• Quartz Crystals: Fundamental electronic components used to provide precise frequency references for timing and synchronization.
• Crystal Oscillators: Electronic circuits that generate stable and accurate clock signals essential for the operation of most electronic devices.
• Crystal Filters: Devices utilized to select desired frequencies and reject unwanted ones in various signal processing and communication applications.

Cameron Pforr, Chief Executive Officer and Chief Financial Officer

Cameron Pforr was appointed Chief Executive Officer of M-Tron Industries in November 2025, after serving as Interim CEO since February 2025. He has held the position of Chief Financial Officer since October 2024. Mr. Pforr previously served as President and CFO of IronNet, Inc. His prior experience includes leadership roles at Fidelis Cybersecurity, Inc. and WhipTail Technologies LLC, which was acquired by Cisco. He also held strategic positions at Jenzabar, Inc., Revolution Partners, and Deutsche Banc Alex. Brown, and worked in consulting at Bain & Co. Mr. Pforr earned a Master of Business Administration in Finance from the University of Pennsylvania's Wharton School of Business.

Linda Biles, Executive Vice President - Finance

Linda Biles serves as the Executive Vice President - Finance for M-Tron Industries.

William Drafts, President

William Drafts holds the title of President at M-Tron Industries.

Bel Lazar, Chairman of the Board

Bel Lazar has been the Non-Executive Chairman of the Board for MtronPTI since September 2023. He is also the Chief Operations Officer and a Board member at Efficient Power Conversion and the Chief Executive Officer of EPC Space LLC. Mr. Lazar previously served as President and CEO of API Technologies Corp., a formerly NASDAQ listed company. He contributes expertise in management, aerospace manufacturing operations, and mergers and acquisitions to the Board.

Marc J. Gabelli, Special Advisor to the Chairman of the Board

Marc J. Gabelli currently serves as Special Advisor to the Chairman of the Board for MtronPTI, having previously been Non-Executive Chairman of the Board from October 2022 to September 2023. He is also the Chairman and Co-Chief Executive Officer of The LGL Group, Inc., and Managing Partner at Horizon Research. His experience includes being the Chief Executive Officer of Gabelli Securities International Ltd. and President and Managing Partner of GGCP, Inc. Mr. Gabelli formerly served as Chairman and Chief Executive Officer of LGL Systems Acquisition Corp.

The key risks to M-Tron Industries (MPTI) include customer concentration, its niche market focus and dependence on government programs, and its relatively small size and limited market reach.

1. Customer Concentration: M-Tron Industries faces a significant risk due to its concentrated customer base, particularly within the defense sector. In 2022, the company's largest customer accounted for 25.7% of its revenue, while its top four customers collectively represented 53.8% of its revenue. These major customers often include large defense contractors such as Lockheed, Raytheon, and Northrop. The loss of even one of these key customers could substantially impact M-Tron's sales and financial performance, despite long-standing relationships and the customers' increasing reliance on M-Tron's specialized engineering capabilities.
2. Niche Focus and Dependence on Government Programs: M-Tron Industries operates as a highly specialized supplier within the aerospace and defense markets. While this niche provides a competitive advantage, it also means the company's future growth and success are heavily dependent on securing a limited number of large-scale government contracts and specific defense and space programs. A failure to win design contracts for next-generation platforms could lead to stagnant long-term growth.
3. Small Size and Limited Market Reach: Compared to larger competitors, M-Tron Industries is a relatively small company, with approximately $35 million in revenue as of a 2025 analysis. Its limited size and narrow product portfolio restrict its overall market reach, potentially hindering its ability to compete with larger industry players such as Amphenol Corporation, TE Connectivity Ltd., and Carlisle Companies Incorporated.

M-Tron Industries (MPTI) operates within the frequency control and timing devices market, offering a range of products including various filters (radio frequency, microwave, millimeter wave, cavity, crystal, ceramic, lumped element, and switched) and oscillators (oven-controlled, temperature-compensated, voltage-controlled, low jitter, and harsh environment), as well as crystal resonators, integrated microwave assemblies, and solid-state power amplifiers. These products are crucial for controlling the frequency and timing of signals in electronic circuits, serving commercial and military aerospace, defense, space, avionics, and industrial sectors.

The global addressable market for frequency control and timing devices is projected to be approximately USD 6.41 billion in 2025 and is expected to grow to USD 6.84 billion in 2026. This market is forecast to reach USD 9.61 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 7.04% from 2026 to 2031. Another estimate indicates the global market will grow from USD 6.41 billion in 2025 to USD 6.86 billion in 2026, reaching USD 9.63 billion by 2031 at a 7.01% CAGR. An additional projection places the global market at approximately $4.89 billion by 2025, with a CAGR of 10.3% through 2033.

Regionally, the United States market for frequency control and timing devices is anticipated to reach USD 1,405.81 million by 2035, with sales growing at a CAGR of 7.7% throughout the forecast period. The Asia Pacific region held a significant share of the frequency control and timing devices market in 2025, with one source reporting 35.74% and expecting the highest regional CAGR of 7.22% from 2026 to 2031. Another source states Asia Pacific's share as 45.78% in 2025.

Here are 3-5 expected drivers of future revenue growth for M-Tron Industries (MPTI) over the next 2-3 years:

• Robust Demand in Aerospace and Defense Markets: M-Tron Industries anticipates continued revenue growth driven by strong demand in the aerospace and defense sectors, where it serves major U.S. and European defense primes. The company's products are critical in these markets, characterized by sticky design wins and long program life cycles.
• New Product Development and Innovation: A significant driver of future revenue is M-Tron Industries' ongoing investment in new product offerings and custom engineering solutions. Approximately 30% of the company's 2024 revenue stemmed from new products launched within the preceding three to four years, highlighting the success of this strategy.
• Growing Order Backlog: The company's substantial and expanding order backlog indicates future revenue. M-Tron Industries reported a backlog of $47.8 million at the end of 2023, which surged to $58.8 million by the third quarter of 2025, primarily due to robust demand and new program launches in defense.
• Expansion into High-Growth Markets: M-Tron Industries is strategically focusing on expanding its presence in high-growth markets like space and drones. This diversification is expected to contribute to future revenue growth and market share.
• Long-Term Customer Relationships: The company benefits from enduring customer relationships, with over 70 customers maintaining partnerships for more than a decade. The "sticky" nature of design wins in its core markets and long program life cycles provide a stable and growing foundation for sustained revenue.

Share Issuance

• M-tron Industries distributed warrants on April 25, 2025, to common stockholders of record as of March 10, 2025. Each warrant allows the purchase of common stock at an exercise price of $47.50 per share, with five warrants required to purchase one share.
• As of January 5, 2026, the exercise of these warrants resulted in the issuance of 582,233 shares of common stock and generated approximately $27.7 million in gross proceeds for the company.
• A previously announced subscription rights offering was canceled on February 27, 2025, due to volatility in the common stock price.

Capital Expenditures

• M-tron Industries consistently invests in research and development (R&D), with approximately 30.4% of its total 2024 revenue generated from new products launched within the preceding four years.
• The company is focused on manufacturing expansion in the U.S. and India.
• Investments in R&D and domestic manufacturing are intended to boost market share, product offerings, and technology leadership within its served markets.