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olivLaw · US equity research

BK Technologies Corporation BKTI

Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)

66.97USD−2.55% · 1 dayClose 04 Nov 2026

BK Technologies makes public safety grade two-way land mobile radios that meet the P25 standard, plus BK ONE smartphone applications for first responders. In fiscal 2025 the company reported net sales of over 86 million USD, up about 12.5% on the prior year, driven by strong demand for the BKR9000 series and a much higher gross margin.

At the close of 04 Nov 2026, BK Technologies Corporation (BKTI) stock was 66.97 USD (−2.55% on the day), with market capitalisation 252.4 m USD, P/E 19.7 on diluted EPS of 3.40 USD over the last 12 months, beta 1.27, 52-week range 62.56–96.95 USD. Latest reported quarter (Q2 2026): revenue of 23.4 m USD (+10.6% YoY), net income of 3.2 m USD (−15.3% YoY), diluted EPS 0.79 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
252.4 m USD
shares as of 06 Aug 2026
P/E (TTM)
19.7
Diluted EPS TTM 3.40 · TTM to 30 Jun 2026
E/P (TTM)
5.08%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.27
Volatility (1y) 46%
52-week range
62.5696.95

Price history

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Technical reading

RSI (14)
40.6
weak (30–45)
Bollinger (20, 2)
63.95 – 74.02
in the lower half of the band · %B 0.30 · band width 14.6%
SMA 50 / 200
71.88 / 80.25
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.15 / -1.24
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−11.8%−1.1%−10.7 pp—
3 months−14.2%−0.5%−13.7 pp—
6 months−28.5%+4.4%−32.9 pp—
Year to date−10.2%+12.3%−22.5 pp—
1 year−8.4%+13.5%−22.0 pp+0.5%
3 years+388.8%+76.4%+312.4 pp+53.9%
5 years+352.5%+63.7%+288.8 pp—
Max drawdown (1y)
−32.9%
16 Apr 2026 → 16 Oct 2026
Max drawdown (5y)
−54.0%
06 Feb 2023 → 16 Aug 2023
Compound annual growth (5y)
+35.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
23.4 m USD
+10.6% YoY
Net income
3.2 m USD
−15.3% YoY
Diluted EPS
0.79
−17.7% YoY
net / operating
13.5% / 16.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue20.2 m17.9 m19.1 m21.2 m24.4 m21.5 m21.3 m23.4 m
Cost of revenue12.3 m10.5 m10.1 m11.1 m12.2 m10.7 m10.3 m11.3 m
Gross profit7.8 m7.4 m9.0 m10.0 m12.2 m10.9 m11.0 m12.1 m
Research & development1.9 m1.9 m2.5 m2.3 m2.8 m2.8 m3.7 m4.0 m
SG&A5.2 m5.2 m6.0 m6.0 m7.3 m6.6 m7.7 m8.3 m
Operating income2.6 m2.2 m2.9 m4.0 m4.8 m4.2 m3.3 m3.8 m
Depreciation & amortisation430.0 k ≈441.0 k427.0 k440.0 k ≈458.0 k ≈453.0 k716.0 k747.0 k ≈
Interest expense1.0 k-15.0 k-3.0 k-39.0 k-94.0 k-129.0 k-169.0 k-205.0 k
Pre-tax income2.6 m2.2 m2.8 m4.0 m4.9 m4.4 m3.4 m4.0 m
Income tax247.0 k-1.5 m670.0 k275.0 k1.5 m184.0 k682.0 k835.0 k
Net income2.4 m3.7 m2.1 m3.7 m3.4 m4.2 m2.8 m3.2 m
Diluted EPS0.630.92 ≈0.550.960.871.05 ≈0.690.79
Operating cash flow5.7 m ≈3.8 m2.5 m3.5 m ≈10.4 m ≈3.0 m6.8 m627.0 k ≈
Capex453.0 k ≈364.0 k268.0 k251.0 k ≈359.0 k ≈161.0 k476.0 k259.0 k ≈
Share repurchases——00 ≈——223.0 k-90.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 56 percentile of its own 9-quarter history (min 15.3, median 16.6, max 25.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue49.4 m40.1 m44.1 m45.4 m51.0 m74.1 m76.6 m86.1 m
Revenue YoY+25.3%−18.8%+10.1%+2.8%+12.3%+45.4%+3.4%+12.5%
Net income-195.0 k-2.6 m194.0 k-1.7 m-11.6 m-2.2 m8.4 m13.5 m
Net income YoYunavailableunavailableunavailable−976.8%unavailableunavailableunavailable+61.9%
Diluted EPS-0.01-0.210.02-0.11unavailable-0.652.253.44
Diluted EPS YoYunavailableunavailableunavailable−650.0%unavailableunavailableunavailable+52.9%
net %-0.4%-6.6%0.4%-3.7%-22.8%-3.0%10.9%15.7%
Free cash flow3.9 m-4.9 m3.5 m-8.7 m-10.8 m-462.0 k11.5 m18.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
22.8 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
44.7 m USD
Total assets
63.8 m USD
Debt / equity
unavailable
Current ratio
4.21x
ROE
36.3%
ROA
23.5%
FCF margin
21.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
74.1 m
2024
76.6 m
2025
86.1 m

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
51.9 m
2024
47.5 m
2025
44.1 m

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
22.2 m ≈
2024
29.1 m
2025
42.0 m

SEC (XBRL)· 12 Mar 2026verified

Research & development
2023
9.3 m
2024
7.8 m
2025
10.6 m

SEC (XBRL)· 12 Mar 2026verified

SG&A
2023
23.0 m
2024
21.2 m
2025
26.0 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
-777.0 k
2024
7.8 m
2025
16.0 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
1.6 m
2024
1.7 m
2025
1.8 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
858.0 k ≈
2024
9.5 m ≈
2025
17.8 m ≈

SEC (XBRL)· 12 Mar 2026derived

Interest expense
2023
575.0 k
2024
266.0 k
2025
-265.0 k

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
-2.2 m
2024
7.4 m
2025
16.1 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
54.0 k
2024
-984.0 k
2025
2.6 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
-2.2 m
2024
8.4 m
2025
13.5 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
-0.65
2024
2.25
2025
3.44

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
3.4 m
2024
3.7 m
2025
3.9 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
3.5 m
2024
7.1 m
2025
22.8 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
7.9 m
2024
7.3 m
2025
7.2 m

SEC (XBRL)· 12 Mar 2026verified

Inventories
2023
24.0 m
2024
17.6 m
2025
15.9 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
37.2 m
2024
36.9 m
2025
49.0 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
5.4 m
2024
4.9 m
2025
4.2 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
49.4 m
2024
51.5 m
2025
63.8 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
9.8 m
2024
6.3 m
2025
4.8 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
20.4 m
2024
14.0 m
2025
11.6 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
28.1 m
2024
21.7 m
2025
19.1 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
21.3 m †
2024
29.8 m †
2025
44.7 m †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
1.7 m
2024
12.8 m
2025
19.4 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
2.1 m
2024
1.2 m
2025
1.0 m

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
-462.0 k ≈
2024
11.5 m ≈
2025
18.4 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
-2.1 m
2024
-2.6 m
2025
-3.1 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
2.0 m
2024
-6.6 m
2025
-595.0 k

SEC (XBRL)· 12 Mar 2026verified

Dividends paid
2023
0
2024
—
2025
—

SEC (XBRL)· 14 Mar 2024verified

Share repurchases
2023
—
2024
0
2025
1.2 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
12.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
19.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
14.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
104.2%
computed by olivLawFY 2025
Net income growth (YoY)
61.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
133.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
52.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
180.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
59.6%
computed by olivLawFY 2025

Profitability

Gross margin
51.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
20.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
17.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
15.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
21.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
30.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
20.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
27.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
27.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
4.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
2.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
20.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.3 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
19.6 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
144.5%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
112.6%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
48 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
73 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
252.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
18.6x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
19.7x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
5.1%
computed by olivLawTTM to 30 Jun 2026
P/B
4.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
12.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
7.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
0.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

66.97 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 252.4 m USD

Key indicators

Market capitalisation
252.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
19.7x
computed by olivLawTTM to 30 Jun 2026
P/B
4.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
30.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
15.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
12.5%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 2351derived 213

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality51.0%27 (on a fixed band)14%
EBIT margin · Quality17.9%85 (vs peers)11%
FCF margin · Quality21.7%87 (on a fixed band)11%
Revenue CAGR 3Y · Growth19.1%77 (on a fixed band)22%
Revenue growth (YoY) · Growth12.5%60 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.2x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation7.8%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.5%42 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth71/100 · 2/2 factors with a value
  • Quality63/100 · 3/3 factors with a value
  • Returns42/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

BK Technologies Corp (BKTI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 86.1 m USD in 2025; YoY growth 12.5%; net margin 15.0%; ROE 30.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EBIT margin: 17.9%
  • FCF margin: 21.7%
  • Revenue CAGR 3Y: 19.1%
  • Current ratio: 4.2x
  • FCF yield: 7.8%

What contradicts it

  • Gross margin: 51.0%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
19.7x
vertical median 20.8x
below median (−5.3%)
EV/EBITDA
—
vertical median 12.4x
P/S
2.8x
vertical median 3.8x
below median (−26.0%)
P/B
4.9x
vertical median 2.3x
above median (+115.9%)
ROE
30.6%
vertical median -1.2%
above median
Net margin
15.0%
vertical median -7.1%
above median
EBIT margin
17.9%
vertical median -3.1%
above median
Revenue YoY
12.5%
vertical median 6.2%
above median (+101.3%)
Net debt/EBITDA
—
vertical median -0.4x
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
QCOMQualcomm Inc185.3 bn13.652.8%31.6%−2.6%+3% / +34%
MSIMotorola Solutions, Inc.82.2 bn40.077.2%16.5%+8.0%+34% / +54%
UIUbiquiti Inc.34.0 bn35.491.1%29.3%+27.2%−4% / +400%
PLPlanet Labs PBC3.3 bn—-72.0%-95.1%+25.9%+6% / +421%
ONDSOndas Inc.3.0 bn18.020.1%96.0%+605.3%−33% / +381%
VISNVistance Networks, Inc.1.5 bn0.222,304.0%247.7%+39.7%−67% / +286%
HLITHarmonic Inc.1.1 bn—-11.7%-13.7%−26.2%+7% / −8%
BKSYBlacksky Technology Inc686.3 m—-44.8%-61.2%+4.4%−5% / +59%
UMACUnusual Machines, Inc.650.9 m—-2.9%-20.3%+101.2%+49% / unavailable
GILTGilat Satellite Networks Ltd.521.2 m20.85.2%4.6%+47.9%−39% / +10%
AVNWAviat Networks, Inc.254.8 m104.71.0%0.6%+1.2%−10% / −34%
BKTIBK Technologies Corp252.4 m19.730.6%15.0%+12.5%−8% / +389%
CRNTCeragon Networks Ltd176.8 m—-1.2%-0.6%−14.1%−2% / +6%
VUZIVuzix Corp171.4 m—-122.7%-519.0%+9.1%−25% / −3%
SATLSatellogic Inc.87.6 m——-325.6%+37.6%+95% / +140%
AIRGAirgain, Inc.55.4 m—-23.7%-13.6%−14.6%+4% / +76%
WATTEnergous Corporation45.0 m—-32.8%-76.4%+633.1%+30% / −87%
CMTLComtech Telecommunications Corp37.4 m—-50.5%-14.5%−17.0%−59% / −90%
KUSTKustom Entertainment, Inc.22.6 m—-323.8%-126.5%+1.7%−98% / −100%
ERICEricsson Lm Telephone Co——27.9%12.0%−4.5%+15% / +126%
NOKNokia Corporation——3.1%3.3%+3.5%+36% / +137%

1- and 3-year price returns: for BKTI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
46.35
Total return -31% · Per year -31%
81.57
Total return 22% · Per year 22%
122.35
Total return 83% · Per year 83%
3 years
54.98
Total return -18% · Per year -6%
107.87
Total return 61% · Per year 17%
176.19
Total return 163% · Per year 38%
5 years
65.21
Total return -3% · Per year -1%
142.66
Total return 113% · Per year 16%
253.71
Total return 279% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 26.97
  • Net margin± 18.88
  • Annual revenue growth± 14.08
  • Annual dilution± 1.59

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

BK Technologies makes public safety grade two-way land mobile radios that meet the P25 standard, plus BK ONE smartphone applications for first responders. In fiscal 2025 the company reported net sales of over 86 million USD, up about 12.5% on the prior year, driven by strong demand for the BKR9000 series and a much higher gross margin.

SWOT

Strengths

  • Sales growth and a higher gross margin in 2025, supported by product mix and efficiencies at an external manufacturing partner, show solid execution 1.
  • The products are CAP-validated as P25 compliant, and the company has a radio line with a reputation among public safety agencies 1.
  • The company reported positive operating and net income in 2025 after a weaker prior year, giving it a firmer financial base 1.

Weaknesses

  • Near-total dependence on sales to government and public safety customers makes the company vulnerable to budget changes and spending limits 1.
  • The company has fewer financial and research resources than most competitors and does not offer complete integrated communications systems 1.
  • Demand depends heavily on the BKR series, and the successful launch of further models, such as the all-band mobile radio, remains uncertain 1.

Opportunities

  • Expanding the BK ONE applications and SaaS services such as InteropONE and LocateONE could grow Solutions sales and increase demand for radios 1.
  • Agency migration to P25, and the standard's role in federal funding, could open new contracts for compliant suppliers 1.
  • Broader cellular coverage could create demand for smartphone safety applications, an area where the company already has products 1.

Threats

  • Competition from a dominant supplier with far greater resources could limit the company's market share 1.
  • Government budget delays or shutdowns and cuts in federal spending could reduce orders or delay payments 1.
  • Tariffs and geopolitical tensions could raise the cost of outsourced production and disrupt supply chains 1.

Risks

  • Dependence on a single product linehigh

    The company depends mainly on LMR products, so a drop in their price or demand could materially affect results 1.

  • Dependence on the U.S. Governmenthigh

    Losing sales to the U.S. Government would have a material adverse effect, and these contracts are subject to competitive bidding and price pressure 1.

  • Competitionmedium

    Larger and better-financed competitors could win market share, particularly if they enter with competing P25 products 1.

  • Compliance with government contractsmedium

    Government contracts involve audits, strict compliance rules and the risk of suspension or debarment, which could reduce revenue or profit 1.

  • Technology and product developmentmedium

    If the company fails to keep pace with technological change or to launch new products successfully, its market position could suffer 1.

Investment thesis

What would need to be true (bull case)

  • If the sales growth and better margins seen in 2025 can be sustained, the company could show that the BKR products and its production mix support higher profitability 1.
  • If public agencies continue migrating to P25 and BK ONE applications find customers, the company could extend its customer base beyond radios 12.
  • If its P25 compliance translates into new contracts, the company could benefit from a standard that opens the market to smaller suppliers 1.

What would break the thesis

  • If government budgets tighten or are delayed, orders could fall quickly given the heavy weight of public customers 1.
  • If a larger competitor cuts prices or launches better products, the company could lose share because it lacks comparable resources 1.
  • If tariffs or geopolitical tensions raise production costs, margins could be hit, particularly because products are partly made externally 12.

What to watch

  • Order and sales trends for the BKR9000 series and the Solutions groupQ3 2026
  • Impact of tariffs and any refunds on production costs2026
  • State of federal budgets and any interruptions in government funding2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Net sales for 2025 were approximately 86.1 million USD 1, and dependence on government is high: approximately 29% of sales were to agencies and departments of the U.S. Government 1. According to the latest quarterly report, the company now operates one business segment with two product groups within it 2.

The product lines are built on the P25 standard, validated under the DHS CAP program for both the BKR and KNG series 1. Development of the BKR series, which is gradually replacing the legacy KNG products, has been supported by an engineering team of 41 employees 1.

Segments

Radio (LMR)

The Radio product group designs and markets portable and mobile LMR radios, which remain the company's main source of sales. The BKR9000 series, launched in April 2023, was the engine of sales growth in 2025 together with new customers among federal, state and municipal public safety agencies 1.

Solutions (BK ONE)

The Solutions group includes smartphone applications that run over public cellular networks, such as InteropONE, a push-to-talk over cellular service, and LocateONE for personnel and asset tracking. According to the company, these applications complement its radios and can extend their sales reach 1.

Market context

The main market is government and public safety, where nearly all of the company's sales are made 1. Migration to the digital P25 standard is supported by federal grant programs that often require P25 compliance, although government budgets for LMR purchases remain limited 1.

The LMR industry has been constrained by market maturity and limited radio spectrum availability 1. Public safety communications increasingly combine LMR with cellular technology for data applications, and broader cellular coverage could open new opportunities for the company's applications 1.

Trends

  • Migration to the digital P25 standardtailwind

    The P25 compliance requirement pushes government users to replace analog equipment, which could favour a supplier with CAP-validated products such as BK Technologies 1.

  • Expansion of cellular coveragetailwind

    Better terrestrial cellular coverage and, later, low earth orbit satellites could extend public safety mobile applications to the first responder's smartphone, benefiting the BK ONE line 1.

  • Dependence on government budgetsheadwind

    Agency funding depends on annual budgets and spending limits, and wildland fire seasonality can cause quarterly variations in sales 1.

  • Tariffs and macroeconomic uncertaintymixed

    Tariffs and supply chain disruptions could raise the cost of externally manufactured products, although the company is monitoring tariff refunds and policy changes 2.

Competitive position

The LMR market is dominated by Motorola Solutions, which is estimated to hold well over half of the global LMR market and is the largest supplier of P25 products 1. Competitors are generally larger, with broader sales networks and greater financial, research and marketing resources than BK Technologies 1.

The P25 standard opens the market to smaller suppliers because it reduces the ability of a single supplier to lock out competitors 1. However, competitors have a clear advantage in offering complete integrated communications systems and infrastructure, which BK Technologies does not provide 1.

  • Motorola Solutions, Inc.MSI

    The largest LMR supplier in the world, with well over half the market and the broadest product range, including P25 products 1.

  • Other larger LMR suppliers

    Competitors with longer operating histories, greater name recognition and larger financial and technical resources, which can supply complete integrated systems 1.

  • Push-to-talk over cellular service providers

    Carriers and service providers offering push-to-talk over cellular, though subscribers of different services cannot communicate directly, a gap the InteropONE application targets 1.

  • Integrated communications system providers

    Companies that deliver complete communications systems and infrastructure, a segment the company states it does not cover 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / BK Technologies Corporation · 12 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / BK Technologies Corporation · 13 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / BK Technologies Corporation · 14 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.