What Butler Natial does

Butler National Corporation is a Kansas-incorporated, OTCQX-listed (BUKS) aerospace-focused holding company founded in 1960 and headquartered at New Century, Kansas (relocated October 2023). It operates two reportable segments: Aerospace Products (62% of FY2026 revenue at $60.6M), delivered through wholly-owned subsidiaries Avcon Industries (FAA-approved aircraft modifications, engineering, special mission systems integration, and FAA Repair Station services), BNC Tempe (commercial and defense electronics, wiring harnesses, gun control units including for the M134 minigun), Butler Avionics (avionics sales, installation, upgrades, and repair), and KC Machine (ITAR-registered precision CNC machining, acquired October 2023); and Professional Services (38% of revenue at $37.4M), delivered through BNSC and BHCMC LLC managing Boot Hill Casino and Resort in Dodge City, Kansas (approximately 500 slot machines, 15-16 table games, DraftKings-branded sportsbook, 150-seat restaurant) for the Kansas Lottery.

The company's core technology is centered on FAA, EASA, and CAA Supplemental Type Certificates that authorize installation of avionics upgrades (including the CHRONOS USB-A/USB-C digital clock), sensor payloads (camera ports, radomes for SAR systems), special mission rails for ISR/EO/IR integration, and safety modifications (non-Halon Halotron BrX fire extinguishers) across Learjet, Bombardier Challenger 604/605/650, Beechcraft King Air, and Cessna Caravan platforms. Revenue is generated through direct sales to commercial operators, defense primes (including Northrop Grumman, which awarded BNC Tempe a Silver Award in Q2 2025), OEMs, and U.S. Government/defense agencies for Aerospace, and through regulated management contracts plus mobile sports wagering commissions for Professional Services. Pricing is quote-based and not publicly disclosed; gaming pricing is set by the Kansas Lottery. Approximately $2.7M was invested in FY2026 new product development, and the company holds a record $47.1M backlog as of April 30, 2026.

Butler National reported FY2026 revenue of $98.0M (up 17% YoY), operating income of $28.5M (up 69%), net income of $21.9M (up 75%), and EPS of $0.34 (up from $0.19), with aerospace operating margin expanding from 17% to 33%. Total assets reached $141.8M and stockholders' equity $81.98M (up 26%), supported by a $5M 2025-2027 share repurchase program under which over 3.3 million shares were retired in FY2026. Go-to-market combines enterprise field sales to aerospace customers with state-regulated gaming management; distribution is direct, and the November 2025 opening of a 33,000 sq-ft Newton, Kansas fabrication facility is bringing more production in-house.

Name

Butler Natial

Legal name

Butler National Corporation

Website

https://butlernational.com

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

51–100 employees

Short description

Butler National Corporation is a Kansas-based public holding company (OTCQX: BUKS) that, through Avcon Industries, BNC Tempe, Butler Avionics, and KC Machine, delivers FAA-certified aircraft modifications, special mission systems integration, and aerospace/defense electronics to commercial operators, defense primes, and U.S. Government agencies, while managing Boot Hill Casino for the Kansas Lottery.

Ownership category

akta.pro rank

Product category

Aerospace and Defense (Aircraft Modifications)

NAICS

Other Aircraft Parts and Auxiliary Equipment Manufacturing (336413), Aerospace Product and Parts Manufacturing (33641)

SIC

Aircraft Parts & Auxiliary Equipment, Nec (3728), Aircraft & Parts (3720), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Business & General Aviation Aircraft Manufacturing (IMABAAAC)

Keywords

• Aircraft modifications
• Special mission systems
• Defense electronics manufacturing
• Precision CNC machining
• Gaming management services

Headquarters

HQ city

Olathe

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Aerospace Products - Aircraft Modifications: Revenue from FAA-approved structural modifications, avionics integration, and special mission aircraft conversions for commercial and defense operators. Includes Learjet, Challenger, King Air, and Cessna turboprop modifications. Driven by $7.6M increase in aircraft modification activity in FY2026. Segment revenue grew 33% to $60.6M.
2. Aerospace Products - Special Mission Electronics: Revenue from Butler National-Tempe for commercial and defense electronics including wiring harnesses, electronic controls, gun control units (M134 minigun), and custom cabling for OEMs and government agencies. $6.5M increase in FY2026.
3. Professional Services - Gaming Management: Management and operational services for Boot Hill Casino and Resort in Dodge City, Kansas. Includes gaming floor operations (~500 slot machines, 15 table games), DraftKings branded sportsbook, and dining/entertainment. Revenue of $37.4M in FY2026.
4. Professional Services - Mobile Sports Wagering: Mobile sports wagering platform on behalf of Kansas Lottery via DraftKings partnership. Revenue grew from $5.8M to $6.5M in FY2026.
5. Aircraft Modification Kit Sales: Sale of Avcon aircraft modification kits for customer self-installation, including Cessna Caravan camera port modifications, Avcon rails, and Special Mission Pod for King Air. Creates recurring revenue streams through duplicate installations.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Butler National Corporation is a diversified holding company operating through two segments. The Aerospace Products segment (62% of FY2026 revenue at $60.6M) delivers FAA-approved aircraft modifications, special mission systems integration, avionics installation and repair, defense electronics manufacturing, and precision CNC machining under subsidiaries Avcon Industries, Butler Avionics, BNC Tempe, and KC Machine. The Professional Services segment (38% at $37.4M) provides gaming management at Boot Hill Casino and Resort in Dodge City, Kansas, including mobile sports wagering via DraftKings partnership on behalf of the Kansas Lottery.

Product overview

Butler National Corporation is a diversified holding company with a portfolio of aerospace and professional services subsidiaries. The aerospace segment (62% of revenue) includes Avcon Industries (FAA-approved aircraft modifications, special mission systems integration), BNC Tempe (commercial and defense electronics, wiring harnesses, gun control systems), Butler Avionics (avionics installations and repairs), and KC Machine (precision CNC machining). The professional services segment (38% of revenue) includes Boot Hill Casino and Resort (gaming management). These subsidiaries operate independently while sharing engineering capabilities and regulatory certification expertise, enabling cross-selling of modification kits, avionics upgrades, and special mission electronics to common customers.

Differentiator

Problem solved

Functional benefit

Brands

• Avcon Industries: FAA-approved aircraft modifications, engineering, systems integration and avionics for commercial and defense operators
• BNC Tempe
• Butler Avionics
• KC Machine
• DraftKings Sportsbook

Products and services

• Aircraft Modification Services (Avcon Industries) FAA-approved aircraft modifications, engineering, systems integration, and special mission conversions for Learjet, Bombardier Challenger, King Air, and Cessna Caravan platforms. Includes ISR/SAR sensor integration, fuselage radome installations, structural modifications, and regulatory-driven avionics upgrades sold to commercial operators, defense customers, OEMs, and government agencies.
• Special Mission Electronics Manufacturing (BNC Tempe) Design and manufacture of commercial and defense electronics, wiring and cabling harnesses, gun control units (including M134 Minigun control units), and custom system components for OEMs and government agencies. Sold directly to aerospace and defense customers as custom assemblies and commercial off-the-shelf solutions.
• Avionics Installation and Repair Services (Butler Avionics) FAA Repair Station providing avionics sales, installations, upgrades, and repair services for general aviation and special mission aircraft. Supports Avcon's aircraft modification programs as well as standalone avionics needs.
• Precision CNC Machining Services (KC Machine) ITAR-registered, ISO-certified precision CNC machining, laser marking, and quality inspection services producing high-tolerance components for aerospace and defense programs. Supports Avcon aircraft modifications and serves external aerospace/defense customers.
• Boot Hill Casino and Resort Gaming Management Gaming, dining, and entertainment facility management in Dodge City, Kansas, operated through BHCMC LLC and Butler National Service Corporation on behalf of the Kansas Lottery under Kansas Racing and Gaming Commission oversight. Features approximately 500 slot machines, 15 table games, DraftKings-branded retail sportsbook, and dining.
• Mobile Sports Wagering Services Mobile and interactive sports wagering platform offered to Kansas consumers via the DraftKings partnership on behalf of the Kansas Lottery. Revenue grew from $5.8M to $6.5M in FY2026.
• Cessna 208 Single Camera/Sensor Port STC FAA STC-approved single camera/sensor port installation kit for Cessna Model 208 aircraft, enabling customers to perform sensor integration themselves. Sold as an aircraft modification kit for operator self-installation.
• Non-Halon Aircraft Fire Extinguisher STC Kits FAA/EASA/CAA-approved Halotron BrX non-halon replacement portable fire extinguisher kits for Learjet aircraft models 24, 25, 29, 31, 31A, 35, 36, 35A, 36A, 40, 45, 55, 55B, 55C, 60, 60XR, 70, and 75. Sold as certified kits to operators needing regulatory compliance with the EASA halon ban.
• CHRONOS Digital Clock with USB Chargers EASA-approved replacement digital clock with integrated USB-A and USB-C chargers for Learjet aircraft. Drop-in replacement panel unit with minimal cockpit impact.
• Avcon Special Mission Rail and Radome STC Kits (Challenger 604/605/650) FAA STC-approved special mission modification kits for Bombardier Challenger 604/605/650: fuselage underside rail mounting provisions for sensors and mission equipment, plus fuselage-mounted radome engineered for SAR systems and advanced intelligence sensors.

Quantifiable outcome

• Revenue growth of 17% to $98M in FY2026, driven by 33% Aerospace segment growth
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Northrop Grumman CorporationcoreStrategic or Co-development Partner · 29 September 2025Butler National - Tempe serves as a supplier of control systems, cabling, and test equipment for Northrop Grumman's defense programs. Butler National - Tempe was awarded the Northrop Grumman Silver Award recognizing top-performing supplier status for Q2 2025, assessed through Northrop Grumman's Supplier Assessment Management System.
• Best Western GLō / Cunningham FamilyminorStrategic or Co-development Partner · 12 August 2025Boot Hill Casino & Resort partnered with the Cunningham family and Best Western GLō brand to develop a new 102-room, 4-story hotel adjacent to the casino property in Dodge City. Ground broken August 2025, expected completion late 2026. The hotel will feature indoor pool, fitness room, breakfast area, self-pour beer station, and meeting rooms.
• Fort Hays State University (FHSU)minorOthers · 5 May 2025Boot Hill Casino TRAIL Program partnered with FHSU's Department of Applied Business Studies to provide $10,000 in annual scholarships for Southwestern Kansas students pursuing Tourism and Hospitality Management degrees. Supports regional workforce development and hospitality talent pipeline.
• DraftKingscoreGTM or Marketing Partner · 31 March 2023DraftKings operates a retail sportsbook at Boot Hill Casino & Resort in Dodge City, Kansas, and provides the online/interactive sports wagering platform for Kansans on behalf of the Kansas Lottery. This partnership enhances Professional Services segment revenue through sports betting commissions and extends Boot Hill Casino's entertainment offerings.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• AAR Corp: AAR Corp provides aviation services including aircraft modifications, MRO, parts distribution, and integrated solutions across commercial and government aerospace. Directly comparable to Butler National's aerospace products segment, with overlapping business jet platforms and government/defense electronics manufacturing.
• HEICO Corporation: HEICO operates the HEICO Aerospace Parts Group and HEICO Repair Technologies, which collectively develop FAA-approved parts with proprietary STCs for commercial and business jets. Direct comparable to Butler National's Avcon Industries special mission modification STC portfolio across Learjet, Challenger, King Air, and Cessna platforms.
• Ducommun Incorporated: Ducommun manufactures structural and electronic components and assemblies for commercial aircraft, military platforms, and industrial markets. Directly comparable to Butler National's KC Machine and BNC Tempe segments for ITAR-registered precision aerospace and defense components.
• AerSale Corporation: AerSale Corporation focuses on aircraft modifications, used serviceable parts, and MRO services for commercial and business aviation, with a focus on legacy Boeing, Airbus, and business jet platforms. Directly comparable to Butler National's Avcon Industries in targeting aging fleet aftermarket modifications.
• Precision Aviation Group: Precision Aviation Group provides MRO and aviation services across multiple business jet platforms, including avionics installations and aircraft modifications. Directly comparable to Butler National's Butler Avionics and Avcon Industries in business aviation aftermarket services.
• Full House Resorts: Full House Resorts operates small-scale regional casino and resort properties across the U.S., focused on gaming and hospitality operations comparable in size and segment dynamics to Butler National's Boot Hill Casino and Resort in Dodge City, Kansas.
• West Star Aviation: West Star Aviation is one of the largest independent business jet MRO and aircraft modification providers, with extensive experience on Bombardier Challenger, Learjet, Cessna, and King Air platforms - many of the same aircraft targeted by Butler National's Avcon operations.
• Monarch Casino & Resort: Monarch Casino & Resort operates two gaming facilities (Atlantis Casino Resort Spa in Reno and Black Hawk, Colorado property), generating revenue from slots, table games, and hospitality. Directly comparable in scale and segment mix to Butler National's Boot Hill Casino Professional Services operations.

Broad incumbents

• TransDigm Group: TransDigm is a major aerospace components manufacturer that systematically acquires proprietary aerospace businesses with STCs and certifications, serving commercial, business, and defense aviation. Overlaps with Butler National's Avcon and BNC Tempe segments as a broader incumbent in proprietary aerospace parts.
• Boyd Gaming Corporation: Boyd Gaming operates 28 gaming properties across 10 states, with diversified gaming operations including slot machines, table games, and sports betting via partnership with FanDuel. Broad incumbent comparable to Butler National's gaming segment, though substantially larger in scale and geographically diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/butler-national-corporation

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Butler Natial