Technology / M-tron Industries: A Record Backlog Driven by Geopolitical Tailwinds and Defense Spending Geopolitics is fueling a massive order book for M-Tron (MPTI). With a $58.8M backlog, this small-cap defense player is a critical supplier for modern warfare. But can margins recover from tariff headwinds? By Marques Blank / 8 Jan 2026