BUKS — BUTLER NATIONAL CORP SEC Filings | FilingIndex← The WireBUKSOTC
BUTLER NATIONAL CORP
Services-Miscellaneous Amusement & Recreation · DE · CIK 15847
Designs, manufactures, and services aerospace products and provides management services for gaming operations
Similar companies
Comparable business profile · signals at a glance
$131.1M
+6.9%
Insider Activity
◆ Cluster Buy · 3 insidersIn 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, 202582 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.