BK科技公司2025年季度报告

BK Technologies Corporation Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ There were3,673,594shares of common stock, $0.60 par value, of the registrant outstanding as of May 8, 2025. TABLE OF CONTENTS PART I - FINANCIAL INFORMATION3Item 1.FINANCIAL STATEMENTS3Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS17Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK25Item 4.CONTROLS AND PROCEDURES26PART II - OTHER INFORMATION28Item 1A.RISK FACTORS28Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS29Item 6.EXHIBITS30SIGNATURES312 BK TECHNOLOGIES CORPORATIONCondensed Consolidated Balance Sheets(In thousands, except share data)(Unaudited) BK TECHNOLOGIES CORPORATIONCondensed Consolidated Statements of Operations(In thousands, except share and per share data) (Unaudited) BK TECHNOLOGIES CORPORATIONCondensed Consolidated Statements of Cash Flows(In thousands) (Unaudited) BK TECHNOLOGIES CORPORATIONNotes to Condensed Consolidated Financial StatementsThree Months Ended March 31, 2025 and 2024 Note1.Condensed Consolidated Financial Statements Basis of Presentation The condensed consolidated balance sheet as ofMarch 31, 2025, the condensed consolidated statements of operations for thethreemonths endedMarch 31, 2025, and2024, and the condensed consolidated statements of cash flows for thethreemonths endedMarch 31, 2025, and2024, have beenprepared by BK Technologies Corporation (the “Company,” “we,” “us,” “our”), and are unaudited but include all adjustments, including normal recurringadjustments, which, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations, and cash flows These condensed consolidated financial statements have been prepared in accordance with the requirements of Article8of Regulation S-Xand theinstructions to Form10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance withaccounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial Principles of Consolidation The accounts of the Company have been included in the accompanying condensed consolidated financial statements. All significant intercompanybalances and transactions have been eliminated in consolidation. The Company consolidates entities in which it has a controlling financial interest. When the Company doesnothave a controlling financial interestin an entity but exerts significant influence over the entity’s operating and financial policies (generally defined as owning a voting or economic interest ofbetween20%to50%), the Company’s investment is accounted for under the equity method of accounting. If the Company doesnothave a controlling Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, trade accounts receivable, investments, accounts payable, accruedexpenses, notes payable, credit facilities, and other liabilities. As ofMarch 31, 2025, andDecember 31, 2024, the carrying amount of cash and cashequivalents, trade accounts receivable, accounts payable, accrued expenses, notes payable, credit facilities, and other liabilities approximated their EffectiveSeptember 14, 2022,the Company had an investment in Series B common membership interests of FG Financial Holdings, LLC (“FGHoldings LLC”). As further discussed in Note7,the Company recorded the investment according to guidance provided by ASC820“Fair ValueMeasurement,” as the Company didnothave a controlling financial interest in, nor exerted significant influence over the acti