Butler National Corporation · OTC:BUKS
Butler National — Shareholder Meeting (September 2026)
41 slides from Butler National's shareholder meeting presentation, Sep 30, 2026
Slide 1: Welcome to the Annual Shareholder Meeting
Welcome to the Annual Shareholder Meeting September 30, 2026 [COMPANY NAME]
Slide 2: Personnel
Personnel Directors Officer Jeffrey D. Yowell Executive Chairman Adam Sefchick Interim Chief Executive Officer, Chief Financial Officer Joseph P. Daly Lead Independent Director Chair – Nomination & Governance Michael A. Loh Chair – Compensation Julie M. Bowen Chair – Audit Christopher J. Reedy BUTLE
Slide 3: Agenda
Agenda 1. Formal Business Meeting 2. Management Presentation a. Our Business b. FY 2026 Performance c. Subsidiaries – Opportunities/Risks d. FY 2027 Key Strategies e. Shareholder Questions/Concerns 3. Meet and Greet BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 4: Cautionary Statement
Butler National Corporation Cautionary Statement Cautionary Statement The statements in this presentation may constitute “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements can often be identified by the us
Slide 5: Corporation structure and subsidiaries
Avcon Industries, Inc. Butler Avionics, Inc. Aerospace Product BNC Special Mission Electronics Segment (Tempe) Butler National Corporation Butler Machine, LLC BNSC / BHCMC (Gaming Manager) Professional Services Segment Kansas Int’l DDC (Development) BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMB
Slide 6: Facilities – Corporate Headquarters, New Century, Kansas
FACILITIES Butler National Corporation Corporate Headquarters – New Century, Kansas The Butler National corporate headquarters is located at the New Century Airport within our 50,000 square-foot leased facilities at 1 Aero Plaza, New Century, Kansas. BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEM
Slide 7: Facilities – Avcon Industries
FACILITIES Avcon Industries, Inc. – Newton, Kansas / New Century, Kansas Avcon Industries headquarters is located at 714 North Oliver Road, Newton, Kansas on a campus that includes 76,000 square foot leased facility of hangar and office space at the Newton City-County Airport in Newton, Kansas. (rig
Slide 8: Facilities – Special Mission Electronics / Butler Machine
FACILITIES Butler National Corporation Special Mission Electronics / Butler Machine, LLC Butler National Special Mission Electronics – Tempe, AZ Butler Machine, LLC – Excelsior Springs, MO Butler National Corporation has an office and manufacturing Butler Machine conducts manufacturing operations at
Slide 9: Facilities – Boot Hill Casino and Resort
FACILITIES Boot Hill Casino and Resort Boot Hill Casino & Resort – Dodge City, Kansas Boot Hill Casino & Resort, located at 4000 W. Comanche St. in Dodge City, Kansas, encompasses 58,000 square feet, including a 24,000-square-foot gaming floor. BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30
Slide 10: Fiscal 2026 Performance
FISCAL 2026 PERFORMANCE See SEC Form 10-K for FY Ended April 30, 2026 FY2026 Earnings Per Share: $0.34 Comparative information for fiscal years ending April 30th: Dollars in Thousands 2026 2025 Total Revenue $ 97,967 $ 83,968 Net Income 21,933 12,551 Assets 141,842 123,298 Stockholder’s Equity 81,97
Slide 11: Financial Report
FINANCIAL REPORT FY 2 0 2 6 RE SULT S - Ye ar E nde d 4 /3 0 /2 0 2 6 YTD FY 2026 Casino Avcon Avionics Tempe Other Total Sales 37,380 37,195 4,173 19,219 - 97,967 Operating Income 8,296 9,713 1,525 10,049 (1,130) 28,453 Operating Margin 22% 26% 37% 52% 29% YTD FY 2025 Casino Avcon Avionics Tempe Ot
Slide 12: FY 2026 Revenue
FY 2026 REVENUE (in thousands) PROFESSIONAL SERVICES $ 37,380 AIRCRAFT MODS $ 37,195 Aircraft Mods Professional (Avcon) Services SPECIAL MISSION ELEC. $ 19,219 38% 38% AIRCRAFT AVIONICS $ 4,173 Special Mission Electronics (Tempe) 20% Butler Avionics (BAI) 4% BUTLER NATIONAL [COMPANY NAME] CORPORATIO
Slide 13: Comparison of Revenue
COMPARISON OF REVENUE FY 2026 FY 2025 FY 2024 $97,967,000 $83,968,000 $78,376,000 Professional Avcon Avcon Avcon 39% Professional Services Professional 35% Services 42% 38% Services 49% 46% Tempe Tempe 15% Tempe 15% 20% *Note: Avcon Includes Butler Avionics BUTLER NATIONAL [COMPANY NAME] CORPORATION
Slide 14: Avcon Industries, Inc. – Aircraft Modifications
AVCON INDUSTRIES, INC. – AIRCRAFT MODIFICATIONS BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 15: Aircraft Modifications
AIRCRAFT MODIFICATIONS Product & Service Applications Special Mission Mods Design Engineering Special Mission System Integration Avcon Industries has developed FAA/EASA/DGAC/CAA approved solutions that support: • Search and Rescue (SAR) • Environmental / Atmospheric Research • Fire Detection / Monit
Slide 16: Aircraft Modifications – What We Do
AIRCRAFT MODIFICATIONS – WHAT WE DO • Structural Modifications • Electrical Systems Integration and Avionics • Engineering – Design / Aero / Structural / Electrical • Supplemental Type Certificate Approvals (STC) / Parts Manufacturing Authority (PMA) • Manufacturing – Fabrication • OEM Relationship
Slide 17: Opportunities / Risks
OPPORTUNITIES / RISKS A V C O N R EPO R T • Special Mission Large Aircraft • Kits (Rails, Pods, Hardpoints) Sales / Revenue - System Integration Opportunities - Field Installations - Risk: · Transmissive Pods · Equipment Lead Time / Availability · Power/Generator Upgrades · Export Approvals · Extern
Slide 18: 2024-2026 Year End Comparison
2024-2026, YEAR END COMPARISON A V C O N R EPO R T $40.0M $35.2M $30.0M $27.6M $23.5M $22.3M $21.4M $20.4M $20.0M $12.8M $9.8M $10.0M $6.2M $4.2M $3.7M $3.1M $0.0M YE 2024 YE 2025 YE 2026 Revenue Cost of Sales Gross Profit Net Income BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 19: Rolling Quarter Comparison
ROLLING QUARTER COMPARISON A V C O N R EPO R T $14.0M $11.6M $12.0M $10.5M $10.0M $7.8M $8.0M $6.9M $6.8M $5.9M $6.0M $5.6M $5.2M $4.5M $4.6M $4.7M $3.9M $3.8M $4.0M $3.5M $2.4M $2.2M $1.9M $1.8M $2.0M $1.3M $0.7M $0.0M Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Revenue Cost of Sales Gross Profit Net I
Slide 20: BNC Special Mission Electronics – Gun Controls
BNC SPECIAL MISSION ELECTRONICS – GUN CONTROLS BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 21: Products – What We Do
PRODUCTS – WHAT WE DO SPEC I A L MI SSI O N ELEC TR O NI C S • Gun Control Units • Systems Control / Logic • Simulation Equipment • Test Equipment • Highly Specialized Cabling • COTS Manufacturing BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 22: Organizational Update
ORGANIZATIONAL UPDATE SPEC I A L MI SSI O N ELEC TR O NI C S • New General Manager – Vincent Jermany - 25+ years of Executive Leadership Experience in Aerospace, Defense and Advanced Manufacturing Industries - Formerly held Senior Leadership positions with companies including Firetrace International
Slide 23: Quarterly Revenue (Millions)
2026 Revenue – $19.22 MM | 2025 Revenue - $12.74 MM SPEC I A L MI SSI O N ELEC TR O NI C S $6 MM $5.56MM Quarterly Revenue (Millions) $5 MM $4.78MM $4.64MM $4.24MM $4 MM $3.72MM $3.61MM FY 2026 $3.02MM FY 2025 $3 MM $2.39MM $2 MM $1 MM $0 MM Q1 Q2 Q3 Q4 BUTLER NATIONAL [COMPANY NAME] CORPORATION SEP
Slide 24: GCU Units Shipped FYE 2026 vs FYE 2025
GCU UNITS SHIPPED | FYE 2026 vs FYE 2025 SPEC I A L MI SSI O N ELEC TR O NI C S GCU Quantity FYE 2026 GCU Quantity FYE 2025 BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 25: Opportunities / Risks
OPPORTUNITIES / RISKS SPEC I A L MI SSI O N ELEC TR O NI C S • Increased Orders and Reduction of Production • Expanded GCU Offering – M134 “Mini Gun” Backlog Control Unit – 2026 Record Year – Orders Continue to be – New Variations of GCU Case Design Received · USG Special Forces · NGC Establishes Op
Slide 26: Butler Machine, LLC
BUTLER MACHINE, LLC BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 27: Butler Machine FY 2027 Roadmap / Focus
BUTLER MACHINE FY 2027 R O A D MA P / FO C U S • Rebrand to Butler Machine - Reflection on How We See the Business Fitting into the Long-Term Strategy for the Aerospace / Space Products Segment - Allows Us to Pursue Opportunities Requiring Complex Solutions - Outreach to Complex / Higher Value Fabri
Slide 28: Boot Hill Casino & Resort (BNSC / BHCMC, LLC)
BOOT HILL CASINO & RESORT (BNSC / BHCMC, LLC) BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 29: Boot Hill Casino – What We Do
BOOT HILL CASINO– WHAT WE DO • Kansas State Owned Gaming • Gaming Management Contract with the Kansas Lottery through Dec. 2039 • Sports Wagering Management Contract with the Kansas Lottery through Sept. 2030 • Team Members: 230 BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 30: Key Economics Drivers for Business Segments
KEY ECONOMICS DRIVERS FOR BUSINESS SEGMENTS PR O F ESS IO NA L S ER V I C ES / G A MI NG • Hotel Development • Admin Building • VIP Play • Patron Count / Spend Per Patron • Sports Wagering Extension • Competition • Cattle Inventory BUTLER NATIONAL [COMPANY NAME] CORPORATION SEPTEMBER 30, 2026
Slide 31: Professional Services - Gaming
PROFESSIONAL SERVICES - GAMING C A SI NO R EPO R T Metric FY 2026 FY 2025 Revenue Traditional Games (Slots and Tables) $ 26.7 $ 27.9 Revenue Sports Wagering 6.5 5.8 Casino Non-Gaming Revenue 4.2 4.6 Total Revenue 37.4 38.3 Long Term Debt (Gaming) 27.2 32.0 (in m illio n s ) Total Long Term Debt Redu
Slide 32: Opportunities / Risks
OPPORTUNITIES / RISKS B H C MC / B NSC R EPO R T • Management Contracts - Drive incremental revenue with little to no capital investment by leveraging existing operational expertise, systems and leadership resources - Risk: · Opportunity Cost associated with staffing resources • Casino Acquisition -
Slide 33: Common Shareholder Questions
Common Shareholder Questions BUTLER NATIONAL [COMPANY NAME]CORPORATION
Slide 34: Shareholder Questions – CEO Search Update
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS C EO SEA R C H U PD A TE Common Question(s): What is the status of the search for a permanent CEO? What qualifications and experience is the Board looking for? How is the company operating during the transition? • Board has formally begun search and i
Slide 35: Shareholder Questions – Trading / Stock
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS TR A D I NG / STO C K Common Question: Why does Butler National not uplist to a larger exchange? • Uplisting Considerations – NASDAQ standards for Goal • Many of the Requirements are Satisfied with Board Changes • Governance Points – Board Compliant;
Slide 36: Shareholder Questions – Capital Allocation, Share Buyback
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS C A PI TA L A LLO C A TI O N – SH A R E B U Y B A C K Common Question: What is the Corporation doing with its generated cash? • Management is directed to aggressively buy-back Butler Common Stock and reduce outstanding shares - Since 4/30/2025 – Buy b
Slide 37: Shareholder Questions – Capital Expenditure / Investment
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS C A PI TA L EX PEND I TU R E / I NV ESTMEN T Common Question: What are the top FY 2027 CapEx items? • STC Development • Casino Enhancements - Administration Building Exchange for New Adjacent Building - Air Conditioning/Building Maintenance • King Air
Slide 38: Shareholder Questions – Professional Services - Gaming
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS PR O F ES SIO NA L S ER V I C ES - G A MI NG Common Question: Are you going to spin-off or sell the management rights and Boot Hill Casino Property? • Casino Management continues to be productive – Management Fees/Revenue Share with State provides pos
Slide 39: Shareholder Questions – Organic v. Acquisition Growth
BUTLER NATIONAL SHAREHOLDER QUESTIONS & CONCERNS O R G A NI C v . A C Q U I SI TI O N G R O W TH Common Question: Why is there a focus on organic growth versus acquisitions? • Aircraft Modifications provide the path for Short-Term Growth • Organic Growth Opportunities Continue to Increase – Producti
Slide 40: Questions?
Questions? BUTLER NATIONAL [COMPANY NAME]CORPORATION
Slide 41: Thank You for Your Interest in Butler National
Thank You for Your Interest in Butler National. BUTLER NATIONAL [COMPANY NAME]CORPORATION
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