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 |