NSYS

MKT CAP:$40M

Nortech Systems Incorporated

Market Cap

$40M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$14.25+$6.82 (+91.79%)

Apr 24, 2026

Company Details

Nortech Systems Incorporated provides design and manufacturing solutions for electromedical devices, electromechanical systems, assemblies, and components in the United States, Mexico, and China. It offers a range of technical and manufactu...

CEO

Jay Dean Miller

IPO Date

Jun 11, 1993

Website

www.nortechsys.com

Key Metrics TTM

Revenue

$118M

-7.6% YoY

Net Income

-$252.0K

EPS (Diluted)

-$0.10

Free Cash Flow

$2M

Revenue / Share

$42.63

Gross Margin

15.2%

Operating Margin

0.8%

Net Margin

-0.2%

FCF Margin

1.3%

P/S

0.3x

P/E

—

Earnings Reports

FY 2025

Mar 26, 2026

$118M-7.6%EPS -$0.09

Q4 2025

Mar 26, 2026

$30M+5.9%EPS $0.32

Q3 2025

Nov 13, 2025

$30M-2.9%EPS -$0.05

Q2 2025

Aug 7, 2025

$31M-9.5%EPS $0.11

Q1 2025

May 14, 2025

$27M-21.4%EPS -$0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$31M	$4M	$169.0K
Q2 22	$33M	$5M	$1M
Q3 22	$35M	$6M	$2M
Q4 22	$36M	$5M	$749.0K
Q1 23	$35M	$5M	$1M
Q2 23	$35M	$5M	$1M
Q3 23	$33M	$5M	$1M
Q4 23	$36M	$7M	$3M
Q1 24	$34M	$5M	$1M
Q2 24	$34M	$5M	$344.0K
Q3 24	$31M	$4M	-$467.0K
Q4 24	$29M	$3M	-$1M
Q1 25	$27M	$3M	-$2M
Q2 25	$31M	$5M	$742.0K
Q3 25	$30M	$5M	$945.0K
Q4 25	$30M	$5M	$901.0K

Valuation

Quarter	P/S	P/E
Q1 22	0.2x	3.1x
Q2 22	0.3x	4.0x
Q3 22	0.2x	3.9x
Q4 22	0.2x	16.3x
Q1 23	0.2x	11.3x
Q2 23	0.2x	10.6x
Q3 23	0.2x	11.5x
Q4 23	0.2x	3.8x
Q1 24	0.3x	5.6x
Q2 24	0.3x	5.8x
Q3 24	0.2x	7.1x
Q4 24	0.2x	—
Q1 25	0.2x	—
Q2 25	0.2x	—
Q3 25	0.2x	—
Q4 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1M	$962.0K
Q2 22	-$3M	-$4M
Q3 22	$3M	$2M
Q4 22	$4M	$4M
Q1 23	$2M	$1M
Q2 23	-$1M	-$2M
Q3 23	$2M	$2M
Q4 23	-$412.0K	-$575.0K
Q1 24	$3M	$2M
Q2 24	-$4M	-$5M
Q3 24	-$2M	-$2M
Q4 24	$793.0K	$503.0K
Q1 25	-$3M	-$3M
Q2 25	$157.0K	$58.0K
Q3 25	-$92.0K	-$242.0K
Q4 25	$6M	$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$529.0K
Q2 22	$694.0K
Q3 22	$507.0K
Q4 22	$683.0K
Q1 23	$496.0K
Q2 23	$460.0K
Q3 23	$165.0K
Q4 23	$163.0K
Q1 24	$744.0K
Q2 24	$276.0K
Q3 24	$40.0K
Q4 24	$290.0K
Q1 25	$268.0K
Q2 25	$99.0K
Q3 25	$150.0K
Q4 25	$661.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+39.1%	+26.0%
Q2 22	+7.7%	+5.8%
Q3 22	+19.8%	+35.8%
Q4 22	+6.4%	+1.5%
Q1 23	+13.6%	+10.8%
Q2 23	+7.7%	+7.7%
Q3 23	-5.4%	-3.3%
Q4 23	+1.2%	-4.3%
Q1 24	-1.9%	-2.3%
Q2 24	-3.2%	-1.1%
Q3 24	-5.9%	-1.2%
Q4 24	-20.6%	-10.6%
Q1 25	-21.4%	-13.8%
Q2 25	-9.5%	-10.8%
Q3 25	-2.9%	-7.3%
Q4 25	+5.9%	-1.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$48.0K	0.2%
Q2 22	$93.0K	0.3%
Q3 22	$93.0K	0.3%
Q4 22	$100.0K	0.3%
Q1 23	$99.0K	0.3%
Q2 23	$93.0K	0.3%
Q3 23	$107.0K	0.3%
Q4 23	$124.0K	0.3%
Q1 24	$80.0K	0.2%
Q2 24	$126.0K	0.4%
Q3 24	$128.0K	0.4%
Q4 24	$127.0K	0.4%
Q1 25	$118.0K	0.4%
Q2 25	$117.0K	0.4%
Q3 25	$134.0K	0.4%
Q4 25	$134.0K	0.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$328.0K	$3M	$833.0K
Q2 22	$351.0K	$3M	$960.0K
Q3 22	$475.0K	$3M	$959.0K
Q4 22	$309.0K	$3M	$967.0K
Q1 23	$276.0K	$3M	$890.0K
Q2 23	$317.0K	$3M	$953.0K
Q3 23	$314.0K	$3M	$923.0K
Q4 23	$292.0K	$3M	$832.0K
Q1 24	$318.0K	$3M	$805.0K
Q2 24	$291.0K	$3M	$909.0K
Q3 24	$284.0K	$3M	$891.0K
Q4 24	$298.0K	$3M	$841.0K
Q1 25	$326.0K	$3M	$1M
Q2 25	$302.0K	$3M	$1M
Q3 25	$266.0K	$3M	$1M
Q4 25	$278.0K	$3M	$1M

Revenue Segments

Quarter	Aerospace and Defense	Industrial	Medical Device	Medical Imaging
Q1 25	$3M	$7M	$8M	$9M
Q2 25	$5M	$9M	$8M	$10M
Q3 25	$4M	$8M	$8M	$10M

Revenue by Geography

Quarter	China	Mexico	United States
Q1 25	$4M	$7M	$16M
Q2 25	$5M	$8M	$18M
Q3 25	$5M	$7M	$18M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$841.0K	$0	$841.0K
Q2 22	$944.0K	$0	$944.0K
Q3 22	$1M	$0	$1M
Q4 22	$1M	$0	$1M
Q1 23	$1M	$0	$1M
Q2 23	$781.0K	$0	$781.0K
Q3 23	$699.0K	$0	$699.0K
Q4 23	$960.0K	$0	$960.0K
Q1 24	$4M	$0	$4M
Q2 24	$2M	$0	$2M
Q3 24	$1M	$0	$1M
Q4 24	$916.0K	$0	$916.0K
Q1 25	$1M	$0	$1M
Q2 25	$652.0K	$0	$652.0K
Q3 25	$1M	$0	$1M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	3M	-0.3%	+8.0%
Q2 22	3M	+0.5%	+4.3%
Q3 22	3M	+0.4%	+0.7%
Q4 22	3M	-7.4%	-6.8%
Q1 23	3M	+8.1%	+1.1%
Q2 23	3M	-1.1%	-0.6%
Q3 23	3M	+0.6%	-0.4%
Q4 23	3M	-0.3%	+7.2%
Q1 24	3M	0.0%	-0.8%
Q2 24	3M	+1.9%	+2.3%
Q3 24	3M	-6.0%	-4.4%
Q4 24	3M	-0.1%	-4.3%
Q1 25	3M	+0.1%	-4.1%
Q2 25	3M	+7.0%	+0.7%
Q3 25	3M	-5.7%	+0.9%
Q4 25	3M	-0.3%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$511.9K	60
Q2 22	$542.0K	60
Q3 22	$587.9K	60
Q4 22	$848.0K	42
Q1 23	$830.7K	42
Q2 23	$833.8K	42
Q3 23	$794.5K	42
Q4 23	$858.4K	42
Q1 24	$814.6K	42
Q2 24	$806.9K	42
Q3 24	$747.8K	42
Q4 24	$681.4K	42
Q1 25	$640.4K	42
Q2 25	$730.4K	42
Q3 25	$725.8K	42
Q4 25	$721.7K	42

Revenue / Employee