LGL Group Inc: Form 10-Q for the period ended Sep 30, 2025
Filed with the SEC on Nov 14, 2025 and accepted by EDGAR at Nov 14, 2025, 21:28 ET.
Management's discussion and analysis
As filed, 25,337 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the audited consolidated financial statements and the notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 31, 2025. The terms "LGL," "LGL Group," "we," "our," "us," or the "Company" refer to The LGL Group, Inc. and its consolidated subsidiaries and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our condensed consolidated financial statements and the notes thereto.
In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Cautionary Statement Concerning Forward-Looking Statements included in this Quarterly Report on Form 10-Q.
Unless otherwise stated, all dollar amounts are in thousands.
Overview
The Company is a holding company engaged in services, merchant investment, and manufacturing business activities. The Company, through its manufacturing business subsidiary, is engaged in the designing, manufacturing, and marketing of high-performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. The Company's primary markets are communications, networking, aerospace, defense, instrumentation, and industrial markets.
The accompanying unaudited condensed consolidated financial statements include the accounts of The LGL Group, Inc., its majority-owned subsidiaries, and variable interest entities ("VIE") of which we are the primary beneficiary.
We provide our products and services through our Electronic Instruments and Merchant Investment businesses. Activities not related to our business segments, such as our corporate operations and corporate-level assets and financial obligations, are included in Corporate.
As of September 30, 2025, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of approximately $41.0 million, of which $25.4 million was held within the Merchant Investment business. The Company accounts for its Marketable securities under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments - Equity Securities ("ASC 321") and as such, its Marketable securities are reported at fair value on its Condensed Consolidated Balance Sheets.
Electronic Instruments Business
We operate our manufacturing business currently through our subsidiary, Precise Time and Frequency, LLC ("PTF"), a globally positioned producer of industrial Electronic Instruments and commercial products and services. Founded in 2002, PTF operates from our design and manufacturing facility in Wakefield, Massachusetts.
Merchant Investment Business
The LGL Group investment business is comprised of various investment vehicles in which LGL Group is either shareholder, partner, or has general partner interests, and through which LGL Group invests its capital. The Company seeks to invest available cash and cash equivalents in liquid investments with a view to enhancing returns as we continue to assess further acquisitions of, or investments in, operating businesses broadly. LGL Group core strengths include identifying and acquiring undervalued assets and businesses, often through the purchase of securities, increasing value through management, financial or other operational changes, and managing complex legal, regulatory or financial issues, which may include technical, engineering, environmental, zoning, permitting and licensing issues among others.
Trends and Uncertainties
We are not aware of any material trends or uncertainties, other than global macroeconomic conditions affecting our industry generally that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed below and those listed in Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025.
Changing Interest Rates
The U.S. Federal Reserve decreased the federal funds rate a total of four times throughout 2024, resulting in a range from 4.25% to 4.50% as of December 31, 2024. Through the date of filing of this Quarterly Report on Form 10-Q, the U.S. Federal Reserve decreased the federal funds rate twice totaling 50 basis points to a range of 3.75% to 4.00%. It is expected that the U.S. Federal Reserve will maintain the federal funds rate at this range for the remainder of 2025. If interest rates continue to decline, the returns generated by our investments in U.S. Treasuries could be adversely impacted.
Tariffs
The current U.S. federal administration has imposed tariffs on certain products and materials entering the United States imported from other countries. Additionally, foreign governments have imposed retaliatory tariffs on products and materials exported from the United States. The increase in tariffs could have an adverse impact on Manufacturing cost of sales as these tariffs could increase our costs at a higher rate than our revenues, the extent of which is unknown as the Company is pursuing various avenues to reduce the potential impact.
Results of Operations - Consolidated
Three months ended September 30, 2025 compared to three months ended September 30, 2024
The following table presents our Condensed Statements of Operations for the periods indicated:
(in thousands)
| Revenues: | Three Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net sales | $661 | $650 | $11 | 1.7% |
| Net investment income | 442 | 531 | (89) | -16.8% |
| Net gains (losses) | 5 | (2) | 7 | -350.0% |
| Total revenues | 1,108 | 1,179 | (71) | -6.0% |
| Expenses: | ||||
| Manufacturing cost of sales | 312 | 368 | (56) | -15.2% |
| Engineering, selling and administrative | 676 | 673 | 3 | 0.4% |
| Total expenses | 988 | 1,041 | (53) | -5.1% |
| Income from operations before income taxes | 120 | 138 | (18) | -13.0% |
| Income tax (benefit) expense | (674) | 48 | (722) | -1504.2% |
| Net income | 794 | 90 | 704 | 782.2% |
| Less: Net income attributable to non-controlling interests | 22 | 18 | 4 | 22.2% |
| Net income attributable to LGL Group common stockholders | $772 | $72 | $700 | 972.2% |
Total Revenues
Total revenues decreased $71, or 6.0%, from $1,179 for the three months ended September 30, 2024 to $1,108 for the three months ended September 30, 2025. The decrease was primarily driven by a $89, or 16.8%, decrease in Net investment income from $531 for the three months ended September 30, 2024 to $442 for the three months ended September 30, 2025 due to lower yields on investments in United States Treasury money market funds.
Total Expenses
Total expenses decreased $53, or 5.1%, from $1,041 for the three months ended September 30, 2024 to $988 for the three months ended September 30, 2025. The decrease was primarily driven by a $56, or 15.2%, decrease in Manufacturing cost of sales from $368 for the three months ended September 30, 2024 to $312 for the three months ended September 30, 2025 due to sales of lower-cost products.
Gross Margin
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) increased 940 basis points from 43.4% for the three months ended September 30, 2024 to 52.8% for the three months ended September 30, 2025 reflecting sales of higher margin products.
Income Tax Expense
Income tax expense decreased $722, or 1,504.2%, from $48 for the three months ended September 30, 2024 to an income tax benefit of $674 for the three months ended September 30, 2025 primarily due to the reversal of a previously recorded uncertain tax position as the related tax matter is no longer subject to examination by the relevant taxing authority.
Net Income Attributable to Non-Controlling Interests
Net income attributable to non-controlling interests increased $4, or 22.2%, from $18 for the three months ended September 30, 2024 to $22 for the three months ended September 30, 2025 primarily due to higher Net income from LGL Systems in 2025 than in 2024.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
The following table presents our Condensed Statements of Operations for the periods indicated:
(in thousands)
| Revenues: | Nine Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net sales | $1,650 | $1,573 | $77 | 4.9% |
| Net investment income | 1,287 | 1,568 | (281) | -17.9% |
| Net gains (losses) | 13 | (6) | 19 | -316.7% |
| Total revenues | 2,950 | 3,135 | (185) | -5.9% |
| Expenses: | ||||
| Manufacturing cost of sales | 760 | 786 | (26) | -3.3% |
| Engineering, selling and administrative | 2,060 | 1,895 | 165 | 8.7% |
| Total expenses | 2,820 | 2,681 | 139 | 5.2% |
| Income from operations before income taxes | 130 | 454 | (324) | -71.4% |
| Income tax (benefit) expense | (632) | 160 | (792) | -495.0% |
| Net income | 762 | 294 | 468 | 159.2% |
| Less: Net income attributable to non-controlling interests | 47 | 64 | (17) | -26.6% |
| Net income attributable to LGL Group common stockholders | $715 | $230 | $485 | 210.9% |
Total Revenues
Total revenues decreased $185, or 5.9%, from $3,135 for the nine months ended September 30, 2024 to $2,950 for the nine months ended September 30, 2025. The decrease was primarily driven by a $281, or 17.9%, decrease in Net investment income from $1,568 for the nine months ended September 30, 2024 to $1,287 for the nine months ended September 30, 2025 due to lower yields on investments in United States Treasury money market funds.
The decrease was partially offset by a $77, or 4.9%, increase in Net sales from $1,573 for the nine months ended September 30, 2024 to $1,650 for the nine months ended September 30, 2025 primarily due to higher product shipments.
Total Expenses
Total expenses increased $139, or 5.2%, from $2,681 for the nine months ended September 30, 2024 to $2,820 for the nine months ended September 30, 2025. The increase: was primarily driven by a $165, or 8.7%, increase in Engineering, selling and administrative from $1,895 for the nine months ended September 30, 2024 to $2,060 for the nine months ended September 30, 2025 due to higher professional services fees and employee-related costs.
Gross Margin
Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) increased 390 basis points from 50.0% for the nine months ended September 30, 2024 to 53.9% for the nine months ended September 30, 2025 reflecting sales of lower margin products.
Income Tax Expense
Income tax expense decreased $792, or 495.0%, from $160 for the nine months ended September 30, 2024 to an income tax benefit of $632 for the nine months ended September 30, 2025 primarily due to the reversal of a previously recorded uncertain tax position as the related tax matter is no longer subject to examination by the relevant taxing authority.
Net Income Attributable to Non-Controlling Interests
Net income attributable to non-controlling interests decreased $17, or 26.6%, from $64 for the nine months ended September 30, 2024 to $47 for the nine months ended September 30, 2025 primarily due to lower Net income from LGL Systems in 2025 than in 2024.
Backlog
As of September 30, 2025, our order backlog was $776, an increase of $440, or 131.0%, from $336 as of December 31, 2024 and an increase of $271, or 53.7%, from $505 as of September 30, 2024. The backlog of unfilled orders includes amounts based on signed contracts likely to be fulfilled largely in the next 12 months but usually will ship within the next 90 days. Order backlog is adjusted quarterly to reflect project cancellations, deferrals, and revised project scope and cost, if any.
Results of Operations - Operating Segments
Electronic Instruments
Three months ended September 30, 2025 compared to three months ended September 30, 2024
The following table presents income from operations of our Electronic Instruments segment for the periods indicated:
(in thousands)
| Revenues: | Three Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net sales | $661 | $650 | $11 | 1.7% |
| Total revenues | 661 | 650 | 11 | 1.7% |
| Expenses: | ||||
| Manufacturing cost of sales | 312 | 368 | (56) | -15.2% |
| Engineering, selling and administrative | 245 | 238 | 7 | 2.9% |
| Total expenses | 557 | 606 | (49) | -8.1% |
| Income from operations before income taxes | $104 | $44 | $60 | 136.4% |
Income from Operations Before Income Taxes
Income from operations before income taxes increased $60, or 136.4%, from $44 for the three months ended September 30, 2024 to $104 for the three months ended September 30, 2025. The increase was primarily due to a $56, or 15.2%, decrease in Manufacturing cost of sales driven by sales of higher margin products.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
The following table presents income from operations of our Electronic Instruments segment for the periods indicated:
(in thousands)
| Revenues: | Nine Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net sales | $1,650 | $1,573 | $77 | 4.9% |
| Total revenues | 1,650 | 1,573 | 77 | 4.9% |
| Expenses: | ||||
| Manufacturing cost of sales | 760 | 786 | (26) | -3.3% |
| Engineering, selling and administrative | 699 | 667 | 32 | 4.8% |
| Total expenses | 1,459 | 1,453 | 6 | 0.4% |
| Income from operations before income taxes | $191 | $120 | $71 | 59.2% |
Income from Operations Before Income Taxes
Income from operations before income taxes increased $71, or 59.2%, from $120 for the three months ended September 30, 2024 to $191 for the three months ended September 30, 2025. The increase was primarily due to
- a $77, or 4.9%, increase in Net sales driven by higher product shipments; and
- a $26, or 3.3%, decrease in Manufacturing cost of sales consistent with the overall growth in revenues and sales of lower-cost products during Q3 2025.
The increase was partially offset by a $32, or 4.8%, increase in Engineering, selling and administrative higher engineering-related costs due to changes in headcount and higher professional services fees.
Merchant Investment
Three months ended September 30, 2025 compared to three months ended September 30, 2024
The following table presents income from operations of our Merchant Investment segment for the periods indicated:
(in thousands)
| Revenues: | Three Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net investment income | $274 | $318 | $(44) | -13.8% |
| Total revenues | 274 | 318 | (44) | -13.8% |
| Expenses: | ||||
| Engineering, selling and administrative | 145 | 90 | 55 | 61.1% |
| Total expenses | 145 | 90 | 55 | 61.1% |
| Income from operations before income taxes | $129 | $228 | $(99) | -43.4% |
Income from Operations Before Income Taxes
Income from operations before income taxes decreased $99, or 43.4%, from $228 for the three months ended September 30, 2024 to $129 for the three months ended September 30, 2025. The decrease was primarily due to:
- a $44, or 13.8%, decrease in Net investment income driven by lower yields on investments in United States Treasury money market funds; and
- a $55, or 61.1%, increase in Engineering, selling and administrative driven by higher corporate-level expenses allocated to the Merchant Investment segment.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
The following table presents income from operations of our Merchant Investment segment for the periods indicated:
(in thousands)
| Revenues: | Nine Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net investment income | $783 | $922 | $(139) | -15.1% |
| Total revenues | 783 | 922 | (139) | -15.1% |
| Expenses: | ||||
| Engineering, selling and administrative | 353 | 217 | 136 | 62.7% |
| Total expenses | 353 | 217 | 136 | 62.7% |
| Income from operations before income taxes | $430 | $705 | $(275) | -39.0% |
Income from Operations Before Income Taxes
Income from operations before income taxes decreased $275, or 39.0%, from $705 for the nine months ended September 30, 2024 to $430 for the nine months ended September 30, 2025. The decrease was primarily due to partially offset by a $136, or 62.7%, increase in Engineering, selling, and administrative driven by higher corporate-level expenses allocated to the Merchant Investment segment.
- a $139, or 15.1%, decrease in Net investment income related to lower yields on investments in United States Treasury money market funds; and
- a $136, or 62.7%, increase in Engineering, selling, and administrative driven by higher corporate-level expenses allocated to the Merchant Investment segment.
Corporate
Three months ended September 30, 2025 compared to three months ended September 30, 2024
The following table presents income from operations of our Corporate segment for the periods indicated:
(in thousands)
| Revenues: | Three Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net investment income | $168 | $213 | $(45) | -21.1% |
| Net gains (losses) | 5 | (2) | 7 | -350.0% |
| Total revenues | 173 | 211 | (38) | -18.0% |
| Expenses: | ||||
| Engineering, selling and administrative | 286 | 345 | (59) | -17.1% |
| Total expenses | 286 | 345 | (59) | -17.1% |
| Loss from operations before income taxes | $(113) | $(134) | $21 | -15.7% |
Loss from Operations Before Income Taxes
Loss from operations before income taxes decreased $21, or 15.7%, from $134 for the three months ended September 30, 2024 to $113 for the three months ended September 30, 2025. The decrease was primarily due to a $45, or 21.1%, decrease in Net investment income reflecting lower yields on investments in United States Treasury money market funds partially offset by a $59, or 17.1%, decrease in Engineering, selling and administrative related to higher allocations of corporate-level expenses to the Electronic Instruments and Merchant Investment segments.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
The following table presents income from operations of our Corporate segment for the periods indicated:
(in thousands)
| Revenues: | Nine Months Ended September 30, 2025 | 2024 | $ Change | % Change |
|---|---|---|---|---|
| Net investment income | $504 | $646 | $(142) | -22.0% |
| Net gains (losses) | 13 | (6) | 19 | -316.7% |
| Total revenues | 517 | 640 | (123) | -19.2% |
| Expenses: | ||||
| Engineering, selling and administrative | 1,008 | 1,011 | (3) | -0.3% |
| Total expenses | 1,008 | 1,011 | (3) | -0.3% |
| Loss from operations before income taxes | $(491) | $(371) | $(120) | 32.3% |
Loss from Operations Before Income Taxes
Loss from operations before income taxes increased $120, or 32.3%, from $371 for the nine months ended September 30, 2024 to $491 for the nine months ended September 30, 2025. The increase was primarily due to a $142, or 22.0%, decrease in Net investment income reflecting lower yields on investments in United States Treasury money market funds.
Liquidity and Capital Resources
Overview
Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities.
Capital refers to our long-term financial resources available to support business operations and future growth.
Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.
As of September 30, 2025 and December 31, 2024, Cash and cash equivalents were $41,571 and $41,585, respectively.
Cash Flow Activity
The following table presents the cash flow activity for the periods indicated:
(in thousands)
| As of September 30, 2025 | 2024 | |
|---|---|---|
| Cash and cash equivalents, beginning of period | $41,585 | $40,711 |
| Cash provided by operating activities | 425 | 891 |
| Cash used in financing activities | (439) | — |
| Net change in cash and cash equivalents | (14) | 891 |
| Cash and cash equivalents, end of period | $41,571 | $41,602 |
Operating Activities
Cash provided by operating activities was $425 for the nine months ended September 30, 2025 compared to $891 for the nine months ended September 30, 2024, a decrease of $466, primarily due to the following:
- a $679 decrease in Deferred income taxes from $25 for the nine months ended September 30, 2024 to ($654) for the nine months ended September 30, 2025; and
- a $253 decrease in the net change in operating assets and liabilities from $523 for the nine months ended September 30, 2024 to $270 for the nine months ended September 30, 2025.
Our working capital metrics and ratios were as follows:
(in thousands)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Current assets | $42,846 | $42,642 |
| Less: Current liabilities | 1,081 | 904 |
| Working capital | $41,765 | $41,738 |
| Current ratio | 39.6 | 47.2 |
Management continues to focus on efficiently managing working capital requirements to match operating activity levels and will seek to deploy the Company’s working capital where it will generate the greatest returns.
Financing Activities
Cash used in financing activities was $439 for the nine months ended September 30, 2025 compared to cash provided by financing activities of $0 for the nine months ended September 30, 2024, a decrease of $439, primarily due to net proceeds from the exercise of warrants and the repurchase of LGL Group common stock.
Capital Resources
We believe that existing cash and cash equivalents, marketable securities and cash generated from operations will provide sufficient liquidity to meet our ongoing working capital and capital expenditure requirements for the next 12 months from the date of this filing and for the foreseeable future.
Our Board has adhered to a practice of not paying cash dividends. This policy takes into account our long-term growth objectives, including our anticipated investments for organic growth, potential acquisitions and stockholders' desire for capital appreciation of their holdings. No cash dividends have been paid to the Company's stockholders since January 30, 1989, and none are expected to be paid for the foreseeable future.
Contractual Obligations
As of September 30, 2025, there have been no material changes in our contractual obligations from December 31, 2024, a description of which may be found in Part II, Item 7. Management Discussion and Analysis - Liquidity and Capital Resources - Contractual Obligations in the 2024 Annual Report.
Critical Accounting Estimates
Our accompanying Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying footnotes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. For a discussion of the Company’s critical accounting estimates, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024.
Controls and procedures
As filed, 1,876 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of September 30, 2025 was conducted under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures, as of September 30, 2025, were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II
OTHER INFORMATION
Risk factors
As filed, 677 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
For a discussion of the Company's potential risks and uncertainties, refer to Part I, Item 1A. Risk Factors in the 2024 Annual Report and Trends and Uncertainties in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2. of this Quarterly Report on Form 10-Q.
We are not aware of any material trends or uncertainties, other than national economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed in Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2024.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2025-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2025-07-01 to 2025-09-30 | $661.0k | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2025-01-01 to 2025-09-30 | $1.6m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating income | 3 months2025-07-01 to 2025-09-30 | $120.0k | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months2025-01-01 to 2025-09-30 | $130.0k | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months2025-07-01 to 2025-09-30 | −$674.0k | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2025-01-01 to 2025-09-30 | −$632.0k | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2025-07-01 to 2025-09-30 | $772.0k | us-gaap:NetIncomeLoss |
| Net income | 9 months2025-01-01 to 2025-09-30 | $715.0k | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2025-07-01 to 2025-09-30 | $0.14 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2025-01-01 to 2025-09-30 | $0.13 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2025-07-01 to 2025-09-30 | $0.15 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2025-01-01 to 2025-09-30 | $0.13 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2025-07-01 to 2025-09-30 | 5,649,743 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2025-01-01 to 2025-09-30 | 5,679,322 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2025-01-01 to 2025-09-30 | $425.0k | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Share repurchases | 9 months2025-01-01 to 2025-09-30 | $366.0k | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2025-09-30 | $41.6m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2025-09-30 | $42.8m | us-gaap:AssetsCurrent |
| Total assets | At period end2025-09-30 | $43.3m | us-gaap:Assets |
| Current liabilities | At period end2025-09-30 | $1.1m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2025-09-30 | $1.4m | us-gaap:Liabilities |
| Shareholders' equity | At period end2025-09-30 | $39.8m | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0001437749-25-035205. Last ingested by Listed: Oct 24, 2026, 14:53 ET. Listed shows no prices and gives no investment advice.