Note 17 - Segment Reporting and Sales by Major Customer

9 Months Ended

Jan. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

17. 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 and company owned business-size aircraft with capabilities to perform special missions including provisions for radar systems, aerial photography, search and rescue, environmental research, mapping, ISR, and stability enhancing modifications for Learjet, Beechcraft, and Cessna aircraft along with other specialized modifications. 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. 

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

Butler Avionics sells, installs and repairs aircraft avionics equipment (airplane radio equipment, navigation, and/or display systems). This includes flight display systems that feature intuitive touchscreen controls with large displays to give users unprecedented access to high-resolution terrain mapping, graphical flight planning, geo-referenced charting, traffic display, satellite weather and much more. Butler Avionics is also recognized for its troubleshooting.

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 January 31, 2025	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other			Total
Revenues from customers	$	9,813	$	8,061	$	915	$	2,385	$	-		$	21,174
Interest expense		451		88		-		12		6			557
Depreciation and amortization		808		855		7		34		62			1,766
Operating income (loss)		3,234		773		223		883		(1,087	)		4,026

Three Months Ended January 31, 2024	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other			Total
Revenues from customers	$	9,929	$	5,402	$	810	$	2,807	$	12		$	18,960
Interest expense		536		57		-		16		6			615
Depreciation and amortization		756		683		7		32		31			1,509
Operating income (loss)		3,059		546		30		1,375		(1,215	)		3,795

Nine Months Ended January 31, 2025	Gaming		Aircraft Modification		Aircraft Avionics		Special Mission Electronics		Other			Total
Revenues from customers	$	28,700	$	22,337	$	2,200	$	9,126	$	-		$	62,363
Interest expense		1,400		213		-		40		7			1,660
Depreciation and amortization		2,408		2,388		20		102		102			5,020
Operating income (loss)		9,084		2,519		233		4,170		(3,590	)		12,416

Nine Months Ended January 31, 2024	Gaming		Aircraft Modification		Aircraft Avionics			Special Mission Electronics		Other			Total
Revenues from customers	$	28,687	$	16,967	$	2,332		$	7,696	$	64		$	55,746
Interest expense		1,623		173		-			48		25			1,869
Depreciation and amortization		2,235		2,121		13			94		95			4,558
Operating income (loss)		8,139		267		(26	)		3,578		(3,427	)		8,531

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:

	January 31, 2025					January 31, 2024
	Number of Customers		% of Consolidated Revenue			Number of Customers		% of Consolidated Revenue
Aerospace Products		1		14.5	%		2		21.9	%
Professional Services		-		-			-		-

In the nine months ended January 31, 2025 the Company derived 27.9% of total revenue from five Aerospace customers. The top customer provided 14.5% of total revenue while the next top four customers ranged from 2.5% to 4.6%. At January 31, 2025, we had one customer that accounted for 16.1% of our accounts receivable.