Here are 1-2 brief analogies to describe M-Tron Industries (MPTI):

• The Texas Instruments of electronic timing components.
• The Analog Devices of electronic timing components.

• Crystals: Passive electronic components that provide precise frequency control for various applications.
• Oscillators: Active electronic devices that generate stable and precise clock signals for electronic systems.
• Filters: Components designed to selectively pass specific frequency ranges while blocking others, improving signal integrity.
• Frequency Translators/Multipliers: Electronic circuits that convert an input frequency to a different, often higher, output frequency.

The public company currently trading under the symbol MPTI is **M P T I N C**. While the name "M-Tron Industries" was historically associated with a different company (which was acquired in 2005), this response will focus on the company identified by the symbol MPTI as it currently exists on the OTC Markets.

M P T I N C primarily sells its products and services to other companies (B2B). The company specializes in smart solutions for Advanced Robotics and Automation.

Due to the nature of their business and being a smaller public company, M P T I N C does not publicly disclose the specific names of its major customer companies. However, based on their reported business focus and services, they target businesses across various industries that require automation, robotics, AI/machine learning integration, and predictive maintenance solutions. Their customer base would fall into the following categories:

• Manufacturing Companies: Businesses in the manufacturing sector that seek to enhance efficiency, automate production lines, improve quality control, and integrate robotic solutions into their operations.
• Logistics & Supply Chain Enterprises: Companies involved in warehousing, distribution, and transportation that aim to optimize their supply chain processes, material handling, and inventory management through advanced automation and robotics.
• Healthcare Providers and Facilities: Organizations within the healthcare industry looking to automate various processes, which could include laboratory automation, medical device handling, or logistical support within clinical environments.
• Automotive Industry Participants: Manufacturers and suppliers in the automotive sector that require sophisticated automation and robotics for vehicle assembly, component manufacturing, testing, and other operational efficiencies.

Cameron Pforr Interim Chief Executive Officer & Chief Financial Officer

Mr. Pforr currently serves as the Interim Chief Executive Officer and Chief Financial Officer of M-tron Industries, Inc.. He was appointed CFO effective October 3, 2024, and became Interim CEO on February 21, 2025. His extensive background in financial leadership and corporate development within the technology sector includes previous roles as President and CFO at IronNet, Inc., President and CFO at Fidelis Cybersecurity, Vice President of Strategy & Corporate Development at Jenzabar, and President and CFO at WhipTail Technologies. Mr. Pforr also has considerable investment and advisory experience from his time as a senior investment banker at Revolution Partners and Deutsche Banc Alex. Brown, and as a strategy consultant at Bain & Co.. Notably, WhipTail Technologies, where he served as President and CFO, was acquired by Cisco. He has a history of over thirty M&A transactions and corporate sales.

William A. Drafts President

Mr. Drafts is the President of M-tron Industries, Inc.. He joined MtronPTI in November 2019 as President and Chief Executive Officer. Prior to his tenure at MtronPTI, Mr. Drafts held several leadership positions, including Vice President - General Manager, Imaging Division, at FLIR Systems, Inc., Vice President - General Manager of Microsensor Systems, Inc., and Division Manager of F. W. Bell.

Linda M. Biles Executive Vice President - Finance

Ms. Biles serves as the Executive Vice President - Finance of M-tron Industries, Inc.. She also holds the position of Vice President - Controller of The LGL Group Inc.. Ms. Biles joined MtronPTI in 2007 as Vice President - Controller. Before joining MtronPTI, she was the Vice President and Chief Financial Officer for AO Precision Manufacturing from November 1999 to June 2007.

The most significant risk is customer concentration. M-Tron Industries has a concentrated customer base, with its largest customer accounting for 25.7% of total revenues in 2022, and its second largest customer representing 15.3%. The loss of either of these major customers, or a significant decrease in their demand for M-Tron's products, could have a material adverse effect on the company's financial results.

Another key risk relates to the conversion of its backlog and potential shifts in defense programs or customer schedules. While the company boasts a strong and growing backlog, the timing of converting these orders into revenue is crucial. Shifts in defense programs or changes in customer schedules could introduce uncertainty and negatively impact the company's financial trajectory.

Finally, potential dilution from exercisable warrants and the ongoing management of cost creep present risks. Warrants issued by the company are exercisable and could lead to the issuance of additional shares, potentially diluting the ownership of existing shareholders by a notable percentage. Additionally, the company faces pressure to manage cost creep, particularly in areas like research and development (R&D) and stock-based compensation, as well as broader gross margin pressures from factors such as tariffs.

The ongoing advancement and increasing market penetration of MEMS (Micro-Electro-Mechanical Systems) based timing devices.

M-Tron Industries (MPTI) operates primarily within the global frequency control and timing device market, which encompasses a range of products including crystal oscillators, resonators, and various filters for signal control in electronic circuits.

The global addressable market for frequency control and timing devices was valued at approximately USD 5.55 billion in 2023 and is projected to reach around USD 8.57 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 3.41%. Another estimate places the market value at USD 5.53 billion in 2024, with an expected increase to USD 8.7 billion by 2035, at a CAGR of approximately 4.2% from 2025 to 2035. A more optimistic projection estimates the market to be USD 4.9 billion in 2025 and reaching USD 10.5 billion by 2035, with a CAGR of 7.8%.

Specifically, for crystal oscillators, a core product for M-Tron Industries, the global market size was valued at USD 2.89 billion in 2024 and is expected to grow to USD 4.21 billion by 2032, with a CAGR of 4.80%. The North American region plays a significant role in this market, holding the largest revenue share in the crystal oscillator market, exceeding 30.5% in 2024. For the broader frequency control and timing device market, North America's valuation was USD 2.15 billion in 2023, anticipated to rise to USD 2.91 billion by 2032.

M-Tron Industries (MPTI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strong Demand in Aerospace and Defense Sector: M-Tron Industries has consistently reported revenue and backlog growth driven by robust defense-related orders and a strong position within the aerospace and defense markets. The company serves over 40 long-term defense programs, indicating continued momentum in this sector.
2. Expansion in Avionics and Space Markets: Growth in avionics and space orders has been specifically highlighted as a contributor to the company's increasing backlog. This expansion into specialized high-growth markets is expected to continue fueling revenue.
3. Investment in Research and Development (R&D) and New Product Introductions: M-Tron Industries makes strategic investments in R&D to drive future growth. Approximately 30% of the company's revenue in recent years has come from products developed within the last three to four years, including new offerings like Integrated Microwave Assembly and Planar Filters, which contribute to an expanded product line.
4. Strategic Mergers and Acquisitions (M&A): The company is actively pursuing both organic and inorganic growth strategies, with a stated interest in disciplined M&A targeting cash-producing, accretive companies with $10-20 million in revenue. This approach aims to expand its market presence and capabilities.

Share Repurchases

• M-tron Industries, Inc. had a 3-year average share buyback ratio of -2.5%.

Share Issuance

• In the fourth quarter of 2023, M-tron Industries, Inc. issued a one-time stock option grant to all full-time employees below the executive level, resulting in a non-cash stock compensation impact of $2,013,000.
• On April 25, 2025, M-tron Industries, Inc. distributed warrants to common stockholders, allowing them to purchase additional shares at an exercise price of $47.50 per share. These warrants became exercisable after October 20, 2025.
• As of April 24, 2023, the number of outstanding shares of common stock for M-tron Industries, Inc. was 2,721,000.

Outbound Investments

• M-tron Industries, Inc. formed a sales and manufacturing partnership with Indiana Microelectronics on October 28, 2025, to market a series of tunable microwave filters for defense and commercial customers. This partnership involves integrating Indiana Microelectronics' designs into M-tron's portfolio and leveraging M-tron's manufacturing and global sales capabilities.

Capital Expenditures

• M-tron Industries, Inc.'s capital leases were $145,000 in 2021, decreased to $76,000 in 2022, and further decreased to $26,000 in 2023.
• The company's focus on new product development, coupled with investments in research and development, indicates ongoing capital allocation towards expanding product offerings and enhancing capabilities.