Butler National Corporation announced its financial results for the third quarter of fiscal year 2025, ended January 31, 2025, reporting a 12% increase in revenue to $21.2 million compared to $19.0 million in the prior year's third quarter. Net income for the quarter rose significantly by 42% to $3.4 million, resulting in earnings per share of $0.05, up from $0.03 in the same period last year. Operating income also increased by 6% to $4.0 million.
The Aerospace Products segment drove this revenue growth with a 25% increase to $11.4 million, primarily due to a $2.7 million increase in Aircraft Modification business. The Professional Services segment saw a 1% revenue decrease to $9.8 million, as a $474 thousand decline in traditional gaming revenue was partially offset by a $381 thousand increase in sports wagering revenue. The company invested $864 thousand in new FAA STC approvals development during the quarter.
On January 30, 2025, Butler National divested its legacy JET autopilot product repair business, which resulted in a one-time gain of $1.04 million. This divestiture is expected to enhance the long-term profitability of the avionics business. The company's backlog stood at $35.2 million as of January 31, 2025.
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