# EDGAR Filing Document

**Accession Number:** 0000061004
**File Stem:** 0001437749-25-026961
**Filing Date:** 2025-8
**Character Count:** 150001
**Document Hash:** 5b15c367ffcdeb02311191a41031a0c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026961.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001437749-25-026961

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LGL GROUP INC
- **CENTRAL INDEX KEY:** 0000061004
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS, NEC [3679]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 381799862
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00106
- **FILM NUMBER:** 251219829

**BUSINESS ADDRESS:**
- **STREET 1:** 2525 SHADER ROAD
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804
- **BUSINESS PHONE:** (407) 298-2000

**MAIL ADDRESS:**
- **STREET 1:** 2525 SHADER ROAD
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LYNCH CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? lglg20250630_10q.htm

[**Table of Contents**](#toc)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM 10-Q**

**(Mark One)**

**☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025**

**OR**

**☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ____________ to ____________**

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**Commission File No. <u>001-00106</u>**

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![logo.jpg](logo.jpg)

**The LGL Group, Inc.**

**(Exact Name of Registrant as Specified in Its Charter)**

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---

| | |
|:---|:---|
| **Delaware** | **38-1799862** |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **2525 Shader Rd., Orlando, Florida** | **32804** |
| (Address of principal executive offices) | (Zip Code) |

---

**(Registrant**'**s telephone number, including area code): <u>(407) 298-2000</u>**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 | LGL | NYSE American |
| Warrants to Purchase Common Stock, par value $0.01 | LGL WS | NYSE American |

---

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 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 ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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 growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 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 ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of July 31, 2025, the registrant had 5,394,253 shares of common stock, $0.01 par value per share, outstanding.

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[**Table of Contents**](#toc)

**The LGL Group, Inc.**

**Form 10-Q for the Period Ended June 30, 2025**

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| [**PART I.**](#Part1) | [**FINANCIAL INFORMATION**](#Part1) | [**FINANCIAL INFORMATION**](#Part1) |  |
| Item 1. | [Financial Statements (Unaudited)](#Part1Item1) | [Financial Statements (Unaudited)](#Part1Item1) |  |
|  | [Condensed Consolidated Balance Sheets](#BS) | [Condensed Consolidated Balance Sheets](#BS) | [2](#BS) |
|  | [Condensed Consolidated Statements of Operations](#IS) | [Condensed Consolidated Statements of Operations](#IS) | [3](#IS) |
|  | [Condensed Consolidated Statements of Stockholders' Equity](#Equity) | [Condensed Consolidated Statements of Stockholders' Equity](#Equity) | [4](#Equity) |
|  | [Condensed Consolidated Statements of Cash Flows](#CF) | [Condensed Consolidated Statements of Cash Flows](#CF) | [6](#CF) |
|  | [Notes to the Condensed Consolidated Financial Statements](#NoteBasis) | [Notes to the Condensed Consolidated Financial Statements](#NoteBasis) |  |
|  | 1. | [Basis of Presentation](#NoteBasis) | [7](#NoteBasis) |
|  | 2. | [Summary of Significant Accounting Policies](#NoteSigAcctPol) | [7](#NoteSigAcctPol) |
|  | 3. | [Segment Information](#NoteSegments) | [8](#NoteSegments) |
|  | 4. | [Investments](#NoteInvestments) | [12](#NoteInvestments) |
|  | 5. | [Fair Value Measurements](#NoteFV) | [13](#NoteFV) |
|  | 6. | [Variable Interest Entities](#NoteVIEs) | [14](#NoteVIEs) |
|  | 7. | [Related Party Transactions](#NoteRP) | [15](#NoteRP) |
|  | 8. | [Income Taxes](#NoteTaxes) | [16](#NoteTaxes) |
|  | 9. | [Stock-Based Compensation](#NoteSBC) | [17](#NoteSBC) |
|  | 10. | [Stockholders' Equity](#NoteEquity) | [17](#NoteEquity) |
|  | 11. | [Earnings Per Share](#NoteEPS) | [18](#NoteEPS) |
|  | 12. | [Contingencies](#NoteContingencies) | [18](#NoteContingencies) |
|  | 13. | [Other Financial Statement Information](#NoteOtherFSInfo) | [18](#NoteOtherFSInfo) |
|  | 14. | [Domestic and Foreign Revenues](#NoteForeignRev) | [19](#NoteForeignRev) |
|  | 15. | [Subsequent Events](#NoteSubEvents) | [19](#NoteSubEvents) |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Part1Item2) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Part1Item2) | [20](#Part1Item2) |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#Part1Item3) | [Quantitative and Qualitative Disclosures About Market Risk](#Part1Item3) | [27](#Part1Item3) |
| Item 4. | [Controls and Procedures](#Part1Item4) | [Controls and Procedures](#Part1Item4) | [27](#Part1Item4) |
| [**PART II.**](#Part2) | [**OTHER INFORMATION**](#Part2) | [**OTHER INFORMATION**](#Part2) |  |
| Item 1. | [Legal Proceedings](#Part2Item1) | [Legal Proceedings](#Part2Item1) | [28](#Part2Item1) |
| Item 1A. | [Risk Factors](#Part2Item1A) | [Risk Factors](#Part2Item1A) | [28](#Part2Item1A) |
| Item 5. | [Other Information](#Part2Item5) | [Other Information](#Part2Item5) | [28](#Part2Item5) |
| Item 6. | [Exhibits](#Item6) | [Exhibits](#Item6) | [29](#Item6) |
|  | [Signatures](#Signatures) | [Signatures](#Signatures) | [30](#Signatures) |

---

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[**Table of Contents**](#toc)

**Cautionary Statement Concerning Forward-Looking Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain statements contained in this Quarterly Report on Form 10-Q of The LGL Group, Inc. ("LGL Group" or the "Company") and the Company's other communications and statements, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal" and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Therefore, such statements are not intended to be a guarantee of the Company's performance in future periods. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. For information concerning these factors and related matters, see "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC") on March 31, 2025, this Quarterly Report on Form 10-Q and our other filings with the SEC. However, other factors besides those referenced could adversely affect the Company's results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this Quarterly Report on Form 10-Q. The Company does not undertake to update any forward-looking statement, except as required by law. As a result, you should not place undue reliance on these forward-looking statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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[**Table of Contents**](#toc)

**PART I**

**FINANCIAL INFORMATION**

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| | |
|:---|:---|
| **Item 1.** | **Financial Statements** |

---

**The LGL Group, Inc.** 

**Condensed Consolidated Balance Sheets**

***(Unaudited)***

---

| | | |
|:---|:---|:---|
| *(in thousands, except share data)* | ***June 30, 2025*** | ***December 31, 2024*** |
| **Assets:** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $41735 | $41585 |
| Marketable securities | 26 | 17 |
| Accounts receivable, net of reserves of $52 and $52, respectively | 263 | 493 |
| Inventories, net | 254 | 267 |
| Prepaid expenses and other current assets | 237 | 280 |
| Total current assets | 42515 | 42642 |
| Right-of-use lease assets | 276 | 308 |
| Intangible assets, net | 25 | 36 |
| Deferred income tax assets | 214 | 159 |
| **Total assets** | $**43030** | $**43145** |
| **Liabilities:** |  |  |
| Current liabilities: |  |  |
| Accounts payable | 277 | 333 |
| Accrued compensation and commissions | 242 | 291 |
| Income taxes payable | 84 | 79 |
| Other accrued expenses | 278 | 201 |
| Total current liabilities | 881 | 904 |
| Other liabilities | 1017 | 1001 |
| **Total liabilities** | **1898** | **1905** |
| Contingencies (Note 12) |  |  |
| **Stockholders' equity:** |  |  |
| Common stock ($0.01 par value; 30,000,000 shares authorized; 5,470,795 and 5,454,639 shares issued as of June 30, 2025 and December 31, 2024, respectively, and 5,389,211 and 5,373,055 shares outstanding as of June 30, 2025 and December 31, 2024, respectively) | 53 | 53 |
| Treasury stock, at cost (81,584 shares as of June 30, 2025 and December 31, 2024) | (580*)* | (580*)* |
| Additional paid-in capital | 46309 | 46385 |
| Accumulated deficit | (6685*)* | (6628*)* |
| **Total LGL Group stockholders' equity** | **39097** | **39230** |
| Non-controlling interests | 2035 | 2010 |
| **Total stockholders' equity** | **41132** | **41240** |
| **Total liabilities and stockholders' equity** | $**43030** | $**43145** |

---

*See accompanying Notes to the Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**The LGL Group, Inc.** 

**Condensed Consolidated Statements of Operations**

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| *(in thousands, except share data)* | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Revenues:** |  |  |  |  |
| Net sales | $491 | $531 | $989 | $923 |
| Net investment income | 428 | 538 | 845 | 1037 |
| Net gains (losses) | 5 | (1*)* | 8 | (4*)* |
| **Total revenues** | **924** | **1068** | **1842** | **1956** |
| **Expenses:** |  |  |  |  |
| Manufacturing cost of sales | 211 | 214 | 448 | 418 |
| Engineering, selling and administrative | 744 | 617 | 1384 | 1222 |
| **Total expenses** | **955** | **831** | **1832** | **1640** |
| **(Loss) income from operations before income taxes** | **(31***)* | **237** | **10** | **316** |
| Income tax expense | 14 | 76 | 42 | 112 |
| **Net (loss) income** | **(45***)* | **161** | **(32***)* | **204** |
| Less: Net income attributable to non-controlling interests | 6 | 24 | 25 | 46 |
| **Net (loss) income attributable to LGL Group common stockholders** | $**(51** ***)*** | $**137** | $**(57** ***)*** | $**158** |
| **(Loss) income per common share attributable to LGL Group common stockholders:** |  |  |  |  |
| Basic | $(0.01 *)* | $0.03 | $(0.01 *)* | $0.03 |
| &nbsp;&nbsp;&nbsp; Diluted | $(0.01 *)* | $0.02 | $(0.01 *)* | $0.03 |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | 5352937 | 5352937 | 5352937 | 5352937 |
| Diluted | 5352937 | 5482543 | 5352937 | 5548869 |

---

*See accompanying Notes to the Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**The LGL Group, Inc.**

**Condensed Consolidated Statements of Stockholders**' **Equity**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | ***Common Stock*** | ***Treasury Stock*** | ***Additional Paid-In Capital*** | ***Accumulated Deficit*** | ***Total LGL Stockholders' Equity*** | ***Non-Controlling Interests*** | ***Total Equity*** |
| **Balance at March 31, 2025** | $**53** | $**(580** ***)*** | $**46394** | $**(6634** ***)*** | $**39233** | $**2029** | $**41262** |
| Net (loss) income attributable to LGL Group or non-controlling interests |  |  |  | (51*)* | (51*)* | 6 | (45*)* |
| Stock-based compensation |  |  | 17 |  | 17 |  | 17 |
| Warrant-related costs |  |  | (102*)* |  | (102*)* |  | (102*)* |
| **Balance at June 30, 2025** | $**53** | $**(580** ***)*** | $**46309** | $**(6685** ***)*** | $**39097** | $**2035** | $**41132** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | ***Common Stock*** | ***Treasury Stock*** | ***Additional Paid-In Capital*** | ***Accumulated Deficit*** | ***Total LGL Stockholders' Equity*** | ***Non-Controlling Interests*** | ***Total Equity*** |
| **Balance at March 31, 2024** | $**53** | $**(580** ***)*** | $**46358** | $**(7039** ***)*** | $**38792** | $**1942** | $**40734** |
| Net income attributable to LGL Group or non-controlling interests |  |  |  | 137 | 137 | 24 | 161 |
| Stock-based compensation |  |  | 9 |  | 9 |  | 9 |
| Warrant-related costs |  |  |  |  |  |  |  |
| **Balance at June 30, 2024** | $**53** | $**(580** ***)*** | $**46367** | $**(6902** ***)*** | $**38938** | $**1966** | $**40904** |

---

*See accompanying Notes to the Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**The LGL Group, Inc.**

**Condensed Consolidated Statements of Stockholders**' **Equity**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | ***Common Stock*** | ***Treasury Stock*** | ***Additional Paid-In Capital*** | ***Accumulated Deficit*** | ***Total LGL Stockholders' Equity*** | ***Non-Controlling Interests*** | ***Total Equity*** |
| **Balance at December 31, 2024** | $**53** | $**(580** ***)*** | $**46385** | $**(6628** ***)*** | $**39230** | $**2010** | $**41240** |
| Net (loss) income attributable to LGL Group or non-controlling interests |  |  |  | (57*)* | (57*)* | 25 | (32*)* |
| Stock-based compensation |  |  | 26 |  | 26 |  | 26 |
| Warrant-related costs |  |  | (102*)* |  | (102*)* |  | (102*)* |
| **Balance at June 30, 2025** | $**53** | $**(580** ***)*** | $**46309** | $**(6685** ***)*** | $**39097** | $**2035** | $**41132** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | ***Common Stock*** | ***Treasury Stock*** | ***Additional Paid-In Capital*** | ***Accumulated Deficit*** | ***Total LGL Stockholders' Equity*** | ***Non-Controlling Interests*** | ***Total Equity*** |
| **Balance at December 31, 2023** | $**53** | $**(580** ***)*** | $**46349** | $**(7060** ***)*** | $**38762** | $**1920** | $**40682** |
| Net income attributable to LGL Group or non-controlling interests |  |  |  | 158 | 158 | 46 | 204 |
| Stock-based compensation |  |  | 18 |  | 18 |  | 18 |
| Warrant-related costs |  |  |  |  |  |  |  |
| **Balance at June 30, 2024** | $**53** | $**(580** ***)*** | $**46367** | $**(6902** ***)*** | $**38938** | $**1966** | $**40904** |

---

*See accompanying Notes to the Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**The LGL Group, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(*Unaudited*)**

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| | | |
|:---|:---|:---|
|  | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| *(in thousands, except share data)* | ***2025*** | ***2024*** |
| **Cash flows from operating activities:** |  |  |
| Net (loss) income | $(32*)* | $204 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| Noncash revenues, expenses, gains and losses included in income: |  |  |
| Amortization of finite-lived intangible assets | 11 | 11 |
| Stock-based compensation | 26 | 18 |
| Unrealized loss (gain) on marketable securities | (9*)* | 4 |
| Deferred income taxes | (33*)* | 17 |
| Changes in operating assets and liabilities: |  |  |
| Decrease in accounts receivable, net | 230 | 17 |
| Decrease (increase) in inventories, net | 13 | (132*)* |
| Decrease in prepaid expenses and other assets | 43 | 37 |
| (Increase) decrease in accounts payable, accrued compensation, income taxes and commissions and other | (99*)* | 187 |
| Total adjustments | 182 | 159 |
| **Net cash provided by operating activities** | **150** | **363** |
| Increase in cash and cash equivalents | 150 | 363 |
| Cash and cash equivalents at beginning of period | 41585 | 40711 |
| **Cash and cash equivalents at end of period** | $**41735** | $**41074** |
| **Non-cash financing activity:** |  |  |
| &nbsp;&nbsp;&nbsp; Warrant-related costs | $(102*)* | $— |
| **Supplemental disclosure:** |  |  |
| Income taxes paid | $47 | $76 |

---

*See accompanying Notes to the Condensed Consolidated Financial Statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

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***1.* Basis of Presentation**

The LGL Group, Inc. is a holding company engaged in services, merchant investment, and manufacturing business activities. The Company was incorporated in *1928* under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in *2007.* Unless the context indicates otherwise, the terms "LGL," "LGL Group," "we," "us," "our," or the "Company" mean The LGL Group, Inc. and its consolidated subsidiaries.

The Company's manufacturing business is operated through its subsidiary Precise Time and Frequency, LLC ("PTF"), which has operations in Wakefield, Massachusetts. PTF is engaged in the design of high-performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications.

These unaudited Condensed Consolidated Financial Statements do *not* include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form *10*-K for the year ended *December 31, 2024* (the "*2024* Annual Report") filed with the Securities and Exchange Commission (the "SEC") on *March 31, 2025*. The consolidated financial information as of *December 31, 2024* included herein has been derived from the audited Consolidated Financial Statements in the *2024* Annual Report

The Condensed Consolidated Financial Statements include the accounts of The LGL Group, Inc., its majority-owned subsidiaries, and variable interest entities ("VIEs") of which we are the primary beneficiary.

In the opinion of management, these Condensed Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments, including eliminations of material intercompany accounts and transactions) considered necessary for a fair statement of the results presented herein. Operating results for the *three* and *six* months ended *June 30, 2025* are *not* necessarily indicative of the results that *may* be expected for the full year ending *December 31, 2025*.

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***2.* Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the *three* and *six* months ended *June 30, 2025*, there were *no* material changes to our significant accounting policies included in the *2024* Annual Report. *For additional information, refer to Note *2* to the audited Consolidated Financial Statements in the *2024* Annual Report.*

***Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

***Impairment of Long-Lived Assets***

Long-lived assets, including intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset *may not* be recoverable. Long-lived assets are grouped with other assets to the lowest level to which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Management assesses the recoverability of the carrying cost of the assets based on a review of projected undiscounted cash flows. If an asset is held for sale, management reviews its estimated fair value less cost to sell. Fair value is determined using pertinent market information, including appraisals or broker's estimates, and/or projected discounted cash flows. In the event an impairment loss is identified, it is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset.

We performed an assessment to determine if there were any indicators of impairment as a result of the operating conditions resulting as of the periods ended *June 30, 2025* and *December 31, 2024*. We concluded that, while there were events and circumstances in the macro-environment that did impact us, we did *not* experience any entity-specific indicators of asset impairment and *no* triggering events occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

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***Accounting Standards Adopted***

*Segment Reporting*

In *November 2023,* the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") *2023*-*07,* "*Segment Reporting (Topic *280*) - Improvements to Reportable Segment Disclosures*" ("ASU *2023*-*07"*), to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the report measure(s) of segment profits or losses in assessing segment performance. The provisions of the standard are effective for public companies for fiscal years beginning after *December 15, 2023,* and interim periods within fiscal years beginning after *December 15, 2024,* with early adoption permitted. The standard is applied retrospectively to all prior periods presented. The Company adopted this standard in *December 2024.* Refer to Note *3* - Segment Information for further information.

***Future Application of Accounting Standards***

*Disaggregation of Income Statement Expenses*

In *November 2024,* the FASB issued ASU *2024*-*03,* "*Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses*" ("ASU **2024*-*03"*). The standard requires additional disclosure of certain costs and expenses within the notes to the financial statements. The provisions of the standard are effective for annual reporting periods beginning after *December 15, 2026,* and interim reporting periods beginning after *December 15, 2027,* with early adoption permitted. This accounting standards update *may* be applied either prospectively or retrospectively. We are assessing the impact of this standard.

*Income Taxes*

In *December 2023,* the FASB issued ASU *2023*-*09, "Income Taxes (Topic *740*) - Improvements to Income Tax Disclosures"* ("ASU *2023*-*09"*). The standard requires disaggregated information about a company's effective tax rate reconciliation as well as information on income taxes paid. The provisions of the standard are effective for public companies for fiscal years beginning after *December 15, 2024,* with early adoption permitted. This standard applies prospectively; however, retrospective application is permitted. We are assessing the impact of this standard.

------

***3.* Segment Information**

***Chief Operating Decision Maker***

The Company's chief operating decision maker ("CODM") is the Chief Executive Officer.

***Reportable Segments***

The Company reports its results from operations consistent with the manner in which the CODM reviews the business to assess performance and allocate resources. As such, the Company report its results in two reportable business segments: Electronic Instruments and Merchant Investment. A brief description of each segment is below:

The Electronic Instruments segment includes all products manufactured and sold by PTF.

The Merchant Investment segment includes all activity produced by Lynch Capital International, LLC ("Lynch Capital").

The Company includes in Corporate the following corporate and business activities:

• corporate level assets and financial obligations such as cash and cash equivalents invested in highly liquid U.S. Treasury money market funds and other marketable securities;

• other items *not* allocated to or directly related to the Company's operating segments, including items such as deferred tax balances; and

• intercompany eliminations.

***Measure of Segment Profit or Loss and Segment Assets***

The accounting policies used in both the Electronic Instruments and Merchant Investment segments are the same as those described in Note **2* – Summary of Significant Accounting Policies.

The CODM assesses the performance of and decide how to allocate resources to each reporting segment based on Segment profit (loss), which is total revenues less Manufacturing cost of sales and Engineering, selling, and administrative. The CODM uses Segment profit (loss) to evaluate the overall profitability of the Electronic Instruments, Merchant Investment, and Corporate segments. Additionally, the CODM uses Segment profit (loss) to allocate resources in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances when making decisions about allocating capital to each segment.

The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as consolidated Total assets. The CODM uses Total assets of each segment to allocate overhead expenses incurred by the Corporate segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

------

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

The following tables presents LGL Group's operations by segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Consolidated*** |
| **Revenues:** |  |  |  |  |
| Net sales | $491 | $— | $— | $491 |
| Net investment income |  | 262 | 166 | 428 |
| Net gains (losses) |  |  | 5 | 5 |
| **Total revenues** | **491** | **262** | **171** | **924** |
| **Less:** |  |  |  |  |
| Manufacturing cost of sales | 211 |  |  | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering | 57 |  |  | 57 |
| Commissions | 21 |  |  | 21 |
| Sales and marketing | 35 |  |  | 35 |
| Accounting |  |  | 50 | 50 |
| Compensation | 52 |  | 157 | 209 |
| Corporation allocations <sup>(a)</sup> | 11 | 93 | (104*)* |  |
| Other segment items <sup>(b)</sup> | 36 | 21 | 315 | 372 |
| Engineering, selling and administrative | 212 | 114 | 418 | 744 |
| **Total expenses** | **423** | **114** | **418** | **955** |
| **Segment profit (loss)** | $**68** | $**148** | $**(247** ***)*** | $**(31***)* |
| *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* |
| Adjustments and reconciling items |  |  |  | *—* |
| **Loss from operations before income taxes** |  |  |  | $**(31** ***)*** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Consolidated*** |
| **Revenues:** |  |  |  |  |
| Net sales | $531 | $— | $— | $531 |
| Net investment income |  | 315 | 223 | 538 |
| Net gains (losses) |  |  | (1*)* | (1*)* |
| **Total revenues** | **531** | **315** | **222** | **1068** |
| **Less:** |  |  |  |  |
| Manufacturing cost of sales | 214 |  |  | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering | 48 |  |  | 48 |
| Commissions | 36 |  |  | 36 |
| Sales and marketing | 47 |  |  | 47 |
| Accounting |  |  | 32 | 32 |
| Compensation | 62 |  | 146 | 208 |
| Corporation allocations <sup>(a)</sup> | 10 | 77 | (87*)* |  |
| Other segment items <sup>(b)</sup> | 40 | 1 | 205 | 246 |
| Engineering, selling and administrative | 243 | 78 | 296 | 617 |
| **Total expenses** | **457** | 78 | **296** | **831** |
| **Segment profit (loss)** | $**74** | $**237** | $**(74***)* | $**237** |
| *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* |
| Adjustments and reconciling items |  |  |  | *—* |
| **Loss from operations before income taxes** |  |  |  | $**237** |

---

<sup>(a)</sup> The Electronic Instruments and Merchant Investment segments are allocated overhead expenses from the Corporate segment based on each segment's asset as a percentage of Total assets.

---

| | |
|:---|:---|
| <sup>(b)</sup> | Other segment items for each reportable segment includes the following: |
|  | *Electronic Instruments* - rent, amortization, professional service fees, and certain other overhead expenses. |
|  | *Merchant Investment* - legal expense and certain other overhead expenses. |
|  | *Corporate* - legal expense, insurance expense, filing fees, fees paid to MtronPTI under Amended and Restated Transitional Administrative and Management Services agreement, and certain other overhead expenses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

------

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Consolidated*** |
| **Revenues:** |  |  |  |  |
| Net sales | $989 | $— | $— | $989 |
| Net investment income |  | 509 | 336 | 845 |
| Net gains (losses) |  |  | 8 | 8 |
| **Total revenues** | **989** | **509** | **344** | **1842** |
| **Less:** |  |  |  |  |
| Manufacturing cost of sales | 448 |  |  | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering | 114 | *—* |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions | 40 | *—* |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 92 | *—* |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting |  | *—* | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation | 108 | *—* | 349 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation allocations <sup>(a)</sup> | 22 | 186 | (208) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items <sup>(b)</sup> | 78 | 22 | 456 | 556 |
| Engineering, selling and administrative | 454 | 208 | 722 | 1384 |
| **Total expenses** | **902** | **208** | **722** | **1832** |
| **Segment profit (loss)** | $**87** | $**301** | $**(378)** | $**10** |
| *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* |
| Adjustments and reconciling items |  |  |  | *—* |
| **Income from operations before income taxes** |  |  |  | $**10** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Consolidated*** |
| **Revenues:** |  |  |  |  |
| Net sales | $923 | $— | $— | $923 |
| Net investment income |  | 604 | 433 | 1037 |
| Net gains (losses) |  |  | (4*)* | (4*)* |
| **Total revenues** | **923** | 604 | **429** | **1956** |
| **Less:** |  |  |  |  |
| Manufacturing cost of sales | 418 |  |  | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engineering | 87 |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions | 55 |  |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 80 |  |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting |  |  | 188 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation | 120 |  | 276 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation allocations <sup>(a)</sup> | 19 | 126 | (145*)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items <sup>(b)</sup> | 68 | 1 | 347 | 416 |
| Engineering, selling and administrative | 429 | 127 | 666 | 1222 |
| **Total expenses** | **847** | 127 | **666** | **1640** |
| **Segment profit (loss)** | $**76** | $**477** | $**(237** ***)*** | $**316** |
| *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* | *Reconciliation of Segment profit (loss) to Income (loss) from operations before income taxes* |
| Adjustments and reconciling items |  |  |  | *—* |
| **Income from operations before income taxes** |  |  |  | $**316** |

---

<sup>(a)</sup> The Electronic Instruments and Merchant Investment segments are allocated overhead expenses from the Corporate segment based on each segment's asset as a percentage of Total assets.

---

| | |
|:---|:---|
| <sup>(b)</sup> | Other segment items for each reportable segment includes the following: |
|  | *Electronic Instruments* - rent, amortization, professional service fees, and certain other overhead expenses. |
|  | *Merchant Investment* - legal expense and certain other overhead expenses. |
|  | *Corporate* - legal expense, insurance expense, filing fees, fees paid to MtronPTI under Amended and Restated Transitional Administrative and Management Services agreement, and certain other overhead expenses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***Other Segment Disclosures***

The following tables presents other segment information by segment for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** | ***Three Months Ended June 30, 2025*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Total*** | ***Adjustments and Reconciling Items*** | ***Consolidated*** |
| Interest revenue <sup>(a)</sup> | $— | $262 | $166 | $428 | $— | $428 |
| Amortization <sup>(b)</sup> | 5 |  |  | 5 |  | 5 |
| Other significant non-cash items: |  |  |  |  |  |  |
| Stock-based compensation <sup>(c)</sup> |  |  | 17 | 17 |  | 17 |
| Capital expenditures |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** | ***Three Months Ended June 30, 2024*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Total*** | ***Adjustments and Reconciling Items*** | ***Consolidated*** |
| Interest revenue <sup>(a)</sup> | $— | $315 | $223 | $538 | $— | $538 |
| Amortization <sup>(b)</sup> | 6 |  |  | 6 |  | 6 |
| Other significant non-cash items: |  |  |  |  |  |  |
| Stock-based compensation <sup>(c)</sup> |  |  | 9 | 9 |  | 9 |
| Capital expenditures |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Total*** | ***Adjustments and Reconciling Items*** | ***Consolidated*** |
| Interest revenue <sup>(a)</sup> | $— | $509 | $336 | $845 | $— | $845 |
| Amortization <sup>(b)</sup> | 11 |  |  | 11 |  | 11 |
| Other significant non-cash items: |  |  |  |  |  |  |
| Stock-based compensation <sup>(c)</sup> |  |  | 26 | 26 |  | 26 |
| Capital expenditures |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** | ***Six Months Ended June 30, 2024*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Total*** | ***Adjustments and Reconciling Items*** | ***Consolidated*** |
| Interest revenue <sup>(a)</sup> | $— | $604 | $433 | $1037 | $— | $1037 |
| Amortization <sup>(b)</sup> | 11 |  |  | 11 |  | 11 |
| Other significant non-cash items: |  |  |  |  |  |  |
| Stock-based compensation <sup>(c)</sup> |  |  | 18 | 18 |  | 18 |
| Capital expenditures |  |  |  |  |  |  |

---

<sup>(a)</sup> Interest revenue is included in Net investment income on the Condensed Consolidated Statements of Operations.

<sup>(b)</sup> Amortization is included within the other segment expense captions such as Manufacturing cost of sales, Engineering or Other segment items.

<sup>(c)</sup> Stock-based compensation is included within the Compensation expense caption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

The following table presents LGL Group's identifiable assets by segment as of *June 30, 2025* and *December 31, 2024*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** |
|  | ***Electronic Instruments*** | ***Merchant Investment*** | ***Corporate*** | ***Total*** | ***Adjustments and Reconciling Items*** | ***Consolidated*** |
| Total assets | $1072 | $25235 | $16723 | $43030 | $— | $43030 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Electronic Instruments** | **Merchant Investment** | **Corporate** | **Total** | **Adjustments and Reconciling Items** | **Consolidated** |
| Total assets | $1249 | $24748 | $17148 | $43145 | $— | $43145 |

---

------

***4.* Investments**

***Marketable Securities***

Details of marketable securities held as of *June 30, 2025* and *December 31, 2024* are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** |
|  |  |  | ***Cumulative*** |
|  |  |  | ***Unrealized*** |
|  | ***Fair Value*** | ***Basis*** | ***(Loss) Gain*** |
| Equity securities | $26 | $34 | $(8*)* |
| **Total** | $**26** | $**34** | $**(8** ***)*** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  | ***Cumulative*** |
|  |  |  | ***Unrealized*** |
|  | ***Fair Value*** | ***Basis*** | ***(Loss) Gain*** |
| Equity securities | $17 | $34 | $(17*)* |
| **Total** | $**17** | $**34** | $**(17** ***)*** |

---

***Net Investment Income***

Net investment income represents income primarily from the following sources:

• Income earned from investments in money market funds (recorded in Cash and cash equivalents)

• Dividends received from Marketable securities

• Income from unconsolidated or equity method investments

The following table presents the components of Net investment income:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Interest on cash and cash equivalents | $428 | $538 | $845 | $1037 |
| **Net investment income** | $**428** | $**538** | $**845** | $**1037** |

---

***Net Gains (Losses)***

Net gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources:

• Realized gains and losses from investments in Marketable securities

• Changes in the fair value of investments in Marketable securities

The following table presents the components of Net gains (losses):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Marketable securities | $5 | $(1*)* | $8 | $(4*)* |
| **Net gains (losses)** | $**5** | $**(1***)* | $**8** | $**(4***)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

------

[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***5.* Fair Value Measurements**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value guidance identifies *three* primary valuation techniques: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset.

***Fair Value Hierarchy***

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into *three* broad levels. The fair value hierarchy gives the highest priority to observable inputs such as quoted prices in active markets for identical assets or liabilities (Level *1*) and the lowest priority to unobservable inputs (Level *3*). The maximization of observable inputs and the minimization of the use of unobservable inputs are required.

Classification within the fair value hierarchy is based upon the objectivity of the inputs that are significant to the valuation of an asset or liability as of the measurement date. The *three* levels within the fair value hierarchy are characterized as follows:

*Level *1* - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

*Level *2* - Inputs other than quoted prices included within Level *1* that are observable for the asset or liability, either directly or indirectly. Level *2* inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are *not* active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

*Level *3* - Unobservable inputs for the asset or liability for which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect the Company's own assumptions about what market participants would use to price the asset or liability. These inputs *may* include internally developed pricing models, discounted cash flow methodologies as well as instruments for which the fair value determination requires significant management judgment.

The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to asset and liabilities across the levels discussed above, and the observability of the inputs used determines the appropriate level in the fair value hierarchy for the respective asset or liability.

***Valuation Methodologies of Financial Instruments Measured at Fair Value***

*Cash and cash equivalents* - Money market instruments are measured at cost, which approximates fair values because of the relatively short time to maturity.

*Equity securities* - Whenever available, we obtained quoted prices in active markets for identical assets as of the balance sheet date to measure equity securities. Market price data is generally obtained from exchange or dealer markets.

***Assets and Liabilities Measured at Fair Value on a Recurring Basis***

The following table presents information about assets measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of inputs used:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** | ***June 30, 2025*** |
|  | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| Cash and cash equivalents <sup>(a)</sup> | $41199 | $— | $— | $41199 |
| Marketable securities: |  |  |  |  |
| Equity securities | 26 |  |  | 26 |
| Total marketable securities | 26 |  |  | 26 |
| **Total** | $**41225** | $**—** | $**—** | $**41225** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| Cash and cash equivalents <sup>(a)</sup> | $41185 | $— | $— | $41185 |
| Marketable securities: |  |  |  |  |
| Equity securities | 17 |  |  | 17 |
| Total marketable securities | 17 |  |  | 17 |
| **Total** | $**41202** | $**—** | $**—** | $**41202** |

---

<sup>(a)</sup> As of *June 30, 2025* and *December 31, 2024*, included investments in money market mutual funds managed or advised by GAMCO Investors, Inc.

There were no liabilities subject to fair value on a recurring basis as of *June 30, 2025* and *December 31, 2024*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***Fair Value Measurements on a Non-Recurring Basis***

The Company has other assets that *may* be subject to measurement at fair value on a non-recurring basis including goodwill and intangible assets and other long-lived assets. The Company reviews goodwill annually and the carrying value of long-lived assets whenever events and circumstances indicate that the carrying amounts of the assets *may not* be recoverable. If it is determined that the assets are impaired, the carrying value would be reduced to an estimated recoverable value. The Company's common stock warrants (as defined below) were measured at fair value as disclosed in Note *10* - Stockholders' Equity.

As of *June 30, 2025* and *December 31, 2024*, the Company did not write down any assets to fair value.

***Fair Value Information about Financial Instruments *Not* Measured at Fair Value***

As of *June 30, 2025* and *December 31, 2024*, the Company did *not* have any assets or liabilities classified as financial instruments that were *not* measured at fair value.

------

***6.* Variable Interest Entities**

The Company holds variable interests in certain entities in the form of equity investments. The Company consolidates an entity under the variable interest entity ("VIE") guidance when it is determined the Company is the primary beneficiary.

The Company has *no* right to the benefits from, nor does it bear the risk associated with, VIEs beyond the Company's direct equity investments in these entities. If the Company were to liquidate, the assets held by VIEs would *not* be available to the general creditors of the Company as a result of the liquidation.

During *June 2023,* the Company was appointed as sole managing member of LGL Systems Nevada Management Partners, LLC ("LGL Nevada") and invested approximately $4 into LGL Nevada, representing the Company's 1.0% general partnership interest. Concurrently, Lynch Capital, a wholly owned subsidiary of the Company, invested $1,000 into LGL Systems Acquisition Holding Company, LLC ("LGL Systems"), representing 34.8% of the memberships in LGL Systems, which is controlled by LGL Nevada. As a result, the Company determined it was the primary beneficiary of LGL Systems and was therefore required to consolidate LGL Systems.

***Consolidated VIEs***

The Company's only consolidated VIE is LGL Systems.

The following table summarizes the assets and liabilities of LGL Systems included in the Condensed Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| **Assets:** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $3106 | $3066 |
| Accounts receivable | 17 | 17 |
| Total current assets | 3123 | 3083 |
| **Total assets** | $**3123** | $**3083** |
| **Total liabilities** | $**—** | $**—** |

---

As of *June 30, 2025* and *December 31, 2024*, the non-controlling interests in LGL Systems was $2,035 and $2,010, respectively.

***Unconsolidated VIEs***

The Company's only unconsolidated VIE is LGL Nevada.

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Total assets | $609 | $603 |
| Maximum exposure to loss: |  |  |
| On-balance sheet <sup>(a)</sup> | 4 | 4 |
| Off-balance sheet |  |  |
| Total | $4 | $4 |

---

<sup>(a)</sup> As of *June 30, 2025* and *December 31, 2024*, our investment in LGL Nevada was recorded in Other assets in the Condensed Consolidated Balance Sheets.

*LGL Systems Nevada Management Partners LLC*

LGL Nevada was formed in *October 2019* for the purpose of performing key management and controls decisions of LGL Systems. The remaining 99.0% of ownership interests are held by *four* individuals, *one* of which is a member of Company management. In the event LGL Nevada resigns as manager of LGL Systems, it has the sole right to appoint a new manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***7.* Related Party Transactions**

In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related of *one* party has the ability to control or exercise significant influence over the other party in making financial or operating decisions.

The following tables summarize income and expenses from transactions with related parties for the *three* and *six* months ended *June 30, 2025* and *2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** |
|  | ***2025*** | ***2025*** | ***2024*** | ***2024*** |
|  | ***Income*** | ***Expense*** | ***Income*** | ***Expense*** |
| GAMCO Investors, Inc. | $366 | $— | $441 | $— |
| M-tron Industries, Inc. |  | 22 |  | (15*)* |
| **Total** | $**366** | $**22** | $**441** | $**(15***)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2025*** | ***2024*** | ***2024*** |
|  | ***Income*** | ***Expense*** | ***Income*** | ***Expense*** |
| GAMCO Investors, Inc. | $714 | $— | $849 | $— |
| M-tron Industries, Inc. |  | 8 |  | (29*)* |
| **Total** | $**714** | $**8** | $**849** | $**(29** ***)*** |

---

The following table summarizes assets and liabilities with related parties as of *June 30, 2025* and *December 31, 2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | ***Assets*** | ***Liabilities*** | ***Assets*** | ***Liabilities*** |
| GAMCO Investors, Inc. | $35069 | $— | $34242 | $— |
| M-tron Industries, Inc. |  | 128 |  | 59 |
| **Total** | $**35069** | $**128** | $**34242** | $**59** |

---

The material agreements whereby the Company generates revenues and expenses with affiliated entities are discussed below:

***Investment Activity with GAMCO Investors, Inc.***

Certain balances held and invested in various mutual funds are managed or advised by GAMCO Investors, Inc. or *one* of its subsidiaries (collectively, "GAMCO" or the "Fund Manager"), which is related to the Company through certain of our shareholders. All investments, including those in related party mutual funds, are overseen by the independent Investment Committee of the Board of Directors (the "Investment Committee"). The Investment Committee meets regularly to review the alternatives and has determined the current investments most reflect the Company's objective of lower cost, market return and adherence to having a larger proportion of underlying investments directly in United States Treasuries. For the *three* months ended *June 30, 2025* and *2024*, the Company paid the Fund Manager a fund management fee of approximately 8 basis points per annum of the asset balances under management. For the *six* months ended *June 30, 2025* and *2024*, the Company paid the Fund Manager a fund management fee of approximately 8 basis points per annum, respectively, of the asset balances under management. All fund management fees are *not* paid directly by the Company and are deducted prior to a fund striking its net asset value ("NAV").

As of *June 30, 2025*, the balance managed by the Fund Manager totaled $35,069, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets. As of *December 31, 2024*, the balance managed by the Fund Manager totaled $34,242, all of which was classified within Cash and cash equivalents on the Condensed Consolidated Balance Sheets.

For the *three* months ended *June 30, 2025*, the Company earned income on its investments managed by the Fund Manager totaling $306, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the *three* months ended *June 30, 2024*, the Company earned income on its investments managed by the Fund Manager totaling $441, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations.

For the *six* months ended *June 30, 2025*, the Company earned income on its investments managed by the Fund Manager totaling $714, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations. For the *six* months ended *June 30, 2024*, the Company earned income on its investments managed by the Fund Manager totaling $849, all of which was included in Net investment income on the Condensed Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***Transactions with M-tron Industries, Inc.***

*Transitional Administrative and Management Services Agreement*

On *October 7, 2022,* the separation of the M-tron Industries, Inc. ("MtronPTI") business from the Company was completed (the "Separation") and the business became an independent, publicly traded company trading on the NYSE American under the stock symbol "MPTI." The Separation was completed through the Company's distribution (the "Distribution") of 100% of the shares of MtronPTI's common stock to holders of the Company's common stock as of the close of business on *September 30, 2022,* the record date for the Distribution.

LGL Group and MtronPTI entered into an Amended and Restated Transitional Administrative and Management Services Agreement ("MtronPTI TSA"), which sets out the terms for services to be provided between the *two* companies post-separation. The current terms result in a net monthly payment of $4 per month to MtronPTI.

For the *three* months ended *June 30, 2025* and *2024*, the Company paid MtronPTI $12 under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations. For the *six* months ended *June 30, 2025* and *2024*, the Company paid MtronPTI $24 under the terms of the MtronPTI TSA, which were recorded in Engineering, selling and administrative on the Condensed Consolidated Statements of Operations.

*Tax Indemnity and Sharing Agreement*

LGL Group and MtronPTI entered into a Tax Indemnity and Sharing Agreement ("MtronPTI Tax Agreement"), which sets out the terms for which party would be responsible for taxes imposed on the Company if the distribution, together with certain related transactions, were to fail to qualify as a tax-free transaction under Internal Revenue Code ("IRC") Sections *355* and *368*(a)(*1*)(D) if such failure were the result of actions taken after the Distribution by the Company or MtronPTI.

For the *three* and *six* months ended *June 30, 2025* and *2024*, no taxes related to the Distribution have been recorded in the Condensed Consolidated Financial Statements.

*Other Transactions*

LGL Group and MtronPTI have agreed to share salaries and benefits related to certain employees incurred by the LGL Group and/or Mtron. For the *three* months ended *June 30, 2025*, the Company reimbursed the MtronPTI $10 of the salaries and benefits of certain employees. For the *six* months ended *June 30, 2025*, the MtronPTI reimbursed the Company $16 of the salaries and benefits of certain employees.

For the *three* and *six* months ended *June 30, 2024*, MtronPTI reimbursed the Company $27 and $53, respectively, of the salaries and benefits of certain employees.

------

***8.* Income Taxes**

The Company's quarterly provision for income taxes is measured using an annual effective tax rate, adjusted for discrete items within the period presented. To determine the annual effective tax rate, the Company estimates both the total income (loss) before income taxes for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective tax rate for the full year *may* differ from these estimates if income (loss) before income taxes is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations.

The Company's effective tax rates on continuing operations for the *three* and *six* months ended *June 30, 2025* were (45.2%) and 420.0%, respectively. The Company's effective tax rates on continuing operations for the *three* and *six* months ended *June 30, 2024* were 32.1% and 35.4%, respectively. The effective tax rates differed from the statutory tax rate of 21% primarily due to the impact of uncertain tax positions and state income taxes.

***One Big Beautiful Bill Act***

On *July 4, 2025,* the One Big Beautiful Bill Act ("OBBBA") was enacted. This legislation introduced significant and wide-ranging changes to the U.S. federal tax system. Significant components include restoration of *100%* accelerated tax depreciation on qualifying property including expansion to cover qualified production property. Another major aspect includes the return to immediate expensing of domestic research and experimental expenditures ("R&E") which in some cases *may* include retroactive application back to *2021* for businesses with gross receipts of less than *$31* million or accelerated tax deductions of R&E that was previously capitalized for larger businesses. The legislation also reinstates EBITDA-based interest deductions for tax purposes and makes several business tax incentives permanent. Less

favorable business provisions include limitations on tax deductions for charitable contributions.

OBBBA modified the U.S. International Tax provisions for Global Intangible Low-Taxed Income ("GILTI"), Foreign-Derived Intangible Income ("FDII"), and the Base-erosion Anti-abuse Tax ("BEAT") effective for tax years starting after *December 31, 2025.* The tax rate on GILTI, renamed Net CFC Tested Income ("NCTI"), is now *12.6%.* The FDII rules, renamed Foreign Derived Deduction Eligible Income ("FDDEI"), now carry a *14%* tax rate on FDDEI eligible income. OBBBA increases the BEAT rate from *10%* to *10.5%.*

The Company is currently assessing the potential impact of this legislation on its future financial position, results of operations, and cash flows. In accordance with U.S. GAAP, the effects will be recognized in the period of enactment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

------

***9.* Stock-Based Compensation**

Under the Company's *2021* Incentive Plan (the "Plan"), and the prior *2011* Incentive Plan, as amended, stock-based compensation *may* be issued to employees and non-employee directors. As of *June 30, 2025*, 938,914 shares remained available for future issuance under the Plan.

The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Restricted stock awards | $17 | $9 | $26 | $18 |
| **Total** | $**17** | $**9** | $**26** | $**18** |

---

***Restricted Stock Awards***

The following table summarizes restricted stock awards activity for the period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | ***Number of Shares*** | ***Weighted Average Grant Date Fair Value*** | ***Aggregate Grant Date Fair Value*** |
| **Balance as of December 31, 2024** | **20118** | $**5.22** | $**105** |
| Granted | 16156 | 6.50 | 105 |
| Vested |  |  |  |
| Canceled |  |  |  |
| **Balance as of June 30, 2025** | **36274** | $**5.79** | $**210** |

---

As of *June 30, 2025*, there was $146 of total unrecognized compensation cost related to unvested shares granted. The cost is expected to be recognized over a weighted average period of 2.0 years.

------

***10.* Stockholders' Equity**

***Shares Outstanding***

The following table presents a rollforward of outstanding shares for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Six Months Ended June 30, 2025*** | ***Year Ended December 31, 2024*** | ***Year Ended December 31, 2024*** | ***Year Ended December 31, 2024*** |
|  | ***Common Stock Issued*** | ***Held in Treasury*** | ***Common Stock Outstanding*** | ***Common Stock Issued*** | ***Held in Treasury*** | ***Common Stock Outstanding*** |
| Shares, beginning of year | 5454639 | (81584*)* | 5373055 | 5454639 | (81584*)* | 5373055 |
| Stock-based compensation | 16156 | *—* | 16156 |  | *—* |  |
| **Shares, end of period** | **5470795** | **(81584** ***)*** | **5389211** | **5454639** | **(81584** ***)*** | **5373055** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***11.* Earnings Per Share ("EPS")**

The following table presents a reconciliation of Net income (loss) and shares used in calculating basis and diluted net income (loss) per common share for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Numerator for EPS:** |  |  |  |  |
| Net (loss) income | $(45*)* | $161 | $(32*)* | $204 |
| Less: Net income from attributable to non-controlling interests | 6 | 24 | 25 | 46 |
| Net (loss) income attributable to LGL Group common stockholders | $(51*)* | $137 | $(57*)* | $158 |
| **Denominator for EPS:** |  |  |  |  |
| Weighted average common shares outstanding - basic | 5352937 | 5352937 | 5352937 | 5352937 |
| Dilutive effects <sup>(a)</sup>: |  |  |  |  |
| Warrants |  | 125178 |  | 190399 |
| Restricted stock |  | 4428 |  | 5533 |
| Weighted average common shares outstanding - diluted | 5352937 | 5482543 | 5352937 | 5548869 |
| **(Loss) income per common share attributable to LGL Group common stockholders:** |  |  |  |  |
| Basic | $(0.01 *)* | $0.03 | $(0.01 *)* | $0.03 |
| Diluted | $(0.01 *)* | $0.02 | $(0.01 *)* | $0.03 |

---

<sup>(a)</sup> For the *three* and *six* months ended *June 30, 2025*, weighted average shares used for calculating earnings per share excludes warrants to purchase 1,051,664 shares of common stock as well as 36,274 shares from restricted stock awards as the inclusion of these instruments would be anti-dilutive to the earnings per share calculation.

------

***12.* Contingencies**

In the normal course of business, the Company and its subsidiaries *may* become defendants in certain product liability, patent infringement, worker claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company is *not* involved in any legal proceedings other than routine litigation arising in the normal course of business, *none* of which the Company believes will have a material adverse effect on the Company's business, financial condition or results of operations.

------

***13.* Other Financial Statement Information**

***Inventories, Net***

The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item.

The components of inventory as of *June 30, 2025* and *December 31, 2024* are summarized below:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Raw materials | $331 | $302 |
| Work in process | 7 | 5 |
| Finished goods |  | 31 |
| Total gross inventory | 338 | 338 |
| Reserve for excess and obsolete inventory | (84*)* | (71*)* |
| **Inventories, net** | $**254** | $**267** |

---

***Intangible Assets, Net***

The components of intangible assets as of *June 30, 2025* and *December 31, 2024* are summarized below:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Intellectual property | $214 | $214 |
| Gross intangible assets | 214 | 214 |
| Less: Accumulated amortization | (189*)* | (178*)* |
| **Intangible assets, net** | $**25** | $**36** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

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[**Table of Contents**](#toc)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LGL Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to the Condensed Consolidated Financial Statements (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dollar amounts in thousands, unless otherwise stated)

***14.* Domestic and Foreign Revenues**

Significant foreign revenues from operations (*10%* or more of foreign sales) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| United Kingdom | $72 | $11 | $104 | $11 |
| Spain |  | 56 | 100 | 104 |
| Australia | 12 | 87 | 42 | 87 |
| Norway |  |  | 34 |  |
| Argentina | 12 |  | 12 |  |
| India | 7 | 15 | 7 | 99 |
| Romania |  |  |  | 94 |
| All other foreign countries | 4 | 37 | 58 | 48 |
| **Total foreign revenues** | $**107** | $**184** | $**357** | $**443** |
| **Total domestic revenue** | $**384** | $**347** | $**632** | $**480** |

---

The Company allocates its foreign revenue based on the customer's ship-to location.

------

***15.* Subsequent Events**

The Company has evaluated events and transactions that occurred after the balance sheet data through the date that the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did *not* identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *19*

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[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Item 2.** | **Management**'**s Discussion and Analysis of Financial Condition and Results of Operations** |

---

*The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the accompanying unaudited Condensed Consolidated Financial Statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with the audited consolidated financial statements and the notes thereto, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 31, 2025. The terms "LGL," "LGL Group," "we," "our," "us," or the "Company" refer to The LGL Group, Inc. and its consolidated subsidiaries and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our condensed consolidated financial statements and the notes thereto.*

*Unless otherwise stated, all dollar amounts are in thousands.*

*In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Cautionary Statement Concerning Forward-Looking Statements included in this Quarterly Report on Form 10-Q.*

**Overview**

The Company is a holding company engaged in services, merchant investment, and manufacturing business activities. The Company, through its manufacturing business subsidiary, is engaged in the designing, manufacturing, and marketing of high-performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. The Company's primary markets are communications, networking, aerospace, defense, instrumentation, and industrial markets.

The accompanying unaudited condensed consolidated financial statements include the accounts of The LGL Group, Inc., its majority-owned subsidiaries, and variable interest entities ("VIE") of which we are the primary beneficiary.

We provide our products and services through our Electronic Instruments and Merchant Investment businesses. Activities not related to our business segments, such as our corporate operations and corporate-level assets and financial obligations, are included in Corporate.

***Electronic Instruments Business***

We operate our manufacturing business currently through our subsidiary, Precise Time and Frequency, LLC ("PTF"), a globally positioned producer of industrial Electronic Instruments and commercial products and services. Founded in 2002, PTF operates from our design and manufacturing facility in Wakefield, Massachusetts.

***Merchant Investment Business***

The LGL Group investment business is comprised of various investment vehicles in which LGL Group is either shareholder, partner, or has general partner interests, and through which LGL Group invests its capital. The Company seeks to invest available cash and cash equivalents in liquid investments with a view to enhancing returns as we continue to assess further acquisitions of, or investments in, operating businesses broadly. LGL Group core strengths include identifying and acquiring undervalued assets and businesses, often through the purchase of securities, increasing value through management, financial or other operational changes, and managing complex legal, regulatory or financial issues, which may include technical, engineering, environmental, zoning, permitting and licensing issues among others.

As of June 30, 2025, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of approximately $41.8 million, of which $25.2 million was held within the Merchant Investment business. The Company accounts for its Marketable securities under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, *Investments - Equity Securities* ("ASC 321") and as such, its Marketable securities are reported at fair value on its Consolidated Balance Sheets.

**Trends and Uncertainties**

We are not aware of any material trends or uncertainties, other than global macroeconomic conditions affecting our industry generally that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed below and those listed in Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025.

***Changing Interest Rates***

The U.S. Federal Reserve decreased the federal funds rate a total of four times throughout 2024, resulting in a range from 4.25% to 4.50% as of December 31, 2024. Through the date of filing of this Quarterly Report on Form 10-Q, the Federal Reserve has maintained the federal funds rate in the same range as of December 31, 2024. It is expected that the U.S. Federal Reserve will continue to decrease the federal funds rate during 2025; however, the timing of any such decrease remains unclear. If interest rates continue to decline, the returns generated by our investments in U.S. Treasuries could be adversely impacted.

***Tariffs***

The current U.S. federal administration has imposed tariffs on certain products and materials entering the United States imported from other countries. Additionally, foreign governments have imposed retaliatory tariffs on products and materials exported from the United States. The increase in tariffs could have an adverse impact on Manufacturing cost of sales as these tariffs could increase our costs at a higher rate than our revenues, the extent of which is unknown as the Company is pursuing various avenues to reduce the potential impact.

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**Results of Operations - Consolidated**

***Three months ended June 30, 2025 compared to three months ended June 30, 2024***

The following table presents our Condensed Statements of Operations for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net sales | $491 | $531 | $(40) | -7.5% |
| Net investment income | 428 | 538 | (110) | -20.4% |
| Net gains (losses) | 5 | (1) | 6 | -600.0% |
| **Total revenues** | **924** | **1068** | **(144**) | **-13.5%** |
| **Expenses:** |  |  |  |  |
| Manufacturing cost of sales | 211 | 214 | (3) | -1.4% |
| Engineering, selling and administrative | 744 | 617 | 127 | 20.6% |
| **Total expenses** | **955** | **831** | **124** | **14.9%** |
| **(Loss) income from operations before income taxes** | **(31**) | **237** | **(268**) | **-113.1%** |
| Income tax expense | 14 | 76 | (62) | -81.6% |
| **Net (loss) income** | **(45**) | **161** | **(206**) | **-128.0%** |
| Less: Net income attributable to non-controlling interests | 6 | 24 | (18) | -75.0% |
| **Net (loss) income attributable to LGL Group common stockholders** | $**(51**) | $**137** | $**(188**) | **-137.2%** |

---

*Total Revenues*

Total revenues decreased $144, or 13.5%, from $1,068 for the three months ended June 30, 2024 to $924 for the three months ended June 30, 2025. The following items contributed to the overall decrease:

• a $40, or 7.5%, decrease in Net sales from $531 for the three months ended June 30, 2024 to $491 for the three months ended June 30, 2025 primarily due to lower backlog as of March 31, 2025; and

• a $110, or 20.4%, decrease in Net investment income from $538 for the three months ended June 30, 2024 to $428 for the three months ended June 30, 2025 primarily due to lower yields on investments in United States Treasury money market funds.

*Total Expenses*

Total expenses increased $124, or 14.9%, from $831 for the three months ended June 30, 2024 to $955 for the three months ended June 30, 2025. The increase was primarily due to a $127, or 20.6%, increase in Engineering, selling and administrative from $617 for the three months ended June 30, 2024 to $744 for the three months ended June 30, 2025 driven higher professional services fees and employee-related costs.

*Gross Margin*

Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) decreased 270 basis points from 59.7% for the three months ended June 30, 2024 to 57.0% for the three months ended June 30, 2025 reflecting sales of lower margin products.

*Income Tax Expense*

Income tax expense (benefit) decreased $62, or 81.6%, from $76 for the three months ended June 30, 2024 to $14 for the three months ended June 30, 2025 primarily due to the decrease in Income from operations.

*Net Income Attributable to Non-Controlling Interests*

Net income attributable to non-controlling interests decreased $18 from $24 for the three months ended June 30, 2024 to $6 for the three months ended June 30, 2025 primarily due to lower yields on United States Treasury money market funds and higher professional services fees within the Merchant Investment segment.

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***Six months ended June 30, 2025 compared to six months ended June 30, 2024***

The following table presents our Condensed Statements of Operations for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net sales | $989 | $923 | $66 | 7.2% |
| Net investment income | 845 | 1037 | (192) | -18.5% |
| Net gains (losses) | 8 | (4) | 12 | -300.0% |
| **Total revenues** | **1842** | **1956** | **(114**) | **-5.8%** |
| **Expenses:** |  |  |  |  |
| Manufacturing cost of sales | 448 | 418 | 30 | 7.2% |
| Engineering, selling and administrative | 1384 | 1222 | 162 | 13.3% |
| **Total expenses** | **1832** | **1640** | **192** | **11.7%** |
| **Income from operations before income taxes** | **10** | **316** | **(306**) | **-96.8%** |
| Income tax expense | 42 | 112 | (70) | -62.5% |
| **Net (loss) income** | **(32**) | **204** | **(236**) | **-115.7%** |
| Less: Net income attributable to non-controlling interests | 25 | 46 | (21) | -45.7% |
| **Net (loss) income attributable to LGL Group common stockholders** | $**(57**) | $**158** | $**(215**) | **-136.1%** |

---

*Total Revenues*

Total revenues decreased $114, or 5.8%, from $1,956 for the six months ended June 30, 2024 to $1,842 for the six months ended June 30, 2025. The decrease was primarily due to a $192, or 18.5%, decrease in Net investment income from $1,037 for the six months ended June 30, 2024 to $845 for the six months ended June 30, 2025 driven by lower yields on investments in United States Treasury money market funds.

The decrease was partially offset by a $66, or 7.2%, increase in Net sales from $923 for the six months ended June 30, 2024 to $989 for the six months ended June 30, 2025 primarily due to higher product shipments.

*Total Expenses*

Total expenses increased $192, or 11.7%, from $1,640 for the six months ended June 30, 2024 to $1,832 for the six months ended June 30, 2025. The following items contributed to the overall increase:

• a $30, or 7.2%, increase in Manufacturing cost of sales from $418 for the six months ended June 30, 2024 to $448 for the six months ended June 30, 2025 consistent with the increase in Net sales; and

• a $162, or 13.3%, increase in Engineering, selling and administrative from $1,222 for the six months ended June 30, 2024 to $1,384 for the six months ended June 30, 2025 driven by higher professional service fees and employee-related costs as well as higher engineering costs.

*Gross Margin*

Gross margin (Net sales less Manufacturing cost of sales as a percentage of Net sales) was flat at 54.7% for the six months ended June 30, 2025 and 2024 reflecting the consistent nature of the fixed costs.

*Income Tax Expense*

Income tax expense decreased $70, or 62.5%, from $112 for the six months ended June 30, 2024 to $42 for the six months ended June 30, 2025 primarily due to the decrease in Income from operations.

*Net Income Attributable to Non-Controlling Interests*

Net income attributable to non-controlling interests decreased $21 from $46 for the six months ended June 30, 2024 to $25 for the six months ended June 30, 2025 primarily due to lower yields on United States Treasury money market funds and higher professional services fees within the Merchant Investment segment.

***Backlog***

As of June 30, 2025, our order backlog was $527, an increase of $191, or 56.8%, from $336 as of December 31, 2024 and a decrease of $210, or 28.5%, from $737 as of June 30, 2024. The backlog of unfilled orders includes amounts based on signed contracts likely to be fulfilled largely in the next 12 months but usually will ship within the next 90 days. Order backlog is adjusted quarterly to reflect project cancellations, deferrals, and revised project scope and cost, if any.

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**Results of Operations - Operating Segments**

***Electronic Instruments***

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

The following table presents income from operations of our Electronic Instruments segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net sales | $491 | $531 | $(40) | -7.5% |
| **Total revenues** | **491** | **531** | **(40**) | **-7.5%** |
| **Expenses:** |  |  |  |  |
| Manufacturing cost of sales | 211 | 214 | (3) | -1.4% |
| Engineering, selling and administrative | 212 | 243 | (31) | -12.8% |
| **Total expenses** | **423** | **457** | **(34**) | **-7.4%** |
| **Income from operations before income taxes** | $**68** | $**74** | $**(6**) | **-8.1%** |

---

<u>Income from Operations Before Income Taxes</u>

Income from operations before income taxes decreased $6, or 8.1%, from $74 for the three months ended June 30, 2024 to $68 for the three months ended June 30, 2025. The decrease was primarily due to a $40, or 7.5%, decrease in Net sales reflecting lower backlog as of Q1 2025 partially offset by a $31, or 12.8%, decrease in Engineering, selling and administrative driven by lower commissions and sales and marketing expenses.

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

The following table presents income from operations of our Electronic Instruments segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net sales | $989 | $923 | $66 | 7.2% |
| **Total revenues** | **989** | **923** | **66** | **7.2%** |
| **Expenses:** |  |  |  |  |
| Manufacturing cost of sales | 448 | 418 | 30 | 7.2% |
| Engineering, selling and administrative | 454 | 429 | 25 | 5.8% |
| **Total expenses** | **902** | **847** | **55** | **6.5%** |
| **Income from operations before income taxes** | $**87** | $**76** | $**11** | **14.5%** |

---

<u>Income from Operations Before Income Taxes</u>

Income from operations before income taxes increased $11, or 14.5%, from $76 for the six months ended June 30, 2024 to $87 for the six months ended June 30, 2025. The increase was primarily due to a $66, or 7.2%, increase in Net sales driven by higher product shipments.

The increase was partially offset by:

• a $30, or 7.2%, increase in Manufacturing cost of sales driven by the growth in Net sales; and

• a $25, or 5.8%, increase in Engineering, selling and administrative driven by higher engineering-related costs due to changes in headcount as well as higher sales and marketing expenses.

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***Merchant Investment***

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

The following table presents income from operations of our Merchant Investment segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net investment income | $262 | $315 | $(53) | -16.8% |
| **Total revenues** | **262** | 315 | **(53**) | **-16.8%** |
| **Expenses:** |  |  |  |  |
| Engineering, selling and administrative | 114 | 78 | 36 | 46.2% |
| **Total expenses** | **114** | 78 | **36** | **46.2%** |
| **Income from operations before income taxes** | $**148** | $**237** | $**(89**) | **-37.6%** |

---

<u>Income from Operations Before Income Taxes</u>

Income from operations before income taxes decreased $89 from $237 for the three months ended June 30, 2024 to $148 for the three months ended June 30, 2025. The following items contributed to the overall decrease:

• a $53, or 16.8%, decrease in Net investment income driven by lower yields on investments in United States Treasury money market funds; and

• a $36, or 46.2%, increase in Engineering, selling and administrative driven by higher corporate allocations and professional service fees.

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

The following table presents income from operations of our Merchant Investment segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net investment income | $509 | $604 | $(95) | -15.7% |
| **Total revenues** | **509** | 604 | **(95**) | **-15.7%** |
| **Expenses:** |  |  |  |  |
| Engineering, selling and administrative | 208 | 127 | 81 | 63.8% |
| **Total expenses** | **208** | 127 | **81** | **63.8%** |
| **Income from operations before income taxes** | $**301** | $**477** | $**(176**) | **-36.9%** |

---

<u>Income from Operations Before Income Taxes</u>

Income from operations before income taxes decreased $176 from $477 for the six months ended June 30, 2024 to $301 for the six months ended June 30, 2025. The following items contributed to the overall decrease:

• a $95, or 15.7%, decrease in Net investment income driven by lower yields on investments in United States Treasury money market funds; and

• a $81, or 63.8%, increase in Engineering, selling and administrative driven by higher corporate allocations and professional service fees.

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***Corporate***

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

The following table presents income from operations of our Corporate segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net investment income | $166 | $223 | $(57) | -25.6% |
| Net gains (losses) | 5 | (1) | 6 | -600.0% |
| **Total revenues** | **171** | **222** | **(51)** | **-23.0%** |
| **Expenses:** |  |  |  |  |
| Engineering, selling and administrative | 418 | 296 | 122 | 41.2% |
| **Total expenses** | **418** | **296** | **122** | **41.2%** |
| **Loss from operations before income taxes** | $**(247)** | $**(74)** | $**(173**) | **233.8%** |

---

<u>Loss from Operations Before Income Taxes</u>

Loss from operations before income taxes increased $173, or 233.8%, from $74 for the three months ended June 30, 2024 to $247 for the three months ended June 30, 2025. The following items contributed to the overall increase:

• a $57, or 25.6%, decrease in Net investment income reflecting lower yields on investments in United States Treasury money market funds; and

• a $122, or 41.2%, increase in Engineering, selling and administrative driven by higher professional service fees as well as other administrative and corporate expenses.

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

The following table presents income from operations of our Corporate segment for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |  |  |
| *(in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenues:** |  |  |  |  |
| Net investment income | $336 | $433 | $(97) | -22.4% |
| Net gains (losses) | 8 | (4) | 12 | -300.0% |
| **Total revenues** | **344** | **429** | **(85)** | **-19.8%** |
| **Expenses:** |  |  |  |  |
| Engineering, selling and administrative | 722 | 666 | 56 | 8.4% |
| **Total expenses** | **722** | **666** | **56** | **8.4%** |
| **Loss from operations before income taxes** | $**(378)** | $**(237**) | $**(141)** | **59.5%** |

---

<u>Loss from Operations Before Income Taxes</u>

Loss from operations before income taxes increased $141, or 59.5%, from ($237) for the six months ended June 30, 2024 to ($378) for the six months ended June 30, 2025. The following items contributed to the overall increase:

• a $97, or 22.4%, decrease in Net investment income reflecting lower yields on investments in United States Treasury money market funds; and

• a $56, or 8.4%, increase in Engineering, selling and administrative driven by higher professional service fees as well as other administrative and corporate expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25

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**Liquidity and Capital Resources**

***Overview***

*Liquidity* refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities.

*Capital* refers to our long-term financial resources available to support business operations and future growth.

Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

As of June 30, 2025 and December 31, 2024, Cash and cash equivalents were $41,735 and $41,585, respectively.

***Cash Flow Activity***

The following table presents the cash flow activity for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
| *(in thousands)* | **2025** | **2024** |
| **Cash and cash equivalents, beginning of period** | $41585 | $40711 |
| Cash provided by operating activities | 150 | 363 |
| Net change in cash and cash equivalents | 150 | 363 |
| **Cash and cash equivalents, end of period** | $**41735** | $**41074** |

---

*Operating Activities*

Cash provided by operating activities was $150 for the six months ended June 30, 2025 compared to $363 for the six months ended June 30, 2024, a decrease of $213, primarily due to the $236 decrease in Net income (loss) from $204 for the six months ended June 30, 2024 to ($32) for the six months ended June 30, 2025.

Our working capital metrics and ratios were as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **June 30, 2025** | **December 31, 2024** |
| Current assets | $42515 | $42642 |
| Less: Current liabilities | 881 | 904 |
| **Working capital** | $**41634** | $**41738** |
| **Current ratio** | **48.3** | **47.2** |

---

Management continues to focus on efficiently managing working capital requirements to match operating activity levels and will seek to deploy the Company's working capital where it will generate the greatest returns.

***Capital Resources***

We believe that existing cash and cash equivalents, marketable securities and cash generated from operations will provide sufficient liquidity to meet our ongoing working capital and capital expenditure requirements for the next 12 months from the date of this filing and for the foreseeable future.

Our Board has adhered to a practice of not paying cash dividends. This policy takes into account our long-term growth objectives, including our anticipated investments for organic growth, potential acquisitions and stockholders' desire for capital appreciation of their holdings. No cash dividends have been paid to the Company's stockholders since January 30, 1989, and none are expected to be paid for the foreseeable future.

**Contractual Obligations**

As of June 30, 2025, there have been no material changes in our contractual obligations from December 31, 2024, a description of which may be found in Part II, Item 7. Management Discussion and Analysis - Liquidity and Capital Resources - Contractual Obligations in the 2024 Annual Report.

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**Critical Accounting Estimates**

Our accompanying Condensed Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying footnotes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. For a discussion of the Company's critical accounting estimates, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **Item 3.** | **Quantitative and Qualitative Disclosures About Market Risk** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 4.** | **Controls and Procedures** |

---

***Evaluation of Disclosure Controls and Procedures***

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of June 30, 2025 was conducted under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures, as of June 30, 2025, were effective.

***Changes in Internal Control Over Financial Reporting***

There were no changes in the Company's internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

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**PART II**

**OTHER INFORMATION**

---

| | |
|:---|:---|
| **Item 1.** | **Legal Proceedings** |

---

In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or our subsidiaries are a party or to which our properties are subject.

---

| | |
|:---|:---|
| **Item 1A.** | **Risk Factors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For a discussion of the Company's potential risks and uncertainties, refer to Part I, Item 1A. Risk Factors in the 2024 Annual Report and *Trends and Uncertainties* in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2. of this Quarterly Report on Form 10-Q.

We are not aware of any material trends or uncertainties, other than national economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed in Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **Item *5.***  | **Other Information** |

---

During the *three* months ended *June 30, 2025*, none of our directors or officers, as defined in Section *16* of the Exchange Act, adopted or terminated a "Rule *10b5*-*1* trading arrangement" or a "non-Rule *10b5*-*1* trading arrangement," as each term is defined in Item *408* of Regulation S-K of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *28*

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---

| | |
|:---|:---|
| **Item 6.** | **Exhibits** |

---

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |  |
| **Exhibit No.** | **Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** | **Filed Herewith** |
| 2. | Plan of Acquisition, Reorganization, Arrangement, Liquidation or Success. |  |  |  |  |  |
| 2.1 | [Amended and Restated Subscription Agreement, dated April 14, 2025, by and among The LGL Group, Inc. and Morgan Group Holding Co.](ex_829904.htm) <sup>(1)</sup> |  |  |  |  | X |
| 3. | Articles of Incorporation and Bylaws. |  |  |  |  |  |
| 3.1 | [<u>Certificate of Incorporation of The LGL Group, Inc.</u>](http://www.sec.gov/Archives/edgar/data/61004/000092189507002049/ex31to8k03725_08312007.htm) | 8-K | 001-00106 | 3.1 | August 31, 2007 |  |
| 3.2 | [<u>The LGL Group, Inc. By-Laws.</u>](http://www.sec.gov/Archives/edgar/data/61004/000092189507002049/ex32to8k03725_08312007.htm) | 8-K | 001-00106 | 3.2 | August 31, 2007 |  |
| 3.3 | [<u>The LGL Group, Inc. Amendment No. 1 to By-Laws.</u>](http://www.sec.gov/Archives/edgar/data/61004/000092189514001433/ex31to8k03725010_06112014.htm) | 8-K | 001-00106 | 3.1 | June 17, 2014 |  |
| 3.4 | [<u>The LGL Group, Inc. Amendment No. 2 to By-Laws.</u>](http://www.sec.gov/Archives/edgar/data/61004/000156459020005769/lgl-ex31_6.htm) | 8-K | 001-00106 | 3.1 | February 21, 2020 |  |
| 3.5 | [<u>The LGL Group, Inc. Amendment No. 3 to By-Laws.</u>](http://www.sec.gov/Archives/edgar/data/61004/000156459020006839/lgl-ex31_6.htm) | 8-K | 001-00106 | 3.1 | February 26, 2020 |  |
| 3.6 | [<u>The LGL Group, Inc. Certificate of Amendment to Certificate of Incorporation</u><u>.</u>](http://www.sec.gov/Archives/edgar/data/0000061004/000156459022000300/lgl-ex31_6.htm) | 8-K | 001-00106 | 3.1 | January 4, 2022 |  |
| 31.1 | [Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex_820508.htm) |  |  |  |  | X |
| 31.2 | [Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex_820509.htm) |  |  |  |  | X |
| 32.1 | [Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](ex_820510.htm) |  |  |  |  | X |
| 32.2 | [Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](ex_820511.htm) |  |  |  |  | X |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |  | X |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  |  |  | X |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |  |  |  |  | X |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |  |  |  |  | X |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |  |  |  |  | X |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |  |  |  |  | X |
| 104 | The cover page for the Company's Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101\* |  |  |  |  | X |

---

\* In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

<sup>(1)</sup> Schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementary copies of any of the omitted schedules or similar attachments upon request by the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29

------

[**Table of Contents**](#toc)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **THE LGL GROUP, INC.**<br> (Registrant) | **THE LGL GROUP, INC.**<br> (Registrant) |
| August 14, 2025 | By: | /s/ Marc Gabelli |
|  |  | MARC GABELLI |
|  |  | Chief Executive Officer<br> (Principal Executive Officer) |
| August 14, 2025 | By: | /s/ Patrick Huvane |
|  |  | PATRICK HUVANE |
|  |  | Executive Vice President - Business Development<br> (Principal Financial Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30

## Exhibit 2.1

**Exhibit 2.1**

**AMENDED AND RESTATED SUBSCRIPTION AGREEMENT**

*THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN. THE PURCHASE OF THE SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.*

April 14, 2025

Morgan Group Holding Co.

401 Theodore Fremd Avenue

Rye, New York 10580

Ladies and Gentlemen:

The LGL Group, Inc., a Delaware corporation (together with its affiliates, the "***Purchaser***"), understands that Morgan Group Holding Co., a Delaware corporation (the "***Company***"), is offering an aggregate of 1,000,000 shares of its common stock, par value $0.01 per share (the "***Securities***"), in a private placement at $2.00 per share. The Purchaser further understands that the offering is being made without registration of the Securities under the Securities Act of 1933, as amended (the "***Securities Act***"), or any securities law of any state of the United States or of any other jurisdiction and is being made only to "accredited investors" (as defined in Rule 501 of Regulation D under the Securities Act).

1. <u>Subscription</u>. Subject to the terms and conditions hereof, the Purchaser hereby irrevocably subscribes for the Securities for the aggregate purchase price of $2,000,000 (the "  ***Purchase Price*** "), which is payable as described in Section 4 hereof. The Purchaser acknowledges that the Securities will be subject to restrictions on transfer as set forth in this subscription agreement (the "  ***Subscription Agreement*** ").

2. <u>Acceptance of Subscription and Issuance of Securities</u>. It is understood and agreed that the Company shall have the sole right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered to the Purchaser at the Closing (as defined below). Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no obligation to issue any of the Securities to any person who is a resident of a jurisdiction in which the issuance of Securities to such person would constitute a violation of the securities, "blue sky" or other similar laws of such jurisdiction (collectively referred to as the "  ***State Securities Laws*** ").

3. <u>The Closing</u>. The closing of the purchase and sale of the Securities (the "  ***Closing***") shall take place remotely by electronic exchange of documents on the date hereof, or at such time and place as the Company may designate by notice to the Purchaser. Closing shall be subject to satisfactory completion of due diligence as outlined in <u>Exhibit A</u>. In addition, the items in Exhibit B shall be accomplished or Purchaser shall have comfort with their progress. The Purchaser reserves the right to terminate this Agreement without penalty or obligation if, during the due diligence process, any issues are discovered that the Purchaser deems material or relevant to the investment.

4. <u>Payment for Securities</u>. Payment for the Securities shall be received by the Company from the Purchaser by wire transfer of immediately available funds or other means approved by the Company at or prior to the Closing, in the amount of the Purchase Price. The Company shall deliver the Securities to the Purchaser at the Closing in uncertificated, book-entry form only. The Purchaser shall deliver a Form W-9 and such other documents or instruments as may reasonably be requested by the Company (or its transfer agent) to reflect the Purchaser as the owner of the Securities on its books and records.

5. <u>Representations and Warranties of the Company</u>. As of the Closing, the Company represents and warrants that:

(a) The Company has been duly incorporated and is validly existing under the laws of Delaware, with full power and authority to conduct its business as it is currently being conducted and to own its assets.

(b) The Securities have been duly authorized and, when issued, delivered, and paid for in the manner set forth in this Subscription Agreement, will be validly issued, fully paid, and nonassessable.

(c) There are 10,000,000 shares of the Company's common stock available for issuance and 600,090 shares of the Company's common stock outstanding, in each case prior to the issuance of the Securities under this Subscription Agreement.

(d) Financial statements as provided in <u>Exhibit A</u> for the period through December 31, 2024 are accurate, complete, and prepared in accordance with applicable accounting standards.

(e) Since December 31, 2024, there have been no material adverse changes in the business, assets, or operations.

(f) The Company is in compliance with all applicable laws, regulations, and permits related to the business or assets.

(g) There are no pending or threatened lawsuits, claims, or investigations that could affect the transaction or materially impact the value of the business.

------

(h) All taxes related to the business or assets have been properly filed and paid, and any taxes owned but not yet paid due to matters of timing have been accrued properly. In additional, there are no ongoing tax audits or disputes.

(i) There are no liabilities of the Company that have not been disclosed in or pursuant to this Subscription Agreement.

(j) The Company is not in default under any material agreements or obligations.

(k) The Company warrants that all information provided to the Purchaser during the due diligence process will be true, accurate, and complete in all material respects and will not omit any material facts necessary to make the provided information not misleading.

(l) The liquidation value of the Company is not less than $1.65 per share of common stock.

6. <u>Representations and Warranties of the Purchaser</u>. The Purchaser hereby represents and warrants to and covenants with the Company that:

(a) <u>General</u>.

(i) The Purchaser has all requisite authority to purchase the Securities, to enter into this Subscription Agreement, and to perform all the obligations required to be performed by the Purchaser hereunder, and such purchase will not contravene any law, rule, or regulation binding on the Purchaser or any investment guideline or restriction applicable to the Purchaser.

(ii) The Purchaser has been duly incorporated and is validly existing under the laws of Delaware, with full power and authority to conduct its business as it is currently being conducted and to own its assets, and is not acquiring the Securities as a nominee or agent or otherwise for any other person.

(iii) The Purchaser will comply with all applicable laws and regulations in effect in any jurisdiction in which the Purchaser purchases or sells Securities and obtain any consent, approval, or permission required for such purchases or sales under the laws and regulations of any jurisdiction to which the Purchaser is subject or in which the Purchaser makes such purchases or sales, and the Company shall have no responsibility therefor.

(b) <u>Information Concerning the Company</u>.

(i) The Purchaser understands and accepts that the purchase of the Securities involves various risks, including the risks outlined in this Subscription Agreement. The Purchaser represents that it is able to bear any loss associated with an investment in the Securities.

(ii) The Purchaser confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment or tax advice or as a recommendation to purchase the Securities. It is understood that information and explanations related to the terms and conditions of the Securities provided by the Company or any of its affiliates shall not be considered investment or tax advice or a recommendation to purchase the Securities, and that neither the Company nor any of its affiliates is acting or has acted as an advisor to the Purchaser in deciding to invest in the Securities. The Purchaser acknowledges that neither the Company nor any of its affiliates has made any representation regarding the proper characterization of the Securities for purposes of determining the Purchaser's authority to invest in the Securities.

(iii) The Purchaser is familiar with the business and financial condition and operations of the Company, all as generally described in the Company's public filings. The Purchaser has had access to such information concerning the Company and the Securities as it deems necessary to enable it to make an informed investment decision concerning the purchase of the Securities.

(iv) The Purchaser understands that each of the Purchaser's representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the Purchaser.

(v) The Purchaser acknowledges that the Company has the right in its sole and absolute discretion to abandon this private placement at any time prior to the completion of the offering. This Subscription Agreement shall thereafter have no force or effect, and the Company shall return the previously paid subscription price of the Securities, without interest thereon, to the Purchaser.

(vi) The Purchaser understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment.

------

(c) <u>Non-Reliance</u>.

(i) The Purchaser represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Company, as investment advice or as a recommendation to purchase the Securities, it being understood that information and explanations related to the terms and conditions of the Securities shall not be considered investment advice or a recommendation to purchase the Securities.

(ii) The Purchaser confirms that the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities or (B) made any representation to the Purchaser regarding the legality of an investment in the Securities under applicable legal investment or similar laws or regulations. In deciding to purchase the Securities, the Purchaser is not relying on the advice or recommendations of the Company and the Purchaser has made its own independent decision that the investment in the Securities is suitable and appropriate for the Purchaser.

(d) <u>Status of the Purchaser</u>.

(i) The Purchaser has such knowledge, skill, and experience in business, financial, and investment matters that the Purchaser is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of the Purchaser's own professional advisors, to the extent that the Purchaser has deemed appropriate, the Purchaser has made its own legal, tax, accounting, and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement. The Purchaser has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition and the Purchaser is able to bear the risks associated with an investment in the Securities, and it is authorized to invest in the Securities.

(ii) The Purchaser is an "accredited investor" as defined in Rule 501(a) under the Securities Act. The Purchaser agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

(e) <u>Restrictions on Transfer or Sale of Securities</u>.

(i) The Purchaser is acquiring the Securities solely for the Purchaser's own beneficial account and not with a view to, or for resale in connection with, any distribution of the Securities. The Purchaser understands that the Securities have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the Purchaser and of the other representations made by the Purchaser in this Subscription Agreement. The Purchaser understands that the Company is relying upon the representations and agreements contained in this Subscription Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

(ii) The Purchaser understands that the Securities are "restricted securities" under applicable federal securities laws and that the Securities Act and the rules of the U.S. Securities and Exchange Commission (the "  ***Commission***") provide in substance that the Purchaser may dispose of the Securities only pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act, and the Purchaser understands that the Company has no obligation or intention to register any of the Securities or the offering or sale thereof, or to take action so as to permit offers or sales pursuant to the Securities Act or an exemption from registration thereunder (including pursuant to Rule 144 thereunder). Accordingly, the Purchaser understands that under the Commission's rules, the Purchaser may dispose of the Securities only in "private placements" which are exempt from registration under the Securities Act, in which event the transferee will acquire "restricted securities," subject to the same limitations that apply to the Securities in the hands of the Purchaser. Consequently, the Purchaser understands that the Purchaser must bear the economic risks of the investment in the Securities for an indefinite period of time.

(iii) The Purchaser agrees: (A) that the Purchaser will not sell, assign, pledge, give, transfer, or otherwise dispose of the Securities or any interest therein, or make any offer or attempt to do any of the foregoing, unless the transaction is registered under the Securities Act and complies with the requirements of all applicable State Securities Laws, or the transaction is exempt from the registration provisions of the Securities Act and all applicable requirements of State Securities Laws, and in the case of a transaction exempt from registration, unless the Company has received an opinion of counsel satisfactory to it that such transaction does not require registration under the Securities Act or such other applicable laws; (B) that the Securities will bear a legend making reference to the foregoing restrictions; and (C) that the Company and its affiliates shall not be required to give effect to any purported transfer of such Securities, except upon compliance with the foregoing restrictions.

(iv) the Purchaser acknowledges that neither the Company nor any other person offered to sell the Securities to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice, or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet, or (B) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

7. <u>Conditions to Obligations of the Purchaser and the Company</u>. The obligations of the Purchaser to purchase and pay for the Securities and of the Company to sell the Securities, are subject to the satisfaction at or prior to the Closing of the following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof and of the Purchaser contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect as though such representations and warranties had been made on and as of the Closing.

8. <u>Obligations Irrevocable</u>. The obligations of the Purchaser shall be irrevocable.

------

---

| | |
|:---|:---|
| 9. | <u>Legend</u>. The Purchaser understands and agrees that the Securities sold pursuant to this Subscription Agreement will be imprinted with a legend (or, if held in book-entry form, will be subject to the following legend) in substantially the following form: |
|  | "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS." |

---

10. <u>Non-Exclusivity</u>. Notwithstanding anything to the contrary in this Subscription Agreement, for a period of 7 days following the date of this Subscription Agreement, the Purchaser and the Company agree that the Company may actively solicit, seek, discuss, and negotiate competing offers to purchase any or all of the Securities from or an alternative transaction with one or more third parties and may terminate this Subscription Agreement in its sole discretion if the Company finds a purchaser for the Securities on terms more favorable to the Company, with a materially superior price per share for a minimum of 1,000,000 shares, and Purchaser elects not to match said offer with an equal or better offer of its own for the Company. Purchaser will be provided five (5) days to respond once presented by the Company with competing offer. In the event that either party elects to terminate this Agreement for any reason prior to the Closing, other than due to a material breach by the other party or the failure of any condition precedent to Closing, the terminating party shall pay to the non-terminating party a break-up fee in the amount of $100,000 within five (5) business days of such termination.

11. <u>Adjustment Transaction.</u> Omitted.

12. <u>General Provisions</u>.

(a) <u>Waiver, Amendment</u>. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged, or terminated except by an instrument in writing, signed by both the Purchaser and the Company.

(b) <u>Assignability</u>. Neither this Subscription Agreement nor any right, remedy, obligation, or liability arising hereunder or by reason hereof shall be assignable by either the Company or the Purchaser without the prior written consent of the other party, and any attempted assignment without such prior written consent shall be void.

(c) <u>Waiver of Jury Trial</u>. THE PURCHASER IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT.

(d) <u>Submission to Jurisdiction</u>. With respect to any suit, action, or proceeding relating to any offers, purchases, or sales of the Securities by the Purchaser ("  ***Proceedings*** "), the Purchaser irrevocably submits to the jurisdiction of the federal and state courts located in the Borough of Manhattan in New York City, which submission shall be exclusive, unless none of such courts has lawful jurisdiction over such Proceedings.

(e) <u>Governing Law</u>. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to its principles or rules of conflict of laws.

(f) <u>Section and Other Headings</u>. The section and other headings contained in this Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Subscription Agreement.

(g) <u>Counterparts</u>. This Subscription Agreement may be executed in any number of counterparts (including by pdf or other electronic transmission), each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

------

(h) <u>Notices</u>. All notices and other communications (each a "  ***Notice***") provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such other address as either party shall have specified by notice in writing to the other):

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| | |
|:---|:---|
| If the Company: | Morgan Group Holding Co.<br> 401 Theodore Fremd Avenue<br> Rye, NY 10580<br> Attention: Nathan Miller<br> E-mail: nathan.miller@ngmam.com<br>|
| with a copy (which shall not constitute notice) to: | Thompson Hine LLP<br> 300 Madison Avenue, 27th Floor<br> New York, NY 10017-6232<br> Attention: Todd Mason<br> E-mail: Todd.Mason@thompsonhine.com<br>|
| If to the Purchaser: | The LGL Group, Inc.<br> 2525 Shader Road<br> Orlando, FL 32804<br> Attention: Cameron Pforr<br> E-mail: cpforr@lglgroup.com |

---

Each Notice shall be deemed effective only if the party giving the Notice has complied with this Subsection (h) and if the recipient has received the Notice. The sender's failure to deliver a copy that does not constitute notice (as indicated above) or failure to send an e-mail communication of the Notice do not constitute a breach of this Subscription Agreement or affect the effectiveness of the Notice.<br>

(i) <u>Binding Effect</u>. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns.

(j) <u>Survival</u>. All representations, warranties and covenants contained in this Subscription Agreement shall survive the acceptance of the subscription by the Company and the Closing.

(k) <u>Notification of Changes</u>. The Purchaser hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the closing of the purchase of the Securities pursuant to this Subscription Agreement which would cause any representation, warranty, or covenant of the Purchaser contained in this Subscription Agreement to be false or incorrect.

(l) <u>Severability</u>. If any term or provision of this Subscription Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Subscription Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

(m) <u>Regulatory Conditions</u>. The Company and the Purchaser understand and agree that this Subscription Agreement and the transactions contemplated thereby may be subject to applicable regulatory conditions, and the Company and the Purchaser shall work together in good faith to resolve any regulatory issues that may arise in an effort to carry out the intent and meaning of this Agreement and consummate the transactions contemplated by this Subscription Agreement, as permitted by applicable law.

[*SIGNATURE PAGE FOLLOWS*]

------

IN WITNESS WHEREOF, the undersigned have executed this Subscription Agreement as of April 14, 2025.

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| | | |
|:---|:---|:---|
| **PURCHASER** | **PURCHASER** | **PURCHASER** |
| THE LGL GROUP INC. | THE LGL GROUP INC. | THE LGL GROUP INC. |
| By: | /s/ Marc Gabelli | /s/ Marc Gabelli |
|  | Name: | Marc Gabelli |
|  | Title: | Co-Chief Executive Officer  |

---

The offer to purchase Securities as set forth above is confirmed and accepted by the Company.

---

| | | |
|:---|:---|:---|
| **COMPANY** | **COMPANY** | **COMPANY** |
| MORGAN GROUP HOLDING CO. | MORGAN GROUP HOLDING CO. | MORGAN GROUP HOLDING CO. |
| By: | /s/ Vincent Amabile | /s/ Vincent Amabile |
|  | Name: | Vincent Amabile |
|  | Title: | Chief Executive Officer and Board Member |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Marc Gabelli, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of The LGL Group, Inc. for the quarterly period ended June 30, 2025 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| August 14, 2025 | /s/ Marc Gabelli | /s/ Marc Gabelli |
|  | Name: | Marc Gabelli |
|  | Title: | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Patrick Huvane, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of The LGL Group, Inc. for the quarterly period ended June 30, 2025 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| August 14, 2025 | /s/ Patrick Huvane | /s/ Patrick Huvane |
|  | Name: | Patrick Huvane |
|  | Title: | Executive Vice President - Business Development<br> (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of The LGL Group, Inc. (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc Gabelli, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| August 14, 2025 | /s/ Marc Gabelli | /s/ Marc Gabelli |
|  | Name: | Marc Gabelli |
|  | Title: | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of The LGL Group, Inc. (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Patrick Huvane, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| August 14, 2025 | /s/ Patrick Huvane | /s/ Patrick Huvane |
|  | Name: | Patrick Huvane |
|  | Title: | Executive Vice President - Business Development<br> (Principal Financial Officer) |

---