revenue
90 $million
FY 2026
official guidance
BK TECHNOLOGIES CORPORATION
Last · NYSE$66.14-4.03 (-5.74%)close · yahoo · 19h ago
Market cap$249.31M3.8M sh
P/E · TTM20.7fwd 15.7 · eps 3.20
Beta0.56vs S&P 500
Div yield0.00%annual · TTM
52w range
$60.00$104.55
Volume62.5Ksession
| Revenue | $90.6M |
|---|---|
| Operating income | $16.2M |
| Net income | $13.6M |
| Free cash flow | $19.6M |
| Operating margin | 17.9% |
| Net margin | 15.0% |
| Return on equity | 26.2% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Constructive quarter, but not an unqualified buy:
revenue rose 10.6% to $23.4 million, gross margin expanded 445 bps to 51.9%, and trailing-12-month after-tax free cash flow increased 49% to $19 million. The core BKR 9000 appears to be gaining real fleet-level adoption, while the 200-plus sight-unseen BKR 9500 orders offer upside; however, GAAP EPS fell to $0.79, operating margin declined year over year, and much of the next product cycle depends on FCC approval and successful commercialization in 2027.
Near term
Execution against the reiterated $90 million-plus revenue target requires roughly $43.2 million of second-half revenue, making delivery of expected large forestry and other agency orders important.
BKR 9500 FCC approval is expected in early 2027, with customer deliveries targeted for the first half of 2027; any testing, manufacturing, or certification delay would weaken the near-term catalyst.
BKR Play is still in beta testing, with general release targeted for January 2027. Initial customer feedback is encouraging but has not yet demonstrated paid adoption or recurring revenue.
The higher 26% full-year tax rate is expected to reduce 2026 EPS by approximately $0.42 versus the 2025 tax rate, limiting reported earnings growth despite stronger operations.
Longer term
The single-band-to-multiband transition remains the clearest structural growth driver, with the BKR 9000 already benefiting from customer deployments and follow-on fleet purchases.
The BKR 9500 could expand BKTI's addressable market into in-vehicle multiband communications, but its commercial value is not yet proven because current orders precede final product approval and customer deliveries.
The Tango Tango licensing agreement provides distribution into more than 1,500 agencies and 35,000 active users, but the call did not quantify expected licensing revenue, pricing, or timing.
The company has a debt-free balance sheet, $29.9 million of cash, and trailing-12-month ROIC above 45%, giving it capacity to fund product development without balance-sheet stress.
Competitive positioning remains plausible in mission-critical radio hardware, but management did not face substantive analyst questioning on displacement risk from broadband, cellular push-to-talk, or larger LMR vendors; the software ecosystem moat therefore remains unproven.
Red flags
Management emphasized that the BKR 9500 orders were placed sight unseen. More than 200 purchase orders are encouraging, but they are not equivalent to shipped revenue and remain exposed to FCC testing, field testing, and manufacturing execution.
SG&A increased to $8.3 million from $6 million, and operating margin fell to 16.4% from 18.9% year over year. Management expects operating leverage, but the required engineering investment could remain elevated longer than planned.
The claimed recurring-revenue opportunity from Tango Tango and BK ONE was described only as a pathway; no revenue contribution, contract economics, or adoption milestones were provided.
The backlog discussion confirmed that backlog is generally a weak revenue-prediction metric because orders are shipped quickly. This improves cash conversion but reduces visibility into future demand.
GAAP net income declined to $3.2 million from $3.7 million, while adjusted EPS declined to $1.01 from $1.30. The tax explanation is credible, but investors should not overlook the underlying year-over-year margin compression and increased cost base.
Forward outlook
gross margin
—
FY 2026
official guidance
eps diluted
3.15 $per share
FY 2026
official guidance
adjusted eps
3.55 $per share
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.93
Est. revenue
23.5M
Earnings transcripts
Documents
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