- Revenue increased 16.7% to $4.29M in FY2024.
- Net income per share improved 60% to $0.08 in FY2024.
- Strategic acquisition of a majority stake in Morgan Group Holding Co. (MGHL).
The LGL Group, Inc. (LGL, Financial) has announced its 2025 Annual Meeting scheduled for June 2, in Greenwich, Connecticut. The company presented its financial results for the fiscal year 2024, showing a 16.7% increase in total revenues to $4.29 million, up from $3.68 million in 2023. Net income per diluted share rose to $0.08 from $0.05, marking a 60% improvement.
A significant development is the strategic investment in Morgan Group Holding Co. (MGHL), where LGL purchased 1 million newly issued shares at $2.00 per share. This acquisition expands LGL's portfolio into the financial services sector, gaining access to MGHL's subsidiary G.research, which manages over $5 billion in private client assets.
The company's P3 Division has developed AI-driven Tactical Edge Computing prototypes aimed at defense and agricultural applications. This development positions LGL to engage in high-demand technological sectors, emphasizing local data processing which is crucial for modern military operations.
Financially, LGL maintains a strong liquidity position with $41.6 million in cash and marketable securities as of December 2024. However, the gross margin fell to 53.0% from 53.9% in 2023, due to increased costs and sales of lower-margin products during Q3 2024.
LGL's strategic moves, including the addition of Vice Admiral Colin Kilrain to its Board of Directors, emphasize its focus on defense sector opportunities, bolstering its expertise in military requirements and procurement processes.
