M-tron Industries, Inc. announced robust financial results for the fourth quarter and full fiscal year ended December 31, 2024, exceeding prior guidance. For the full fiscal year 2024, the company reported record revenues of $49.0 million, an 18.9% increase from $41.2 million in 2023. This marks the third consecutive year of near 20% annual revenue growth, largely driven by a more than 40% year-over-year increase in the Aerospace and Defense sector.
Net income for fiscal year 2024 reached $7.6 million, or $2.65 per diluted share, a substantial increase from $3.5 million, or $1.28 per diluted share, in 2023. The company also achieved a record gross margin of 46.2% for the full year, up from 40.7% in 2023, reflecting improved manufacturing efficiencies and a favorable product mix. Adjusted EBITDA for 2024 was $11.1 million, compared to $7.7 million in the prior year.
In the fourth quarter of 2024, revenues were $12.8 million, an 18.5% increase from $10.8 million in Q4 2023. Net income for the quarter was $2.1 million, or $0.73 per diluted share, significantly higher than $73.0 thousand, or $0.03 per diluted share, in Q4 2023. Gross margin for Q4 2024 stood at 47.2%, up from 43.6% in the prior-year quarter, further demonstrating strong operational performance. The company ended the year with a strengthened balance sheet, holding $12.6 million in cash and cash equivalents.
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