BUKSOTC

BUTLER NATIONAL CORP

Services-Miscellaneous Amusement & Recreation · DE · CIK 15847

Designs, manufactures, and services aerospace products and provides management services for gaming operations

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504

Total filings

Jun 15, 2026

Last filing

04/30

Fiscal year end

All 8-K · 316 10-Q · 93 DEF 14A · 31 10-K · 30 10-Q/A · 15 10-K/A · 11 SC 13G · 4 DEFA14A · 2

10-Q10-QMar 12, 2026 10-Q10-QDec 11, 2025 10-Q10-QSep 12, 2025 10-QFORM 10-QMar 14, 2025 10-QFORM 10-QDec 6, 2024 10-Q

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Insider Activity

◆ Cluster Buy · 3 insiders

In the 90 days to Mar 20, 2026: 3 insiders bought $73K · 1 sold $332K.

Date	Insider	Action	Shares	Price	Value
Mar 20, 2026	Daly Joseph PatrickDirector,TenPercentOwner	Buy	1,000	$3.88	$4K
Mar 19, 2026	Daly Joseph PatrickDirector,TenPercentOwner	Buy	745	$3.93	$3K
Jan 12, 2026	Loh Michael AnthonyDirector	Buy	8,000	$2.87	$23K
Jan 12, 2026	Reedy Christopher JCEO and President	Buy	1,800	$2.84	$5K
Jan 12, 2026	Reedy Christopher JCEO and President	Buy	200	$2.84	$568
Jan 9, 2026	Loh Michael AnthonyDirector	Buy	2,000	$2.96	$6K
Jan 2, 2026	Daly Joseph PatrickDirector,TenPercentOwner	Buy	2,678	$3.04	$8K
Dec 29, 2025	Zeff Capital, LpTenPercentOwner	Sell	72,788	$3.12	$227K
Dec 29, 2025	Daly Joseph PatrickDirector,TenPercentOwner	Buy	2,322	$2.95	$7K
Dec 26, 2025	Daly Joseph PatrickDirector,TenPercentOwner	Buy	5,000	$3.00	$15K
Dec 23, 2025	Daly Joseph PatrickDirector,TenPercentOwner	Buy	472	$3.12	$1K
Dec 23, 2025	Zeff Capital, LpTenPercentOwner	Sell	400	$3.06	$1K
Dec 22, 2025	Zeff Capital, LpTenPercentOwner	Sell	33,500	$3.10	$104K
Oct 6, 2025	Daly Joseph PatrickDirector,TenPercentOwner	Buy	4,308	$2.30	$10K

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Jul 23, 2024 → Jul 3, 2025

82 added · 39 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, in April 2025, the Kansas Legislature included a ban in the state budget bill prohibiting the Kansas Lottery from spending state money on negotiating any renewals, extensions or new contracts with sports wagering operators until July 2026 . 17 Table of Contents Some legislative efforts seek to enact a smoking ban that would impact our casino facility.
On April 2, 2025, the U.S. government implemented a baseline tariff of 10% on product imports from almost all countries and individualized higher tariffs on certain other countries.
Following the announcement of the tariffs, limited exceptions and temporary pauses have been enacted, such as the 90-day pause on the country-specific tariffs for all countries except China, while maintaining the 10% baseline tariff.
Acquisitions or other investments may also result in unanticipated costs or expenses, including post-closing asset impairment charges, expenses associated with eliminating duplicate facilities, employee retention, litigation and other liabilities.
This may have a material adverse effect on our financial condition, results of operations, liquidity and cash flows. 14 Table of Contents Cyber security attacks, internal system or service failures, and misappropriation of data or other breaches of information security may adversely impact our business and operations.
Such losses may have a material adverse effect on the Company’s financial condition, results of operations, liquidity and cash flows. 18 Table of Contents We evaluate intangible assets for impairment annually during the fourth quarter and in any interim period in which circumstances arise that indicate our intangible asset may be impaired.
In April 2025, the Kansas Legislature included a ban in the state budget bill prohibiting the Kansas Lottery from spending state money on negotiating any renewals, extensions or new contracts with sports wagering managers until July 2026.
The Kansas legislature placed a proviso on a budget bill during the 2025 legislative session that restricts the renewal or extension of sports wagering management contracts for the next two years to approval by the legislature.
We offer the sports wagering on behalf of the Kansas Lottery pursuant to state statute and a sports wagering management contract that was effective September of 2022 and has a five-year term.
Sefchick served as Chief Accounting Officer during his employment at Jack Cooper Investments, Inc., a specialty transportation and logistics provider from 2015 to 2025.
The Boot Hill Casino, pursuant to its Management Contract extension with the State of Kansas, pays a total revenue share of 29% of gross legacy gaming revenue (sports wagering revenue share is 10% to the State).
Reedy served as Chief Operating Officer and Secretary from January 2023 to May 2023 and as Vice President and Secretary from 2005 to January 2023. b.

No longer disclosed

We evaluate intangible assets for impairment annually during the fourth quarter and in any interim period in which circumstances arise that indicate our intangible asset may be impaired.
Cyber security attacks, internal system or service failures, and misappropriation of data or other breaches of information security may adversely impact our business and operations.
At April 30, 2024, we had one customer that accounted for 42.5% of our total accounts receivable. 5 Table of Contents Competition We compete in the aerospace and casino gaming industries.
The Boot Hill Casino, pursuant to its Management Contract with the State of Kansas pays total taxes between 27% and 31% of gross gaming revenue, based on achievement of the following revenue levels: 27% on gross gaming revenue up to $180 million, 29% on amounts from $180 million to $220 million, and 31% on amounts above $220 million in gross gaming revenue.
The aviation-related products that the companies within this group design, engineer, manufacture, integrate, install, repair and service include: ● Aerial surveillance products ● GARMIN GTN Navigator / G700TXi displays ● Aerodynamic enhancement products ● J.E.T. autopilot products ● Standby instrument systems ● Electrical power systems and switching equipment ● Avcon stability enhancing fins ● Rate gyroscopes ● ADS-B (transponder) systems ● Replacement vertical accelerometers ● Cargo/sensor carrying pods and radomes ● Provisions to allow carrying of external stores ● Electronic navigation instruments, radios and transponders ● Attitude and heading reference systems Modifications.
In the aerospace industry, we compete against peer companies of which some are divisions or subsidiaries of other large companies, in the manufacture of aircraft structures, systems components, subassemblies and parts in addition to services related to aircraft modifications.
Competition for the repair and overhaul of aviation components comes from three primary sources, some of whom possess greater financial and other resources than we have: OEMs, governmental support depots, and other independent repair and overhaul companies.

We undertake no obligation to update or revise forward looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial condition or business over time, except as expressly required by federal securities laws.

Similarly, the loss of one or more of our current licenses or certifications may also have a material adverse effect on the Company’s financial condition, results of operations, liquidity and cash flows. 8 Table of Contents We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel or hire qualified personnel, our results of operations could be impacted.

Our ability to arrange safe travel to visit our international customers may put our ability to sell to such customers at risk, which may adversely affect our financial condition, results of operations, liquidity and cash flows. 9 Table of Contents We may make future acquisitions and our business may suffer if we are unable to successfully integrate such acquisitions into our company or otherwise manage the growth associated with investments and acquisitions.

Related costs of compliance with, or liability for violations of, existing or future regulations may adversely affect our financial condition, results of operations, liquidity and cash flows. 11 Table of Contents The online gaming industry is heavily regulated and the Company ’ s failure to obtain or maintain applicable licensure or approvals, or otherwise comply with applicable requirements, could be disruptive to our business and could adversely affect our operations.

In addition, natural or human-caused disasters or other catastrophic events such as pandemics, major fires, floods, blizzards, tornados and earthquakes could also adversely impact our business and operating results.