For joining us. Our next presentation is from M-tron Industries, trading on the New York Stock Exchange under the ticker symbol MPTI. Speaking on behalf of the company today is their interim CEO and CFO, Cameron Pforr, and President Bill Drafts.
Thank you. Thank you, everybody, for coming and your interest in learning about the company. Really appreciate it. Also a huge thank you to the Three Part Advisors team. Gene Stack has been a big supporter of ours, and also Stephen as well. Appreciate the invite and the opportunity to meet you guys. We're going to talk a little bit about our business. We're really focused on the defense electronics sector, and we're a specialty RF component and subsystem house. We'll go through a little bit of our differentiation, some of the end markets that we're approaching, the successes we have on the customer front there, and the growth drivers for the company. We're happy to answer any of your questions, obviously. Just really quickly, just in terms of looking at investment opportunity here, please check our most recent 10-K.
It was filed at the end of March for a full description of the risk factors that we envision for the company. Just take that into consideration as you think about investment in the stock. Okay, really briefly, M-tron is, we called it M-tron or MPTI until recently. We just went through a rebranding of sorts. M-tron as itself, as a company, has been around for 60 years. This is our 60th anniversary year. We're really proud of the heritage there. It was founded by some IEEE fellows who just knew that they could build filters and oscillators better than when some larger company they were at at the time, a defense contractors. We were part of the LGL Group, which is a public holding company.
They had bought a piece of the company in the 1980s and then doubled the size of it by buying PTI, which was based in Florida at the time in the early 2000s. At that time, the company was very, very focused on the telecom market. They made a strategic decision to shift the business focus away from telecom because it was too commoditized. There was also a lot of disruption in orders just as the network build-out stopped. We started focusing more and more on aerospace and defense. We'll talk a little bit about that story and the success we're seeing in those markets. I think what's interesting, I think, for most people that look at the firm is that, first of all, we're an American-based manufacturing company.
That's been extremely helpful over the past 10 years on the defense side as people have really tried to understand our supply chain and the risks involved in that. We have a very specialized team that has years of experience in RF engineering, so not only building components, but also sub-assemblies and modules. We're one of the few vertically integrated firms in the sector. Bill probably will go a little bit of that, like how we make some of our buy versus build decisions and what we've done in that space. I think we're very well positioned for long-term value creation. We'll talk about some of the markets there where we see a lot of growth. Okay. Lastly, and one of the reasons I joined the firm, I joined last year as CFO, was to really help the company get to the next level.
One of the ways of doing that is we've had very, very good success rate in organic growth. We've had now three years of 20% growth at 20% EBITDA margin. Rule of 40, I guess. I think what we're going to be doing more in the future of is also looking to drive more revenue from partnerships and also some acquisitions. We'll talk about that a little bit. Just quickly at a glance, I said that we're vertically integrated. We do our own manufacturing in Orlando, Florida, and also Yankton, South Dakota. We do some finishing in India, in a facility there that's licensed under ITAR. We're building very highly engineered, reliable solutions. It's really custom products to meet certain very rigorous specs from our customers. Because of that, we have a blue-chip customer base.
We have over 70 customers that we've had for more than 10 years. We're very strong in the defense sector and in the avionics sectors. We're growing a nice business in the space and satellite area and also the industrial space. We've had, because of that, very good performance on the stock. We spun out of LGL Group at around $10 a share. In the fall of 2022, I think today we're at $45 or $46 a share. We have bounced around a little bit recently. We were up to like $71 a share for a couple of days, two, three months ago. We had also a dip, especially in February when there was discussion in Washington about whether DOGE was going to impact military budgets. We took a big hit then. I think that's actually that situation is clarifying quite a bit.
In terms of the management team and board, we have a very strong team. I have experience at Bain and Deutsche Bank. I was an investment banker at Alex. Brown originally. A lot of experience in the tech sector, raising money, doing acquisitions or selling companies. Did some work in the RF space with RF Micro and other companies like that as clients. Bill, who is our President and really our COO as well, comes out of the industry. He spent 30 years working in FLIR and ICX and TriQuint and others. A lot of experience. Started out as a product manager and then became GM and CEO of various firms and subsidiaries. Linda Biles, who's probably listening today but not here, is our Executive Vice President of Finance. She's been at the company for 20 years.
Really has a great understanding of manufacturing and costs. She runs a tight finance group, her accounting group. At the board level, Mark Gabelli from Gabelli Funds, who was really involved in the early stages of the company and supporting the company in some rougher periods, is on our board. Bell Lazar is our chairman, and he took over that role a couple of years ago. Bell was the CEO of API Technologies, which became Spectrum Control, if you know that firm. He's also been very involved in the semiconductor industry. He was at International Rectifier and then Infineon. Now he's at a firm called EPC Space, which makes power amplifiers for the space community. Hendy is in the audience. He's a private equity analyst. Thank you, Hendy, for joining.
John Mega is also not here, but he's one of the founders of L3. Ivan Ortega and Robert Lopez are also independent directors that have a lot of experience in this sector and defense. It's a good board, supportive board of what we're doing. Okay, just really quickly at a glance what we do. We are building rugged, highly engineered RF components and solutions. Been doing it for 60 years. What we really focus on or what our area of expertise is, is various types of filters and oscillators. You can see up top on the left, LC cavity, planar, crystal. Most of these filters are built around crystals that we're processing, so quartz crystals. We also make isolators, so isolators for timing, for example.
We also make crystal resonators and other solutions where we take power amps or other components and package them often with our own other components. We deliver a larger solution to our customer. We are happy to sell them filters or oscillators, but we are really trying to drive the business to do more solutions and more subsystems. That has a big impact on our ASPs. Last year in 2024, we did $50 million of sales. I think these actually are the trailing 12-month results from Q1. 46% gross margins at that point in time, a backlog of $55.5 million. As we look forward, our revenue CAGR over the past five years has been 10%. The last three years has been 20%. That is probably not sustainable at that level just through organic growth.
We do have a lot of programs where design wins that are going to fuel our future growth. We feel confident about the future. Our EBITDA margins are very healthy. They are in the 19%-22% range quarter by quarter. Our gross margins tend to be about 5%-10% greater than most of our peers in the industry. That is really through a lot of hard work from Bill and his team, really making a lot of improvements on the process of our manufacturing capabilities and how we are ordering. We have also done a great job, I think, resetting pricing and making sure that we are getting fair prices from our customers for our products.
In terms of just the markets we serve, the bottom left, you'll see that this is 56%, I guess, was aerospace and defense as of the last quarter, 25% for avionics. I think usually we see about in the high 60s for aerospace and defense. The avionics sector has been about 20. The rest is made up of space or industrial. It is space. We do about 5% most quarters. That is going to be an area that is going to grow over time. We have a lot of design wins, but it takes three to five years to get a design win into a higher rate of production. In terms of the revenue generation, about 60% of it is from filters. The oscillators make up about 20%, and the rest is solutions and resonators. Okay. Okay.
In terms of markets, our products are very broadly applicable. And often, we've been in programs that, while we might get annual purchase orders, we're supplying a customer for years and years. We just announced a $3 million order on a pretty important missile program, an air defense program, earlier this week. That program, while we got an annual order, we've been doing that for 20 years now. We do a lot of engineering upfront to get into a slot for a program. Often the orders are for one- to three years of supply. Once we're in, we're either a sole source or we're one of two vendors, but it's a very, very meaningful revenue stream. We're making that investment upfront because it's going to lead to high margins for a revenue stream for many, many years.
We're in both Boeing and Airbus on all their airframes. I think we have kind of 15-17 parts or SKUs that we sell for each plane. In those planes, I know that we're in the radar and the communication systems. We're in engine controls and things like that. A lot of different applications. Anywhere you could think of as data communications going on, it's going to need an oscillator for timing. Also, the filters really provide us a really great way to minimize distortion of signals and things like that, so controlled bandwidth. The precision-guided munitions is really what's driven a lot of the growth over the past three years, that and communications in the military sector. We're in almost all the major U.S. missile systems. A lot of them are built by Raytheon and others.
We're in air-to-air missiles. We're in air-to-ground and air defense missiles. We'll be also in the radars that guide those systems. In the communication to the missile, the guidance system on the missile, and radars that they might use. Some missiles also have EW capabilities. Same for drones. The missile business is a large part of revenue. It's roughly $15 million-$16 million of revenue a year. Drones is an up-and-coming sector for us. We've actually been in that market for 14 years or 15 years and doing relatively small numbers, like $500,000 to $1.5 million a year. We're seeing a lot of strength in the growth there.
We're working not only with the larger, more established vendors like Boeing and Northrop and people like that, but we also work with a number of the up-and-comers, kind of the high-profile defense tech companies. They're a little bit more circumspect about us using their names in presentations, but we're starting to see now repeat orders from them. Also, we've had some success with some parts. Now we have additional, obvious, kind of given what's happening in Ukraine. I mean, right now there's a lot of emphasis on jamming and spoofing for drones. People are trying to control the electromagnetic spectrum in the field. At the company level in the field, it used to be done at a much higher level. Also, radar. Radar has changed a lot. We're in a lot of land-based radars and also radar that goes on a vehicle, for example.
We do not do marine radars yet, but we hope to get into that space. Radars are being really redesigned because the targets they are trying to acquire are really changing. It used to be they were tracking essentially aircraft or missiles, so things moving very quickly and a pretty substantial size. Now with drones, they are trying to track very, very small devices going very slowly or even loitering, as well as hypersonic missiles, which are moving at a whole different range of speed. There is a whole upgrade system taking place there, which is driving a lot of growth for us. Okay. Just a brief history of the company, and you can pull us down online. As I said before, we were founded in 1965. Actually, M-tron was acquired, I guess, in the late 1970s by LGL Group.
They formed this merger with PTI, which has built the company that we are today. We think we're really unique. Then we started doing sub-assemblies in these modules in the 2020 timeframe. That's now becoming a very fast-growing part of our business. I think that's probably the good takeaways from that sheet. Okay. Some investment highlights just to think about. Strong revenue growth, good cash generation as well. Most of the cash we generate drops to the bottom line. We do have regular CAPEX, but we're putting on $10 million-$12 million a year now on the balance sheet of cash. Very attractive end markets with long-term contracts and very loyal customers. I'd say also we have the markets that we target are very high margin. They're not commodity markets. That's really led to some of the cash generation we see.
We have a very unique capability to manufacture in the U.S. We are really supplying, we are filling a need for having a critical supply chain that is U.S.-based. At this point now, we have compelling financials with organic growth. I think we have really excellent inorganic growth prospects. Also, we have the team in place and the production capacity to support a lot of growth. We are roughly at like 65% of capacity in our plants in the U.S. We have plenty of space in those facilities. It is more a matter of starting or increasing the size of a second shift or going to a third shift even. We do not need to buy a lot of equipment to grow our revenues. We are continually making upgrades. We are adding automation and things like that as we go.
Occasionally, we need to buy a specialized machine to do testing for a new program. In general, we have the equipment and the capacity and the equipment to grow the revenue quite a bit. We have the team that's got the experience necessary. Okay. The growth drivers for the firm are the following. On the defense side, and I've had a lot of questions over the past four or five months about where this is going to go, just kind of given some of the dynamics out there, whether we'll have peace or not in Ukraine or whatever the conflict of the day may be. I think the reality is that there's a lot of publication about this now is that the U.S. and NATO as well just do not have the stockpiles they need to fight a long-term conflict, right?
They talk about we have two or three days stockpile required to defend Taiwan or less for a ground war in Europe. There's going to be a lot of replenishment of weapon systems and also upgrades, modernizations for the U.S. military. Also, I think our European, of electronic spectrum. There's a strong backlog in the avionics space, so the commercial aircraft space. If you look out at the Airbus and Boeing backlog, it's pretty strong through 2040. We were seeing really delays or cancellations of orders, I guess, for a little while because of COVID. Just production slowed down quite a bit. The MAX situation with Boeing, and then also the labor issues they were having. We were going into this year pretty skeptical that we were going to get Boeing orders.
They came back to us at the beginning of the year after the labor stuff was resolved and told us that probably by the end of the year they'd start ordering. We've had actually our first order in Q1. They are kind of ahead of schedule. I think that and the Airbus also accelerating plane production is going to lead to nice growth in that market. Lastly, I'd say we've done a good job of selecting new markets and making investments there. Space is one where we have a lot of design wins, excellent customers, and we do expect strong growth in the out years there. Okay. Lastly, we have the technology and the skills really to do more program management capture. We are in over 40 programs of record for the DOD.
It's really a high number for a relatively small company as ourselves. That speaks a lot to just our skill set and also just the kind of the unique capabilities we have. Okay. Here's a little bit about our TAM. It's hard to get data on the individual markets that we service. We're in filters and oscillators and RF. The electronic components market is huge. The number on the right is in billions, and it grows at about 7% a year. If you think about some of the core markets that we service, the end market sizes are $150 billion, $77 billion for space and market. Most estimates that we say that there's probably like $1 billion of spend in RF components a year. We're relatively small. Also just market recognition of the firm and getting an. Sure.
Filters, which comprise about 65%. We're one of the few houses really in the world that has that variety of filters, right? Crystals, we make our own crystals, LC cavity, planar, waveguide. And then we purchase and rebrand ceramic. Then duplexers, multiplexers, and switch we make in-house. It is really a one-stop shop for filters because the filter use in these applications can vary. Sometimes an LC filter is required, but then the customer might want a cavity for the higher frequency. We do both. Sometimes we will quote both, and the customer will make a decision which one works best in their application. Oscillators, same thing. We have a full family from clock oscillators to temperature compensated, oven compensated, voltage correction. Our new product, the EVIVE, is super exciting.
We have been advertising like crazy and a ton of inquiries and actually probably doubling our revenue this year in that product line alone. This oscillator can be used in very dynamic environments, meaning when you put an oscillator, a normal oscillator on a helicopter, that frequency will shift as the helicopter takes off and lands, right? It is vibrating. With our EVIVE, we have electronic compensation inside the oscillator, so it stays right on frequency. You say, "Why is that important?" If your comms, if you are communicating at one specific frequency, if that frequency drifts, you have just lost comms. It is super important for communication. Same thing with radar. You are using a specific frequency to pulse and then to look at the reflection and know what that target is. If that frequency varies, your radar signature is off.
For any high-dynamic environment, such as missiles, helicopters, even airframes, airplanes, and drones, we're designing on some drones with this product. We're really excited about that, and that's growing like crazy. You look at resonators. This is where we actually buy the ingot, of course. We slice it, we lap, we polish it. We go through in a clean room. We go through photography. We do physical vapor deposition of chromium, gold, aluminum, silver, nickel. We build all those layers and actually make a crystal that's hermetically sealed. That becomes a product that we sell standalone to some customers and then use in our own crystal filters and our own crystal oscillators. We have that vertical integration, which very few companies in the world can claim.
Of course, recently, starting as recently as 2020, I joined in 2019, as we said, "Why aren't we just a component manufacturer? Why don't we start asking the customers, 'Hey, I see you're using our oscillator. What are you using it in?'" They say, "We're using it in this transmitter." We say, "Why can't we build that transmitter?" We got that in-house capability. We hired a PhD in RF engineering. We staffed up. We bought a lot of $150,000 network analyzers. Now we are a full solution house. From an ASP of maybe $300 for that oscillator, we went to $10,000 ASP for that assembly.
This is a really exciting part of our growth curve is that now we have the same rep force calling on the same customers, but we're asking the questions of how can we go up that value chain and supply a better solution for you. We de-risk it for the customer because they do not have to worry about their in-house. They can focus on what they are really good at, which is the total system and not some sub-assembly. Our lead times are improved. We walk, it is basically an extension of their engineering team. Our engineers talk with their engineers to make sure we are optimizing the solution for them. We are doing all the design trade-offs. A lot of time, they will give us a spec that we just cannot do or it is really almost impossible.
We say, "Well, we can meet that size, but then your frequency has to shift or your insertion loss or what have you." There is a lot of discussion there, which really optimizes the solution. The ability also to use our own in-house components now, instead of having to buy a filter outside where that supplier gets the markup, we build a filter in-house, put it in there, and we just save 50%. A really exciting story with the innovative RF solutions as well. That constitutes part of that 7% growing segment.
Yeah. Thank you, Bill. Okay. I am going to pick up the pace if you guys have time for questions. Really quickly, we manufacture in Orlando and Yankton, South Dakota. We do all our testing there as well. We do some of the finishing of our products in New Delhi.
We have the ability there to produce under ITAR. We have in Hong Kong a sales office that's really helping us manage our shipments to contract manufacturers in Asia primarily. They do some sales also to local customers, but it's primarily to contract manufacturers there. Those guys are working on behalf of big U.S. companies or European companies. Here's the customer base. I think it's really an impressive group. Seventy of them have been with us for more than 10 years. You'll see some big names in all the different sectors. There are also quite a few that we don't put on the list just out of confidentiality reasons. Aerospace and defense, yeah, some of the younger companies are not on that list, but they do have some great programs that are getting a lot of funding from the Pentagon.
On the avionics side, Airbus and Boeing are the big drivers of our revenue, but often we'll supply parts to them through Collins or Garmin or someone else, right? Or L3. On the industrial side, Anritsu and Keysight and others are in the test and measurement space. Then we also have some telecom customers still like Ciena. In space, it's a very broad group. We're in space. We're in spacecraft. We're in all the command centers on the ground. We're in higher Earth orbit satellites. We don't do LEO satellites at this point in time. Okay. Yeah. I think I'll skip this one, but this is online. You can pull it down, but it'll just give you a brief example of all the places that we would be deployed within a missile or a drone.
This is a drone example, but there are five spots, right, where they could use our components and our subsystems. We see that throughout most of the systems we operate with. It is rare that we sell them one part. We will also sell them like 10, 15 parts. Just for growth drivers, one is really we are very, very program-focused. That leads to a success with a program that leads to a lot of other program opportunities within the same customer. We really like to leverage our current customer relationships. We are always increasing our engineering content. Looked last year, I think the multiples were quite high at that point in time, and they are coming back down to Earth a little bit in the defense space. They are creating some nice opportunities for us. Some of the metrics just since the spinoff.
Our revenue growth has gone up 51% from last quarter to the first quarter of the spin. We've had great growth. That results in about 20% per annum. The margin structure has moved quite a bit. I think we feel quite comfortable that we're going to stay in the 40s. The past couple of quarters, we've been at 46%, 47%. Last quarter, I think we were at 43%. That mid-40s range is a very reasonable expectation for us. We are producing some nice net income. The EBITDA margin has almost doubled really in that same time frame. We are now generating quite a bit of cash. We have $13.6 million of cash on the balance sheet. We'll probably end the year with $20-$24 million. We do have some warrants outstanding. Happy to answer questions about that.
If those are exercised, I'm not saying they will be anytime soon. That could lead up to about $25 million-$27 million of capital for the company. Our EPS has grown really nicely. It was $0.19 a share originally. It's at like $0.57 a share now per quarter. The share count really hasn't moved much in that time frame. Okay. Product development. Bill talked about this a little bit. We have a lot of new products. This shows the ASP on top. It's moved. It's almost doubled in the past five years to about $104. To move that to high volume. Summary, feel free to pull our results down from the SEC. The revenue growth has been very, very strong, as you can see. The LTM number there is wrong. Actually, it's 18% was the LTM year-over-year growth from last quarter.
Gross profits is in the 40s at this point in time. We have very healthy adjusted EBITDA margins, so in the 20-25% range quarter by quarter. We have a strong backlog. We do expect it to continue to build. We had a very, very good bookings quarter, last quarter this year. This quarter is off to a good start as well. We will see where we end up. Just a quick note on tariffs. It comes up a lot in some of the one-on-ones. Even though we are a U.S.-based manufacturer and we have really been building our business to service the U.S. military and allied militaries and very specialized or demanding kind of U.S. commercial customers, we do get impacted by tariffs. We do import some materials from Asia as well as Europe.
We also get tariffed on some of the goods going back and forth with our India facility. The first time we saw tariffs was in March, that month. A lot of our sales is for the defense sector, and the ultimate customer is the U.S. government. I'm not sure they do not want to pay a tariff themselves. There is a clause in the FAR, which is the Federal Acquisition Regulations, that can provide an exemption from tariffs. We are working with all of our defense customers to enact that. We are always looking for second sources, and we are kind of trying to reduce the number of second sources in China. We are beginning to selectively pass along tariff costs as appropriate to some of our customers. It kind of depends on the contract and the amount.
We're not trying to disrupt their business, but they understand they're in the same boat as we are. Just in terms of M&A, happy to talk about it later or in one-on-ones or follow up later, but we are always looking for great ideas. We're really looking for complementary products that are focused on the same end markets. Also, and sometimes because it takes so long to get a new product in a market to ramp, there are some companies that are really strong in space in other areas that already have a ramped product that might be interesting for us. We're very selective on quality and culture of the team. We want to acquire people that want to build a business with us, not kind of cash out for retirement.
We're looking for basically, for the most part, U.S.-based manufacturers, but also European manufacturers. We're very, very conscious of financial metrics and trying to do creative deals. The long-term model for the company is really getting to a very consistent 10% revenue growth from organic growth. We've had three great years, right, at 20%, but that's not something we would guarantee to the market. Our market grows at 6-8%. We think we can outperform the market, and we have been, obviously. Gross margins, this is kind of pre-tariff, so maybe we're down in the mid-40s or 43-45%, something like that, at least in the near term. Adjusted EBIT margins in the low 20s. Okay. That's all we had. I'm happy to take a couple of questions if we have any time. Yes, in the back. Yeah.
We have actually have a lot of competitors, but not the same competitor in a lot of different engagements. So there are lots of small firms in the defense industrial base. But some of the ones you've heard of, I guess, would be Knowles, for example. We don't compete with Knowles because mostly they're doing auto, but they do have a small division that does military sales. K&L is another filter company. Q Microwave is another one. In the oscillator space, Wenzel is there. Bilney was bought by Kyocera. And often, some of these companies that are acquired perform pretty poorly afterward because they lose a lot of key people, and it's a good opportunity for us. But that gives you a flavor for it. For the most part, it's smaller companies or small divisions of large companies. Yeah. Yes, please.
Size of your largest program and how much of your business is sole source?
On the military side, about 50% sole source and 50% were part of a dual-source program. Do you know the size of the largest program in terms of year?
Yeah. $15 million, $16 million.
Yeah.
$15 million, $16 million. It's a pretty big chunk.
yeah. C an you talk about what that program is and what the longevity is?
Yeah. The longevity, absolutely. It's a very long term. It'll probably be running through 2040, possibly. We don't disclose the program name, just for comparison with that. I assume it's a public program, so. Yeah. You read about it almost every day. I don't know what the program is. The only people that don't know are here. Not so much. Believe me.
When we learn about a competitor slot on a thing, we go chase that and really track it down.
We're actually in every major missile program, to be honest. The big air defense systems we're in and also some of the air-to-air programs that are very, very large.
Built for a $16 million filter program?
I actually have a lot of content with oscillators and filters.
So whoever the prime was selected you for an entire subsystem or?
In that case, one of the competitors decided not to pursue their CER clearance. Once you, they only had a couple of products in that. To maintain a CER clearance is pretty difficult for a facility. They exited it. We have our clearance. We bid on it and won.
You only need the CER clearance for the development. I assume that now it's an unclassified program?
No. No, it's classified. Yeah.
And the end program is classified?
No. No, the end program is well-known. I mean, what they're concerned about is the sharing their frequencies and things they're using for communications and other types of yeah.
Yeah. After that, the next couple of programs, so 16 and then?
Yeah. I mean, it starts dropping pretty good, $5 million, $3 million, a lot of millions.
This program is quarterly stay. How?
Most of our yeah. Good questions. I mean, most of the orders that we receive are for annual orders. The programs itself might last 20, 30 years.
If you don't get an order from IMLE, I assume they left the
No.
They pull the orders on a monthly or quarterly basis?
No. We'll get a PO for the year with different delivery dates. Some people will ask for stuff delivered every quarter or monthly. Others will not.
Does it look to you trying to get three flat years of revenue and then all of a sudden you went from 31 to 41 to 50? Can you talk about why it was flat and then where did the extra 10 come from each year?
Yeah.
Yeah. It was mostly missile programs that finally hit production. As bad as this sounds, I love missile programs because they're razor-blade business, right? Every time I see one shot on the nightly news, I'm like, "Ching." I mean, that's really what it is. It's replenishment. It's upgrades. These programs are pretty old. Some of these missiles were designed 30 years ago, and they update them with new revs, and you'll see Gen 4.
Look at the F-35. I think it's on Gen 5 or 6. Every time they do that new gen, they improve the radar, they improve the comms, they improve engine control. We're designed into all those. They're asking for us to build more challenging components to support that improved performance. If we're already in the old one, they come to us first to design the next gen. These programs run a long time, and we get the business.
How much of the 10 in each of the last two fiscal years is from higher ASPs for new revs as opposed to new programs?
I don't think we've broken it down,
but definitely the higher ASPs, I think, no, some were for older programs. There's some drone programs that upgrade electronics, and we got the whole assembly. Yeah.
It's a mix. It really is.
Yeah. Anyway, I think we're going to have to wrap it up just for the next company, but I appreciate your questions and happy to meet with you later today or at the cocktail party. Thank you very much.