BUTLER NATIONAL Business Summary

Butler National Corporation (BUKS) operates a dual-segment business model centered on Aerospace Products and Professional Services, primarily generating revenue through high-margin aircraft modifications and gaming management fees. The Aerospace segment, led by subsidiaries Avcon Industries and Butler Avionics, specializes in Federal Aviation Administration (FAA) Supplemental Type Certificates (STCs) for special mission aircraft, including ISR (Intelligence, Surveillance, and Reconnaissance) integrations and structural modifications for Learjet and Beechcraft platforms. The Professional Services segment manages the Boot Hill Casino & Resort in Dodge City, Kansas, and derives significant ancillary income from a strategic sports wagering partnership with DraftKings. Positioned as a niche specialist, Butler National competes with larger aerospace integrators like Sierra Nevada Corporation and StandardAero, as well as regional gaming operators such as Boyd Gaming and Penn Entertainment, maintaining a competitive edge through its proprietary STC library and long-term state-managed gaming contracts. Leadership is currently spearheaded by President and CEO Christopher J. Reedy, who assumed the role in May 2023 after serving as COO and maintaining a 25-year tenure with the company; he holds a dual pedigree in electrical engineering and law. Supporting him is CFO Adam Sefchick, a CPA and former Chief Accounting Officer at Jack Cooper who was appointed in May 2025 to oversee financial transparency and systems consolidation. The board is led by Executive Chairman Jeff Yowell and includes notable figures such as Lead Independent Director Joseph Daly and retired Lieutenant General Michael A. Loh. Significant institutional and private backing is provided by major stakeholders including Veradace Partners and Zeff Holding Company, reflecting a concentrated ownership structure focused on the company's transition into a high-growth aerospace manufacturer.