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Nortech Systems (NSYS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Nortech Systems (NSYS) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $33.5M · 1¢ of every $1 of revenue kept as net profit · operating margin 1.9%
Nortech Systems made $33.5M in Q2 2026 (+9% Y/Y): Medical Imaging $10.8M, Medical Device $10.3M, Industrial $8.1M. Operating margin 1.9%, net earnings $316K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $33.5M in Q2 2026, up 9% year over year and up 11% from the previous quarter. Medical Imaging was the largest line at 32% of revenue. Medical Device added $2.7M year over year (up 36%), 95% of the total change. Aero space And Defense declined 13%.
Gross margin was 17.0%, up 1.2 points from Q2 2025. Operating profit was $623K, a 1.9% margin (down 0.6 points year over year). Operating profit fell $119K even though revenue rose $2.9M versus Q2 2025, so costs grew faster than sales. Operating expenses grew 24% against revenue growth of 9%. The fastest-growing cost line was General & admin (+26%). Net earnings were $316K, up 1% year over year. The effective tax rate was 25.8%.
Operating cash flow was −$888K. Non-cash charges added back $315K of depreciation and amortization and $194K of share-based compensation. Working capital and other items used $1.7M. Capital expenditures of $95K exceeded it, leaving free cash flow of −$1.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $33.5M | +9% | 1.9% | $316K | −$888K |
| Q1 2026 | 10-Q | May 13, 2026 | $30.3M | +13% | 0.2% | −$34K | −$1.6M |
| Q4 2025 | 10-K | Mar 26, 2026 | $30.3M | +6% | 3.0% | $897K | $5.6M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $30.5M | -3% | 3.1% | −$146K | −$92K |
| Q2 2025 | 10-Q | Aug 7, 2025 | $30.7M | -10% | 2.4% | $313K | $157K |
| Q1 2025 | 10-Q | May 14, 2025 | $26.9M | -21% | -6.0% | −$1.3M | −$2.9M |
| Q4 2024 | 10-K | Mar 31, 2025 | $28.6M | -21% | -4.3% | −$1.5M | $793K |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Nortech Systems
Nortech Systems Incorporated, (“the Company”, “we”, “our”) organized in 1990, is a provider of engineering design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies and components headquartered in Maple Grove, Minnesota, a suburb of Minneapolis, Minnesota. We maintain facilities and operations in Minnesota in the United States; Monterrey, Mexico; and Suzhou, China. All dollar amounts herein, excluding incorporated by reference documents, are in thousands of US Dollars. We offer a full range of value-added engineering, technical and manufacturing services and support including project management, designing, testing, prototyping, manufacturing, supply chain management and post-market services.
In its own words, from its 10-K, filed Mar 26, 2026.
Nortech Systems against its Electronic Components, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +40%. Operating margin: 1.9% against the peers' median 11.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NSYS Nortech Systems | Q2 2026 | $33.5M | +9% | 1.9% |
| VRT Vertiv Holdings | Q3 2026 | $4.3B | +61% | 22.8% |
| AEIS Advanced Energy Industries | Q3 2026 | $696M | +50% | 20.6% |
| VREX Varex Imaging | Q3 FY26 | $210M | +4% | 10.8% |
| VICR Vicor | Q3 2026 | $197M | +78% | 36.6% |
| PI Impinj | Q3 2026 | $112M | +17% | 4.1% |
| MPTI M-tron Industries | Q2 2026 | $15.1M | +14% | 11.4% |
| ESP Espey Manufacturing & Electronics | Q4 FY26 | $13.5M | +40% | 25.8% |
| MVIS Microvision | Q3 2026 | $2.4M | +896% | -889.0% |
Source: Nortech Systems 10-Q on SEC EDGAR · CIK 722313 · Electronic Components, NEC
13F: who owns NSYS and who is buying
More on NSYS
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Nortech Systems gross margin by quarter
- Nortech Systems operating margin by quarter
- Nortech Systems net income by quarter
- Nortech Systems free cash flow by quarter
- Nortech Systems R&D spending by quarter
- Nortech Systems capital expenditures by quarter
- Nortech Systems Medical Imaging revenue by quarter
- Nortech Systems Medical Device revenue by quarter
- Nortech Systems Industrial revenue by quarter