Butler National Corporation · OTC:BUKS
Butler National — Shareholder Meeting (October 2025)
42 slides from Butler National's shareholder meeting presentation, Oct 1, 2025
Slide 1: Butler National Corporation Annual Shareholder Meeting
Butler National Corporation Annual Shareholder Meeting October 1, 2025
Slide 2: Personnel
Personnel Directors Officers Jeffrey D. Yowell Executive Chairman Christopher J. Reedy President, Secretary & CEO Joseph P. Daly Lead Independent Director Adam Sefchick Chief Financial Officer Chair – Nomination & Governance Michael A. Loh Chair – Compensation Julie M. Bowen Chair – Audit Christophe
Slide 3: Agenda
Agenda 1. 2. Formal Business Meeting Presentation 1. Our Business Welcome to the 2. FY 2025 Performance 2025 Butler National Corporation 3. Subsidiaries - Opportunities/Risks 4. FY 2026 Key Strategies Annual Shareholder Meeting 5. Shareholder Questions/Concerns 3. Meet and Greet 10/01/2025
Slide 4: Cautionary Statement
Butler National Corporation 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 use of forward-lookin
Slide 5: Corporate structure
Avcon Industries Aerospace Products Segment Butler Avionics, Butler National Inc. Corporation Butler National – Tempe BNSC/BHCMC (Gaming Manager) Professional Services Segment Kansas Int’l DDC (Development) 10/01/2025 5
Slide 6: The Butler Business
The Butler Business Aerospace Segment – Aircraft Modifications – Special Mission Electronics – Avionics Highly Regulated Highly Specialized Engineering Intensive Fabrication Capabilities (Quick Turnaround) Professional Services – Gaming Management Services Highly Regulated Capital Intensive Extensiv
Slide 7: Facilities
Facilities Butler National Corporate Headquarters 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. 10/01/2025 7
Slide 8: Facilities - Avcon Newton, Kansas
Facilities Avcon – Newton, 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. Avcon is also co-located at New Century, Ka
Slide 9: Facilities - Avcon New Century
Facilities Avcon – New Century • June 16, 2025, Hangar Damage – Third-Party King Air Roof Landing • No employees injured • Immediate Remedial Action • Temporary Occupancy in 4 Days • Repairs Completed in August • Damage to Company King Air 10/01/2025 9
Slide 10: Facilities - Tempe and Excelsior Springs
Facilities Butler National – Tempe, Arizona Butler National Corporation has an office and manufacturing operations at 4654 South Ash Ave., Tempe, AZ in a 16,110 square foot owned facility. KC Machine – Excelsior Springs, MO KC Machine conducts manufacturing operations at 505 S. McCleary, Excelsior S
Slide 11: Fiscal 2025 Performance
Fiscal 2025 Performance See SEC Form 10-K for FY Ended April 30, 2025 FY2025 Earnings Per Share: $0.18 Comparative information for fiscal years ending April 30th: Dollars in Thousands 2025 2024 Total Revenue $ 83,968 $ 78,376 Net Income 12,551 12,512 Assets 123,298 113,975 Stockholder’s Equity 65,11
Slide 12: Financial Report FY25 Results
Financial Report FY25 Results Adam Sefchick, CFO 12 months ended 04/30/2025 (in thousands) 10/01/2025
Slide 13: FY2025 Revenue
FY2025 Revenue (in thousands) Aircraft Mods (AVCON) PROFESSIONAL SERVICES $ 38,267 35% AIRCRAFT MODS $ 29,587 Professional Services SPECIAL MISSION ELEC. $ 12,737 46% AIRCRAFT AVIONICS $ 3,377 Aircraft Avionics (BAI) 4% Special Mission Electronics (TEMPE) 15% 10/01/2025 13
Slide 14: Comparison of Revenue
Comparison of Revenue FY 2025 FY 2024 FY 2023 $83,968,000 $78,376,000 $75,182,000 Avcon Avcon Avcon 39% 35% Professional 35% Professional Professional Services Services Services 49% 51% 46% Tempe Tempe 14% Tempe 15% 15% 10/01/2025 *Note: Avcon Includes Butler Avionics 14
Slide 15: Avcon Industries, Inc. Aircraft Modifications
Avcon Industries, Inc. Aircraft Modifications 10/01/2025 15
Slide 16: Aircraft Modifications - What We Do
Avcon Industries, Inc. Aircraft Modifications – What We Do Structural Modifications Electrical Systems Integration Engineering – Design/Aero/Structural/Electrical Supplemental Type Certificate Approvals (STC)/Parts Manufacturing Authority (PMA) Manufacturing - Fabrication 10/01/2025 16
Slide 17: Aircraft Modifications - Product / Service Uses
Avcon Industries, Inc. Aircraft Modifications – Product / Service Uses Special Mission Design Engineering Manufacturing Mods & Installation Avcon Industries has developed FAA/EASA/DGAC/CAA approved solutions that support: •Search and Rescue (SAR) •Environmental / Atmospheric Research •Fire Detection
Slide 18: Aircraft Modifications FY 2023 - 2025
Aircraft Modifications FY 2023 - 2025 18
Slide 19: Aircraft Modifications 2025 Q1-Q4
Aircraft Modifications 2025 Q1-Q4 19
Slide 20: Avcon Opportunities / Risks
Avcon Industries, Inc. Opportunities / Risks • Special Mission Large Aircraft • Kits (Rails, Pods, Hardpoints) Sales/Revenue – Pod / Integration Opportunities – Field Installations • New Airframes • Transmissive Pods – Risk: • Power/Generator Upgrades • External Stores/Hard Points • Time / FAA STC I
Slide 21: King Air Cargo Door Update
Avcon Industries, Inc. King Air Cargo Door Update • King Air Model B300 Candidate Airplanes • Results: • Most-Requested Product: – Starting FY 2026 Q3-Q4 – King Air Market – 2,000 Airplane Opportunity • 2 Mods Scheduled “In-house” • Sale of Company King Air (modified) • Status: – FAA STC Planned Dec
Slide 22: Tempe - Special Mission Electronics - Gun Controls
Butler National Corporation – Tempe Special Mission Electronics – Gun Controls 10/01/2025 22
Slide 23: Special Mission Electronics - What We Do
Butler National Corporation - Tempe Special Mission Electronics – Products – What We Do • Gun Control Units • Systems Control / Logic • Simulation Equipment • Test Equipment • Highly Specialized Cabling • COTS Manufacturing 10/01/2025 23
Slide 24: Tempe Quarterly Revenue
Butler National Corporation - Tempe 2025 Revenue – $12.74 MM | 2024 Revenue - $11.95 MM $4.25 MM $4.00 $3.72 MM $3.61 MM $3.50 $3.02 MM Quarterly Revenue (Millions $) $2.97 MM $3.00 $2.81 MM $2.50 $2.39 MM $1.92 MM $2.00 $1.50 $1.00 $0.50 FY 24 Q4 FY 24 Q3 FY 24 Q2 FY 24 Q1 $- FY25 Q1 FY25 Q2 FY25 Q
Slide 25: Tempe GCU Quantity FY 2025 vs FY 2026
Tempe GCU Quantity FY 2025 vs FY 2026 (Forecast) 160 140 120 100 80 60 40 20 - May June July Aug Sept Oct Nov Dec Jan Feb Mar April GCU Quantity FY 2025 GCU Quantity FY 2026
Slide 26: Tempe Opportunities / Risks
Butler National Corporation - Tempe Opportunities / Risks • Increased Orders and Reduction of Production Backlog – 2025 Record Year – Orders Continue to be Received • Continue Product Deliveries Ahead of Schedule • New Orders for the M134 GCU – Risk: • Staffing – Technical Workers & Parts Lead Times
Slide 27: BNSC/BHCMC, LLC - Boot Hill Casino & Resort
BNSC/BHCMC, LLC Boot Hill Casino & Resort • Management Services • Kansas State Owned Gaming • Gaming Management Contract with the Kansas Lottery through Dec. 2039 • Sports Wagering Management Contract with the Kansas Lottery through Sept. 2027 • Team Members: 230 10/01/2025 27
Slide 28: Key Economic Drivers for Business Segments
Key Economic Drivers for Business Segments Professional Services / Gaming Boot Hill Casino & Resort • Economic Factors • Discretionary Spending • Inclement Weather • Patrons feel at home and have fun at BHCR • Patron Attitude towards Future of Markets • Gas & Oil Prices • Grain & Cattle Prices • Com
Slide 29: Professional Services - Gaming
Professional Services - Gaming FY 2025 FY 2024 Revenue Traditional Games (Slots and Tables) $27.9 $29.4 Revenue Sports Wagering 5.8 4.6 Casino Non-Gaming Revenue 4.6 4.6 Total Revenue 38.3 38.6 Long Term Debt (Gaming) 32.0 36.6 (in millions) Total Long Term Debt Reduction of $4.6 Million in FY 2025
Slide 30: Professional Services Opportunities/Risks
BHCMC/BNSC – Professional Services Opportunities/Risks • Identify Potential Casino Management Opportunities – Risks: • Financing for Potential Acquisitions • Action: Developing Banking Relationships • Stabilize Revenue and Increase Patron Count – Risks: • 2% State Revenue Share (Increase 12/15/24) •
Slide 31: Business Segment Summary
Business Segment Summary Annual Shareholder Meeting October 1, 2025
Slide 32: FY2026 Business Segment Opportunities
FY2026 Business Segment Opportunities • Avcon – Commence Sale of King Air Model B300 Expanded Doors – New STC(s) for Larger Airplanes – Expansion of Special Mission System Integration Offerings • Tempe – Increased Production Capacity/Staffing to accommodate new orders – M134 Mini Gun Control Prospec
Slide 33: Common Shareholder Questions
Common Shareholder Questions Annual Shareholder Meeting October 1, 2025
Slide 34: Shareholder Questions: Governance Changes
Butler National Shareholder Questions & Concerns Governance Changes Common Question: What is the Board doing to improve overall corporate governance? – Nominating and Governance Committee Chaired by Mr. Daly, Largest Shareholder – Stock Ownership Guidelines for Directors and Officers – Lead Independ
Slide 35: Shareholder Questions: Trading / Stock
Butler National Shareholder Questions & Concerns Trading / Stock 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; Commit
Slide 36: Capital Allocation - Share Buy Back
Butler National Shareholder Questions & Concerns Capital Allocation – Share Buy Back 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 back of approximate
Slide 37: Shareholder Questions: Professional Services - Gaming
Butler National Shareholder Questions & Concerns Professional Services – Gaming 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 positive cash flo
Slide 38: Shareholder Questions: Organic v. Acquisition Growth
Butler National Shareholder Questions & Concerns Organic v. Acquisition Growth 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 – Production Efficiencies Be
Slide 39: Shareholder Questions: Capital Expenditure/Investment
Butler National Shareholder Questions & Concerns Capital Expenditure/Investment Common Question: What are the top FY 2026 CapEx items? • STC Development – Large Airplane STC (Pod) – Cessna Caravan Underwing Hardpoints • Casino Enhancements – Restaurant Renovation – Administration Building Exchange f
Slide 40: Shareholder Questions: Earnings Calls
Butler National Shareholder Questions & Feedback Earnings Calls Common Question: When is Butler going to Re-establish a Quarterly Earnings Call? • Conference Call Mid-December Following Filing of Second Quarter Results – Press Release with FY 2026 – Second Quarter (ended Oct. 31, 2025) Results – Pla
Slide 41: Questions?
Questions? Butler National Corporation Annual Shareholder Meeting October 1, 2025
Slide 42: Thank you for your interest in Butler National
Thank you for your interest in Butler National. Butler National Corporation Annual Shareholder Meeting October 1, 2025