$BUKS

BUTLER NATIONAL CORP

CIK:0000015847|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
REVENUE:
Total revenues	$ 30,781	$ 20,125
COSTS AND EXPENSES:
Marketing and advertising	1,139	921
General, administrative and other	4,980	4,034
Total costs and expenses	23,357	15,458
OPERATING INCOME	7,424	4,667
OTHER INCOME (EXPENSE):
Interest expense	(418)	(523)
Interest income	183	171
Total other expense	(235)	(352)
INCOME BEFORE INCOME TAXES	7,189	4,315
PROVISION FOR INCOME TAXES:
Provision for income taxes	1,924	630
NET INCOME	$ 5,265	$ 3,685
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.08	$ 0.06
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	63,860,251	66,922,924
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.08	$ 0.06
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	63,954,343	66,922,924
Aerospace Products
REVENUE:
Total revenues	$ 21,740	$ 11,314
COSTS AND EXPENSES:
Cost of product and service sold	13,561	6,591
Professional Services
REVENUE:
Total revenues	9,041	8,811
COSTS AND EXPENSES:
Cost of product and service sold	$ 3,677	$ 3,912

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 5,265	$ 3,685
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,771	1,703
Stock awarded to directors	50	63
Deferred compensation, restricted stock	66	34
Changes in operating assets and liabilities:
Accounts receivable	7,249	(1,731)
Inventory	(625)	399
Contract assets	(3,667)	1,588
Prepaid expenses and other assets	(357)	205
Accounts payable	(4,939)	8,796
Contract liability	(454)	(658)
Lease liability	55	56
Accrued liabilities	(1,826)	268
Gaming facility mandated payment	(160)	(129)
Income tax payable	1,923	631
Other current liabilities	288	(211)
Net cash provided by operating activities	4,639	14,699
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,890)	(1,438)
Net cash used in investing activities	(1,890)	(1,438)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt	(1,478)	(1,323)
Repayments on right-to-use lease liability	(70)	(67)
Repurchases of common stock and tax withholding on equity awards	(1,059)	(3,653)
Net cash used in financing activities	(2,607)	(5,043)
NET INCREASE IN CASH	142	8,218
CASH AND CASH EQUIVALENTS, beginning of period	35,124	25,226
CASH AND CASH EQUIVALENTS, end of period	35,266	33,444
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	402	522
Income taxes paid	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
CURRENT ASSETS:
Cash and cash equivalents	$ 35,266	$ 35,124
Accounts receivable, net	6,747	13,996
Inventory, net	13,741	13,116
Contract asset	5,263	1,596
Prepaid expenses and other current assets	3,822	3,465
Total current assets	64,839	67,297
LEASE RIGHT-TO-USE ASSET, net	3,119	3,168
PROPERTY, PLANT AND EQUIPMENT, net	57,803	57,978
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $12,461 at July 31, 2025 and $12,145 at April 30, 2025)	10,487	9,982
OTHER ASSETS:
Other assets (net of accumulated amortization of $12,565 at July 31, 2025 and $12,461 at April 30, 2025)	891	1,036
Deferred tax asset, net	2,381	2,381
Total other assets	3,272	3,417
Total assets	139,520	141,842
CURRENT LIABILITIES:
Accounts payable	8,163	13,102
Current maturities of long-term debt	4,376	4,868
Current maturities of lease liability	135	132
Contract liability	4,740	5,194
Gaming facility mandated payment	1,415	1,575
Compensation and compensated absences	1,705	3,531
Income taxes payable	4,761	2,838
Other current liabilities	467	179
Total current liabilities	25,762	31,419
LONG-TERM LIABILITIES
Long-term debt, net of current maturities	23,633	24,603
Lease liability, net of current maturities	3,825	3,842
Total long-term liabilities	27,458	28,445
Total liabilities	53,220	59,864
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, par value $5: Authorized 50,000,000 shares, all classes; Designated Classes A and B 200,000 shares; no shares issued and outstanding	0	0
Common stock, par value $.01: Authorized 100,000,000 shares, issued 80,041,552 shares, and outstanding 63,761,397 shares at July 31, 2026 and issued 80,009,834 shares, and outstanding 64,085,548 shares at April 30, 2026	800	800
Capital contributed in excess of par	14,772	14,656
Treasury stock at cost, 16,178,905 shares at July 31, 2026 and 15,924,286 shares at April 30, 2026	(15,997)	(14,938)
Retained earnings	86,725	81,460
Total stockholders’ equity	86,300	81,978
Total liabilities and stockholders’ equity	$ 139,520	$ 141,842