M-tron CEO Sees Revenue Growth Reaching High Teens in 2028

M-tron Industries CEO Cameron Pforr expects revenue growth to reach the high teens in 2028, while he says the company's backlog already exceeds what it can produce in a quarter.

Pforr gave the outlook while answering an analyst's question during M-tron's Nov. 12 earnings call, which began at 4:30 p.m. ET (21:30 UTC). He said 2026 growth should end near the year-to-date rate, then accelerate some in 2027. He based the growth outlook on current conditions. Pforr separately described U.S. missile replenishment demand as an opportunity for the company.

Revenue for the three months ended Sept. 30 was $15.741 million, up 11.1% from the same period a year earlier. The company’s nine-month revenue totaled $45.536 million, 13.3% above the year-earlier period. Stronger shipments across aerospace and defense, avionics and space drove most of the increase.

M-tron's backlog was $84.861 million as of Sept. 30, up 44.3% from a year earlier and 11% from Dec. 31, 2025. Pforr said the backlog exceeded what the company could produce in a quarter and that he expected the production constraint to continue into 2027. Hiring and capital spending are supporting growth, and an expansion at the Orlando plant is underway.

Pforr said M-tron was still bidding on missile-related programs and expected purchase orders in early 2027. The company makes frequency- and spectrum-control products for aerospace, defense, avionics and space applications.