M-tron Industries (MPTI) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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	NYSEAMER
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		2,727,125

Consolidated and Combined State

Consolidated and Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES	$ 10,140	$ 7,064	$ 19,507	$ 14,755
Costs and expenses:
Manufacturing cost of sales	5,921	4,412	12,092	9,231
Engineering, selling and administrative	2,654	2,049	5,089	4,107
OPERATING INCOME	1,565	603	2,326	1,417
Other income (expense):
Interest expense, net	(5)	(2)	(7)	(5)
Other income (expense), net	22	(9)	(18)	(26)
Total other income (expense), net	17	(11)	(25)	(31)
INCOME BEFORE INCOME TAXES	1,582	592	2,301	1,386
Income tax provision	305	106	471	281
NET INCOME	$ 1,277	$ 486	$ 1,830	$ 1,105
Net Income per Basic Share (in dollars per share)	$ 0.47	$ 0.18	$ 0.68	$ 0.41
Net income per Dilutive Share (in dollars per share)	$ 0.47	$ 0.18	$ 0.68	$ 0.41

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 1,321	$ 926
Accounts receivable, net of reserves of $112, and $142, respectively	5,745	5,197
Inventories, net	8,713	7,518
Prepaid expenses and other current assets	327	673
Total Current Assets	16,106	14,314
Property, Plant and Equipment
Land	536	536
Buildings and improvements	4,937	4,937
Machinery and equipment	19,345	19,044
Gross property, plant and equipment	24,818	24,517
Less: accumulated depreciation	(21,254)	(20,870)
Net property, plant and equipment	3,564	3,647
Right-of-use lease asset	110	147
Intangible assets, net	71	98
Deferred income tax asset	1,031	1,051
Other assets	13	16
Total Assets	20,895	19,273
Current Liabilities:
Accounts payable	1,811	2,381
Accrued compensation and commissions	1,704	1,627
Other accrued expenses	612	614
Income taxes payable	645	234
Total Current Liabilities	4,772	4,856
Long-term lease liability	42	76
Total Liabilities	4,814	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; 2,725,670 and 2,726,798 shares issued and outstanding, respectively.	27	27
Additional paid-in capital	14,012	14,102
Retained earnings	2,042	212
Total Equity	16,081	14,341
Total Liabilities and Stockholders' Equity	$ 20,895	$ 19,273

Consolidated and Combined Bal_2

Consolidated and Combined Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, reserves	$ 112	$ 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)	2,725,670	2,726,798
Common stock, shares outstanding (in shares)	2,725,670	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					1,105
Balance at Jun. 30, 2022	0	0	18,303	0	18,303
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
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					1,830
Balance at Jun. 30, 2023	27	14,012	0	2,042	16,081
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

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 1,830	$ 1,105
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	385	313
Amortization of finite-lived intangible assets	27	27
Stock-based compensation expense	211	287
Deferred income tax provision	20	214
Changes in operating assets and liabilities:
Increase in accounts receivable, net	(548)	(334)
Increase in inventories, net	(1,195)	(907)
Decrease in prepaid expenses and other assets	349	34
(Increase) decrease in accounts payable, accrued compensation and commissions expense and other	(300)	225
Net cash provided by operating activities	779	964
INVESTING ACTIVITIES
Capital expenditures	(302)	(395)
Net cash used in investing activities	(302)	(395)
FINANCING ACTIVITIES
Forfeiture of shares to pay taxes	(82)	0
Net transfers from LGL Group, Inc.	0	62
Prepaid financing costs	0	(20)
Payments to related party	0	(2,143)
Net cash used in financing activities	(82)	(2,101)
Increase (decrease) in cash and cash equivalents	395	(1,532)
Cash and cash equivalents at beginning of period	926	2,635
Cash and cash equivalents at end of period	1,321	1,103
Supplemental Disclosure:
Cash paid for interest	7	5
Cash paid for income taxes	$ 97	$ 16

Note A - Background and Descrip

Note A - Background and Description of Business	6 Months Ended
	Jun. 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, earth-orbiting satellites, down-hole drilling, medical devices, instrumentation, industrial devices and global positioning systems as well as 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	6 Months Ended
	Jun. 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 June 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 six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,697,696 2,676,469 2,688,065 2,676,469 Effect of diluted securities 13,570 — 21,513 — Weighted average shares outstanding - diluted 2,711,266 2,676,469 2,709,578 2,676,469 Options to purchase 9,710 shares were excluded from the above calculation for the three six June 30, 2023 Interim Financial Statements The Consolidated and Combined Financial Statements as of and for the three six June 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 $1,064,000 and $981,000 for the six June 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 six June 30, 2023 three six June 30, 2022 three June 30, 2023 2022, second six June 30, 2023 2022 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of June 30, 2023 December 31, 2022, four $2,872,000, 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 June 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	6 Months Ended
	Jun. 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 $260,000 and $651,000 to the Company for the three six June 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 2023. At June 30, 2023 December 31, 2022

Note D - Inventories

Note D - Inventories	6 Months Ended
	Jun. 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 June 30, 2023 December 31, 2022 Inventories are comprised of the following (in thousands): June 30, 2023 December 31, 2022 (unaudited) Raw materials $ 3,648 $ 3,335 Work in process 3,550 3,173 Finished goods 1,515 1,010 Total Inventories, net $ 8,713 $ 7,518

Note E - Income Taxes

Note E - Income Taxes	6 Months Ended
	Jun. 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 six June 30, 2023 2022

Note F - Revolving Credit Agree

Note F - Revolving Credit Agreement	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	F. Revolving Credit Agreement On June 15, 2022, June 15, 2025 first June 30, 2023 December 31, 2022

Note G - Commitments and Contin

Note G - Commitments and Contingencies	6 Months Ended
	Jun. 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 June 30, 2023

Note H - Domestic and Foreign R

Note H - Domestic and Foreign Revenues	6 Months Ended
	Jun. 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 six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Malaysia $ 1,581 $ 1,231 $ 3,160 $ 2,524 Australia 386 — 593 — All other foreign countries 1,129 598 2,486 1,435 Total foreign revenues $ 3,096 $ 1,829 $ 6,239 $ 3,959 Total domestic revenues $ 7,044 $ 5,235 $ 13,268 $ 10,796 The Company allocates its foreign revenue based on the customer's ship-to location.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 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 June 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 six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,697,696 2,676,469 2,688,065 2,676,469 Effect of diluted securities 13,570 — 21,513 — Weighted average shares outstanding - diluted 2,711,266 2,676,469 2,709,578 2,676,469 Options to purchase 9,710 shares were excluded from the above calculation for the three six June 30, 2023
Fiscal Period, Policy [Policy Text Block]	Interim Financial Statements The Consolidated and Combined Financial Statements as of and for the three six June 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 $1,064,000 and $981,000 for the six June 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 six June 30, 2023 three six June 30, 2022 three June 30, 2023 2022, second six June 30, 2023 2022 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of June 30, 2023 December 31, 2022, four $2,872,000,
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 June 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)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average shares outstanding - basic 2,697,696 2,676,469 2,688,065 2,676,469 Effect of diluted securities 13,570 — 21,513 — Weighted average shares outstanding - diluted 2,711,266 2,676,469 2,709,578 2,676,469

Note D - Inventories (Tables)

Note D - Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2023 December 31, 2022 (unaudited) Raw materials $ 3,648 $ 3,335 Work in process 3,550 3,173 Finished goods 1,515 1,010 Total Inventories, net $ 8,713 $ 7,518

Note H - Domestic and Foreign_2

Note H - Domestic and Foreign Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Malaysia $ 1,581 $ 1,231 $ 3,160 $ 2,524 Australia 386 — 593 — All other foreign countries 1,129 598 2,486 1,435 Total foreign revenues $ 3,096 $ 1,829 $ 6,239 $ 3,959 Total domestic revenues $ 7,044 $ 5,235 $ 13,268 $ 10,796

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		6 Months Ended		12 Months Ended
	Oct. 07, 2022 shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Weighted Average Number of Shares Issued, Basic (in shares) | shares	2,676,469
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares		9,710		9,710
Research and Development Expense				$ 1,064,000	$ 981,000
Revenue from Contract with Customer, Excluding Assessed Tax		$ 10,140,000	$ 7,064,000	19,507,000	14,755,000
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 2,723,000	$ 2,110,000	$ 5,057,000	$ 4,173,000
Concentration Risk, Percentage		26.90%	29.90%	25.90%	28.30%
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,662,000	$ 884,000	$ 2,671,000	$ 1,803,000
Concentration Risk, Percentage		16.40%	11.30%	13.70%	12.20%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers				4		4
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Largest Customers [Member]
Concentration Risk, Percentage				68.40%		53.80%
Accounts Receivable, after Allowance for Credit Loss		$ 3,932,000		$ 3,932,000		$ 2,872,000

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Weighted average shares outstanding - basic (in shares)	2,697,696	2,676,469	2,688,065	2,676,469
Effect of diluted securities (in shares)	13,570	0	21,513	0
Weighted average shares outstanding - diluted (in shares)	2,711,266	2,676,469	2,709,578	2,676,469

Note C - Related Party Transa_2

Note C - Related Party Transactions (Details Textual)	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Engineering, Selling and Administrative	$ 2,654,000		$ 2,049,000	$ 5,089,000	$ 4,107,000
Other Nonoperating Income (Expense)	$ 22,000		(9,000)	$ (18,000)	(26,000)
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			$ 260,000		$ 651,000
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 ($)	Jun. 30, 2023	Dec. 31, 2022
Inventory Valuation Reserves	$ 1,502,000	$ 1,318,000

Note D - Inventories - Schedule

Note D - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Raw materials	$ 3,648	$ 3,335
Work in process	3,550	3,173
Finished goods	1,515	1,010
Total Inventories, net	$ 8,713	$ 7,518

Note E - Income Taxes (Details

Note E - Income Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	20.50%	20.30%

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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument, Face Amount	$ 5,000,000
SOFR Floor	0%
Long-Term Line of Credit		$ 0	$ 0
Debt Instrument, Maturity Date	Jun. 15, 2025
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	Jun. 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	6 Months Ended
	Jun. 30, 2023	Jun. 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 10,140	$ 7,064	$ 19,507	$ 14,755
MALAYSIA
Revenues	1,581	1,231	3,160	2,524
AUSTRALIA
Revenues	386	0	593	0
All Other Foreign Countries [Member]
Revenues	1,129	598	2,486	1,435
Non-US [Member]
Revenues	3,096	1,829	6,239	3,959
UNITED STATES
Revenues	$ 7,044	$ 5,235	$ 13,268	$ 10,796