Mtron announced its financial results for the first quarter ended March 31, 2025, reporting revenues of $12.7 million. This represents a 13.8% increase compared to $11.2 million in the first quarter of 2024, primarily driven by strong defense product shipments. Net income for the quarter was $1.6 million, or $0.56 per diluted share, up 9.7% from $1.5 million, or $0.53 per diluted share, in the prior-year period.
The company's backlog significantly increased to $55.5 million as of March 31, 2025, up from $47.2 million at December 31, 2024, and $46.1 million a year prior. This growth reflects several large orders received during the quarter and broad demand for Mtron's products. Adjusted EBITDA for Q1 2025 was $2.5 million, an increase of 10.6% from $2.3 million in Q1 2024.
Despite the revenue and backlog growth, gross margin slightly decreased to 42.5% in Q1 2025 from 42.7% in Q1 2024. This decrease was primarily attributed to higher manufacturing costs associated with the initial production runs of several new products and the initial impact of newly initiated federal tariffs on imported materials. Mtron is actively working with defense customers to seek exemptions from these tariffs and analyzing its supply chain for mitigation strategies.
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