atro-20250628

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 28, 2025


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number 0-7087

ASTRONICS CORPORATION

(Exact name of registrant as specified in its charter)


New York (State or other jurisdiction of incorporation or organization)			16-0959303 (IRS Employer Identification Number)

130 Commerce Way, East Aurora, New York (Address of principal executive offices)			14052 (Zip code)

(716) 805-1599

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	ATRO	The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☒

Emerging growth company

☐

Non-accelerated filer

☐

Smaller Reporting Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)

of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of August 1, 2025, 35,406,237 shares of common stock were outstanding consisting of 31,073,829 shares of common stock ($.01 par value) and 4,332,408 shares of Class B common stock ($.01 par value).

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TABLE OF CONTENTS

PAGE

PART I

FINANCIAL INFORMATION

Item 1

Financial Statements:

•

Consolidated Condensed Balance Sheets as of June 28 , 2025 and December 31, 2024

•

Consolidated Condensed Statements of Operations for the Three and Six Months Ended June 28 , 2025 and June 29 , 2024

•

Consolidated Condensed Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 28 , 2025 and June 29 , 2024

•

Consolidated Condensed Statements of Cash Flows for the Three and Six Months Ended June 28 , 2025 and June 29 , 2024

•

Consolidated Condensed Statements of Shareholders’ Equity for the Three and Six Months Ended June 28 , 2025 and June 29 , 2024

•

Notes to Consolidated Condensed Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3

Quantitative and Qualitative Disclosures about Market Risk

Item 4

Controls and Procedures

PART II

OTHER INFORMATION

Item 1

Legal Proceedings

Item 1A

Risk Factors

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4

Mine Safety Disclosures

Item 5

Item 6

Part I – Financial Information

Item 1. Financial Statements

ASTRONICS CORPORATION

Consolidated Condensed Balance Sheets

June 28, 2025 with Comparative Figures for December 31, 2024

(Unaudited)

(In thousands)


	June 28, 2025		December 31, 2024

Current Assets:
Cash and Cash Equivalents	$	13,460	$	9,285
Restricted Cash	—		9,143
Accounts Receivable, Net of Allowance for Estimated Credit Losses	187,270		191,446
Inventories	194,311		199,741
Prepaid Expenses and Other Current Assets	23,668		16,557

Total Current Assets	418,709		426,172
Property, Plant and Equipment, Net of Accumulated Depreciation	83,207		80,687
Operating Right-of-Use Assets	32,025		23,609
Other Assets	7,917		7,763
Intangible Assets, Net of Accumulated Amortization	46,687		52,477
Goodwill	58,143		58,056
Total Assets	$	646,688	$	648,764
Current Liabilities:

Accounts Payable	$	45,969	$	42,960
Current Operating Lease Liabilities	5,041		4,697
Accrued Expenses and Other Current Liabilities	59,712		81,004
Customer Advance Payments and Deferred Revenue	27,161		27,491

Total Current Liabilities	137,883		156,152
Long-term Debt	159,276		168,669
Long-term Operating Lease Liabilities	31,494		20,508
Other Liabilities	46,464		47,338
Total Liabilities	375,117		392,667
Shareholders’ Equity:
Common Stock	381		380
Accumulated Other Comprehensive Loss	(1,404)		(3,863)
Other Shareholders’ Equity	272,594		259,580
Total Shareholders’ Equity	271,571		256,097
Total Liabilities and Shareholders’ Equity	$	646,688	$	648,764

See notes to Consolidated Condensed Financial Statements.

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ASTRONICS CORPORATION

Consolidated Condensed Statements of Operations

Three and Six Months Ended June 28, 2025 with Comparative Figures for 2024

(Unaudited)

(In thousands, except per share data)


	Six Months Ended				Three Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Sales	$	410,614	$	383,188	$	204,678	$	198,114
Cost of Products Sold	296,938		280,106		151,851		142,546
Gross Profit	113,676		103,082		52,827		55,568
Research and Development Expenses	22,639		27,537		11,572		14,214
Selling, General and Administrative Expenses	73,142		66,329		36,497		33,804

Income from Operations	17,895		9,216		4,758		7,550


Other (Income) Expense, Net	(377)		871		(190)		435
Interest Expense, Net of Interest Income	6,247		11,615		3,097		5,856
Income (Loss) Before Income Taxes	12,025		(3,270)		1,851		1,259
Provision for (Benefit from) Income Taxes	1,183		(1,625)		537		(274)
Net Income (Loss)	$	10,842	$	(1,645)	$	1,314	$	1,533
Earnings (Loss) Per Share:
Basic	$	0.31	$	(0.05)	$	0.04	$	0.04
Diluted	$	0.30	$	(0.05)	$	0.04	$	0.04

See notes to Consolidated Condensed Financial Statements.

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ASTRONICS CORPORATION

Consolidated Condensed Statements of Comprehensive Income (Loss)

Three and Six Months Ended June 28, 2025 with Comparative Figures for 2024

(Unaudited)

(In thousands)


	Six Months Ended				Three Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net Income (Loss)	$	10,842	$	(1,645)	$	1,314	$	1,533
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	2,931		(924)		2,179		(168)
Retirement Liability Adjustment – Net of Tax	(472)		562		(236)		281
Total Other Comprehensive Income (Loss)	2,459		(362)		1,943		113
Comprehensive Income (Loss)	$	13,301	$	(2,007)	$	3,257	$	1,646

See notes to Consolidated Condensed Financial Statements.

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ASTRONICS CORPORATION

Consolidated Condensed Statements of Cash Flows

Six Months Ended June 28, 2025 with Comparative Figures for 2024

(Unaudited)

(In thousands)


	Six Months Ended
	June 28, 2025		June 29, 2024
Cash Flows from Operating Activities:
Net Income (Loss)	$	10,842	$	(1,645)
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Non-cash items:
Depreciation and Amortization	10,966		12,531
Amortization of Deferred Financing Fees	1,214		1,695
Provisions for Non-cash Losses on Inventory and Receivables	2,941		2,415
Equity-based Compensation Expense	3,902		4,642
Deferred Tax Benefit	(1,125)		—
Operating Lease Non-cash Expense	3,174		2,562
Simplification Initiative-related Non-cash Charges	6,229		—
Non-Cash 401K Contribution and Quarterly Bonus Accrual	—		3,454
Non-Cash Annual Stock Bonus Accrual	—		1,448









Other	(601)		1,827
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	5,803		(15,281)
Inventories	(1,498)		(11,398)
Accounts Payable	2,957		(4,661)
Accrued Expenses	(17,064)		9,255
Customer Advance Payments and Deferred Revenue	(859)		(4,280)
Income Taxes	(10,505)		(4,487)
Operating Lease Liabilities	(2,302)		(2,447)
Supplemental Retirement Plan Liabilities	(202)		(209)
Other Assets and Liabilities	(864)		356
Net Cash from Operating Activities	13,008		(4,223)
Cash Flows from Investing Activities:

Capital Expenditures	(6,710)		(3,394)



Net Cash from Investing Activities	(6,710)		(3,394)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	1,143		15,392
Principal Payments on Long-term Debt	(11,143)		(9,498)

Stock Award Activity	(1,730)

SEC Form 10-Q filed by Astronics Corporation