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All operating activities described herein are undertaken by our operating subsidiary.
−Removed: In business for over 70 years, BK operates two key business units:
−Removed: Radio and SaaS.
−Removed: The Radio business unit designs, manufactures and markets wireless communications products consisting of two-way land mobile radios (“LMRs”).
+Added: In business for over 70 years, BK operates two key product group offerings:
+Added: Radio and Solutions.
+Added: The Radio product group designs, manufactures and markets wireless communications products and related accessories consisting of two-way land mobile radios (“LMRs”).
Two-way LMRs can be radios that are hand-held (portable) or installed in vehicles (mobile).
Generally, BK Technologies-branded products serve government markets, including, but not limited to, emergency response, public safety, homeland security and military customers of federal, state and municipal government agencies, as well as various industrial and commercial enterprises.
−Removed: We believe that our products and solutions provide superior value by offering a high specification, ruggedized, durable, reliable, feature rich, Project 25 (“P25”) compliant radio at a lower cost relative to comparable offerings.
−Removed: The SaaS business unit focuses on delivering innovative, public safety smartphone applications which operate ubiquitously over public cellular networks.
−Removed: Our BKRplay branded smartphone application offers multiple services designed to make the first responder safer and more efficient.
+Added: We believe that our products and solutions provide superior value by offering high specification, ruggedized, durable, reliable, feature rich, Project 25 (“P25”) compliant radio products at a lower cost relative to comparable offerings.
+Added: The Solutions product group focuses on delivering innovative products and smartphone applications which operate ubiquitously over public cellular networks.
+Added: Our BK ONE branded solutions are designed to provide advanced field applications that enhance situational awareness, decision-making and interagency coordination that enable the first responder to be safer and more efficient.
+Added: Our BK ONE portfolio provides law enforcement improved safety and productivity, fire incident first responders more situational awareness and EMS first responders with enhanced patient safety and advanced care measures.
When tethered to our radios, the combined solution offers an enhanced user experience with more unique capability which increases the sales reach of our radios.
−Removed: As we move forward into 2025 the SaaS business unit will expand to include public safety solutions that provide for improved interoperability which will make the first responder safer and more efficient when operating in the field.
−Removed: The new Solutions business will build a portfolio of solutions under a new brand, BK ONE.
−Removed: BK ONE will include SaaS solutions such as InteropONE as well as future software and hardware applications.
We were incorporated under the laws of the State of Nevada on October 24, 1997.
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Significant Events
−Removed: On October 30, 2024, a wholly owned subsidiary of the Company entered into a new credit facility with Fifth Third Bank, National Association, which provides for a one-year revolving line of credit with a maximum commitment of $6 million, with an accordion feature, if certain conditions are met, for up to a maximum commitment of $10 million.
+Added: On October 30, 2024, a wholly owned subsidiary of the Company entered into a new credit facility with Fifth Third Bank, National Association, which provided for a one-year revolving line of credit with a maximum commitment of $6 million, with an accordion feature, if certain conditions are met, for up to a maximum commitment of $10 million.
+Added: On October 30, 2025, the subsidiary entered into an amendment to the credit facility, which provided for a three-year extension of the agreement and revised the availability under the $6 million revolving credit facility, if certain conditions are met, to increase the accordion feature for a maximum commitment of $14 million, among other things.
For additional information, see "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 6 of the accompanying consolidated financial statements.
−Removed: On November 6, 2023, the Company entered into a Master Supply Agreement (the “EW MSA”) with East West Manufacturing, LLC, a Georgia limited liability company (“EW”), for the manufacturing production of certain LMR products and accessories.
−Removed: In connection with the EW MSA, the Company and EW also entered into a Transition Services Agreement to govern the transition of manufacturing production to EW.
−Removed: Also, in connection with the EW MSA, the Company and EW entered into a Stock Purchase Agreement, pursuant to which EW purchased 77,520 shares of the Company's common stock, par value $0.60 per share (the "Common Stock") with a value equal to $1,000,000.
−Removed: The number of shares of stock was determined based upon a price per share of $12.90, which is equal to the average of the closing price of the Common Stock on the NYSE American exchange for the 30 most recent trading days prior to November 6, 2023, rounded up to the nearest whole number of shares.
−Removed: Additionally, EW purchased a warrant (“Warrant”), with a five-year term to purchase up to 135,300 shares of Common Stock at an exercise price per share of $15.00.
−Removed: The Company completed the transition of its manufacturing production to EW in the third quarter of 2024.
−Removed: On March 23, 2023, the board of directors (the “Board” or “Board of Directors”) of the Company approved a one (1)-for-five (5) reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of Common Stock, and on April 4, 2023, the Company filed with the Secretary of State of the State of Nevada a Certificate of Change to its Articles of Incorporation to effect the Reverse Stock Split.
−Removed: The Reverse Stock Split became effective at 5:00 p.m.
−Removed: Eastern Time on April 21, 2023.
−Removed: Shares of Common Stock underlying outstanding stock options and restricted stock units were proportionately reduced, and the respective exercise prices were proportionately increased in accordance with the terms of the agreements governing such securities.
−Removed: Accordingly, all shares and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the Reverse Stock Split.
On December 17, 2021, a share repurchase program was authorized under which we may repurchase up to an aggregate of $5 million of our Common Stock.
Share repurchases under this program were authorized to begin immediately.
+Added: Repurchases may be made through a variety of methods, which could include open market purchases, accelerated share repurchase transactions, negotiated block transactions, Rule 10b5-1 plans, other transactions that may be structured through investment banking institutions or privately negotiated, or a combination of the foregoing.
The program does not have an expiration date.
−Removed: Any repurchases would be funded using cash on hand and cash from operations.
The actual timing, manner and number of shares repurchased under the program will be determined by management and the Board of Directors at their discretion, and will depend on several factors, including the market price of our Common Stock, general market and economic conditions, alternative investment opportunities, and other business considerations in accordance with applicable securities laws and exchange rules.
The authorization of the share repurchase program does not require BK to acquire any particular number of shares and repurchases may be suspended or terminated at any time at our discretion.
+Added: All repurchases under the plan have been and will be funded using cash on hand and cash from operations.
Industry Overview
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We offer products under the company brand name BK Technologies.
−Removed: Our KNG Series and BKR Series radios operate in both the P25 digital and analog modes of operations in the FCC licensed bands;
+Added: Our BKR and legacy KNG series radios operate in both the P25 digital and analog modes of operations in the FCC licensed bands;
very high frequency (“VHF”) (136MHz - 174MHz), ultra-high frequency (“UHF”) (380MHz - 470MHz, 450MHz - 520MHz), and 700-800 MHz bands.
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Congress to improve communication interoperability for first responders and is a partnership of the DHS’s Command, Control and Interoperability Division, the National Institute of Standards and Technology (“NIST”), radio equipment manufacturers and the emergency response community.
−Removed: Both the KNG and BKR series radios have been validated under the CAP as being P25 compliant.
−Removed: Description of Software-as-a-Service (SaaS) Offerings
−Removed: BK’s first SaaS service, InteropONE, was introduced in October 2022 at the International Association of Chiefs of Police (IACP) conference.
+Added: Both the BKR and KNG series radios have been validated under the CAP as being P25 compliant.
+Added: Description of Solutions Offerings
+Added: BK’s Solutions offerings are branded under BK ONE, consisting of smartphone applications and related products.
+Added: Our first Solutions offering is a Software-as-a-Service (SaaS) smartphone application, marketed as InteropONE, which was introduced in October 2022 at the International Association of Chiefs of Police (IACP) conference.
InteropONE is a Push-to-talk-Over-Cellular ("PTTOC") SaaS service which provides emergency incident commanders the capability to dynamically establish group push-to-talk communications between at-large smartphone users directly from their smartphone.
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While these services provide supplementary features and coverage to LMR networks, PTTOC subscribers to a specific service cannot communicate to PTTOC subscribers of another service provider without deployment of pre-configured, complex, and expensive interoperability gateways.
−Removed: InteropONE addresses this interoperability gap by enabling emergency management personnel to quickly bring together any person with a smartphone regardless of which carrier they subscribed to or whether the smartphone user subscribes to a PTTOC service.
+Added: InteropONE addresses this interoperability gap by enabling emergency management personnel to quickly bring together any person with a smartphone, regardless of which carrier they are subscribed to or whether the smartphone user subscribes to a PTTOC service.
This capability is vitally important for effectively managing unplanned incidents that may involve groups of people that normally do not collaborate.
−Removed: BKRplay is BK’s public safety smartphone application which provides access to the InteropONE service, as well as a host of other capabilities designed to make the first responder safer and more efficient.
−Removed: Built around an intelligent interface between a smartphone and our BK radio, BKRplay services deliver an enhanced customer experience which increases the sales reach of our radios.
−Removed: BKRplay is available to download from the Google Play or Apple App stores.
+Added: InteropONE is available to download from the Google Play or Apple App stores.
+Added: The utility of InteropONE can be extended with our BKRplay functionality.
+Added: Built around an intelligent interface between the InteropONE smartphone and our BK radio, BKRplay makes the first responder safer and more efficient, while delivering an enhanced customer experience, which in turn, increases the sales reach of our radios.
+Added: Our second Solutions offering is a Real-Time Personnel and Asset Tracking Solution application, LocateONE, which was introduced in August 2024.
+Added: LocateONE is a robust and flexible solution which supports P25 conventional and P25 trunking and is capable of supporting “off the grid” deployments where real-time situational awareness and user safety are paramount.
+Added: The LocateONE platform is integrated with Esri ArcGIS in a common operational picture to integrate real-time data into an organization’s GIS map for an off-the-shelf solution.
+Added: In addition, in March 2025, we launched RelayONE, a rapidly deployed portable repeater kit designed to extend range and facilitate interoperability among different types of public safety and military radios
We presently have one U.S.
patent awarded and two pending U.S.
−Removed: patent applications for the SaaS services products.
+Added: patent applications related to our Solutions portfolio.
Description of Markets
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The evolution of the standard and compliant digital products is explained in the preceding “Industry Overview” section.
−Removed: In most instances, our KNG and BKR-branded products serve this market and are sold either directly to end-users or through two-way communications dealers.
−Removed: The BKRplay smartphone application and InteropONE PTTOC service have been designed to service this market and are sold directly to end-users or through SaaS resellers.
−Removed: Sales to government and public safety users represented substantially all of our sales for 2024 and 2023.
+Added: In most instances, our BKR and KNG-branded products serve this market and are sold either directly to end-users or through two-way communications dealers.
+Added: The BK ONE solutions, including the InteropONE PTTOC and LocateONE services, have been designed to service this market and are sold directly to end-users or through SaaS resellers.
+Added: Sales to government and public safety users represented substantially all our sales for 2025 and 2024.
Engineering, Research and Development
−Removed: Our engineering and product development activities are conducted by a team of 34 employees.
−Removed: Their primary development focus has been the design of a new line of next-generation P25 digital products, the BKR Series, which are in the process of supplanting our KNG products.
−Removed: The first product in this line, the VHF BKR5000 portable radio was introduced in August 2020.
−Removed: The second product, the all-band BKR9000 portable radio was released in April 2023 and our third product, the all-band BKR9500 mobile radio is currently under development.
+Added: Our engineering product and software development activities are conducted by a team of 41 employees.
+Added: Their primary development focus has been the design of a new line of next-generation P25 digital products, the BKR Series, which are in the process of supplanting our KNG legacy products.
+Added: The first product in this line, the VHF BKR5000 portable radio was introduced in August 2020, the second product, the all-band BKR9000 portable radio was released in April 2023 and our third product, the all-band BKR9500 mobile radio is currently under development.
A segment of our engineering team is responsible for product specifications based on customer requirements and participates in quality assurance activities.
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For 2025 and 2024, our engineering and development expenses were approximately $10.6 million and $7.8 million, respectively.
−Removed: For 2024, the Company also capitalized approximately $1.3 million of costs related to the development of the all-band BKR9500 mobile radio described above.
+Added: The Company also capitalized approximately $2.1 million and $1.3 million, respectively, of costs related to the development of the all-band BKR9500 mobile radio described above.
Intellectual Property
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patents in force, and we have four U.S.
−Removed: and two international pending patent applications.
+Added: and two i nternational pending patent applications.
We have registered U.S.
−Removed: trademarks related to the names “BK Technologies,” “BK Radio” and “Radios for Heroes”, and seek to trademark registrations to protect our proprietary positions whenever possible and wherever practical.
+Added: trademarks related to the names “BK Technologies,” “BK Radio,” "BK ONE," "BKRplay" and “Radios for Heroes”, and seek to trademark registrations to protect our proprietary positions whenever possible and wherever practical.
We rely on trade secret laws and employee and third-party nondisclosure agreements to protect our intellectual property rights.
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Some of these manufacturers and suppliers are in other countries.
−Removed: Approximately 17.0% of the Company’s material, subassembly and product procurements in 2024 were sourced internationally, of which approximately 79.9% were sourced from seven suppliers.
+Added: Approximately 15.2% of the Company’s material, subassembly and product procurements in 2025 were sourced internationally, of which approximately 64.4% were sourced from 3 suppliers.
We place purchase orders from time to time with these suppliers and have no guaranteed supply arrangements.
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Government represented approximately 29% and 38% of our total sales for the years ended December 31, 2025 and 2024, respectively.
−Removed: These sales were primarily to various government agencies, including those within the DHS, the U.S.
+Added: These sales were primarily to various government agencies, including those within the U.S.
+Added: Department of Homeland Security ("DHS"), the U.S.
Department of Defense (“DoD”), the U.S.
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Human Capital Resources
−Removed: As of December 31, 2024, we had 113 employees, most of whom are located at our West Melbourne, Florida facility;
+Added: As of December 31, 2025, we had 120 employees, of which 115 are full time employees, most of whom are located at our West Melbourne, Florida facility;
39 of these employees are engaged in customer service and distribution, 6 in direct manufacturing or manufacturing support, 41 in engineering, 21 in sales and marketing, and 13 in headquarters, accounting and human resources activities.
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We strive to develop and maintain good relations with our employees and believe our relations with our employees are good.
−Removed: The Company complies with all applicable state, local and international laws governing nondiscrimination in employment in every location in which the Company operates.
−Removed: All applicants and employees are treated with the same high level of respect regardless of their gender, ethnicity, religion, national origin, age, marital status, political affiliation, sexual orientation, gender identity, disability or protected veteran status.
Our mission is to remain deeply rooted in the critical communications industry for all military, first responders, and public safety heroes.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.