The LGL Group, Inc. (LGL) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Entity Central Index Key	0000061004
Entity Registrant Name	LGL GROUP INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-00106
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-1799862
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,373,055
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock, par value $0.01
Trading Symbol	LGL WS
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	LGL
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 41,602	$ 40,711
Marketable securities	16	22
Accounts receivable, net of reserves of $52 and $58, respectively	133	356
Inventories, net	338	204
Prepaid expenses and other current assets	185	273
Total current assets	42,274	41,566
Right-of-use lease assets	21	75
Intangible assets, net	41	57
Deferred income tax assets	149	152
Total assets	42,485	41,850
Current liabilities:
Accounts payable	264	93
Accrued compensation and commissions	257	264
Income taxes payable	91	41
Other accrued expenses	127	76
Total current liabilities	739	474
Other liabilities	743	694
Total liabilities	1,482	1,168
Contingencies (Note 12)
Stockholders' equity:
Common stock ($0.01 par value; 30,000,000 shares authorized; 5,454,639 shares issued and 5,373,055 shares outstanding as of September 30, 2024 and December 31, 2023)	53	53
Treasury stock, at cost (81,584 shares as of September 30, 2024 and December 31, 2023)	(580)	(580)
Additional paid-in capital	46,376	46,349
Accumulated deficit	(6,830)	(7,060)
Total LGL Group stockholders' equity	39,019	38,762
Non-controlling interests	1,984	1,920
Total stockholders' equity	41,003	40,682
Total liabilities and stockholders' equity	$ 42,485	$ 41,850

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 52	$ 58
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	30,000,000	30,000,000
Common Stock, Shares, Issued (in shares)	5,454,639	5,454,639
Common Stock, Shares, Outstanding (in shares)	5,373,055	5,373,055
Treasury Stock, Common, Shares (in shares)	81,584	81,584

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net sales		$ 650	$ 438	$ 1,573	$ 1,282
Net investment income		531	544	1,568	1,017
Net (losses) gains		(2)	(4)	(6)	384
Total revenues		1,179	978	3,135	2,683
Expenses:
Manufacturing cost of sales		368	195	786	595
Engineering, selling and administrative		673	584	1,895	1,771
Total expenses		1,041	779	2,681	2,366
Income from continuing operations before income taxes		138	199	454	317
Income tax expense		48	69	160	132
Net income from continuing operations		90	130	294	185
Income (loss) from discontinued operations, net of tax		0	0	0	(28)
Net income		90	130	294	157
Less: Net income attributable to non-controlling interests		18	22	64	22
Net income attributable to LGL Group common stockholders		$ 72	$ 108	$ 230	$ 135
Income (loss) per common share attributable to LGL Group common stockholders:
Income from continuing operations (in dollars per share)	[1]	$ 0.01	$ 0.02	$ 0.04	$ 0.03
Income (loss) from discontinued operations (in dollars per share)	[1]	0	0	0	(0.01)
Net income attributable to LGL Group common stockholders (in dollars per share)	[1]	0.01	0.02	0.04	0.03
Diluted (a):
Income from continuing operations (in dollars per share)	[1]	0.01	0.02	0.04	0.03
Income (loss) from discontinued operations (in dollars per share)	[1]	0	0	0	(0.01)
Net income attributable to LGL Group common stockholders (in dollars per share)	[1]	$ 0.01	$ 0.02	$ 0.04	$ 0.03
Weighted average shares outstanding:
Basic (in shares)		5,352,937	5,352,937	5,352,937	5,352,937
Diluted (in shares)	[2]	5,531,969	5,355,006	5,543,795	5,352,937
[1]Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.[2]For the three and six months ended June 30, 2023, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022	$ 53	$ (580)	$ 46,346	$ (7,329)	$ 38,490	$ 0	$ 38,490
Net income attributable to LGL Group or non-controlling interests	0	0	0	135	135	22	157
Stock-based compensation	0	0	0	0	0	0	0
Consolidation of non-controlling interests	0	0	0	0	0	1,872	1,872
Balance at Sep. 30, 2023	53	(580)	46,346	(7,194)	38,625	1,894	40,519
Balance at Jun. 30, 2023	53	(580)	46,346	(7,302)	38,517	1,872	40,389
Net income attributable to LGL Group or non-controlling interests	0	0	0	108	108	22	130
Stock-based compensation	0	0	0	0	0	0	0
Consolidation of non-controlling interests	0	0	0	0	0	0	0
Balance at Sep. 30, 2023	53	(580)	46,346	(7,194)	38,625	1,894	40,519
Balance at Dec. 31, 2023	53	(580)	46,349	(7,060)	38,762	1,920	40,682
Net income attributable to LGL Group or non-controlling interests	0	0	0	230	230	64	294
Stock-based compensation	0	0	27	0	27	0	27
Consolidation of non-controlling interests	0	0	0	0	0	0	0
Balance at Sep. 30, 2024	53	(580)	46,376	(6,830)	39,019	1,984	41,003
Balance at Jun. 30, 2024	53	(580)	46,367	(6,902)	38,938	1,966	40,904
Net income attributable to LGL Group or non-controlling interests	0	0	0	72	72	18	90
Stock-based compensation	0	0	9	0	9	0	9
Consolidation of non-controlling interests	0	0	0	0	0	0	0
Balance at Sep. 30, 2024	$ 53	$ (580)	$ 46,376	$ (6,830)	$ 39,019	$ 1,984	$ 41,003

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income attributable to LGL Group or non-controlling interests	$ 294	$ 157
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	0	1
Amortization of finite-lived intangible assets	16	15
Stock-based compensation	27	0
Realized loss on sale of marketable securities	0	4,316
Unrealized loss (gain) on marketable securities	6	(4,700)
Deferred income taxes	25	48
Changes in operating assets and liabilities:
Decrease in accounts receivable, net	223	270
(Increase) decrease in inventories, net	(134)	74
Decrease in prepaid expenses and other assets	88	212
Increase in accounts payable, accrued compensation, income taxes and commissions and other	346	61
Total adjustments	597	297
Net cash provided by operating activities	891	454
Cash flows from investing activities:
Cash from consolidation of LGL Systems	0	1,869
Proceeds from sale of marketable securities	0	16,947
Net cash provided by investing activities	0	18,816
Increase in cash and cash equivalents	891	19,270
Cash and cash equivalents at beginning of period	40,711	21,507
Cash and cash equivalents at end of period	41,602	40,777
Supplemental Disclosure:
Income taxes paid	$ 76	$ 207

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	The LGL Group, Inc. is a holding company engaged in services, merchant investment, and manufacturing business activities. The Company was incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007. Unless the context indicates otherwise, the terms "LGL," "LGL Group," "we," "us," "our," or the "Company" mean The LGL Group, Inc. and its consolidated subsidiaries. The Company’s manufacturing business is operated through its subsidiary Precise Time and Frequency, LLC ("PTF"), which has operations in Wakefield, Massachusetts. PTF is engaged in the design of high-performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report") filed with the Securities and Exchange Commission (the "SEC") on April 1, 2024. The consolidated financial information as of December 31, 2023 included herein has been derived from the audited Consolidated Financial Statements in the 2023 Annual Report The Condensed Consolidated Financial Statements include the accounts of The LGL Group, Inc., its majority-owned subsidiaries, and variable interest entities ("VIEs") of which we are the primary beneficiary. 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 and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	During the three and nine months ended September 30, 2024, there were no material changes to our significant accounting policies included in the 2023 Annual Report. For additional information, refer to Note 2 to the audited Consolidated Financial Statements in the 2023 Annual Report. Use of Estimates The preparation of 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. Impairment 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 be recoverable. Long-lived assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting as of the periods ended September 30, 2024 and December 31, 2023. We concluded that, while there were events and circumstances in the macro-environment that did impact us, we did not experience any entity-specific indicators of asset impairment and no triggering events occurred. Future Application of Accounting Standards Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the report measure(s) of segment profits or losses in assessing segment performance. The provisions of the standard are effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is applied retrospectively to all prior periods presented. We are assessing the impact of this standard. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures"

Note 3 - Segment Information

Note 3 - Segment Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	The Company has identified two The Electronic Instruments segment includes all products manufactured and sold by PTF. The Merchant Investment segment includes all activity produced by Lynch Capital International, LLC ("Lynch Capital"). The Company includes in Corporate the following corporate and business activities: • corporate level assets and financial obligations such as cash and cash equivalents invested in highly liquid U.S. Treasury money market funds and other marketable securities; • other items not allocated to or directly related to the Company's operating segments, including items such as deferred tax balances; and • intercompany eliminations. The Electronic Instruments and Merchant Investment segments are allocated overhead expenses based on each segment's assets as a percentage of total assets. The following tables presents LGL Group's operations by segment: Three Months Ended September 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 650 $ — $ — $ 650 Net investment income — 318 213 531 Net (losses) gains — — (2 ) (2 ) Total revenues 650 318 211 1,179 Expenses: Manufacturing cost of sales 368 — — 368 Engineering, selling and administrative 238 90 345 673 Total expenses 606 90 345 1,041 Income (loss) from continuing operations before income taxes 44 228 (134 ) 138 Income tax expense — — 48 48 Net income (loss) from continuing operations 44 228 (182 ) 90 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 44 228 (182 ) 90 Less: Net income attributable to non-controlling interests — 18 — 18 Net income (loss) attributable to LGL Group common stockholders $ 44 $ 210 $ (182 ) $ 72 Three Months Ended September 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 438 $ — $ — $ 438 Net investment income — 287 257 544 Net (losses) gains — — (4 ) (4 ) Total revenues 438 287 253 978 Expenses: Manufacturing cost of sales 195 — — 195 Engineering, selling and administrative 173 64 347 584 Total expenses 368 64 347 779 Income (loss) from continuing operations before income taxes 70 223 (94 ) 199 Income tax expense (benefit) — — 69 69 Net income (loss) from continuing operations 70 223 (163 ) 130 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 70 223 (163 ) 130 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 70 $ 201 $ (163 ) $ 108 Nine Months Ended September 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 1,573 $ — $ — $ 1,573 Net investment income — 922 646 1,568 Net (losses) gains — — (6 ) (6 ) Total revenues 1,573 922 640 3,135 Expenses: Manufacturing cost of sales 786 — — 786 Engineering, selling and administrative 667 217 1,011 1,895 Total expenses 1,453 217 1,011 2,681 Income (loss) from continuing operations before income taxes 120 705 (371 ) 454 Income tax expense — — 160 160 Net income (loss) from continuing operations 120 705 (531 ) 294 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 120 705 (531 ) 294 Less: Net income attributable to non-controlling interests — 64 — 64 Net income (loss) attributable to LGL Group common stockholders $ 120 $ 641 $ (531 ) $ 230 Nine Months Ended September 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 1,282 $ — $ — $ 1,282 Net investment income — 542 475 1,017 Net (losses) gains — — 384 384 Total revenues 1,282 542 859 2,683 Expenses: Manufacturing cost of sales 595 — — 595 Engineering, selling and administrative 523 152 1,096 1,771 Total expenses 1,118 152 1,096 2,366 Income (loss) from continuing operations before income taxes 164 390 (237 ) 317 Income tax expense — — 132 132 Net income (loss) from continuing operations 164 390 (369 ) 185 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income (loss) 164 390 (397 ) 157 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 164 $ 368 $ (397 ) $ 135 The following table presents LGL Group's identifiable assets by segment: September 30, 2024 December 31, 2023 Electronic Instruments $ 839 $ 843 Merchant Investment 24,439 23,530 Corporate 17,207 17,477 Total $ 42,485 $ 41,850 The Company did not

Note 4 - Investments

Note 4 - Investments	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Marketable Securities Details of marketable securities held as of September 30, 2024 or December 31, 2023 are as follows: September 30, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 16 $ 34 $ (18 ) Total $ 16 $ 34 $ (18 ) December 31, 2023 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 22 $ 34 $ (12 ) Total $ 22 $ 34 $ (12 ) Net Investment Income Net investment income represents income primarily from the following sources: • Income earned from investments in money market funds (recorded in Cash and cash equivalents) • Dividends received from Marketable securities • Income from unconsolidated or equity method investments The following table presents the components of Net investment income: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 531 $ 544 $ 1,568 $ 1,017 Net investment income $ 531 $ 544 $ 1,568 $ 1,017 Net Gains (Losses) Net gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Realized gains and losses from investments in Marketable securities • Changes in the fair value of investments in Marketable securities The following table presents the components of Net gains (losses): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Marketable securities $ (2 ) $ (4 ) $ (6 ) $ 384 Net (losses) gains $ (2 ) $ (4 ) $ (6 ) $ 384

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value guidance identifies three primary valuation techniques: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. Fair Value Hierarchy The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable inputs such as quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The maximization of observable inputs and the minimization of the use of unobservable inputs are required. Classification within the fair value hierarchy is based upon the objectivity of the inputs that are significant to the valuation of an asset or liability as of the measurement date. The three levels within the fair value hierarchy are characterized as follows: Level 1 Level 2 Level 3 The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to asset and liabilities across the levels discussed above, and the observability of the inputs used determines the appropriate level in the fair value hierarchy for the respective asset or liability. Valuation Methodologies of Financial Instruments Measured at Fair Value Cash and cash equivalents Equity securities Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about assets measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of inputs used: September 30, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 41,144 $ — $ — $ 41,144 Marketable securities: Equity securities 16 — — 16 Total marketable securities 16 — — 16 Total $ 41,160 $ — $ — $ 41,160 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,229 $ — $ — $ 40,229 Marketable securities: Equity securities 22 — — 22 Total marketable securities 22 — — 22 Total $ 40,251 $ — $ — $ 40,251 (a) As of September 30, 2024 and December 31, 2023, included investments in money market mutual funds managed or advised by GAMCO Investors, Inc. There were no liabilities subject to fair value on a recurring basis as of September 30, 2024 or December 31, 2023. Fair Value Measurements on a Non-Recurring Basis The Company has other assets that may be subject to measurement at fair value on a non-recurring basis including goodwill and intangible assets and other long-lived assets. The Company reviews goodwill annually and the carrying value of long-lived assets whenever events and circumstances indicate that the carrying amounts of the assets may not be recoverable. If it is determined that the assets are impaired, the carrying value would be reduced to an estimated recoverable value. The Company's common stock warrants (as defined below) were measured at fair value as disclosed in Note 11 - Stockholders' Equity to the Consolidated Financial Statements in the 2023 Annual Report. As of September 30, 2024 and December 31, 2023, the Company did not Fair Value Information about Financial Instruments Not Measured at Fair Value As of September 30, 2024 and December 31, 2023, the Company did have any assets or liabilities classified as financial instruments that were not measured at fair value.

Note 6 - Variable Interest Enti

Note 6 - Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	The Company holds variable interests in certain entities in the form of equity investments. The Company consolidates an entity under the variable interest entity ("VIE") guidance when it is determined the Company is the primary beneficiary. The Company has no right to the benefits from, nor does it bear the risk associated with, VIEs beyond the Company's direct equity investments in these entities. If the Company were to liquidate, the assets held by VIEs would not be available to the general creditors of the Company as a result of the liquidation. During June 2023, the Company was appointed as sole managing member of LGL Systems Nevada Management Partners, LLC ("LGL Nevada") and invested approximately $4 into LGL Nevada, representing the Company's 1.0% general partnership interest. Concurrently, Lynch Capital, a wholly owned subsidiary of the Company, invested $1,000 into LGL Systems Acquisition Holding Company, LLC ("LGL Systems"), representing 34.8% of the memberships in LGL Systems, which is controlled by LGL Nevada. As a result, the Company determined it was the primary beneficiary of LGL Systems and was therefore required to consolidate LGL Systems. Consolidated VIEs The Company's only consolidated VIE is LGL Systems. The following table summarizes the assets and liabilities of LGL Systems included in the Condensed Consolidated Balance Sheets: September 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 3,030 $ 2,932 Accounts receivable 14 14 Total current assets 3,044 2,946 Total assets $ 3,044 $ 2,946 Total liabilities $ — $ — As of September 30, 2024 and December 31, 2023, the non-controlling interests in LGL Systems was $1,984 and $1,920, respectively. Unconsolidated VIEs The Company's only unconsolidated VIE is LGL Nevada. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE. September 30, 2024 December 31, 2023 Total assets $ 599 $ 588 Maximum exposure to loss: On-balance sheet (a) 4 3 Off-balance sheet — — Total $ 4 $ 3 (a) As of September 30, 2024 and December 31, 2023, our investment in LGL Nevada was recorded in Other assets in the Condensed Consolidated Balance Sheets. LGL Systems Nevada Management Partners LLC LGL Nevada was formed in October 2019 for the purpose of performing key management and controls decisions of LGL Systems. The remaining 99.0% of ownership interests are held by four individuals, two of which are members of Company management. In the event LGL Nevada resigns as manager of LGL Systems, it has the sole right to appoint a new manager.

Note 7 - Related Party Transact

Note 7 - Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related of one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. The following tables summarize income and expenses from transactions with related parties for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 444 $ — $ 350 $ — M-tron Industries, Inc. — (15 ) — 12 Total $ 444 $ (15 ) $ 350 $ 12 Nine Months Ended September 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 1,293 $ — $ 1,172 $ — M-tron Industries, Inc. — (44 ) — 8 Total $ 1,293 $ (44 ) $ 1,172 $ 8 The following table summarizes assets and liabilities with related parties as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 33,931 $ — $ 32,568 $ — M-tron Industries, Inc. — 34 — — Total $ 33,931 $ 34 $ 32,568 $ — The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below: Investment Activity with GAMCO Investors, Inc. Certain balances held and invested in various mutual funds are managed or advised by GAMCO Investors, Inc. or one of its subsidiaries (collectively, "GAMCO" or the "Fund Manager"), which is related to the Company through certain of our shareholders. All investments, including those in related party mutual funds, are overseen by the independent Investment Committee of the Board of Directors (the "Investment Committee"). The Investment Committee meets regularly to review the alternatives and has determined the current investments most reflect the Company's objective of lower cost, market return and adherence to having a larger proportion of underlying investments directly in United States Treasuries. For the three months ended September 30, 2024 and 2023, the Company paid the Fund Manager a fund management fee of approximately 8 basis points per annum of the asset balances under management. For the nine months ended September 30, 2024 and 2023, the Company paid the Fund Manager a fund management fee of approximately 8 basis points and 16 basis points per annum, respectively, of the asset balances under management. All fund management fees are not paid directly by the Company and are deducted prior to a fund striking its net asset value ("NAV"). As of September 30, 2024, the balance managed by the Fund Manager totaled $33,931, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets. As of December 31, 2023, the balance managed by the Fund Manager totaled $32,568, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets. For the three months ended September 30, 2024, the Company earned income on its investments managed by the Fund Manager totaling $444, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the three months ended September 30, 2023, the Company earned income on its investments managed by the Fund Manager totaling $350, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2024, the Company earned income on its investments managed by the Fund Manager totaling $1,293, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2023, the Company earned income on its investments managed by the Fund Manager totaling $1,172, of which $802 was included in Net investment income and $370 was included in Net (losses) gains on the Condensed Consolidated Statements of Operations. Transactions with M-tron Industries, Inc. Transitional Administrative and Management Services Agreement On October 7, 2022, the separation of the M-tron Industries, Inc. ("MtronPTI") business from the Company was completed (the "Separation") and the business became an independent, publicly traded company trading on the NYSE American under the stock symbol "MPTI." The Separation was completed through the Company's distribution (the "Distribution") of 100% of the shares of MtronPTI's common stock to holders of the Company's common stock as of the close of business on September 30, 2022, the record date for the Distribution. LGL Group and MtronPTI 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 to MtronPTI. For the three months ended September 30, 2024 and 2023, the Company paid MtronPTI $12 under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2024 and 2023, the Company paid MtronPTI $36, respectively, under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. Tax Indemnity and Sharing Agreement LGL Group and MtronPTI 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 the Company 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 and 368(a)(1)(D) if such failure were the result of actions taken after the Distribution by the Company or MtronPTI. For the three and nine months ended September 30, 2024 and 2023, no taxes related to the Distribution have been recorded in the Condensed Consolidated Financial Statements. Other Transactions LGL Group and MtronPTI have agreed to share salaries and benefits related to certain employees incurred by the Company. For the three and nine months ended September 30, 2024, MtronPTI reimbursed the Company $27 and $80, respectively, of the salaries and benefits of certain employees, which represents 50% of those costs and were recorded as a reduction to Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. LGL Group and MtronPTI agreed to share any excess Separation costs. Included in discontinued operations is $28, which represents 50% of the excess Separation costs incurred for nine months ended September 30, 2023.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	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 differ from these estimates if income (loss) before income taxes is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. The Company's effective tax rates on continuing operations for the three and nine months ended September 30, 2024 were 34.8% and 35.2%, respectively. The Company's effective tax rates on continuing operations for the three and nine months ended September 30, 2023 were 34.7% and 41.6%, respectively. The effective tax rates differed from the statutory tax rate of 21% primarily due to the impact of uncertain tax positions and state income taxes.

Note 9 - Stock-Based Compensati

Note 9 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Under the Company’s 2021 Incentive Plan (the "Plan"), and the prior 2011 Incentive Plan, as amended, stock-based compensation may be issued to employees and non-employee directors. As of September 30, 2024, 955,070 shares remained available for future issuance under the Plan. The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock awards $ 9 $ — $ 27 $ — Total $ 9 $ — $ 27 $ — Restricted Stock Awards The following table summarizes restricted stock awards activity for the period indicated: Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair Value Balance as of December 31, 2023 20,118 $ 5.22 $ 105 Granted — — — Vested — — — Canceled — — — Balance as of September 30, 2024 20,118 $ 5.22 $ 105

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	Shares Outstanding The following table presents a rollforward of outstanding shares for the periods indicated: Nine Months Ended September 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 year 5,454,639 (81,584 ) 5,373,055 5,434,521 (81,584 ) 5,352,937 Stock-based compensation — — — 20,118 — 20,118 Shares, end of period 5,454,639 (81,584 ) 5,373,055 5,454,639 (81,584 ) 5,373,055

Note 11 - Earnings Per Share ("

Note 11 - Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	The following table presents a reconciliation of Net income (loss) and shares used in calculating basis and diluted net income (loss) per common share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for EPS: Income from continuing operations $ 90 $ 130 $ 294 $ 185 Less: Net income from continuing operations attributable to non-controlling interests 18 22 64 22 Income attributable to LGL Group common shareholders from continuing operations 72 108 230 163 Income (loss) from discontinued operations, net of tax — — — (28 ) Net income attributable to LGL Group common stockholders $ 72 $ 108 $ 230 $ 135 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 5,352,937 5,352,937 Dilutive effects (a) Warrants 172,266 2,069 183,915 — Restricted stock 6,766 — 6,943 — Weighted average common shares outstanding - diluted 5,531,969 5,355,006 5,543,795 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income from continuing operations $ 0.01 $ 0.02 $ 0.04 $ 0.03 Income (loss) from discontinued operations — — — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.01 $ 0.02 $ 0.04 $ 0.03 Diluted (b) Income from continuing operations $ 0.01 $ 0.02 $ 0.04 $ 0.03 Income (loss) from discontinued operations — — — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.01 $ 0.02 $ 0.04 $ 0.03 (a) For the nine months ended September 30, 2023, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock because the effect of including those common shares in the calculation would have been anti-dilutive. (b) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.

Note 12 - Contingencies

Note 12 - Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	In the normal course of business, the Company and its subsidiaries may become defendants in certain product liability, patent infringement, worker claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company is not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which the Company believes will have a material adverse effect on the Company's business, financial condition or results of operations.

Note 13 - Other Financial State

Note 13 - Other Financial Statement Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	Inventories, Net The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item. The components of inventory as of September 30, 2024 and December 31, 2023 are summarized below: September 30, 2024 December 31, 2023 Raw materials $ 411 $ 271 Work in process 14 9 Finished goods 4 — Total gross inventory 429 280 Reserve for excess and obsolete inventory (91 ) (76 ) Inventories, net $ 338 $ 204 Intangible Assets, Net The components of intangible assets as of September 30, 2024 and December 31, 2023 are summarized below: September 30, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (173 ) (157 ) Intangible assets, net $ 41 $ 57

Note 14 - Domestic and Foreign

Note 14 - Domestic and Foreign Revenues	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Significant foreign revenues from operations (10% or more of foreign sales) were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Spain $ 230 $ 94 $ 334 $ 330 India 94 37 193 60 Australia 84 — 171 5 Romania — — 94 — Canada — 15 12 105 All other foreign countries 46 21 93 78 Total foreign revenues $ 454 $ 167 $ 897 $ 578 Total domestic revenue $ 196 $ 271 $ 676 $ 704 The Company allocates its foreign revenue based on the customer's ship-to location.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	The Company has evaluated events and transactions that occurred after the balance sheet data through the date that the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Other Information During the three months ended September 30, 2024, none
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of 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.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment 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 be recoverable. Long-lived assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting as of the periods ended September 30, 2024 and December 31, 2023. We concluded that, while there were events and circumstances in the macro-environment that did impact us, we did not experience any entity-specific indicators of asset impairment and no triggering events occurred.
New Accounting Pronouncements, Policy [Policy Text Block]	Future Application of Accounting Standards Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the report measure(s) of segment profits or losses in assessing segment performance. The provisions of the standard are effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is applied retrospectively to all prior periods presented. We are assessing the impact of this standard. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures"

Note 3 - Segment Information (T

Note 3 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 650 $ — $ — $ 650 Net investment income — 318 213 531 Net (losses) gains — — (2 ) (2 ) Total revenues 650 318 211 1,179 Expenses: Manufacturing cost of sales 368 — — 368 Engineering, selling and administrative 238 90 345 673 Total expenses 606 90 345 1,041 Income (loss) from continuing operations before income taxes 44 228 (134 ) 138 Income tax expense — — 48 48 Net income (loss) from continuing operations 44 228 (182 ) 90 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 44 228 (182 ) 90 Less: Net income attributable to non-controlling interests — 18 — 18 Net income (loss) attributable to LGL Group common stockholders $ 44 $ 210 $ (182 ) $ 72 Three Months Ended September 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 438 $ — $ — $ 438 Net investment income — 287 257 544 Net (losses) gains — — (4 ) (4 ) Total revenues 438 287 253 978 Expenses: Manufacturing cost of sales 195 — — 195 Engineering, selling and administrative 173 64 347 584 Total expenses 368 64 347 779 Income (loss) from continuing operations before income taxes 70 223 (94 ) 199 Income tax expense (benefit) — — 69 69 Net income (loss) from continuing operations 70 223 (163 ) 130 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 70 223 (163 ) 130 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 70 $ 201 $ (163 ) $ 108 Nine Months Ended September 30, 2024 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 1,573 $ — $ — $ 1,573 Net investment income — 922 646 1,568 Net (losses) gains — — (6 ) (6 ) Total revenues 1,573 922 640 3,135 Expenses: Manufacturing cost of sales 786 — — 786 Engineering, selling and administrative 667 217 1,011 1,895 Total expenses 1,453 217 1,011 2,681 Income (loss) from continuing operations before income taxes 120 705 (371 ) 454 Income tax expense — — 160 160 Net income (loss) from continuing operations 120 705 (531 ) 294 Income (loss) from discontinued operations, net of tax — — — — Net income (loss) 120 705 (531 ) 294 Less: Net income attributable to non-controlling interests — 64 — 64 Net income (loss) attributable to LGL Group common stockholders $ 120 $ 641 $ (531 ) $ 230 Nine Months Ended September 30, 2023 Electronic Instruments Merchant Investment Corporate Consolidated Revenues: Net sales $ 1,282 $ — $ — $ 1,282 Net investment income — 542 475 1,017 Net (losses) gains — — 384 384 Total revenues 1,282 542 859 2,683 Expenses: Manufacturing cost of sales 595 — — 595 Engineering, selling and administrative 523 152 1,096 1,771 Total expenses 1,118 152 1,096 2,366 Income (loss) from continuing operations before income taxes 164 390 (237 ) 317 Income tax expense — — 132 132 Net income (loss) from continuing operations 164 390 (369 ) 185 Income (loss) from discontinued operations, net of tax — — (28 ) (28 ) Net income (loss) 164 390 (397 ) 157 Less: Net income attributable to non-controlling interests — 22 — 22 Net income (loss) attributable to LGL Group common stockholders $ 164 $ 368 $ (397 ) $ 135
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, 2024 December 31, 2023 Electronic Instruments $ 839 $ 843 Merchant Investment 24,439 23,530 Corporate 17,207 17,477 Total $ 42,485 $ 41,850

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Marketable Securities [Table Text Block]	September 30, 2024 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 16 $ 34 $ (18 ) Total $ 16 $ 34 $ (18 ) December 31, 2023 Cumulative Unrealized Fair Value Basis (Loss) Gain Equity securities $ 22 $ 34 $ (12 ) Total $ 22 $ 34 $ (12 )
Investment Income [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 531 $ 544 $ 1,568 $ 1,017 Net investment income $ 531 $ 544 $ 1,568 $ 1,017
Gain (Loss) on Securities [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Marketable securities $ (2 ) $ (4 ) $ (6 ) $ 384 Net (losses) gains $ (2 ) $ (4 ) $ (6 ) $ 384

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2024 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 41,144 $ — $ — $ 41,144 Marketable securities: Equity securities 16 — — 16 Total marketable securities 16 — — 16 Total $ 41,160 $ — $ — $ 41,160 December 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 40,229 $ — $ — $ 40,229 Marketable securities: Equity securities 22 — — 22 Total marketable securities 22 — — 22 Total $ 40,251 $ — $ — $ 40,251

Note 6 - Variable Interest En_2

Note 6 - Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Variable Interest Entities [Table Text Block]	September 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 3,030 $ 2,932 Accounts receivable 14 14 Total current assets 3,044 2,946 Total assets $ 3,044 $ 2,946 Total liabilities $ — $ — September 30, 2024 December 31, 2023 Total assets $ 599 $ 588 Maximum exposure to loss: On-balance sheet (a) 4 3 Off-balance sheet — — Total $ 4 $ 3

Note 7 - Related Party Transa_2

Note 7 - Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Three Months Ended September 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 444 $ — $ 350 $ — M-tron Industries, Inc. — (15 ) — 12 Total $ 444 $ (15 ) $ 350 $ 12 Nine Months Ended September 30, 2024 2023 Income Expense Income Expense GAMCO Investors, Inc. $ 1,293 $ — $ 1,172 $ — M-tron Industries, Inc. — (44 ) — 8 Total $ 1,293 $ (44 ) $ 1,172 $ 8 September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities GAMCO Investors, Inc. $ 33,931 $ — $ 32,568 $ — M-tron Industries, Inc. — 34 — — Total $ 33,931 $ 34 $ 32,568 $ —

Note 9 - Stock-Based Compensa_2

Note 9 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock awards $ 9 $ — $ 27 $ — Total $ 9 $ — $ 27 $ —
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Number of Shares Weighted Average Grant Date Fair Value Aggregate Grant Date Fair Value Balance as of December 31, 2023 20,118 $ 5.22 $ 105 Granted — — — Vested — — — Canceled — — — Balance as of September 30, 2024 20,118 $ 5.22 $ 105

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Nine Months Ended September 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 year 5,454,639 (81,584 ) 5,373,055 5,434,521 (81,584 ) 5,352,937 Stock-based compensation — — — 20,118 — 20,118 Shares, end of period 5,454,639 (81,584 ) 5,373,055 5,454,639 (81,584 ) 5,373,055

Note 11 - Earnings Per Share _2

Note 11 - Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for EPS: Income from continuing operations $ 90 $ 130 $ 294 $ 185 Less: Net income from continuing operations attributable to non-controlling interests 18 22 64 22 Income attributable to LGL Group common shareholders from continuing operations 72 108 230 163 Income (loss) from discontinued operations, net of tax — — — (28 ) Net income attributable to LGL Group common stockholders $ 72 $ 108 $ 230 $ 135 Denominator for EPS: Weighted average common shares outstanding - basic 5,352,937 5,352,937 5,352,937 5,352,937 Dilutive effects (a) Warrants 172,266 2,069 183,915 — Restricted stock 6,766 — 6,943 — Weighted average common shares outstanding - diluted 5,531,969 5,355,006 5,543,795 5,352,937 Income per common share attributable to LGL Group common stockholders: Basic (b) Income from continuing operations $ 0.01 $ 0.02 $ 0.04 $ 0.03 Income (loss) from discontinued operations — — — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.01 $ 0.02 $ 0.04 $ 0.03 Diluted (b) Income from continuing operations $ 0.01 $ 0.02 $ 0.04 $ 0.03 Income (loss) from discontinued operations — — — (0.01 ) Net income attributable to LGL Group common stockholders $ 0.01 $ 0.02 $ 0.04 $ 0.03

Note 13 - Other Financial Sta_2

Note 13 - Other Financial Statement Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2024 December 31, 2023 Raw materials $ 411 $ 271 Work in process 14 9 Finished goods 4 — Total gross inventory 429 280 Reserve for excess and obsolete inventory (91 ) (76 ) Inventories, net $ 338 $ 204
Schedule of Finite-Lived Intangible Assets [Table Text Block]	September 30, 2024 December 31, 2023 Intellectual property $ 214 $ 214 Gross intangible assets 214 214 Less: Accumulated amortization (173 ) (157 ) Intangible assets, net $ 41 $ 57

Note 14 - Domestic and Foreig_2

Note 14 - Domestic and Foreign Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Spain $ 230 $ 94 $ 334 $ 330 India 94 37 193 60 Australia 84 — 171 5 Romania — — 94 — Canada — 15 12 105 All other foreign countries 46 21 93 78 Total foreign revenues $ 454 $ 167 $ 897 $ 578 Total domestic revenue $ 196 $ 271 $ 676 $ 704

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Number of Reportable Segments	2
Segment, Expenditure, Addition to Long-Lived Assets	$ 0	$ 0

Note 3 - Segment Information -

Note 3 - Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net sales	$ 650	$ 438	$ 1,573	$ 1,282
Net investment income	531	544	1,568	1,017
Net (losses) gains	(2)	(4)	(6)	384
Total revenues	1,179	978	3,135	2,683
Expenses:
Manufacturing cost of sales	368	195	786	595
Engineering, selling and administrative	673	584	1,895	1,771
Total expenses	1,041	779	2,681	2,366
Income (loss) from continuing operations before income taxes	138	199	454	317
Income tax expense	48	69	160	132
Net income (loss) from continuing operations	90	130	294	185
Income (loss) from discontinued operations, net of tax	0	0	0	(28)
Net income attributable to LGL Group or non-controlling interests	90	130	294	157
Less: Net income attributable to non-controlling interests	18	22	64	22
Net income (loss) attributable to LGL Group common stockholders	72	108	230	135
Operating Segments [Member] | Electronic Instruments [Member]
Revenues:
Net sales	650	438	1,573	1,282
Net investment income	0	0	0	0
Net (losses) gains	0	0	0	0
Total revenues	650	438	1,573	1,282
Expenses:
Manufacturing cost of sales	368	195	786	595
Engineering, selling and administrative	238	173	667	523
Total expenses	606	368	1,453	1,118
Income (loss) from continuing operations before income taxes	44	70	120	164
Income tax expense	0	0	0	0
Net income (loss) from continuing operations	44	70	120	164
Income (loss) from discontinued operations, net of tax	0	0	0	0
Net income attributable to LGL Group or non-controlling interests	44	70	120	164
Less: Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to LGL Group common stockholders	44	70	120	164
Operating Segments [Member] | Merchant Investment [Member]
Revenues:
Net sales	0	0	0	0
Net investment income	318	287	922	542
Net (losses) gains	0	0	0	0
Total revenues	318	287	922	542
Expenses:
Manufacturing cost of sales	0	0	0	0
Engineering, selling and administrative	90	64	217	152
Total expenses	90	64	217	152
Income (loss) from continuing operations before income taxes	228	223	705	390
Income tax expense	0	0	0	0
Net income (loss) from continuing operations	228	223	705	390
Income (loss) from discontinued operations, net of tax	0	0	0	0
Net income attributable to LGL Group or non-controlling interests	228	223	705	390
Less: Net income attributable to non-controlling interests	18	22	64	22
Net income (loss) attributable to LGL Group common stockholders	210	201	641	368
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Revenues:
Net sales	0	0	0	0
Net investment income	213	257	646	475
Net (losses) gains	(2)	(4)	(6)	384
Total revenues	211	253	640	859
Expenses:
Manufacturing cost of sales	0	0	0	0
Engineering, selling and administrative	345	347	1,011	1,096
Total expenses	345	347	1,011	1,096
Income (loss) from continuing operations before income taxes	(134)	(94)	(371)	(237)
Income tax expense	48	69	160	132
Net income (loss) from continuing operations	(182)	(163)	(531)	(369)
Income (loss) from discontinued operations, net of tax	0	0	0	(28)
Net income attributable to LGL Group or non-controlling interests	(182)	(163)	(531)	(397)
Less: Net income attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to LGL Group common stockholders	$ (182)	$ (163)	$ (531)	$ (397)

Note 3 - Segment Information _2

Note 3 - Segment Information - Assets and Capital Expenditures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets	$ 42,485	$ 41,850
Operating Segments [Member] | Electronic Instruments [Member]
Assets	839	843
Operating Segments [Member] | Merchant Investment [Member]
Assets	24,439	23,530
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Assets	$ 17,207	$ 17,477

Note 4 - Investments - Details

Note 4 - Investments - Details of Marketable Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair value	$ 16	$ 22
Basis	34	34
Cumulative unrealized (loss) gain	(18)	(12)
Equity Securities [Member]
Fair value	16	22
Basis	34	34
Cumulative unrealized (loss) gain	$ (18)	$ (12)

Note 4 - Investments - Net Inve

Note 4 - Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest on cash and cash equivalents	$ 531	$ 544	$ 1,568	$ 1,017
Net investment income	$ 531	$ 544	$ 1,568	$ 1,017

Note 4 - Investments - Net Gain

Note 4 - Investments - Net Gain (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable securities	$ (2)	$ (4)	$ (6)	$ 384
Net (losses) gains	$ (2)	$ (4)	$ (6)	$ 384

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Asset Impairment Charges	$ 0	$ 0
Fair Value, Recurring [Member]
Liabilities, Fair Value Disclosure	$ 0	$ 0

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure		$ 41,160	$ 40,251
Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	[1]	41,144	40,229
Equity Securities [Member]
Assets, Fair Value Disclosure		16	22
Marketable Securities [Member]
Assets, Fair Value Disclosure		16	22
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure		41,160	40,251
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	[1]	41,144	40,229
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure		16	22
Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member]
Assets, Fair Value Disclosure		16	22
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure	[1]	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure	[1]	$ 0	$ 0
[1]As of September 30, 2024 and December 31, 2023, included investments in money market mutual funds managed or advised by GAMCO Investors, Inc.

Note 6 - Variable Interest En_3

Note 6 - Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Oct. 31, 2019
Equity, Attributable to Noncontrolling Interest		$ 1,984	$ 1,920
LGL System [Member]
Subsidiary, Ownership Percentage, Noncontrolling Owner				99%
LGL System [Member]
Equity, Attributable to Noncontrolling Interest		$ 1,984	$ 1,920
Lynch Capital [Member] | LGL Nevada [Member]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 4
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	1%
Lynch Capital [Member] | LGL System [Member]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 1,000
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	34.80%

Note 6 - Variable Interest En_4

Note 6 - Variable Interest Entities - VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents		$ 41,602	$ 40,711
Accounts receivable, net of reserves of $52 and $58, respectively		133	356
Total current assets		42,274	41,566
Total assets		42,485	41,850
Total liabilities		1,482	1,168
Variable Interest Entity, Not Primary Beneficiary [Member]
Total assets		599	588
On-balance sheet (a)	[1]	4	3
Off-balance sheet		0	0
Total		4	3
Variable Interest Entity, Primary Beneficiary [Member]
Cash and cash equivalents		3,030	2,932
Accounts receivable, net of reserves of $52 and $58, respectively		14	14
Total current assets		3,044	2,946
Total assets		3,044	2,946
Total liabilities		$ 0	$ 0
[1]As of September 30, 2024 and December 31, 2023, our investment in LGL Nevada was recorded in Other assets in the Condensed Consolidated Balance Sheets.

Note 7 - Related Party Transa_3

Note 7 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 07, 2022
Investment Income, Net	$ 531	$ 544		$ 1,568	$ 1,017
Gain (Loss) on Investments	$ (2)	$ (4)		(6)	384
Income Taxes Paid				$ 76	$ 207
GAMCO Investors, Inc. [Member]
Investment Expense Rate	0.08%	0.08%		0.08%	0.16%
Funds Invested in Mutual Funds	$ 33,931			$ 33,931		$ 32,568
Income From Mutual Funds	444	$ 350		1,293	$ 1,172
Investment Income, Net					802
Gain (Loss) on Investments					370
MtronPTI [Member]
Percentage of Shares Distribution Under Spinoff							100%
Salaries and Benefits Reimbursed	27			80
Excess Separation Costs			$ 28
MtronPTI [Member] | Transitional Administrative and Management Services Agreement [Member]
Monthly Payment	4			4
Related Party Transaction, Amounts of Transaction	12	12		36	36
MtronPTI [Member] | Tax Indemnity and Sharing Agreement [Member]
Income Taxes Paid	$ 0	$ 0		$ 0	$ 0

Note 7 - Related Party Transa_4

Note 7 - Related Party Transactions - Transactions With Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income	$ 1,179	$ 978	$ 3,135	$ 2,683
Expense	(1,041)	(779)	(2,681)	(2,366)
Assets	42,485		42,485		$ 41,850
Liabilities	1,482		1,482		1,168
GAMCO Investors, Inc. [Member]
Income	444	350	1,293	1,172
Expense	0	0	0	0
Assets	33,931		33,931		32,568
Liabilities	0		0		0
Mtron Industries Inc [Member]
Income	0	0	0	0
Expense	(15)	12	(44)	8
Assets	0		0		0
Liabilities	34		34		0
Related Party [Member]
Income	444	350	1,293	1,172
Expense	(15)	$ 12	(44)	$ 8
Assets	33,931		33,931		32,568
Liabilities	$ 34		$ 34		$ 0

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	34.80%	34.70%	35.20%	41.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%	21%

Note 9 - Stock-Based Compensa_3

Note 9 - Stock-Based Compensation (Details Textual)	Sep. 30, 2024 shares
Incentive Plan 2011 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	955,070

Note 9 - Stock-based Compensa_4

Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense	$ 9	$ 0	$ 27	$ 0
Restricted Stock [Member]
Stock-based compensation expense	$ 9	$ 0	$ 27	$ 0

Note 9 - Stock-Based Compensa_5

Note 9 - Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Balance, number of shares (in shares) | shares	20,118
Balance as of December 31, 2023 (in dollars per share) | $ / shares	$ 5.22
Balance, aggregate grant date fair value | $	$ 105
Granted, number of shares (in shares) | shares	0
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Vested, number of shares (in shares) | shares	0
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Canceled, number of shares (in shares) | shares	0
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Balance, number of shares (in shares) | shares	20,118
Balance, weighted average grant date fair value (in dollars per share) | $ / shares	$ 5.22

Note 10 - Stockholders' Equit_2

Note 10 - Stockholders' Equity - Rollforward of Outstanding Shares (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shares, beginning of year (in shares)	5,454,639	5,434,521
Shares, beginning of year (in shares)	(81,584)
Shares, beginning of year (in shares)	5,373,055	5,352,937
Stock-based compensation (in shares)	0	20,118
Shares, end of period (in shares)		5,454,639
Shares, end of period (in shares)	(81,584)	(81,584)
Shares, end of period (in shares)		5,373,055
Common Stock [Member]
Shares, beginning of year (in shares)	5,454,639
Stock-based compensation (in shares)	0
Shares, end of period (in shares)	5,454,639	5,454,639
Treasury Stock, Common [Member]
Shares, beginning of year (in shares)	5,373,055
Stock-based compensation (in shares)	0
Shares, end of period (in shares)	5,373,055	5,373,055
Common Stock Outstanding [Member]
Shares, beginning of year (in shares)	(81,584)	(81,584)
Stock-based compensation (in shares)		0
Shares, end of period (in shares)		(81,584)

Note 11 - Earnings Per Share _3

Note 11 - Earnings Per Share ("EPS") (Details Textual)	9 Months Ended
	Sep. 30, 2023 shares
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,051,664

Note 11 - Earnings Per Share _4

Note 11 - Earnings Per Share ("EPS") - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income from continuing operations		$ 90	$ 130	$ 294	$ 185
Less: Net income from continuing operations attributable to non-controlling interests		18	22	64	22
Income attributable to LGL Group common shareholders from continuing operations		72	108	230	163
Income (loss) from discontinued operations, net of tax		0	0	0	(28)
Net income attributable to LGL Group common stockholders		$ 72	$ 108	$ 230	$ 135
Weighted average common shares outstanding - basic (in shares)		5,352,937	5,352,937	5,352,937	5,352,937
Warrants (in shares)	[1]	172,266	2,069	183,915	0
Restricted stock (in shares)	[1]	6,766	0	6,943	0
Weighted average common shares outstanding - diluted (in shares)	[1]	5,531,969	5,355,006	5,543,795	5,352,937
Income from continuing operations (in dollars per share)	[2]	$ 0.01	$ 0.02	$ 0.04	$ 0.03
Income (loss) from discontinued operations (in dollars per share)	[2]	0	0	0	(0.01)
Net income attributable to LGL Group common stockholders (in dollars per share)	[2]	0.01	0.02	0.04	0.03
Income from continuing operations (in dollars per share)	[2]	0.01	0.02	0.04	0.03
Income (loss) from discontinued operations (in dollars per share)	[2]	0	0	0	(0.01)
Net income attributable to LGL Group common stockholders (in dollars per share)	[2]	$ 0.01	$ 0.02	$ 0.04	$ 0.03
[1]For the three and six months ended June 30, 2023, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock.[2]Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.

Note 13 - Other Financial Sta_3

Note 13 - Other Financial Statement Information - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 411	$ 271
Work in process	14	9
Finished goods	4	0
Total gross inventory	429	280
Reserve for excess and obsolete inventory	(91)	(76)
Inventories, net	$ 338	$ 204

Note 13 - Other Financial Sta_4

Note 13 - Other Financial Statement Information - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Gross intangible assets	$ 214	$ 214
Less: Accumulated amortization	(173)	(157)
Intangible assets, net	41	57
Intellectual Property [Member]
Gross intangible assets	$ 214	$ 214

Note 14 - Domestic and Foreig_3

Note 14 - Domestic and Foreign Revenues - Schedule of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales	$ 650	$ 438	$ 1,573	$ 1,282
SPAIN
Net sales	230	94	334	330
INDIA
Net sales	94	37	193	60
AUSTRALIA
Net sales	84	0	171	5
ROMANIA
Net sales	0	0	94	0
CANADA
Net sales	0	15	12	105
All Other Foreign Countries [Member]
Net sales	46	21	93	78
Non-US [Member]
Net sales	454	167	897	578
UNITED STATES
Net sales	$ 196	$ 271	$ 676	$ 704