Operating globally and within the United States, BK Technologies Corporation, through its subsidiary BK Technologies, Inc., specializes in the development, production, and ...
BK Technologies Corporation, headquartered in West Melbourne, Florida, is a leading provider of critical communications solutions for public safety and first responders. The company specializes in the design, manufacture, and marketing of two-way land mobile radios (LMR), including P-25 digital products, as well as repeaters, base stations, and associated systems. ...BK Technologies Corporation, headquartered in West Melbourne, Florida, is a leading provider of critical communications solutions for public safety and first responders. The company specializes in the design, manufacture, and marketing of two-way land mobile radios (LMR), including P-25 digital products, as well as repeaters, base stations, and associated systems. With a strong focus on reliability and performance, BK Technologies supports a wide range of clients, from local, state, and federal government agencies to military and commercial industries such as hospitality, construction, education, and transportation. Its product portfolio is marketed under distinct brands: BK Technologies, BKR, and BK Radio for professional and public safety use, and RELM for commercial and industrial applications. The company's commitment to innovation is reflected in its significant investment in research and development (R&D expenses account for about 13.3% of revenue), ensuring its products meet evolving industry standards. Financially, BK Technologies has demonstrated solid performance with a market capitalization of approximately $291 million as of recent data, a price-to-earnings ratio of 20.3, and a gross profit margin of 49.9%. The company maintains a healthy balance sheet with a current ratio of 4.1, minimal debt (debt-to-equity ratio of 0.03), and strong cash flow generation, yielding a free cash flow margin of 7.9%. Under the leadership of CEO John Suzuki, who joined in July 2021, the company has focused on strategic growth and operational efficiency. BK Technologies employs around 115 full-time employees and serves over 1,000 customers. The company was originally known as RELM Wireless Corporation, founded in 1947 (or 1945), and was incorporated in 1997; it changed its name to BK Technologies in 2018 and underwent a holding company reorganization in 2019. Trading on the NYSE American, BKTI continues to play a vital role in enhancing public safety communications, ensuring that first responders have reliable and interoperable radio systems to protect communities.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$86.1M
+12.5%
+10.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$13.5M
+61.9%
+14.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+48.8%
+28.6%
+0.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+18.6%
+81.6%
+5.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+15.7%
+44.0%
+4.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$18.4M
+80.3%
-94.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+21.4%
+60.3%
-94.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
3.5%
-18.2%
-17.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.21x
+59.2%
+1.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, ladies and gentlemen, and welcome to the BK Technologies Corporation Conference Call for the Second Quarter of 2026. This call is being recorded. [Operator Instructions] There is a slide presentation that accompanies today's remarks, which can be accessed via the webcast. At this time, it is my pleasure to turn the floor over to your host for today, Corbin Woodhull of Hayden Investor Relations. Corbin, please go ahead.
Timothy Woodhull: Thank you, Paul. Good morning, and welcome to our conference call to discuss the BK Technologies results for the second quarter of 2026. On the call today are John Suzuki, the Chief Executive Officer; and Scott Malmanger, the Chief Financial Officer. Before we begin, I would like to take a moment to read the safe harbor statement. Statements made during this conference call are presented in this presentation that are not based on historical facts are forward-looking statements. Such statements include, but are not limited to, projections or statements of future goals and targets regarding the company's revenue and profits. These statements are subject to known and unknown factors and risks. The company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements and some other factors and risks that could cause or contribute to such material differences have been described in this morning's press release and in BK's filings in the U.S. Securities and Exchange Commission. These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements. With that, I will now turn the call over to John Suzuki, CEO of BK Technologies. John, please go ahead.
John Suzuki: Thank you, Corbin. Good morning, everyone, and thank you for joining us on our second quarter of 2026 conference call. I'll start by reviewing our operational and financial performance and then turn it over to our Chief Financial Officer, Scott Malmanger, for a deeper dive into our financial results for the quarter. Following a discussion of the financial results, I will provide our fiscal year 2026 outlook and outline the strategic priorities for our road map. We will conclude by opening the call for a brief Q&A. Our second quarter results continue to reflect successful execution of our Vision 2030 strategy and demonstrate the strength of the business model we are building. Through the first half of the year, we delivered double-digit revenue growth, generated another record cash balance and are steadily marching towards our Vision 2030 objectives. Second quarter revenue grew 10.6% to $23.4 million, extending our trailing 12-month revenue growth to 15.7% and gross margin expanded 445 basis points to 51.9%. That performance was driven by strong demand from state and local public safety agencies for our BKR Series radios, particularly the BKR 9000 handheld …
