Segment Reporting and Sales by Major Customer

6 Months Ended

Oct. 31, 2025

Segment Reporting [Abstract]

Segment Reporting and Sales by Major Customer

Segment Reporting and Sales by Major Customer:

Industry Segmentation

Current Activities - The Company focuses on two primary activities, Professional Services and Aerospace Products.

Aerospace Products:

Aircraft Modifications principally includes the modification of customer owned business-size aircraft with capabilities to perform special missions including provisions for radar systems, aerial photography, search and rescue, environmental research, mapping, intelligence surveillance reconnaissance (ISR), and stability enhancing modifications. Our modifications are primarily to Learjets, Textron Beechcraft, and Textron Cessna aircraft. We also perform other specialized modifications to other unique aircraft. We provide these services through our subsidiary, Avcon Industries, Inc. (“Aircraft Modifications” or “Avcon”). Avcon activities include the high-quality precision manufacturing of machine parts at Butler Machine, LLC (doing business as “KC Machine”).

Special mission electronics principally includes the manufacture, sale, and service of electronics and accessories for control systems used on commercial and government aircraft and vehicles. We provide the products through our subsidiary, Butler National Corporation - Tempe, Arizona.

Butler Avionics sells, installs and troubleshoots aircraft avionics equipment (airplane radio equipment and flight control systems). This includes flight display systems, collision avoidance, terrain awareness instruments, and sensor systems

Butler Avionics is recognized for its troubleshooting and also supports Avcon with the integration and installation of special mission electronics systems.

Professional Services:

Butler National Service Corporation (“BNSC”) and its wholly owned subsidiary BHCMC, LLC provide management services to the Boot Hill Casino, a “state-owned casino”.

Three Months Ended October 31, 2025	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other		Total
Revenues from customers	$	9,212	$	8,414	$	852	$	4,773	$	-	$	23,251
Interest expense	395		98		-		8		-		501
Depreciation and amortization	749		891		7		27		17		1,691
Operating income (loss)	1,676		1,703		657		2,665		376		7,077

Three Months Ended October 31, 2024	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other		Total
Revenues from customers	$	9,650	$	7,170	$	824	$	3,716	$	-	$	21,360
Interest expense	458		66		-		14		-		538
Depreciation and amortization	808		789		7		34		20		1,658
Operating income (loss)	3,096		1,191		(24)		1,903		(1,312)		4,854

Six Months Ended October 31, 2025	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other		Total
Revenues from customers	$	18,023	$	14,056	$	2,289	$	9,008	$	-	$	43,376
Interest expense	810		196		-		19		-		1,025
Depreciation and amortization	1,523		1,768		14		57		32		3,394
Operating income (loss)	3,458		2,417		1,155		4,622		92		11,744

Six Months Ended October 31, 2024	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other		Total
Revenues from customers	$	18,887	$	14,276	$	1,285	$	6,741	$	-	$	41,189
Interest expense	949		125		-		28		1		1,103
Depreciation and amortization	1,600		1,533		13		68		40		3,254
Operating income (loss)	5,850		1,746		10		3,287		(2,503)		8,390

Our Chief Operating Decision Maker (CODM) uses the information above to evaluate performance by operating segment and does not evaluate operating segments using asset or liability information.

Major Customers: Revenue from major customers (10 percent or more of consolidated revenue) were as follows:

	October 31, 2025			October 31, 2024
	Number of Customers	% of Consolidated Revenue		Number of Customers	% of Consolidated Revenue
Aerospace Products	1	19.7	%	1	16.2	%
Professional Services	-	-		-	-

In the six months ended October 31, 2025 the Company derived 35.0% of total revenue from five Aerospace customers. The top customer provided 19.7% of total revenue while the next top four customers ranged from 2.0% to 6.9%. At October 31, 2025, we had one customer that accounted for 24.6% of our accounts receivable.