BUTLER NATIONAL CORPORATION ANNOUNCES FIRST QUARTER 2027 FINANCIAL RESULTS

Revenue increased 53% to $30.8 million – Operating income increased 59% to $7.4 million – Net income increased 43% to $5.3 million – Earnings per share increased to $0.08 from $0.06

NEW CENTURY, Kan. , Sept. 11, 2026 /PRNewswire/ -- 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 2027.

The Company will host a conference call on Friday, September 11, 2026 at 10:00 AM Central Time to review these results.

Historical selected financial data related to all operations: (In thousands, except shares and per share data) Three Months Ended July 31 2026 2025 Revenue $ 30,781 $ 20,125 Operating Income $ 7,424 $ 4,667 Net Income $ 5,265 $ 3,685 Weighted Average Shares – Diluted 63,954,343 66,922,924 Earnings Per Share $ 0.08 $ 0.06 Selected Balance Sheet data (In thousands) As of July 31, 2026 As of April 30, 2026 Total Assets $ 139,520 $ 141,842 Current Liabilities $ 25,762 $ 31,419 Long-term Liabilities $ 27,458 $ 28,445 Stockholders' Equity $ 86,300 $ 81,978

Management Comments Adam Sefchick, Interim Chief Executive Officer of Butler National Corporation, commented on the results stating, "Butler National delivered record first-quarter earnings in fiscal 2027. These results reflect the dedication of our employees, the continued execution of our strategic initiatives, and our focus on operational efficiency across the organization.

Revenue increased 53% to $30.8 million, operating income increased 59% to $7.4 million, and net income increased 43% to $5.3 million compared to the first quarter of fiscal 2026. Importantly, our significant revenue growth translated into continued strong profitability, with operating margin increasing to 24% compared to 23% in the prior-year quarter.

Earnings per share increased to $0.08 from $0.06, reflecting improved operating performance during the quarter. We also continued our disciplined approach to capital allocation, including ongoing share repurchases and investments in our businesses.

Within our Aerospace Products segment, strong performance from both Avcon Aircraft Modifications and Butler National-Tempe contributed significantly to our results, while Aerospace Products backlog reached a record $51.1 million. At Avcon, we achieved several significant milestones, including the successful completion and delivery of two Challenger 605/650 modification projects that included our recently approved STC for the under-fuselage radome/pod and rails for mounting of sensors.

In addition, Avcon completed a complex special mission systems integration project, delivering a CASA CN-235 aircraft upgraded with a new sensor package that included a new Avcon-designed custom workstation. The project demonstrates Avcon's expanding capabilities beyond structural aircraft modification to provide more comprehensive special mission systems integration solutions, while creating opportunities for derivative products and potential follow-on installations.

Special Mission Electronics (Tempe) continued to experience strong customer demand and increasing production volumes. The increased sales of Avcon aircraft modification kits for customer installation also contributed to revenue and margin performance during the quarter. These included Cessna Caravan camera port modification kits, as well as Avcon rails and Special Mission Pod kits for the King Air.

Kit sales remain an important part of our strategy to leverage Avcon's engineering and certification capabilities while expanding our geographic reach.

These results reflect the continued execution of strategic initiatives implemented over the last several years, including investments in new product development, manufacturing capabilities, and operational efficiency. We remain focused on customer satisfaction, operational excellence, and disciplined growth."