Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001902314 | |
Entity Registrant Name | M-tron Industries, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-41391 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0457944 | |
Entity Address, Address Line One | 2525 Shader Rd | |
Entity Address, City or Town | Orlando | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32804 | |
City Area Code | 407 | |
Local Phone Number | 298-2000 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | MPTI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,787,860 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUES | $ 10,888 | $ 8,417 | $ 30,395 | $ 23,172 |
Costs and expenses: | ||||
Manufacturing cost of sales | 6,230 | 5,688 | 18,322 | 14,919 |
Engineering, selling and administrative | 2,625 | 2,099 | 7,714 | 6,206 |
OPERATING INCOME | 2,033 | 630 | 4,359 | 2,047 |
Other income (expense): | ||||
Interest income (expense), net | 1 | (1) | (6) | (6) |
Other income (expense), net | 12 | (15) | (6) | (41) |
Total other income (expense), net | 13 | (16) | (12) | (47) |
INCOME BEFORE INCOME TAXES | 2,046 | 614 | 4,347 | 2,000 |
Income tax provision | 460 | 111 | 931 | 392 |
NET INCOME | $ 1,586 | $ 503 | $ 3,416 | $ 1,608 |
Net Income per Basic Share (in dollars per share) | $ 0.59 | $ 0.19 | $ 1.27 | $ 0.6 |
Net income per Dilutive Share (in dollars per share) | $ 0.57 | $ 0.19 | $ 1.25 | $ 0.6 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 2,552 | $ 926 |
Accounts receivable, net of reserves of $103, and $142, respectively | 5,031 | 5,197 |
Inventories, net | 8,962 | 7,518 |
Prepaid expenses and other current assets | 419 | 673 |
Total Current Assets | 16,964 | 14,314 |
Property, Plant and Equipment | ||
Land | 536 | 536 |
Buildings and improvements | 4,963 | 4,937 |
Machinery and equipment | 19,589 | 19,044 |
Gross property, plant and equipment | 25,088 | 24,517 |
Less: accumulated depreciation | (21,453) | (20,870) |
Net property, plant and equipment | 3,635 | 3,647 |
Right-of-use lease asset | 106 | 147 |
Intangible assets, net | 58 | 98 |
Deferred income tax asset | 1,010 | 1,051 |
Other assets | 12 | 16 |
Total Assets | 21,785 | 19,273 |
Current Liabilities: | ||
Accounts payable | 1,418 | 2,381 |
Accrued compensation and commissions | 1,677 | 1,627 |
Other accrued expenses | 794 | 614 |
Income taxes payable | 103 | 234 |
Total Current Liabilities | 3,992 | 4,856 |
Long-term lease liability | 40 | 76 |
Total Liabilities | 4,032 | 4,932 |
Contingencies (Note G) | ||
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; 2,787,860 and 2,726,798 shares issued and outstanding, respectively. | 27 | 27 |
Additional paid-in capital | 14,098 | 14,102 |
Retained earnings | 3,628 | 212 |
Total Equity | 17,753 | 14,341 |
Total Liabilities and Stockholders' Equity | $ 21,785 | $ 19,273 |
Consolidated and Combined Bal_2
Consolidated and Combined Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, reserves | $ 103 | $ 142 |
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) | 2,787,860 | 2,726,798 |
Common stock, shares outstanding (in shares) | 2,787,860 | 2,726,798 |
Consolidated and Combined Sta_2
Consolidated and Combined Statements of Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Net Investment by Former Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 0 | $ 0 | $ 16,849 | $ 0 | $ 16,849 |
Net income | 0 | 0 | 619 | 0 | 619 |
Net transfers to LGL Group, Inc. | 0 | 0 | 240 | 0 | 240 |
Balance at Mar. 31, 2022 | 0 | 0 | 17,708 | 0 | 17,708 |
Balance at Dec. 31, 2021 | 0 | 0 | 16,849 | 0 | 16,849 |
Net income | 1,608 | ||||
Balance at Sep. 30, 2022 | 0 | 0 | 18,964 | 0 | 18,964 |
Balance at Mar. 31, 2022 | 0 | 0 | 17,708 | 0 | 17,708 |
Net income | 0 | 0 | 486 | 0 | 486 |
Net transfers to LGL Group, Inc. | 0 | 0 | 109 | 0 | 109 |
Balance at Jun. 30, 2022 | 0 | 0 | 18,303 | 0 | 18,303 |
Net income | 0 | 0 | 503 | 0 | 503 |
Net transfers to LGL Group, Inc. | 0 | 0 | 158 | 0 | 158 |
Balance at Sep. 30, 2022 | 0 | 0 | 18,964 | 0 | 18,964 |
Balance at Dec. 31, 2022 | 27 | 14,102 | 0 | 212 | 14,341 |
Net income | 0 | 0 | 0 | 553 | 553 |
Adjustment to The LGL Group, Inc. transfer | 0 | (219) | 0 | 0 | (219) |
Stock-based compensation expense | 0 | 71 | 0 | 0 | 71 |
Balance at Mar. 31, 2023 | 27 | 13,954 | 0 | 765 | 14,746 |
Balance at Dec. 31, 2022 | 27 | 14,102 | 0 | 212 | 14,341 |
Net income | 3,416 | ||||
Balance at Sep. 30, 2023 | 27 | 14,098 | 0 | 3,628 | 17,753 |
Balance at Mar. 31, 2023 | 27 | 13,954 | 0 | 765 | 14,746 |
Net income | 0 | 0 | 0 | 1,277 | 1,277 |
Stock-based compensation expense | 0 | 140 | 0 | 0 | 140 |
Forfeiture of shares to pay taxes | 0 | (82) | 0 | 0 | (82) |
Balance at Jun. 30, 2023 | 27 | 14,012 | 0 | 2,042 | 16,081 |
Net income | 0 | 0 | 0 | 1,586 | 1,586 |
Stock-based compensation expense | 0 | 86 | 0 | 0 | 86 |
Balance at Sep. 30, 2023 | $ 27 | $ 14,098 | $ 0 | $ 3,628 | $ 17,753 |
Consolidated and Combined Sta_3
Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 3,416 | $ 1,608 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 577 | 486 |
Amortization of finite-lived intangible assets | 40 | 40 |
Stock-based compensation expense | 297 | 362 |
Deferred income tax provision | 41 | 302 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, net | 166 | (1,341) |
Increase in inventories, net | (1,444) | (2,077) |
Decrease in prepaid expenses and other assets | 258 | 107 |
(Decrease) increase in accounts payable, accrued compensation and commissions expense and other | (1,078) | 1,718 |
Net cash provided by operating activities | 2,273 | 1,205 |
INVESTING ACTIVITIES | ||
Capital expenditures | (565) | (663) |
Net cash used in investing activities | (565) | (663) |
FINANCING ACTIVITIES | ||
Forfeiture of shares to pay taxes | (82) | 0 |
Net transfers from LGL Group, Inc. | 0 | 145 |
Prepaid financing costs | 0 | (20) |
Payments to related party | 0 | (2,496) |
Net cash used in financing activities | (82) | (2,371) |
Increase (decrease) in cash and cash equivalents | 1,626 | (1,829) |
Cash and cash equivalents at beginning of period | 926 | 2,635 |
Cash and cash equivalents at end of period | 2,552 | 806 |
Supplemental Disclosure: | ||
Cash paid for interest | 14 | 9 |
Cash paid for income taxes | $ 1,032 | $ 22 |
Note A - Background and Descrip
Note A - Background and Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | A. Background and Description of Business Originally founded in 1965, Our component-level devices and modules are used extensively in electronic systems for applications in commercial and military defense, aerospace, satellites, down-hole drilling, medical devices, instrumentation, industrial devices and in infrastructure equipment for the telecommunications and network equipment industries. As an engineering-centric company, MtronPTI provides close support to the customer throughout its products' entire life cycle, including product design, prototyping, production and subsequent product upgrades and maintenance. This collaborative approach has resulted in the development and growth of long-standing business relationships with its blue-chip customer base. The Company offers a wide range of precision frequency control and spectrum control solutions including: radio frequency, microwave and millimeter wave filters; cavity, crystal, ceramic, lumped element and switched filters; high performance and high frequency oven-controlled crystal oscillators (“OCXO”), integrated phase-locked loops OCXOs, temperature-compensated crystal oscillators, voltage-controlled crystal oscillators, low jitter and harsh environment oscillators; crystal resonators, Integrated Microwave Assemblies (IMA); and state-of-the-art solid state power amplifier products. All of MtronPTI’s production facilities are ISO 9001:2015 AS9100 790 We maintain our executive offices at 2525 32804. 407 298 2000. The Separation On August 3, 2022, On October 7, 2022 ( The Separation was achieved through LGL Group’s distribution (the “Distribution”) of 100% of the shares of the Company's common stock to holders of LGL Group's common stock as of the close of business on September 30, 2022, |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B. Summary of Significant Accounting Policies Basis of Presentation Consolidated and Combined Financial Statements The Company’s financial statements for periods through the Separation are combined financial statements prepared on a “carve-out” basis as discussed below. The Company’s financial statements for the period from October 7, 2022 September 30, 2023 The Consolidated and Combined Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These Consolidated and Combined Financial Statements may not not Basis of Presentation Prior to Separation Through the Separation date, the Company's combined financial statements are prepared on a "carve-out" basis. The Consolidated and Combined Financial Statements have been derived from the consolidated financial statements and accounting records of LGL Group in conformity with GAAP. The Consolidated and Combined Financial Statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany transactions and accounts have been eliminated. Transactions between the Company and LGL Group have been included in these Consolidated and Combined Financial Statements. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Consolidated and Combined Statements of Cash Flows as Net transfers from LGL Group, Inc. For additional information, see Note C – Related Party Transactions. The debt and associated interest expense in these Consolidated and Combined Financial Statements relate to third The Consolidated and Combined Statements of Operations include an allocation for certain corporate and shared service functions historically provided by LGL Group, including, but not may not may not During the periods presented in these Consolidated and Combined Financial statements, the Company’s income tax expense has been included in LGL Group’s income tax returns. Income tax expense contained in the Consolidated and Combined Financial Statements is presented on a separate return basis, as if the Company had filed its own income tax returns. Earnings per Share Earnings per basic share is computed based on the weighted-average number of shares of common stock outstanding. Earnings per diluted share include the weighted-average effect of dilutive restricted stock and options on the weighted-average shares outstanding. Earnings per share through the Distribution Date was calculated based on the 2,676,469 shares of the Company's common stock distributed to LGL Group stockholders on October 7, 2022. The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,703,840 2,676,469 2,693,400 2,676,469 Effect of diluted securities 55,940 — 46,419 — Weighted average shares outstanding - diluted 2,759,780 2,676,469 2,739,819 2,676,469 Interim Financial Statements The Consolidated and Combined Financial Statements as of and for the three nine September 30, 2023 2022 December 31, 2022 2021 10 March 30, 2023. In the opinion of management, the accompanying Consolidated and Combined Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Use of Estimates The preparation of the Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Research and Development Costs Research and development costs are charged to operations as incurred. Such costs were approximately $1,630,000 and $1,505,000 for the nine September 30, 2023 2022 Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Step 2: Step 3: Step 4: Step 5: The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note H – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not not 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. Concentration Risks For the three nine September 30, 2023 $8.795,000, three nine September 30, 2022 three September 30, 2023 2022, second nine September 30, 2023 2022 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of September 30, 2023 December 31, 2022, four Segment Information The Company reports segment information in accordance with ASC 280, Segment Information 280" 280 Impairments of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not We performed an assessment to determine if there were any indicators of impairment at the end of the fiscal quarter ended September 30, 2023 not no Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note C - Related Party Transact
Note C - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | C. Related Party Transactions Allocation of General Corporate Expenses For purposes of preparing these Consolidated and Combined Financial Statements on a “carve-out” basis for periods prior to the Separation, we have allocated a portion of LGL Group’s corporate expenses, totaling $277,000 and $929,000 to the Company for the three nine September 30, 2022, Transactions with LGL Group, Inc. MtronPTI and LGL Group have entered into an Amended and Restated Transitional Administrative and Management Services Agreement, which sets out the terms for services to be provided between the two companies post Separation. The current terms result in a net monthly payment of $4,000 per month from LGL Group to MtronPTI. MtronPTI and LGL Group have agreed to share any excess Separation costs. Included in other income (expense), net on the Consolidated and Combined Statements of Operations is an amount of $28,000 which represents 50% of the excess Separation costs incurred for the three March 31, 2023. no second third 2023. At September 30, 2023 December 31, 2022 |
Note D - Inventories
Note D - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | D. Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO ( first first September 30, 2023 December 31, 2022 Inventories are comprised of the following (in thousands): September 30, 2023 December 31, 2022 (unaudited) Raw materials $ 3,325 $ 3,335 Work in process 3,768 3,173 Finished goods 1,869 1,010 Total Inventories, net $ 8,962 $ 7,518 |
Note E - Income Taxes
Note E - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | E. Income Taxes The Company’s quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year may The effective tax rate for the nine September 30, 2023 2022 |
Note F - Revolving Credit Agree
Note F - Revolving Credit Agreement | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F. Revolving Credit Agreement On June 15, 2022, June 15, 2025 first September 30, 2023 December 31, 2022 |
Note G - Commitments and Contin
Note G - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | G. Commitments and Contingencies In the ordinary course of business, the Company and its subsidiaries may September 30, 2023 |
Note H - Domestic and Foreign R
Note H - Domestic and Foreign Revenues | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | H. Domestic and Foreign Revenues Significant foreign revenues from operations (10% or more of foreign sales) for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Malaysia $ 1,039 $ 1,332 $ 4,199 $ 3,856 Hungary — 236 496 247 Australia 336 1 929 1 All other foreign countries 628 2,892 2,618 4,316 Total foreign revenues $ 2,003 $ 4,461 $ 8,242 $ 8,420 Total domestic revenues $ 8,885 $ 3,956 $ 22,153 $ 14,752 The Company allocates its foreign revenue based on the customer's ship-to location. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Consolidated and Combined Financial Statements The Company’s financial statements for periods through the Separation are combined financial statements prepared on a “carve-out” basis as discussed below. The Company’s financial statements for the period from October 7, 2022 September 30, 2023 The Consolidated and Combined Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These Consolidated and Combined Financial Statements may not not Basis of Presentation Prior to Separation Through the Separation date, the Company's combined financial statements are prepared on a "carve-out" basis. The Consolidated and Combined Financial Statements have been derived from the consolidated financial statements and accounting records of LGL Group in conformity with GAAP. The Consolidated and Combined Financial Statements include the accounts of the Company and all of its majority-owned subsidiaries. Intercompany transactions and accounts have been eliminated. Transactions between the Company and LGL Group have been included in these Consolidated and Combined Financial Statements. The aggregate net effect of transactions between the Company and related parties that have been historically settled other than in cash are reflected in the Consolidated and Combined Statements of Cash Flows as Net transfers from LGL Group, Inc. For additional information, see Note C – Related Party Transactions. The debt and associated interest expense in these Consolidated and Combined Financial Statements relate to third The Consolidated and Combined Statements of Operations include an allocation for certain corporate and shared service functions historically provided by LGL Group, including, but not may not may not During the periods presented in these Consolidated and Combined Financial statements, the Company’s income tax expense has been included in LGL Group’s income tax returns. Income tax expense contained in the Consolidated and Combined Financial Statements is presented on a separate return basis, as if the Company had filed its own income tax returns. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per basic share is computed based on the weighted-average number of shares of common stock outstanding. Earnings per diluted share include the weighted-average effect of dilutive restricted stock and options on the weighted-average shares outstanding. Earnings per share through the Distribution Date was calculated based on the 2,676,469 shares of the Company's common stock distributed to LGL Group stockholders on October 7, 2022. The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the three nine September 30, 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,703,840 2,676,469 2,693,400 2,676,469 Effect of diluted securities 55,940 — 46,419 — Weighted average shares outstanding - diluted 2,759,780 2,676,469 2,739,819 2,676,469 |
Fiscal Period, Policy [Policy Text Block] | Interim Financial Statements The Consolidated and Combined Financial Statements as of and for the three nine September 30, 2023 2022 December 31, 2022 2021 10 March 30, 2023. In the opinion of management, the accompanying Consolidated and Combined Financial Statements reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are charged to operations as incurred. Such costs were approximately $1,630,000 and $1,505,000 for the nine September 30, 2023 2022 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Step 2: Step 3: Step 4: Step 5: The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 none 60 The Company provides disaggregated revenue details by geographic markets in Note H – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not not 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. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risks For the three nine September 30, 2023 $8.795,000, three nine September 30, 2022 three September 30, 2023 2022, second nine September 30, 2023 2022 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of September 30, 2023 December 31, 2022, four |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company reports segment information in accordance with ASC 280, Segment Information 280" 280 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairments of Long-Lived Assets Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not We performed an assessment to determine if there were any indicators of impairment at the end of the fiscal quarter ended September 30, 2023 not no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,703,840 2,676,469 2,693,400 2,676,469 Effect of diluted securities 55,940 — 46,419 — Weighted average shares outstanding - diluted 2,759,780 2,676,469 2,739,819 2,676,469 |
Note D - Inventories (Tables)
Note D - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 December 31, 2022 (unaudited) Raw materials $ 3,325 $ 3,335 Work in process 3,768 3,173 Finished goods 1,869 1,010 Total Inventories, net $ 8,962 $ 7,518 |
Note H - Domestic and Foreign_2
Note H - Domestic and Foreign Revenues (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Malaysia $ 1,039 $ 1,332 $ 4,199 $ 3,856 Hungary — 236 496 247 Australia 336 1 929 1 All other foreign countries 628 2,892 2,618 4,316 Total foreign revenues $ 2,003 $ 4,461 $ 8,242 $ 8,420 Total domestic revenues $ 8,885 $ 3,956 $ 22,153 $ 14,752 |
Note A - Background and Descr_2
Note A - Background and Description of Business (Details Textual) | Oct. 07, 2022 |
LGL Group Inc. [Member] | M-tron Industries, Inc. [Member] | |
Equity Method Investment, Ownership Percentage | 0% |
LGL Group Inc. [Member] | |
Percentage of Distribution of Common Shares to Former Parents Stockholders | 100% |
Stockholders' Equity Note, Spinoff Transaction, Shares Issued Per Share | 1 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 07, 2022 shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Weighted Average Number of Shares Issued, Basic (in shares) | shares | 2,676,469 | |||||
Research and Development Expense | $ 1,630,000 | $ 1,505,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,888,000 | $ 8,417,000 | 30,395,000 | 23,172,000 | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,738,000 | $ 2,191,000 | $ 8,795,000 | $ 6,361,000 | ||
Concentration Risk, Percentage | 34.30% | 26% | 28.90% | 27.50% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,796,000 | $ 1,712,000 | $ 5,467,000 | $ 3,510,000 | ||
Concentration Risk, Percentage | 25.70% | 20.30% | 18% | 14.40% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||
Number of Major Customers | 4 | 4 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Largest Customers [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,050,000 | $ 2,872,000 | ||||
Concentration Risk, Percentage | 78.90% | 53.80% |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Weighted Average Shares Utilized in Calculation of Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average shares outstanding - basic (in shares) | 2,703,840 | 2,676,469 | 2,693,400 | 2,676,469 |
Effect of diluted securities (in shares) | 55,940 | 0 | 46,419 | 0 |
Weighted average shares outstanding - diluted (in shares) | 2,759,780 | 2,676,469 | 2,739,819 | 2,676,469 |
Note C - Related Party Transa_2
Note C - Related Party Transactions (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Engineering, Selling and Administrative | $ 2,625,000 | $ 2,099,000 | $ 7,714,000 | $ 6,206,000 | ||
Other Nonoperating Income (Expense) | $ 12,000 | (15,000) | $ (6,000) | (41,000) | ||
LGL Group Inc. [Member] | ||||||
Number of Companies in Post Separation | 2 | 2 | ||||
Accounts Payable | $ 0 | $ 0 | $ 6,000 | |||
LGL Group Inc. [Member] | Corporate Expenses [Member] | ||||||
Engineering, Selling and Administrative | $ 277,000 | $ 929,000 | ||||
LGL Group Inc. [Member] | Amended and Restated Transitional Administrative and Management Services Agreement [Member] | ||||||
Related Party Transaction, Monthly Payment | $ 4,000 | $ 4,000 | ||||
LGL Group Inc. [Member] | Separation Costs [Member] | ||||||
Other Nonoperating Income (Expense) | $ 28,000 | |||||
Percentage of Spin Off Costs Excess of Budgeted Amount Included in Other Expense | 50% |
Note D - Inventories (Details T
Note D - Inventories (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Valuation Reserves | $ 1,630,000 | $ 1,318,000 |
Note D - Inventories - Schedule
Note D - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 3,325 | $ 3,335 |
Work in process | 3,768 | 3,173 |
Finished goods | 1,869 | 1,010 |
Total Inventories, net | $ 8,962 | $ 7,518 |
Note E - Income Taxes (Details
Note E - Income Taxes (Details Textual) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 21.40% | 19.60% |
Note F - Revolving Credit Agr_2
Note F - Revolving Credit Agreement (Details Textual) - Revolving Credit Facility [Member] - Fifth Third Bank, National Association [Member] - USD ($) | Jun. 15, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument, Face Amount | $ 5,000,000 | ||
SOFR Floor | 0% | ||
Debt Instrument, Maturity Date | Jun. 15, 2025 | ||
Long-Term Line of Credit | $ 0 | $ 0 | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Note G - Commitments and Cont_2
Note G - Commitments and Contingencies (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Accrual for Environmental Loss Contingencies | $ 0 |
Note H - Domestic and Foreign_3
Note H - Domestic and Foreign Revenues (Details Textual) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Minimum [Member] | Non-US [Member] | ||
Concentration Risk, Percentage | 10% | 10% |
Note H - Domestic and Foreign_4
Note H - Domestic and Foreign Revenues - Revenues From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 10,888 | $ 8,417 | $ 30,395 | $ 23,172 |
MALAYSIA | ||||
Revenues | 1,039 | 1,332 | 4,199 | 3,856 |
HUNGARY | ||||
Revenues | 0 | 236 | 496 | 247 |
AUSTRALIA | ||||
Revenues | 336 | 1 | 929 | 1 |
All Other Foreign Countries [Member] | ||||
Revenues | 628 | 2,892 | 2,618 | 4,316 |
Non-US [Member] | ||||
Revenues | 2,003 | 4,461 | 8,242 | 8,420 |
UNITED STATES | ||||
Revenues | $ 8,885 | $ 3,956 | $ 22,153 | $ 14,752 |