Highest-materiality recent filing
Nortech shareholders elect directors, approve equity plan at annual meeting
Six directors elected with 1.59M+ votes each; broker non-votes ~401K on all director nominees.
Nortech Systems Q1 net loss narrows to $34k; revenue up 12.7% to $30.3M
Net sales $30.3M, up 12.7% YoY; net loss $34k vs $1.3M loss in Q1 2025.
Nortech Systems Q4 net income $897k vs loss $1.48M YoY; sales up 5.9%
Net sales $30.3M in Q4 2025, up 5.9% from $28.6M in Q4 2024.
Nortech Systems enters $15M revolver, $2.2M term loan with Associated Bank, maturing 2029
Revolver up to $15M subject to borrowing base (AR, inventory, fixed assets); term loan $2.2M.
Nortech Systems obtains waiver for Q4 2025 covenant breaches; revises credit facility terms
Bank of America waived defaults on leverage, fixed charge, and EBITDA covenants for Q4 2025.
Nortech Systems appoints Andrew Walko as SVP Global Operations, replacing retiring John Lindeen
Walko becomes SVP Global Operations effective Jan. 19, 2026, succeeding John Lindeen who retires in Q1 2026.
Nortech Systems Q3 net loss narrows to $146K; adjusted EBITDA turns positive at $1.3M
Net sales $30.5M, down 2.9% YoY from $31.4M; net loss per basic share $(0.05) vs. $(0.27).
Director Debarati Sen will not stand for re-election; term ends May 2026
Debarati Sen notified Nortech Systems she will not seek re-election for the 2026-2027 board term.
Nortech SVP Global Operations John Lindeen to retire; search underway for replacement
John Lindeen, SVP Global Operations, notified retirement on Aug 18, 2025.
Nortech Systems Q2 net income up 99% to $313K; sales down 9.5% to $30.7M
Net sales $30.7M, down 9.5% YoY; net income $313K ($0.12 EPS) vs $157K in Q2 2024.
Nortech Systems extends $15M BofA credit line to August 2026
Extended $15M senior secured revolving credit facility maturity to August 31, 2026.
Nortech Systems agrees to sell Blue Earth, MN facility for $0.5M
Sale price $0.5M; buyer Clark Equities LLC; expected close by July 16, 2025.
Nortech Systems Q1 net loss of $1.3M; revenue down 21% to $26.9M
Net sales $26.9M, down 21.4% YoY from $34.2M; net loss of $1.3M ($0.48 diluted loss).
Nortech Systems Q4 net sales $28.6M, net loss $1.5M; defense delay cited
Net sales $28.6M (-20.6% YoY); net loss $1.5M vs $4.4M profit in Q4 2023.
Director Dan Sachs not standing for re-election; board reduced to 7
Dan Sachs will not stand for re-election at the May 14, 2025 annual meeting.
Nortech Systems extends Milaca facility lease to June 2030 with 5-year renewal option
Lease amended to extend term through June 30, 2030; one 5-year renewal option available.
Nortech Systems Q3 net loss of $739K; sales down 5.9% YoY to $31.4M
Net sales of $31.4M, down 5.9% from $33.4M in Q3 2023; net loss of ($739K) vs net income of $1.2M.
Nortech Systems Q2 net sales $33.9M, net income down 75% YoY to $157K
Net sales $33.9M in Q2 2024, down 3.2% YoY from $35.0M.
All eight director nominees elected: David Kunin 1,584,943 for; Ryan McManus 1,499,161 for; others similarly approved.
Q1 net sales $34.2M (down 1.9% YoY); net income $765K ($0.26 EPS) vs $681K ($0.23).
Nortech Systems reports FY2023 net sales $139.3M, net income $6.9M, EBITDA up 38.2% to $8.0M
Net sales $139.3M, up 3.9% YoY; net income $6.9M ($2.38 diluted EPS), up from $2.0M ($0.70) in 2022.
Nortech Systems replaces $16M asset-backed line with $15M revolver from BofA, maturing 2027
New $15M senior secured revolving credit facility with Bank of America; maturity Feb 29, 2027.
Director Steven Rosenstone not seeking re-election to Nortech board, term ends May 2024
Steven Rosenstone notified Nortech board on Dec 22, 2023 that he will not stand for re-election for 2024-2025 term.
Nortech Systems hires Andrew LaFrence as CFO, effective Dec. 1, 2023
Andrew LaFrence appointed CFO and Senior VP of Finance effective Dec. 1, 2023, succeeding Alan Nordstrom.
Nortech Systems Q3 revenue down 5.4% to $33.4M; EPS $0.42 vs $0.53 prior; backlog $102M
Revenue $33.4M, down 5.4% YoY; GAAP net income $1.2M ($0.42 diluted EPS) vs $1.5M ($0.53) in Q3 2022.
Nortech appoints Amy Fredregill and Jose Peris to board of directors
Amy Fredregill appointed to board; has 25+ years in advising C-suite of energy, food, ag companies on business model transformation and sustainability.
Nortech Systems Q2 revenue $35M (+7.7% YoY); EPS $0.22; bookings $37M
GAAP net income $0.6M ($0.22 diluted EPS) vs $0.7M ($0.25) in Q2 2022.
Nortech Systems announces death of Board member David Graff
David Graff, a Nortech Board member since May 2022, passed away on May 28, 2023.
CFO Christopher D. Jones resigns; Alan Nordstrom named Interim CFO
Christopher D. Jones resigned as CFO and VP of Nortech Systems, effective June 8, 2023.
Nortech Systems shareholders elect eight directors, approve stock plan expansion at annual meeting
All eight director nominees elected; Dan Sachs received 1,799,868 for votes, highest tally.
Nortech Systems Q1 revenue $34.9M (+13.6%); EPS $0.23 vs $0.05; gross margin 15.7%
Revenue $34.9M, up 13.6% YoY; gross margin 15.7%, up 2.5 percentage points.
Nortech Systems Q4 revenue up 6.4% to $35.6M; full-year EBITDA $5.8M vs loss
Q4 revenue $35.6M (up 6.4% YoY); gross margin 14.3% (up from 8.0%).
Nortech board member Philip Smith will not stand for re-election at May 2023 meeting
Philip Smith notified the board on March 6, 2023 he will not seek re-election.
Nortech Systems Q3 revenue $35.3M (+19.8%); EBITDA $2.4M, triple adjusted prior year
Revenue $35.3M (+19.8% YoY); gross margin 17.9% vs adjusted 11.4% prior year.
Nortech adds David Graff to board; shareholders approve stock plan increase
David J. Graff elected to Nortech's board effective March 11, 2022; retired from Deluxe Corp after 20 years.
Nortech Systems Q1 revenue up 39% to $30.7M; net income $138k vs loss a year ago
Revenue $30.7M, up 39% YoY; net income $138k ($0.05 EPS) vs net loss ($1.6M) in Q1 2021.
Nortech Systems enters into Seventh Amendment to Loan Agreement with Bank of America
Amendment dated March 4, 2022 modifies borrowing base and adds definitions for CARES Act and Employee Retention Credits.
Nortech Systems enters new employment agreement with CEO Jay D. Miller through 2024
Base salary set at $498K for first year, increasing to $520K for second year; Board may increase but not decrease without consent.
Nortech Systems extends Bank of America credit facility to June 2026
Extended $16M asset-based revolver maturity from June 2022 to June 2026.
Nortech Systems receives full forgiveness of $6.1M PPP loan from SBA
Received notification Nov 29, 2021 that $6.1M PPP loan and accrued interest fully forgiven by SBA; forgiveness payment date Nov 3, 2021.
Nortech Systems Q3 revenue $29.5M (+11.7%), net income $3.6M on $5.2M ERC
Net sales $29.5M, up 11.7% YoY from $26.4M; net income $3.6M ($1.24 diluted) vs $2.0M ($0.73) a year ago.
Dan Sachs, a member of the Board of Directors will not stand for re-election as a member of the Board of Directors for the 2025-2026 period.
On December 22, 2023, Steven Rosenstone, a member of the Board of Directors (the “Board”) of Nortech Systems, Incorporated (the “Company”), notified the Board that he would not stand for re-election as a member of the Board for the 2024-2025 period.
Mr. LaFrence assumed the duties of chief financial officer and principal accounting officer from Alan Nordstrom.
On December 1, 2023, the Company entered into an Employment Agreement with Andrew D. C. LaFrence (the “LaFrence Agreement”) as the Company’s Chief Financial Officer and Senior Vice President of Finance effective December 1, 2023.
On October 27, 2023, Amy Fredregill and Jose Peris were appointed to the Board of Directors (the "Board") of Nortech Systems Incorporated (the "Company").
On October 27, 2023, Amy Fredregill and Jose Peris were appointed to the Board of Directors (the "Board") of Nortech Systems Incorporated (the "Company").
David Graff, a member of the Board of Directors of Nortech Systems, Incorporated (the “Company”), passed away on May 28, 2023.
On May 24, 2023, Christopher D. Jones tendered his resignation as Chief Financial Officer and Vice President of the Company, effective June 8, 2023.
The Company's Corporate Controller, Alan Nordstrom, will assume the duties of Interim CFO while the company conducts a process to identify Mr. Jones' successor.
On March 6, 2023, Philip Smith, a member of the Board of Directors (the “Board”) of Nortech Systems, Incorporated (the “Company”), notified the Board that he would not stand for re-election as a member of the Board for the 2023-2024 period.
On March 11, 2022, David J. Graff was appointed to the Board of Directors (the 'Board') of Nortech Systems Incorporated (the 'Company').
Max materiality 0.75 · Median 0.60 · Most common event earnings