# EDGAR Filing Document

**Accession Number:** 0000015847
**File Stem:** 0000015847-25-000007
**Filing Date:** 2025-9
**Character Count:** 15159
**Document Hash:** cc82a638b47852356f64ff3cdb0b309b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000015847-25-000007.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0000015847-25-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250911

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250911

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BUTLER NATIONAL CORP
- **CENTRAL INDEX KEY:** 0000015847
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 410834293
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-01678
- **FILM NUMBER:** 251309431

**BUSINESS ADDRESS:**
- **STREET 1:** ONE AERO PLAZA
- **CITY:** NEW CENTURY
- **STATE:** KS
- **ZIP:** 66031
- **BUSINESS PHONE:** 9137809595

**MAIL ADDRESS:**
- **STREET 1:** ONE AERO PLAZA
- **CITY:** NEW CENTURY
- **STATE:** KS
- **ZIP:** 66031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL CONNECTOR CORP
- **DATE OF NAME CHANGE:** 19701009

?xml version='1.0' encoding='ASCII'? buks-20250911

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported) September 11, 2025

**BUTLER NATIONAL CORPORATION**

(Exact Name of Registrant as Specified in its Charter)

**Kansas**

(State or Other Jurisdiction of Incorporation)

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| | |
|:---|:---|
| **0-1678**<br> (Commission File Number) | **41-0834293**<br> (IRS Employer Identification No.) |
| **One Aero Plaza, New Century, Kansas**<br> (Address of Principal Executive Offices) | **66031**<br> (Zip Code) |

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**913-780-9595**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>None</u> <u>None</u> <u>None</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐

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| | |
|:---|:---|
| Item 2.02 | Results of Operations and Financial Condition |
| Item 2.02 | On September 11, 2025 Butler National Corporation issued a press release announcing its financial results for the quarter ended July 31, 2025. A copy of the press release is attached as Exhibit 99 to this Current Report on Form 8-K.<br>The information furnished under this Item 2.02, including Exhibit 99, shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, of the Exchange Act, except as otherwise expressly stated in any such filing. |
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit 99 | <u>[Press release announcing Butler National Corporation quarter ended July 31, 2025 financial results.](buks-exx99x73125pressrelea.htm)</u> |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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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| | |
|:---|:---|
| | BUTLER NATIONAL CORPORATION<br>(Registrant) |
| September 11, 2025<br>Date | /S/ Christopher J. Reedy<br>Christopher J. Reedy<br>(Chief Executive Officer, President and Secretary) |

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## Ex-99

**Exhibit 99**

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| | |
|:---|:---|
| **PRESS RELEASE**<br>**FOR IMMEDIATE RELEASE** | **September 11, 2025** |
| **BUTLER NATIONAL CORPORATION ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS.** <br>- Operating income rose 32% on 1.5% increase in revenue <br>- Earnings Per Share increased to $0.06 from $0.03<br>-Operating income of $4.7 million reflects a 32% increase from prior year first quarter | **BUTLER NATIONAL CORPORATION ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS.** <br>- Operating income rose 32% on 1.5% increase in revenue <br>- Earnings Per Share increased to $0.06 from $0.03<br>-Operating income of $4.7 million reflects a 32% increase from prior year first quarter |

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**NEW CENTURY, KANSAS, September 11, 2025,** - Butler National Corporation (OTCQX: BUKS), a leader in the growing global market for aircraft modification, maintenance, repair and overhaul (MRO) and a recognized provider of gaming management services, announces its financial results for the first quarter of fiscal 2026 (the three months ended July 31, 2025).

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| | | |
|:---|:---|:---|
| **Historical selected financial data related to all operations:** | | |
| (In thousands, except shares and per share data) | Three Months Ended July 31 | Three Months Ended July 31 |
|  | Three Months Ended July 31 | Three Months Ended July 31 |
|  | 2025 | 2024 |
| Revenue | $&nbsp;&nbsp;&nbsp;&nbsp;20125&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;19828&nbsp;&nbsp;&nbsp;&nbsp; |
| Operating Income | $&nbsp;&nbsp;&nbsp;&nbsp; 4667&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; 3536&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Income | $&nbsp;&nbsp;&nbsp;&nbsp; 3685&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; 2246&nbsp;&nbsp;&nbsp;&nbsp; |
| Total Assets | $&nbsp;&nbsp;&nbsp;&nbsp;130283&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;112298&nbsp;&nbsp;&nbsp;&nbsp; |
| Long-term liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;32399&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;33770&nbsp;&nbsp;&nbsp;&nbsp; |
| Stockholders' Equity | $&nbsp;&nbsp;&nbsp;&nbsp;65243&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;65114&nbsp;&nbsp;&nbsp;&nbsp; |
| Weighted Average Shares – Diluted | 66922924 | 68738247 |
| Earnings Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;0.06&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;0.03&nbsp;&nbsp;&nbsp;&nbsp; |

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**Management Comments**

President and CEO, Christopher J. Reedy, said, "Our results for the first quarter are a strong start to fiscal year 2026 and represent the commitment of our entire team to enhancing performance. First quarter revenue increased 1.5%, operating income increased 32%, and net income increased 64%, as compared to the same period in fiscal 2025. Gains in the Aerospace Products segment drove the positive results along with continued growth in sports wagering."

"The results reflect a 7% revenue increase in the Aerospace Products segment in the first quarter, which is strongly attributed to Butler-Tempe (Special Mission Electronics) production efficiencies, stocking required parts, focus on expedited fabrication of key components and increased deliveries. The Aircraft Avionics business had a sizable increase in both operating income and revenue, driven in part by reduced costs from the divestment of the autopilot repair business that occurred in the third quarter of last fiscal year," continued Mr. Reedy.

"On June 16, 2025, our New Century, Kansas hangar was damaged by a third-party airplane landing on the roof. The Avcon team overcame interruptions by using our adjacent hangar and worked overtime on our airplane modification projects. The hangar has now been restored. Installation refinement continues with the King Air B300 airplane door

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expansion project. The King Air airplane used as our prototype was damaged by the hangar incident and the airplane is in the process of being repaired," noted Mr. Reedy.

"During the first quarter of fiscal 2026, we invested approximately $0.6 million in the development and production of new products. These products resulted in additional Federal Aviation Administration (FAA) Supplemental Type Certificate (STC) approvals, including the European regulatory-driven requirement of non-halon portable fire extinguishers in all Learjets. We obtained STC approval for non-halon replacement portable fire extinguishers in all Learjets. Additionally, developments continue with the new gun control housing, cable designs and tooling for our minigun products. We believe expenditures for design and development engineering, testing, and certification of new products are essential to grow Aerospace Products, help stabilize our long-term revenue and enhance our future profits," continued Mr. Reedy.

"The 2% increase in the amount of legacy gaming revenue share paid to the State of Kansas beginning December of 2024, and the economic challenges in the Dodge City region, resulted in a Professional Services revenue decrease by 5% in the first quarter of fiscal 2026 to $8.8 million compared to $9.2 million in the first quarter of fiscal 2025," explained Mr. Reedy.

"As previously announced, we repurchased 2.41 million shares of our outstanding common stock during the first quarter, which demonstrates our commitment to maximizing stockholder value. We anticipate utilizing the five million dollars the Board of Directors authorized in July for future stock repurchases," concluded Mr. Reedy.

**Business Segment Highlights**

**<u>Aerospace Products:</u>**

Revenue increased 7% to $11.3 million in Q1 FY2026, compared to $10.6 million in Q1 FY2025. The increase in revenue is primarily due to a $1.2 million increase in Special Missions Electronics and a $1.0 million increase in Aircraft Avionics. Costs, inclusive of labor and material costs, decreased 12% in Q1 FY2026 to $6.6 million compared to $7.5 million in Q1 FY2025. Costs were 58% of segment total revenue in Q1 FY2026, as compared to 71% of segment total revenue in Q1 FY2025. Expenses, inclusive of general, administrative & other expenses, increased 7% in Q1 FY2026 to $1.8 million compared to $1.7 million in Q1 FY2025. This represents an operating margin of 25% in Q1 FY2026, compared to 13% in Q1 FY2025 (operating income as a percentage of revenue).

**<u>Professional Services:</u>**

Revenue from Professional Services decreased 5% in Q1 FY2026 to $8.8 million compared to $9.2 million in Q1 FY2025. The mobile sports wagering revenue increased to $1.3 million in Q1 FY2026 compared to $1.0 million in Q1 FY2025. Traditional casino gaming revenue decreased $0.6 million compared to the same quarter prior year. Costs increased less than 1% in Q1 FY2026 to $3.9 million compared to $3.9 million in Q1 FY2025 and expenses decreased 3% in Q1 FY2026 to $3.1 million compared to $3.2 million in Q1 FY2025.

**<u>Our Business:</u>**

Butler National Corporation operates in the Aerospace and Professional Services business segments. The Aerospace Products segment includes the design, manufacture, sale and service of structural modifications, design, integration and installation of electronic equipment, systems and technologies that enhance aircraft operations, and the design, manufacture and sale of defense related articles. Additionally, we operate Federal Aviation Administration (the "FAA") Repair Stations. Companies in Aerospace Products concentrate on products and services for Learjet, Textron Beechcraft, King Air, and Textron Cessna turboprop aircraft. Butler National-Tempe designs and manufactures robust electronic controls and cabling. The Professional Services segment includes the management of a gaming and the related dining and entertainment facility in Dodge City, Kansas. Boot Hill Casino and Resort features approximately 500 slot machines, 15 table games and a DraftKings branded sportsbook.

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**<u>Forward-Looking Information:</u>**

Statements made in this report, other reports and proxy statements filed with the Securities and Exchange Commission, communications to stockholders, press releases, and oral statements made by representatives of the Company that are not historical in nature, or that state the Company or management intentions, hopes, beliefs, expectations or predictions of the future, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements can often be identified by the use of forward-looking terminology, such as "could," "should," "will," "intended," "continue," "believe," "may," "expect, " "anticipate," "goal," "forecast," "plan," "guidance" or "estimate" or the negative of these words, variations thereof or similar expressions. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties, and assumptions. It is important to note that any such performance and actual results, financial condition or business, could differ materially from those expressed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A of the Company's Annual Report on Form 10-K, incorporated herein by reference. Risk Factors and elsewhere herein or in other reports filed with the SEC. Other unforeseen factors not identified herein could also have such an effect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial condition or business over time, except as expressly required by federal securities laws.

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| | |
|:---|:---|
| **FOR MORE INFORMATION, CONTACT:** | **FOR MORE INFORMATION, CONTACT:** |
| David Drewitz, Public Relations<br>david@creativeoptionscommunications.com<br>www.creativeoptionscommunications.com | Ph (972) 814-5723 |
| Butler National Corporation Investor Relations | Ph (913) 780-9595 |

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**THE WORLDWIDE WEB:**

Please review www.butlernational.com for pictures of our products and details about Butler National Corporation and its subsidiaries.

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