager, Manager, and Senior Associate, at PricewaterhouseCoopers LLP from 2016 to 2022. He also previously worked as a Senior Associate at Grant Thornton LLP and an Associate at EY. Mr. Nossokoff is a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA).

Nathan Miller, Chief Operating Officer

Mr. Miller assumed the role of Chief Operating Officer of The LGL Group, Inc. in 2025. He also currently serves as Director and Chairman of Morgan Group Holding Co., Chief Financial Officer of PMV Consumer Acquisition Corp., and is the Founder and Chief Investment Officer of NGM Asset Management LLC, which he started in 2012. His prior experience includes serving as a Partner and Portfolio Manager at Emles Advisors from 2019 to 2022, and various roles at The Goldman Sachs Group, Inc., RBC Capital Markets, SAC Capital, and Citadel Investment Group from 2000 to 2012.

Patrick Huvane, Executive Vice President - Business Development

Mr. Huvane has served as Executive Vice President - Business Development of The LGL Group, Inc. since 2022. Additionally, he is the Chief Financial Officer of Teton Advisors, Inc. (since 2019) and Senior Vice President - Product Development of Associated Capital Group, Inc. (since 2021). His previous roles include Co-Chief Financial Officer of Associated Capital Group, Inc. (2022-2023), Senior Vice President - Business Development of The LGL Group, Inc. (2019-2022), Vice President - Finance and Accounting of LGL Systems Acquisition Corp., Chief Accounting Officer of Care Investment Trust LLC, and Chief Accounting Officer of Tiptree Inc. He is a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA).

Linda Biles, Vice President and Controller

Ms. Biles currently serves as Vice President and Controller of The LGL Group, Inc. since 2020. She also holds the position of Executive Vice President - Finance of M-tron Industries, Inc. (an LGL subsidiary) since 2024, and previously served as Vice President & Controller of M-tron Industries, Inc. from 2007 to 2024. Earlier in her career, she was the Vice-President and Chief Financial Officer for AO Precision Manufacturing from 1999 to 2007.

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The LGL Group, Inc. (LGL) faces several key risks, primarily stemming from its Merchant Investment business, the potential for regulatory reclassification, and broader economic factors.

1. Risks Related to the Merchant Investment Business
   LGL Group's Merchant Investment segment involves making material investments, often in special purpose vehicles (SPVs) and Special Purpose Acquisition Companies (SPACs), which may not be successful. There is no guarantee that these SPVs or SPACs will complete business combinations or that such combinations, if completed, will be successful. The company risks losing its entire investment if a business combination fails. These investments are subject to various uncertainties, including fluctuating interest rates, lack of control in minority investments, adverse general economic and market conditions, lack of diversification, inflationary pressures, fluctuations in U.S. dollar exchange rates, and unfavorable legal and regulatory developments. The historical financial performance of this segment is not necessarily indicative of its future success.
2. Risk of Becoming an Investment Company
   LGL Group structures its activities to avoid being classified as an investment company under the Investment Company Act of 1940. This regulatory framework dictates that no more than 40% of its total assets can be invested in investment securities, and investing in securities cannot be its primary business. If the company were to be deemed an investment company, it would be subject to extensive and costly regulations, which could significantly alter its operations and impose substantial compliance burdens. The company may also be compelled to structure transactions in a less advantageous manner to circumvent this classification.
3. General Economic and Market Conditions
   The company's performance, particularly within its Merchant Investment business, is sensitive to overall economic and market conditions. Factors such as sustained increases or fluctuations in interest rates, worsening general economic conditions, and inflationary pressures can negatively impact the value and success of LGL Group's investments and, by extension, its operating results, cash flows, and financial position. Broader economic events, such as the COVID-19 pandemic, have also demonstrated the company's susceptibility to higher raw material prices and disruptions to operations and financial performance.

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The LGL Group, Inc. (symbol: LGL) primarily operates through its Electronic Instruments segment, which focuses on designing and manufacturing high-performance frequency and time reference standards, precision timing devices, and frequency control solutions through its subsidiaries Precise Time and Frequency, LLC (PTF) and M-tron Industries, Inc. These products are crucial for various applications, including telecommunications, aerospace, defense, satellite communication, network synchronization, electricity distribution, and metrology.

The addressable markets for LGL's main products and services are as follows:

• Frequency Control Components and Devices Market (Global): The global market for frequency control components and devices was valued at approximately USD 2.5 billion in 2023 and is projected to reach around USD 4.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.5%. Other estimates indicate the global market is expected to reach USD 9.3 billion by 2030 with a CAGR of 7.0% from 2024 to 2030, or USD 10.5 billion by 2035 with a CAGR of 7.8% from USD 4.9 billion in 2025. Another report estimated the market at USD 5.55 billion in 2023, expected to reach USD 8.57 billion by 2035 with a CAGR of 3.41%.
• Synchronization Systems Market (Global): The global synchronizing systems market size reached USD 5.7 billion in 2024 and is projected to expand to USD 10.8 billion by 2033, with a CAGR of 8.2%. The global clock synchronizers market was valued at USD 2.9 billion in 2025 and is projected to reach USD 7.24 billion by 2035, growing at a CAGR of 9.6%. The global Synchronization Module Market was valued at USD 2.48 billion in 2024 and is expected to grow to USD 5 billion by 2035 with a CAGR of approximately 6.6%.

LGL's products are also integral to the broader Aerospace-Defense Electronics Market (Global), which was valued at approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032, growing at a CAGR of 6.4%. Another report states this market was valued at USD 197.96 billion in 2023 and is projected to reach USD 360.37 billion by 2031, growing at a CAGR of 7.90%. The global defense electronics market specifically was valued at USD 175.2 billion in 2024 and is estimated to grow to USD 294.1 billion by 2033, at a CAGR of 5.3%. North America's defense electronics market alone is expected to exceed USD 125 billion by 2034.

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Here are 3-5 expected drivers of future revenue growth for The LGL Group, Inc. (LGL) over the next 2-3 years:

1. Expansion of Merchant Investment Segment through Strategic Acquisitions and Investments: LGL Group's business strategy is significantly focused on growth through expanding new and existing operations across diversified industries. The company utilizes its Merchant Investment segment, particularly through Lynch Capital International, LLC, to identify and pursue opportunistic acquisitions of varying scales, with an emphasis on the manufacturing sector. These investments aim to add to LGL's portfolio of operating subsidiaries, thereby expanding its operations. For example, the acquisition of a majority stake in Morgan Group Holding Company (MGHL) and its subsidiary G.research is expected to accelerate LGL's ability to process, review, invest in, and potentially operate businesses across various industries.
2. New Product Development and Market Share Expansion in Electronic Instruments (PTF): The Electronic Instruments segment, primarily operated through its wholly-owned subsidiary Precise Time and Frequency, LLC (PTF), aims to drive revenue growth by designing and offering new products to customers. This is achieved through organic research and development, as well as strategic partnerships, joint ventures, acquisitions, or mergers. PTF seeks to leverage its engineering leadership to expand client access, add new capabilities, and diversify its product offerings in its niche market of high-performance frequency and time reference standards. The company explicitly plans to incrementally take market share by expanding its product offerings and refocusing sales and marketing efforts.
3. Launch and Growth of AI-driven Tactical Edge Devices for Agriculture: A new initiative under LGL's PTF division, P3 Logistic Solutions LLC, is developing AI-driven tactical edge device prototypes for the agriculture sector. These ruggedized systems are designed to provide real-time, autonomous decision-making without relying on centralized networks, adapting technology originally engineered for U.S. Department of Defense use cases. This expansion into the agricultural market with innovative AI-driven products represents a new avenue for revenue generation.

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Share Repurchases

• LGL Group authorized a share repurchase program of $500,000 to $700,000, not exceeding 100,000 shares of common stock, expected to commence in Q3 2025.
• As of December 31, 2021, the company had repurchased 81,584 shares of common stock at a cost of $580,000 under its program.

Share Issuance

• In November 2020, LGL issued a warrant dividend allowing five warrants to purchase one newly issued share of LGL common stock at a strike price of $4.75 per share.
• If fully subscribed, these warrants could result in the issuance of up to 1,051,664 shares and add approximately $5 million of cash to the balance sheet.
• The warrants became exercisable as of March 6, 2025, and their expiration was extended to December 9, 2025.

Outbound Investments

• In April 2025, LGL agreed to acquire 1,000,000 newly issued shares of Morgan Group Holding Co. (MGHL) common stock for $2.00 per share, representing a majority stake, with the transaction expected to close in 2025.
• The company operates a Merchant Investment business, which held approximately $24.6 million in investments as of December 31, 2024, growing to approximately $25.2 million by June 30, 2025.
• In October 2022, LGL completed the spin-off of M-tron Industries, Inc. (MtronPTI), creating a standalone publicly-traded company.

Capital Expenditures

• Historical capital expenditures were $1 million in both 2021 and 2022, with $0 million reported for 2020, 2023, and 2024.
• Projected capital expenditures are $1 million annually from 2025 through 2029.
• A primary focus includes developing AI-driven tactical edge device prototypes for agriculture through its P3 Logistic Solutions LLC division.