Nortech Systems Inc 2026年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromto NORTECH SYSTEMS INCORPORATED Commission file number0-13257 State of Incorporation:Minnesota IRS Employer Identification No.41-1681094 Executive Offices:7550 Meridian Circle N., Suite # 150, Maple Grove, MN 55369 Telephone number:(952) 345-2244 Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $.01 per shareNSYSNASDAQ Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 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 requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☐Non-accelerated Filer☒Emerging growth company☐ Accelerated Filer☐Smaller Reporting Company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any 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☒ Number of shares of $0.01 par value common stock outstanding as of May 6, 2026 was 2,794,534. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1 - Financial StatementsCondensed Consolidated Statements of Operations and Comprehensive Income (Loss)3Condensed Consolidated Balance Sheets4Condensed Consolidated Statements of Cash Flows5-6Condensed Consolidated Statements of Shareholders’ Equity7Notes to Condensed Consolidated Financial Statements8-17Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations18Item 3 - Quantitative and Qualitative Disclosures About Market Risk22Item 4 - Controls and Procedures22 PART II – OTHER INFORMATION Item 1 - Legal Proceedings23Item 1A. - Risk Factors23Item 2 - Unregistered Sales of Equity Securities, Use of Proceeds23Item 3 - Defaults on Senior Securities23Item 4 - Mine Safety Disclosures23Item 5 - Other Information23Item 6 - Exhibits23SIGNATURES24 NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE INCOME (LOSS)(UNAUDITED)(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(IN THOUSANDS) NORTECH SYSTEMS INCORPORATED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(IN THOUSANDS) NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)(UNAUDITED) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements for the interim periods have been prepared in accordancewith Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) for interim financial information andpursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the Company has omittedfootnote disclosures that would substantially duplicate the disclosures contained in the Company’s audited consolidated financialstatements. These unaudited condensed consolidated financial statements should be read together with the audited consolidatedfinancial statements for the year ended December 31, 2025, and notes thereto included in our Annual Report on Form 10-K as filedwith the SEC. The condensed consolidated financial statements include the accounts of Nortech Systems Incorporated and its wholly ownedsubsidiaries. All significant intercompany accounts and transactions have been eliminated. All dollar amounts are stated in thousandsof U.S. dollars. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make