M-tron Industries (MPTI) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
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	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		2,808,579

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 11,808	$ 10,140	$ 22,993	$ 19,507
Costs and expenses:
Manufacturing cost of sales	6,307	5,921	12,713	12,092
Engineering, selling and administrative	3,394	2,654	6,384	5,089
Total costs and expenses	9,701	8,575	19,097	17,181
Operating income	2,107	1,565	3,896	2,326
Other income (expense):
Interest income (expense), net	44	(5)	76	(7)
Other (expense) income, net	(5)	22	37	(18)
Total other income (expense), net	39	17	113	(25)
Income before income taxes	2,146	1,582	4,009	2,301
Income tax expense	402	305	779	471
Net income	$ 1,744	$ 1,277	$ 3,230	$ 1,830
Income per common share:
Basic (in dollars per share)	$ 0.64	$ 0.47	$ 1.19	$ 0.68
Diluted (in dollars per share)	$ 0.63	$ 0.47	$ 1.16	$ 0.68
Weighted average shares outstanding:
Basic (in shares)	2,728,599	2,697,696	2,723,293	2,688,065
Diluted (in shares)	2,779,802	2,711,266	2,783,739	2,709,578

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 6,501	$ 3,913
Accounts receivable, net of reserves of $163 and $141, respectively	5,180	4,802
Inventories, net	9,341	8,884
Prepaid expenses and other current assets	640	588
Total current assets	21,662	18,187
Property, plant and equipment, net	4,687	4,131
Right-of-use lease asset	43	97
Intangible assets, net	40	45
Deferred income tax asset	1,943	1,835
Other assets	7	10
Total assets	28,382	24,305
Current liabilities:
Accounts payable	1,442	1,300
Accrued compensation and commissions	2,286	2,196
Other accrued expenses	985	611
Income taxes payable	0	277
Total current liabilities	4,713	4,384
Long-term lease liability	9	26
Total liabilities	4,722	4,410
Commitments and Contingencies (Note 8)
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; 2,808,579 and 2,786,321 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	27	27
Additional paid-in capital	16,702	16,167
Retained earnings	6,931	3,701
Total stockholders' equity	23,660	19,895
Total liabilities and stockholders' equity	$ 28,382	$ 24,305

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, reserves	$ 163	$ 141
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)	2,808,579	2,786,321
Common stock, shares outstanding (in shares)	2,808,579	2,786,321

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 0	$ 27	$ 14,102	$ 212	$ 14,341
Net income	0	0	0	1,830	1,830
Adjustment to The LGL Group, Inc. transfer	0	0	(219)	0	(219)
Stock-based compensation expense	0	0	211	0	211
Exercise of stock options	0	0	0	0	0
Forfeiture of shares to pay taxes	0	0	(82)	0	(82)
Balance at Jun. 30, 2023	0	27	14,012	2,042	16,081
Balance at Mar. 31, 2023	0	27	13,954	765	14,746
Net income	0	0	0	1,277	1,277
Adjustment to The LGL Group, Inc. transfer	0	0	0	0	0
Stock-based compensation expense	0	0	140	0	140
Exercise of stock options	0	0	0	0	0
Forfeiture of shares to pay taxes	0	0	(82)	0	(82)
Balance at Jun. 30, 2023	0	27	14,012	2,042	16,081
Balance at Dec. 31, 2023	0	27	16,167	3,701	19,895
Net income	0	0	0	3,230	3,230
Adjustment to The LGL Group, Inc. transfer	0	0	0	0	0
Stock-based compensation expense	0	0	408	0	408
Exercise of stock options	0	0	127	0	127
Forfeiture of shares to pay taxes	0	0	0	0	0
Balance at Jun. 30, 2024	0	27	16,702	6,931	23,660
Balance at Mar. 31, 2024	0	27	16,501	5,187	21,715
Net income	0	0	0	1,744	1,744
Adjustment to The LGL Group, Inc. transfer	0	0	0	0	0
Stock-based compensation expense	0	0	201	0	201
Exercise of stock options	0	0	0	0	0
Forfeiture of shares to pay taxes	0	0	0	0	0
Balance at Jun. 30, 2024	$ 0	$ 27	$ 16,702	$ 6,931	$ 23,660

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 3,230	$ 1,830
Depreciation	439	385
Amortization of finite-lived intangible assets	5	27
Stock-based compensation expense	408	211
Deferred income tax provision	(108)	20
Changes in operating assets and liabilities:
Increase in accounts receivable, net	(378)	(548)
Increase in inventories, net	(457)	(1,195)
(Increase) decrease in prepaid expenses and other assets	(49)	349
Decrease (increase) in accounts payable, accrued compensation and commissions expense and other	366	(300)
Total adjustments	226	(1,051)
Net cash provided by operating activities	3,456	779
Cash flows from investing activities:
Capital expenditures	(995)	(302)
Net cash used in investing activities	(995)	(302)
Cash flows from financing activities:
Forfeiture of shares to pay taxes	0	(82)
Proceeds from stock option exercise	127	0
Net cash provided by (used in) financing activities	127	(82)
Increase in cash and cash equivalents	2,588	395
Cash and cash equivalents at beginning of period	3,913	926
Cash and cash equivalents at end of period	6,501	1,321
Supplemental Disclosure:
Cash paid for interest	5	7
Cash paid for income taxes	$ 1,275	$ 97

Note 1 - Background and Descrip

Note 1 - Background and Description of Business	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. 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. The Company has manufacturing facilities in Orlando, Florida; Yankton, South Dakota; and Noida, India. The Company also has a sales office in Hong Kong. All of MtronPTI’s production facilities are International Organization for Standardization ("ISO") 9001:2015 AS9100 790 We maintain our executive offices at 2525 32804. 407 298 2000.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. During the three six June 30, 2024 no 10 December 31, 2023 2023 March 25, 2024 2023 Basis of Presentation These unaudited Condensed Consolidated Financial Statements do not 2023 December 31, 2023 2023 In the opinion of management, these Condensed Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments, including eliminations of material intercompany accounts and transactions) considered necessary for a fair statement of the results presented herein. Operating results for the three June 30, 2024 not may December 31, 2024 Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. 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. For the three six June 30, 2024 three six June 30, 2023 Concentration Risks For the three June 30, 2024 second three June 30, 2023 second For the six June 30, 2024 second six June 30, 2023 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of June 30, 2024 four December 31, 2023 four 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 as of June 30, 2024 December 31, 2023 not no Future Application of Accounting Standards Segment Reporting In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07" December 15, 2023, December 15, 2024, Income Taxes In December 2023, 2023 09, "Income Taxes (Topic 740 2023 09" December 15, 2024,

Note 3 - Related Party Transact

Note 3 - Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	3. In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related if one The following tables summarize income and expenses from transactions with related parties for the three six June 30, 2024 2023 Three Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 45 $ — $ — $ — The LGL Group, Inc. 12 27 12 — Total $ 57 $ 27 $ 12 $ — Six Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 79 $ — $ — $ — The LGL Group, Inc. 24 53 24 28 Total $ 103 $ 53 $ 24 $ 28 The following table summarizes assets and liabilities with related parties as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 4,844 $ — $ 2,765 $ — The LGL Group, Inc. 74 — — — Total $ 4,918 $ — $ 2,765 $ — The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below: Investment Activity with GAMCO Investors, Inc. Certain balances are held and invested in U.S. Treasury funds managed or advised by GAMCO Investors, Inc. or one three six June 30, 2024 three six June 30, 2023 not no not As of June 30, 2024 December 31, 2023 For the three six June 30, 2024 For the three six June 30, 2023 not Transactions with The LGL Group, Inc. Transitional Administrative and Management Services Agreement On October 7, 2022, September 30, 2022, MtronPTI and The LGL Group, Inc. ("LGL Group") entered into an Amended and Restated Transitional Administrative and Management Services Agreement ("MtronPTI TSA"), 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 per month from LGL Group to MtronPTI. For the three June 30, 2024 2023 six June 30, 2024 2023 Tax Indemnity and Sharing Agreement MtronPTI and LGL Group entered into a Tax Indemnity and Sharing Agreement ("MtronPTI Tax Agreement"), which sets out the terms for which party would be responsible for taxes imposed on LGL Group if the Distribution, together with certain related transactions, were to fail to qualify as a tax-free transaction under Internal Revenue Code ("IRC") Sections 355 368 1 For the three six June 30, 2024 2023 Other Transactions MtronPTI and LGL Group agreed to share the salaries and benefits related to certain employees incurred by LGL Group. For the three six June 30, 2024

Note 4 - Income Taxes

Note 4 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	4. 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 three June 30, 2024 2023 six June 30, 2024 2023

Note 5 - Revolving Credit Agree

Note 5 - Revolving Credit Agreement	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	5. On June 15, 2022, SOFR J une 15, 2025 first As of June 30, 2024 December 31, 2023

Note 6 - Stockholders' Equity

Note 6 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	6. Shares Outstanding The following table presents a rollforward of outstanding shares for the periods indicated: Six Months Ended June 30, 2024 Year Ended December 31, 2023 Common Stock Issued Held in Treasury Common Stock Outstanding Common Stock Issued Held in Treasury Common Stock Outstanding Shares, beginning of period 2,786,321 — 2,786,321 2,725,670 — 2,725,670 Stock-based compensation 12,548 — 12,548 69,597 — 69,597 Exercise of stock options 9,710 — 9,710 — — — Shares withheld for income taxes — — — (8,946 ) — (8,946 ) Shares, end of period 2,808,579 — 2,808,579 2,786,321 — 2,786,321

Note 7 - Earnings per Share ("E

Note 7 - Earnings per Share ("EPS")	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	7. The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income per common share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator for EPS: Net income $ 1,744 $ 1,277 $ 3,230 $ 1,830 Denominator for EPS: Weighted average shares outstanding - basic 2,728,599 2,697,696 2,723,293 2,688,065 Dilutive effects: Stock options — — 107 — Restricted stock 51,203 13,570 60,339 21,513 Weighted average shares outstanding - diluted 2,779,802 2,711,266 2,783,739 2,709,578 Income per common share: Basic $ 0.64 $ 0.47 $ 1.19 $ 0.68 Diluted $ 0.63 $ 0.47 $ 1.16 $ 0.68

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. In the ordinary course of business, the Company and its subsidiaries may no June 30, 2024

Note 9 - Other Financial Statem

Note 9 - Other Financial Statement Information	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Additional Financial Information Disclosure [Text Block]	9. Inventories, Net Inventories are valued at the lower of cost or net realizable value using the first first The components of inventory as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Raw materials $ 4,504 $ 4,368 Work in process 4,484 4,150 Finished goods 1,756 1,634 Total gross inventory 10,744 10,152 Reserve for excess and obsolete inventory (1,403 ) (1,268 ) Inventories, net $ 9,341 $ 8,884 Property, Plant and Equipment, Net The components of property, plant and equipment as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Land $ 536 $ 536 Buildings and improvements 5,321 5,216 Machinery and equipment 20,936 20,046 Gross property, plant and equipment 26,793 25,798 Less: Accumulated depreciation (22,106 ) (21,667 ) Property, plant and equipment, net $ 4,687 $ 4,131 Intangible Assets, Net The components of intangible assets as of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Intellectual property $ 1,226 $ 1,226 Goodwill 40 40 Gross intangible assets 1,266 1,266 Less: Accumulated amortization (1,226 ) (1,221 ) Intangible assets, net $ 40 $ 45

Note 10 - Domestic and Foreign

Note 10 - Domestic and Foreign Revenues	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. Significant foreign revenues from operations (10% or more of foreign sales) for the three six June 30, 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Malaysia $ 1,426 $ 1,581 $ 2,308 $ 3,160 Australia 645 386 1,419 593 Greece — 264 388 408 Hungary — — — 496 All other foreign countries 712 865 1,338 1,582 Total foreign revenues $ 2,783 $ 3,096 $ 5,453 $ 6,239 Total domestic revenues $ 9,025 $ 7,044 $ 17,540 $ 13,268 The Company allocates its foreign revenue based on the customer's ship-to location.

Note 11 - Subsequent Events

Note 11 - Subsequent Events	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	11. The Company has evaluated events and transactions that occurred after the balance sheet date through the date that the consolidated financial statements were issued. Based upon this review, the Company did not

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. Other Information During the three June 30, 2024 none 16 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These unaudited Condensed Consolidated Financial Statements do not 2023 December 31, 2023 2023 In the opinion of management, these Condensed Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments, including eliminations of material intercompany accounts and transactions) considered necessary for a fair statement of the results presented herein. Operating results for the three June 30, 2024 not may December 31, 2024
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. 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. For the three six June 30, 2024 three six June 30, 2023
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risks For the three June 30, 2024 second three June 30, 2023 second For the six June 30, 2024 second six June 30, 2023 second A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of June 30, 2024 four December 31, 2023 four
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 as of June 30, 2024 December 31, 2023 not no
New Accounting Pronouncements, Policy [Policy Text Block]	Future Application of Accounting Standards Segment Reporting In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07" December 15, 2023, December 15, 2024, Income Taxes In December 2023, 2023 09, "Income Taxes (Topic 740 2023 09" December 15, 2024,

Note 3 - Related Party Transa_2

Note 3 - Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Three Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 45 $ — $ — $ — The LGL Group, Inc. 12 27 12 — Total $ 57 $ 27 $ 12 $ — Six Months Ended June 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 79 $ — $ — $ — The LGL Group, Inc. 24 53 24 28 Total $ 103 $ 53 $ 24 $ 28 June 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 4,844 $ — $ 2,765 $ — The LGL Group, Inc. 74 — — — Total $ 4,918 $ — $ 2,765 $ —

Note 6 - Stockholders' Equity (

Note 6 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Six Months Ended June 30, 2024 Year Ended December 31, 2023 Common Stock Issued Held in Treasury Common Stock Outstanding Common Stock Issued Held in Treasury Common Stock Outstanding Shares, beginning of period 2,786,321 — 2,786,321 2,725,670 — 2,725,670 Stock-based compensation 12,548 — 12,548 69,597 — 69,597 Exercise of stock options 9,710 — 9,710 — — — Shares withheld for income taxes — — — (8,946 ) — (8,946 ) Shares, end of period 2,808,579 — 2,808,579 2,786,321 — 2,786,321

Note 7 - Earnings per Share (_2

Note 7 - Earnings per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share data) 2024 2023 2024 2023 Numerator for EPS: Net income $ 1,744 $ 1,277 $ 3,230 $ 1,830 Denominator for EPS: Weighted average shares outstanding - basic 2,728,599 2,697,696 2,723,293 2,688,065 Dilutive effects: Stock options — — 107 — Restricted stock 51,203 13,570 60,339 21,513 Weighted average shares outstanding - diluted 2,779,802 2,711,266 2,783,739 2,709,578 Income per common share: Basic $ 0.64 $ 0.47 $ 1.19 $ 0.68 Diluted $ 0.63 $ 0.47 $ 1.16 $ 0.68

Note 9 - Other Financial Stat_2

Note 9 - Other Financial Statement Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2024 December 31, 2023 Raw materials $ 4,504 $ 4,368 Work in process 4,484 4,150 Finished goods 1,756 1,634 Total gross inventory 10,744 10,152 Reserve for excess and obsolete inventory (1,403 ) (1,268 ) Inventories, net $ 9,341 $ 8,884
Property, Plant and Equipment [Table Text Block]	June 30, 2024 December 31, 2023 Land $ 536 $ 536 Buildings and improvements 5,321 5,216 Machinery and equipment 20,936 20,046 Gross property, plant and equipment 26,793 25,798 Less: Accumulated depreciation (22,106 ) (21,667 ) Property, plant and equipment, net $ 4,687 $ 4,131
Schedule of Finite-Lived Intangible Assets [Table Text Block]	June 30, 2024 December 31, 2023 Intellectual property $ 1,226 $ 1,226 Goodwill 40 40 Gross intangible assets 1,266 1,266 Less: Accumulated amortization (1,226 ) (1,221 ) Intangible assets, net $ 40 $ 45

Note 10 - Domestic and Foreig_2

Note 10 - Domestic and Foreign Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 Malaysia $ 1,426 $ 1,581 $ 2,308 $ 3,160 Australia 645 386 1,419 593 Greece — 264 388 408 Hungary — — — 496 All other foreign countries 712 865 1,338 1,582 Total foreign revenues $ 2,783 $ 3,096 $ 5,453 $ 6,239 Total domestic revenues $ 9,025 $ 7,044 $ 17,540 $ 13,268

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Research and Development Expense	$ 682	$ 535	$ 1,315	$ 1,064
Revenue from Contract with Customer, Excluding Assessed Tax	11,808	10,140	22,993	19,507
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 4,452	$ 2,723	$ 9,327	$ 5,057
Concentration Risk, Percentage	37.70%	26.90%	40.60%	25.90%
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,216	$ 1,662	$ 4,419	$ 2,671
Concentration Risk, Percentage	18.80%	16.40%	19.20%	13.70%
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			$ 2,972		$ 3,774
Concentration Risk, Percentage			55.60%		76.40%

Note 3 - Related Party Transa_3

Note 3 - Related Party Transactions (Details Textual) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 07, 2022	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investment Expense Rate		0.08%		0.08%
Payment for Management Fee		$ 0		$ 0
Assets under Management, Carrying Amount		0		0
Cash and Cash Equivalents, at Carrying Value		6,501		6,501		$ 3,913
Income Tax Expense (Benefit)		402	$ 305	779	$ 471
Engineering, Selling and Administrative		3,394	2,654	6,384	5,089
LGL Group Inc. [Member]
Percentage of Distribution of Common Shares to Former Parents Stockholders	100%
GAMCO Investors [Member]
Cash and Cash Equivalents, at Carrying Value		4,844		4,844		$ 2,765
Investment Income, Interest		$ 45	0	$ 79	0
LGL Group Inc. [Member]
Number of Companies in Post Separation		2		2
LGL Group Inc. [Member] | Amended and Restated Transitional Administrative and Management Services Agreement [Member]
Related Party Transaction, Monthly Payment		$ 4		$ 4
Related Party Transaction, Amounts of Transaction		12	12	24	24
LGL Group Inc. [Member] | Separation Costs [Member]
Income Tax Expense (Benefit)		0	$ 0	0	$ 0
Engineering, Selling and Administrative		$ 27		$ 53
Percentage of Spin Off Costs Excess of Budgeted Amount Included in Engineering, Selling and Administrative				50%

Note 3 - Related Party Transa_4

Note 3 - Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets, related party	$ 28,382		$ 28,382		$ 24,305
Liabilities, related party	4,722		4,722		$ 4,410
GAMCO Investors [Member]
income (loss)	45	$ 0	79	$ 0
Expense, related party	0	0	0	0
Assets, related party	4,844	2,765	4,844	2,765
Liabilities, related party	0	0	0	0
LGL Group Inc. [Member]
income (loss)	12	12	24	24
Expense, related party	27	0	53	28
Assets, related party	74	0	74	0
Liabilities, related party	0	0	0	0
Related Party [Member]
income (loss)	57	12	103	24
Expense, related party	27	0	53	28
Assets, related party	4,918	2,765	4,918	2,765
Liabilities, related party	$ 0	$ 0	$ 0	$ 0

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	18.70%	19.30%	19.40%	20.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%

Note 5 - Revolving Credit Agr_2

Note 5 - Revolving Credit Agreement (Details Textual) - USD ($) $ in Thousands	Jun. 15, 2022	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member]
Debt Instrument, Face Amount	$ 5,000
Debt Instrument, Basis Spread on Variable Rate	2.25%
SOFR Floor	0%
Long-Term Line of Credit		$ 0	$ 0

Note 6 - Stockholders' Equity -

Note 6 - Stockholders' Equity - Rollforward of Outstanding Shares (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Common Stock, Issued [Member]
Shares (in shares)	2,786,321	2,725,670
Stock-based compensation (in shares)	12,548	69,597
Exercise of stock options (in shares)	9,710	0
Shares withheld for income taxes (in shares)	0	(8,946)
Shares (in shares)	2,808,579	2,786,321
Treasury Stock, Common [Member]
Shares, treasury (in shares)	0	0
Stock-based compensation (in shares)	0	0
Exercise of stock options (in shares)	0	0
Shares withheld for income taxes (in shares)	0	0
Shares, treasury (in shares)	0	0
Common Stock, Outstanding [Member]
Shares (in shares)	2,786,321	2,725,670
Stock-based compensation (in shares)	12,548	69,597
Exercise of stock options (in shares)	9,710	0
Shares withheld for income taxes (in shares)	0	(8,946)
Shares (in shares)	2,808,579	2,786,321

Note 7 - Earnings per Share (_3

Note 7 - Earnings per Share ("EPS") - Reconciliation of Net Income and Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 1,744	$ 1,277	$ 3,230	$ 1,830
Weighted average shares outstanding - basic (in shares)	(2,728,599)	(2,697,696)	(2,723,293)	(2,688,065)
Stock options (in shares)	0	0	(107)	0
Restricted stock (in shares)	(51,203)	(13,570)	(60,339)	(21,513)
Diluted (in shares)	2,779,802	2,711,266	2,783,739	2,709,578
Basic (in dollars per share)	$ 0.64	$ 0.47	$ 1.19	$ 0.68
Diluted (in dollars per share)	$ 0.63	$ 0.47	$ 1.16	$ 0.68

Note 9 - Other Financial Stat_3

Note 9 - Other Financial Statement Information - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Raw materials	$ 4,504	$ 4,368
Work in process	4,484	4,150
Finished goods	1,756	1,634
Total gross inventory	10,744	10,152
Reserve for excess and obsolete inventory	(1,403)	(1,268)
Inventories, net	$ 9,341	$ 8,884

Note 9 - Other Financial Stat_4

Note 9 - Other Financial Statement Information - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Land	$ 536	$ 536
Buildings and improvements	5,321	5,216
Machinery and equipment	20,936	20,046
Gross property, plant and equipment	26,793	25,798
Less: Accumulated depreciation	(22,106)	(21,667)
Property, plant and equipment, net	$ 4,687	$ 4,131

Note 9 - Other Financial Stat_5

Note 9 - Other Financial Statement Information - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Gross intangible assets	$ 1,266	$ 1,266
Goodwill	40	40
Less: Accumulated amortization	(1,226)	(1,221)
Intangible assets, net	40	45
Intellectual Property [Member]
Gross intangible assets	$ 1,226	$ 1,226

Note 10 - Domestic and Foreig_3

Note 10 - Domestic and Foreign Revenues (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Minimum [Member] | Non-US [Member]
Concentration Risk, Percentage	10%	10%	10%	10%

Note 10 - Domestic and Foreig_4

Note 10 - Domestic and Foreign Revenues - Revenues From Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 11,808	$ 10,140	$ 22,993	$ 19,507
MALAYSIA
Revenues	1,426	1,581	2,308	3,160
AUSTRALIA
Revenues	645	386	1,419	593
GREECE
Revenues	0	264	388	408
HUNGARY
Revenues	0	0	0	496
All Other Foreign Countries [Member]
Revenues	712	865	1,338	1,582
Non-US [Member]
Revenues	2,783	3,096	5,453	6,239
UNITED STATES
Revenues	$ 9,025	$ 7,044	$ 17,540	$ 13,268