NSYS on Nasdaq
NORTECH SYSTEMS INC
American electronic components company, incorporated in Minnesota. Summary from the record
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Last updated Oct 19, 2026.
Overview
Compare with M-tron Industries, Inc., ESPEY MFG & ELECTRONICS CORP or Ostin Technology Group Co., Ltd., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
15.2%Gross margin3
0.8%Operating margin3
-0.2%Net margin3
-7.6%Revenue growth, 20253
-0.7%Return on equity3
$2.1MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Medical Imaging brought in 34% of the revenue NORTECH SYSTEMS INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Medical Imaging | $37.5M | $40.0M |
| Medical Device | $34.6M | $31.9M |
| Industrial | $35.5M | $30.9M |
| Aerospace And Defense | $20.5M | $15.5M |
Regions
United States brought in 73% of the revenue NORTECH SYSTEMS INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $10.4M | $8.9M |
| Mexico | $2.4M | $2.0M |
| China | $1.5M | $1.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue85¢$100.4M
- Research and development1¢$1.2M
- Other costs14¢$16.6M
- Income tax0¢$263.0K
Out of $118.4M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending24¢$661.0K
- Kept or used elsewhere76¢$2.1M
Out of $2.7M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net sales | $118.4M | $128.1M |
| Cost of goods sold | $100.4M | $111.4M |
| Gross profit | $18.0M | $16.7M |
| Selling | $4.8M | $3.4M |
| General and administrative | $10.8M | $11.7M |
| Research and development | $1.2M | $1.2M |
| Restructuring charges | $266.0K | $571.0K |
| Total operating expenses | $17.0M | $16.9M |
| Income (loss) from operations | $975.0K | -$195.0K |
| Interest expense | -$964.0K | -$744.0K |
| Income (loss) before income taxes | $11.0K | -$939.0K |
| Income tax expense | $263.0K | $356.0K |
| Net loss | -$252.0K | -$1.3M |
| Basic (in dollars per share) | -$0.09 | -$0.47 |
| Weighted average number of common shares outstanding - basic (in shares) | 2.8M shares | 2.8M shares |
| Diluted (in dollars per share) | -$0.09 | -$0.47 |
| Weighted average number of common shares outstanding diluted (in shares) | 2.8M shares | 2.8M shares |
| Foreign currency translation | $268.0K | -$445.0K |
| Comprehensive income (loss), net of tax | $16.0K | -$1.7M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $1.7M | $916.0K | |
| Accounts receivable, less allowances of $161 and $196, respectively | $17.0M | $14.9M | |
| Inventories, net | $20.7M | $21.6M | |
| Contract assets | $15.2M | $13.8M | |
| Prepaid assets and other assets | $1.6M | $4.1M | |
| Total current assets | $56.1M | $55.3M | |
| Property and equipment, net | $5.2M | $6.2M | |
| Operating lease assets | $7.0M | $8.1M | |
| Deferred tax assets | $3.4M | $2.6M | |
| Other intangible assets, net | $156.0K | $174.0K | $263.0K |
| Total assets | $71.9M | $72.4M | |
| Line of credit | $7.0M | ||
| Accounts payable | $12.8M | $11.6M | |
| Accrued payroll and commissions | $1.8M | $1.8M | |
| Customer deposits | $5.4M | $5.1M | $4.1M |
| Current portion of operating leases | $1.3M | $1.2M | |
| Current portion of finance lease obligations | $274.0K | $143.0K | |
| Other accrued liabilities | $1.2M | $1.5M | |
| Total current liabilities | $29.8M | $21.4M | |
| Long-term line of credit | $8.6M | ||
| Long-term operating lease obligations, net of current portion | $6.5M | $7.8M | |
| Long-term finance lease obligations, net of current portion | $626.0K | $311.0K | |
| Other long-term liabilities | $426.0K | $284.0K | |
| Total long-term liabilities | $7.5M | $17.0M | |
| Total liabilities | $37.4M | $38.4M | |
| Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding | $250.0K | $250.0K | |
| Common stock - $0.01 par value; 9,000,000 shares authorized; 2,786,134 and 2,760,793 shares issued and outstanding, respectively | $28.0K | $28.0K | |
| Additional paid-in capital | $17.9M | $17.3M | |
| Accumulated other comprehensive loss | -$709.0K | -$977.0K | |
| Retained earnings | $17.1M | $17.4M | |
| Total shareholders equity | $34.5M | $34.0M | $35.3M |
| Total liabilities and shareholders equity | $71.9M | $72.4M | |
| Accounts receivable allowance | $161.0K | $196.0K | |
| Preferred stock, par value | $1.00 | $1.00 | |
| Preferred stock, shares authorized | 1.0M shares | 1.0M shares | |
| Preferred stock, shares issued | 250.0K shares | 250.0K shares | |
| Preferred stock, shares outstanding | 250.0K shares | 250.0K shares | |
| Common stock, par value | $0.01 | $0.01 | |
| Common stock, shares authorized | 9.0M shares | 9.0M shares | |
| Common stock, shares issued | 2.8M shares | 2.8M shares | |
| Common stock, shares outstanding | 2.8M shares | 2.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $1.7M | $916.0K | |
| Accounts receivable, less allowances of $161 and $196, respectively | $17.0M | $14.9M | |
| Inventories, net | $20.7M | $21.6M | |
| Contract assets | $15.2M | $13.8M | |
| Prepaid assets and other assets | $1.6M | $4.1M | |
| Total current assets | $56.1M | $55.3M | |
| Property and equipment, net | $5.2M | $6.2M | |
| Operating lease assets | $7.0M | $8.1M | |
| Deferred tax assets | $3.4M | $2.6M | |
| Other intangible assets, net | $156.0K | $174.0K | $263.0K |
| Total assets | $71.9M | $72.4M | |
| Line of credit | $7.0M | ||
| Accounts payable | $12.8M | $11.6M | |
| Accrued payroll and commissions | $1.8M | $1.8M | |
| Customer deposits | $5.4M | $5.1M | $4.1M |
| Current portion of operating leases | $1.3M | $1.2M | |
| Current portion of finance lease obligations | $274.0K | $143.0K | |
| Other accrued liabilities | $1.2M | $1.5M | |
| Total current liabilities | $29.8M | $21.4M | |
| Long-term line of credit | $8.6M | ||
| Long-term operating lease obligations, net of current portion | $6.5M | $7.8M | |
| Long-term finance lease obligations, net of current portion | $626.0K | $311.0K | |
| Other long-term liabilities | $426.0K | $284.0K | |
| Total long-term liabilities | $7.5M | $17.0M | |
| Total liabilities | $37.4M | $38.4M | |
| Preferred stock, $1 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding | $250.0K | $250.0K | |
| Common stock - $0.01 par value; 9,000,000 shares authorized; 2,786,134 and 2,760,793 shares issued and outstanding, respectively | $28.0K | $28.0K | |
| Additional paid-in capital | $17.9M | $17.3M | |
| Accumulated other comprehensive loss | -$709.0K | -$977.0K | |
| Retained earnings | $17.1M | $17.4M | |
| Total shareholders equity | $34.5M | $34.0M | $35.3M |
| Total liabilities and shareholders equity | $71.9M | $72.4M | |
| Accounts receivable allowance | $161.0K | $196.0K | |
| Preferred stock, par value | $1.00 | $1.00 | |
| Preferred stock, shares authorized | 1.0M shares | 1.0M shares | |
| Preferred stock, shares issued | 250.0K shares | 250.0K shares | |
| Preferred stock, shares outstanding | 250.0K shares | 250.0K shares | |
| Common stock, par value | $0.01 | $0.01 | |
| Common stock, shares authorized | 9.0M shares | 9.0M shares | |
| Common stock, shares issued | 2.8M shares | 2.8M shares | |
| Common stock, shares outstanding | 2.8M shares | 2.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$252.0K | -$1.3M |
| Depreciation | $1.3M | $1.6M |
| Amortization | $18.0K | $89.0K |
| Compensation on stock-based awards | $503.0K | $461.0K |
| Deferred taxes | -$558.0K | -$12.0K |
| Change in accounts receivable allowance | -$35.0K | -$162.0K |
| Change in inventory reserves | $401.0K | $280.0K |
| Gain on disposal of property and equipment | -$23.0K | |
| Accounts receivable | -$2.0M | $4.4M |
| Inventories | $485.0K | -$400.0K |
| Contract assets | -$1.4M | $689.0K |
| Prepaid expenses and other assets | $2.5M | -$2.0M |
| Income taxes | -$29.0K | -$333.0K |
| Accounts payable | $1.3M | -$4.0M |
| Accrued payroll and commissions | -$30.0K | -$2.3M |
| Customer deposits | $244.0K | $1.1M |
| Other accrued liabilities | $242.0K | -$375.0K |
| Net cash provided by (used in) operating activities | $2.7M | -$2.2M |
| Proceeds from sale of property and equipment | $504.0K | $7.0K |
| Purchases of property and equipment | -$661.0K | -$1.3M |
| Net cash used in investing activities | -$157.0K | -$1.3M |
| Proceeds from line of credit | $101.8M | $129.8M |
| Payments to line of credit | -$103.5M | -$126.9M |
| Proceeds from notes payable | $345.0K | |
| Principal payments on financing leases | -$195.0K | -$367.0K |
| Share repurchases | -$100.0K | |
| Stock award exercises | $23.0K | $38.0K |
| Net cash (used in) provided by financing activities | -$1.9M | $2.8M |
| Effect of exchange rate changes on cash | $20.0K | -$11.0K |
| Net change in cash | $739.0K | -$759.0K |
| Cash paid for interest | $925.0K | $764.0K |
| Cash paid for income taxes | $751.0K | $473.0K |
| Property and equipment purchases in accounts payable | $81.0K | $254.0K |
| Property acquired under operating leases | $2.3M | |
| Equipment acquired under finance leases | $637.0K | $256.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led NORTECH SYSTEMS INC, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerJay D. Miller Mar 1, 2019 to Mar 25, 202211
- Chief executive officerRichard G. Wasielewski Aug 19, 2015 to May 17, 201712
- Chief executive officerMichael J. Degen Mar 9, 2006 to Mar 9, 200613
- PresidentJay D. Miller Jan 3, 2019 to Mar 25, 202214
- PresidentRichard G. Wasielewski Mar 14, 2013 to Mar 14, 201315
- PresidentMichael J. Degen Nov 2, 2006 to May 19, 200816
- Chief financial officerConstance Beck Jan 10, 2018 to Jan 10, 201817
- Chief financial officerPaula M. Graff Jan 14, 2014 to Aug 31, 201518
- Chief financial officerRichard G. Wasielewski Mar 9, 2006 to Mar 23, 201019
- Chief operating officerMatt Mahmood May 18, 2017 to May 18, 201720
Board members and other officers (27)
- Sr VP - Global OperationsJohn Lindeen Jan 4, 2019 to Feb 13, 202421
- Senior Vice President of HRHeidi B. Grange Sep 11, 2019 to Mar 19, 202022
- Vice PresidentCurtis J. Steichen Mar 9, 2006 to Nov 2, 200623
- Vice PresidentDonald E. Horne Mar 9, 2006 to Nov 2, 200624
- Senior Vice PresidentGarry M. Anderly Mar 9, 2006 to Aug 1, 200825
- Vice PresidentKeith A. Pieper Mar 9, 2006 to May 26, 200926
- Vice PresidentPeter L. Kucera Mar 9, 2006 to Feb 20, 200727
- Board memberDebarati Sen Jul 12, 2024 to now28
- Board memberAmy S. Fredregill Nov 7, 2023 to now29
- Board memberJose Antonio Peris Nov 7, 2023 to now30
- Board memberDavid J. Graff May 16, 2022 to May 16, 202331
- Board memberStacy A. Kruse May 21, 2021 to now32
- Board memberPhilip Irving Smith Dec 15, 2020 to Mar 21, 202233
- Board memberDan Sachs Dec 21, 2020 to Jul 12, 202434
- Board memberJay D. Miller May 10, 2018 to Mar 25, 202235
- Board memberSteven J. Rosenstone May 10, 2018 to May 19, 202336
- Board memberRyan McManus Sep 9, 2016 to now37
- Board memberKathleen P. Iverson Apr 21, 2015 to May 10, 201838
- Board memberMichael Joseph Kennedy Aug 17, 2015 to May 10, 201839
- Board memberRichard G. Wasielewski Aug 19, 2015 to May 17, 201712
- Board memberDavid B. Kunin Sep 26, 2014 to now40
- Board memberC. Trent Riley Nov 10, 2008 to Nov 10, 200841
- Board memberKenneth D. Larson Mar 9, 2006 to Mar 14, 201742
- Board memberMichael J. Degen Mar 9, 2006 to May 19, 200813
- Board memberMyron D. Kunin Mar 9, 2006 to Nov 10, 200843
- Board memberRichard W. Perkins Mar 9, 2006 to Nov 12, 200844
- General counselBert M. Gross Mar 9, 2006 to Nov 2, 200645
Timeline
Filings
159 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 42 major events, 78 insider forms, 18 other. The latest 20:
- Sep 16, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- May 20, 2026S-8 EDGAR
- May 18, 2026SD EDGAR
- May 14, 20268-K EDGAR
- May 13, 20268-K EDGAR
- May 13, 202610-Q EDGAR
- Apr 15, 202610-K/A EDGAR
- Apr 1, 2026DEF 14A EDGAR
- Apr 1, 2026DEFA14A EDGAR
- Mar 26, 20268-K EDGAR
- Mar 26, 202610-K EDGAR
- Mar 23, 20268-K EDGAR
- Mar 6, 20268-K EDGAR
- Jan 6, 20268-K EDGAR
The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
50 open-market trades by officers, directors and large owners since October 2021: 50 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 22, 2023 | KUNIN DAVID BDirector | Buy | 21 | $11.85 | $249 | Form 4 |
| Mar 21, 2023 | KUNIN DAVID BDirector | Buy | 302 | $12.18 | $3.7K | Form 4 |
| Mar 20, 2023 | KUNIN DAVID BDirector | Buy | 1,632 | $11.89 | $19.4K | Form 4 |
| Mar 15, 2023 | KUNIN DAVID BDirector | Buy | 445 | $12.00 | $5.3K | Form 4 |
| Apr 12, 2022 | KUNIN DAVID BDirector | Buy | 1 | $10.00 | $10 | Form 4 |
| Apr 11, 2022 | KUNIN DAVID BDirector | Buy | 585 | $10.02 | $5.9K | Form 4 |
| Apr 8, 2022 | KUNIN DAVID BDirector | Buy | 296 | $10.00 | $3.0K | Form 4 |
| Mar 31, 2022 | KUNIN DAVID BDirector | Buy | 13 | $10.10 | $131 | Form 4 |
| Mar 30, 2022 | KUNIN DAVID BDirector | Buy | 1,587 | $10.13 | $16.1K | Form 4 |
| Mar 29, 2022 | KUNIN DAVID BDirector | Buy | 1,587 | $10.17 | $16.1K | Form 4 |
| Mar 28, 2022 | KUNIN DAVID BDirector | Buy | 1,578 | $9.99 | $15.8K | Form 4 |
| Mar 25, 2022 | KUNIN DAVID BDirector | Buy | 744 | $9.93 | $7.4K | Form 4 |
| Mar 24, 2022 | KUNIN DAVID BDirector | Buy | 744 | $9.66 | $7.2K | Form 4 |
| Mar 23, 2022 | KUNIN DAVID BDirector | Buy | 744 | $10.15 | $7.6K | Form 4 |
| Feb 25, 2022 | KUNIN DAVID BDirector | Buy | 845 | $10.15 | $8.6K | Form 4 |
| Feb 24, 2022 | KUNIN DAVID BDirector | Buy | 845 | $9.95 | $8.4K | Form 4 |
| Feb 23, 2022 | KUNIN DAVID BDirector | Buy | 767 | $10.13 | $7.8K | Form 4 |
| Feb 22, 2022 | KUNIN DAVID BDirector | Buy | 845 | $9.95 | $8.4K | Form 4 |
| Feb 17, 2022 | KUNIN DAVID BDirector | Buy | 838 | $10.15 | $8.5K | Form 4 |
| Feb 15, 2022 | KUNIN DAVID BDirector | Buy | 838 | $9.85 | $8.3K | Form 4 |
All 50 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Wells Fargo & Company/mn | 76,091 | $1.2M | 0.0% | New |
| Renaissance Technologies LLC | 62,599 | $990.3K | 0.0% | +18,600 |
| Vanguard Capital Management LLC | 26,247 | $412.6K | 0.0% | −1,641 |
| Chevy Chase Trust Holdings, LLC | 15,832 | $250.5K | 0.0% | No change |
| Pathstone Holdings, LLC | 12,000 | $189.8K | 0.0% | New |
| Dimensional Fund Advisors LP | 10,624 | $167.0K | 0.0% | New |
| Morgan Stanley | 8,500 | $134.5K | 0.0% | New |
| Vanguard Fiduciary Trust Co | 5,211 | $81.9K | 0.0% | +3,683 |
| BlackRock, Inc. | 4,456 | $70.5K | 0.0% | New |
| Larson Financial Group LLC | 241 | $3.8K | 0.0% | No change |
| NewEdge Advisors, LLC | 156 | $2.5K | 0.0% | New |
| UBS Group AG | 105 | $1.7K | 0.0% | New |
| Fmr LLC | 105 | $1.7K | 0.0% | +10 |
| Rialto Wealth Management, LLC | 30 | $475 | 0.0% | New |
| Caitong International Asset Management Co., Ltd | 2 | $32 | 0.0% | +1 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARJay D. Miller, President
- 15SEC EDGARRichard G. Wasielewski, President
- 16SEC EDGARMichael J. Degen, President
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- 22
- 23SEC EDGARCurtis J. Steichen, Vice President
- 24SEC EDGARDonald E. Horne, Vice President
- 25
- 26SEC EDGARKeith A. Pieper, Vice President
- 27SEC EDGARPeter L. Kucera, Vice President
- 28SEC EDGARDebarati Sen, Board member
- 29SEC EDGARAmy S. Fredregill, Board member
- 30SEC EDGARJose Antonio Peris, Board member
- 31SEC EDGARDavid J. Graff, Board member
- 32SEC EDGARStacy A. Kruse, Board member
- 33SEC EDGARPhilip Irving Smith, Board member
- 34SEC EDGARDan Sachs, Board member
- 35SEC EDGARJay D. Miller, Board member
- 36SEC EDGARSteven J. Rosenstone, Board member
- 37SEC EDGARRyan McManus, Board member
- 38SEC EDGARKathleen P. Iverson, Board member
- 39SEC EDGARMichael Joseph Kennedy, Board member
- 40SEC EDGARDavid B. Kunin, Board member
- 41SEC EDGARC. Trent Riley, Board member
- 42SEC EDGARKenneth D. Larson, Board member
- 43SEC EDGARMyron D. Kunin, Board member
- 44SEC EDGARRichard W. Perkins, Board member
- 45SEC EDGARBert M. Gross, General counsel