BKTI on NYSE

BK Technologies Corp

BK Technologies Corp is an American radio and tv broadcasting and communications equipment company.1 It is headquartered in West Melbourne, Florida.1 Its shares trade on NYSE under the symbol BKTI.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBKTI on NYSE1
  • IndustryRadio & Tv Broadcasting & Communications Equipment1
  • HeadquartersWest Melbourne, Florida1
  • Incorporated inNV2
  • Business address7100 Technology Drive, West Melbourne, Fl 329042
  • Filer categoryNon-accelerated filer, Smaller reporting company2

BK Technologies Corporation (NYSE American: BKTI) (together with its wholly owned subsidiaries, “BK,” the “Company,” “we” or “us”) is a holding company that, through BK Technologies, Inc., its operating subsidiary, provides public safety grade communications products and services designed to make first responders safer and more efficient. All operating activities described herein are undertaken by our operating subsidiary.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

48.8%Gross margin5
18.6%Operating margin5
15.7%Net margin5
12.5%Revenue growth, 20255
30.3%Return on equity5
$18.4MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue46¢$44.1M
  • Research and development11¢$10.6M
  • Selling, general and admin27¢$26.0M
  • Income tax3¢$2.6M
  • Profit14¢$13.5M

Out of $86.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending5¢$1.0M
  • Share buybacks6¢$1.2M
  • Kept or used elsewhere89¢$17.2M

Out of $19.4M of cash from operations.5

Financial statements

Revenue67895$86.1M in 2025+115% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $40.1M$40.1M20192020: $44.1M$44.1M2020+10%2021: $45.4M$45.4M2021+3%2022: $51.0M$51.0M2022+12%2023: $74.1M$74.1M2023+45%2024: $76.6M$76.6M2024+3%2025: $86.1M$86.1M2025+12%
Gross profit5$42.0M in 2025+45% since 2024
0$20.0M$40.0M$60.0M2024: $29.1M$29.1M20242025: $42.0M$42.0M2025+45%
Operating income6789105$16.0M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: -$4.4M-$4.4M20192020: $994.0K$994.0K20202021: -$1.2M-$1.2M20212022: -$11.1M-$11.1M2022+827%2023: -$777.0K-$777.0K2023−93%2024: $7.8M$7.8M20242025: $16.0M$16.0M2025+104%
Net income6789105$13.5M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: -$2.6M-$2.6M20192020: $194.0K$194.0K20202021: -$1.7M-$1.7M20212022: -$11.6M-$11.6M2022+584%2023: -$2.2M-$2.2M2023−81%2024: $8.4M$8.4M20242025: $13.5M$13.5M2025+62%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Sales, net$86.1M$76.6M
Cost of products$44.1M$47.5M
Gross margin$42.0M$29.1M
Engineering and product development$10.6M$7.8M
Marketing and selling$7.6M$6.2M
General and administrative$7.9M$7.2M
Total selling, general and administrative expenses$26.0M$21.2M
Operating income$16.0M$7.8M
Net interest income (expense)$265.0K-$266.0K
Gain on disposal of property, plant, and equipment$0$2.0K
(Loss) on investments$0-$91.0K
Other (expense)-$135.0K-$98.0K
Total other income (expense)$130.0K-$453.0K
Income before income taxes$16.1M$7.4M
Provision for income tax (expense) benefit-$2.6M$984.0K
Net income$13.5M$8.4M
Net income per share-basic (in dollars per share)$3.69$2.35
Net income per share-diluted (in dollars per share)$3.44$2.25
Weighted average shares outstanding-basic (in shares)3.7M shares3.6M shares
Weighted average shares outstanding-diluted (in shares)3.9M shares3.7M shares

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Corporate structure

BK Technologies Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BK Technologies Corp

  • BK Technologies Corp West Melbourne, Florida

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BK Technologies Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$19.5M5 Dec 31, 2025$19.0M5 Dec 31, 2024+2.9%
Leasehold improvements$741.0K5 Dec 31, 2025$704.0K5 Dec 31, 2024+5.3%
Property and equipment, before depreciation$20.3M5 Dec 31, 2025$19.7M5 Dec 31, 2024+3.0%
Accumulated depreciation$16.1M5 Dec 31, 2025$14.8M5 Dec 31, 2024+9.0%
Property and equipment, net$4.2M5 Dec 31, 2025$4.9M5 Dec 31, 2024−15.1%
Operating-lease assets (leased space)$1.5M5 Dec 31, 2025$1.1M5 Dec 31, 2024+33.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$22.8M5 Dec 31, 2025$7.1M5 Dec 31, 2024+222.1%
Long-term investments$010 Dec 31, 2024$742.0K10 Dec 31, 2023−100.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$15.9M5 Dec 31, 2025$17.6M5 Dec 31, 2024−10.1%
Raw materials$8.1M5 Dec 31, 2025$11.3M5 Dec 31, 2024−28.4%
Work in process$3.0M5 Dec 31, 2025$4.6M5 Dec 31, 2024−34.6%
Finished goods$5.9M5 Dec 31, 2025$3.4M5 Dec 31, 2024+72.1%

Properties, in its own words

We do not own any real estate. We lease approximately 54,000 square feet of industrial space at 7100 Technology Drive in West Melbourne, Florida. In November 2018, the lease was amended to provide for certain leasehold improvements and extend the lease term until June 30, 2027. The lease includes an option for one additional extension period of five (5) years commencing July 1, 2027 and terminating at midnight June 30, 2032. In February 2026, we entered into a new lease relating to this property, pursuant to which we will lease approximately 31,500 square feet of industrial space at 7100 Technology Drive in West Melbourne, Florida. The lease will commence in February 2027, has a term of 125 months, and includes two five year renewal options. Rental, maintenance and tax expenses for this facility were approximately $677,000 and $625,000 in 2025, and 2024, respectively.

We lease approximately 6,857 square feet of office space at Sawgrass Technology Park, 1619 NW 136th Avenue in Sunrise, Florida. This lease expired on December 31, 2025. The Company executed a lease extension agreement in September 2025, that extended existing terms until an additional 1,514 square feet of expansion premises is available for occupation by the Company. At the date that the expansion premises are available for occupancy, the Company will begin a new lease extension period for an additional 62 month term, for approximately 8,371 total square feet. The lease extension includes two additional five year renewal options, at the sole discretion of the Company. Annual rental, maintenance and tax expenses for the facility were approximately $225,000 and $224,000 in 2025, and 2024, respectively.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led BK Technologies Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (31)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BK Technologies, Inc. Nevada3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • BK Technologies, Inc.Jun 4, 2018 to Mar 28, 20192
  • RELM WIRELESS CORPFeb 10, 1998 to Jun 4, 20182
  • ADAGE INCNov 15, 1995 to Dec 3, 19972

Timeline

  1. Oct 13, 20268-K Other events48
  2. Aug 14, 20268-K Results of operations; Regulation FD disclosure49
  3. Aug 13, 20268-K Results of operations50
  4. Jun 18, 20268-K Shareholder vote51
  5. May 14, 20268-K Results of operations; Regulation FD disclosure52
  6. Apr 3, 20268-K Regulation FD disclosure53
  7. Apr 2, 20268-K Regulation FD disclosure54
  8. Mar 13, 20268-K Regulation FD disclosure55
  9. Mar 12, 20268-K Results of operations; Regulation FD disclosure56
  10. Nov 6, 20258-K Results of operations; Regulation FD disclosure57
  11. Oct 30, 20258-K Entered a material agreement; New debt or obligation58
  12. Oct 6, 20258-K Other events59
  13. Aug 27, 2021New chief executive John M. Suzuki becomes CEO14
  14. Feb 27, 2006New chief executive David P. Storey becomes CEO15

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202660

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results49
  2. Aug 13, 2026Reported quarterly or annual results50
  3. May 14, 2026Reported quarterly or annual results52
  4. Mar 12, 2026Reported quarterly or annual results56
  5. Nov 6, 2025Reported quarterly or annual results57
  6. Aug 14, 2025Reported quarterly or annual results61
  7. May 13, 2025Reported quarterly or annual results62
  8. Mar 27, 2025Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

236 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 66 major events, 92 insider forms, 23 large holders, 33 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Aug 14, 2026SCHEDULE 13G/A EDGAR
  3. Aug 14, 20268-K EDGAR
  4. Aug 13, 20268-K EDGAR
  5. Aug 13, 202610-Q EDGAR
  6. Jun 18, 20263 EDGAR
  7. Jun 18, 20268-K EDGAR
  8. Jun 17, 2026144/A EDGAR
  9. Jun 12, 20264 EDGAR
  10. Jun 8, 2026DEFA14A EDGAR
  11. May 27, 2026SCHEDULE 13G EDGAR
  12. May 27, 2026SD EDGAR
  13. May 19, 2026144 EDGAR
  14. May 14, 20268-K EDGAR
  15. May 14, 202610-Q EDGAR
  16. May 5, 2026SCHEDULE 13G EDGAR
  17. Apr 27, 2026SCHEDULE 13G/A EDGAR
  18. Apr 23, 2026ARS EDGAR
  19. Apr 23, 2026DEFA14A EDGAR
  20. Apr 23, 2026DEF 14A EDGAR

The 236 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 23 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 12, 2026Suzuki John MCEO & PresidentSale223$85.02$19.0KForm 4
Jun 11, 2026Suzuki John MCEO & PresidentSale2,777$82.56$229.3KForm 4
Sep 8, 2025Avanic BrankoCTOSale2,000$68.41$136.8KForm 4
Sep 5, 2025Avanic BrankoCTOSale2,031$68.89$139.9KForm 4
Aug 28, 2025OHara Ellen ODirectorSale100$71.72$7.2KForm 4
Aug 22, 2025Suzuki John MCEO & PresidentSale3,000$70.00$210.0KForm 4
Aug 19, 2025OHara Ellen ODirectorSale300$64.11$19.2KForm 4
Dec 13, 2024Lanktree Charles TDirectorSale549$36.31$19.9KForm 4
Dec 4, 2024Lanktree Charles TDirectorSale992$35.00$34.7KForm 4
Aug 19, 2024Horowitz JoshuaDirectorBuy3,330$19.86$66.1KForm 4
Aug 15, 2024Horowitz JoshuaDirectorBuy1,704$16.82$28.7KForm 4
May 22, 2024Suzuki John MCEO & PresidentBuy7,051$14.10$99.4KForm 4
May 21, 2024Suzuki John MCEO & PresidentBuy1,018$14.00$14.3KForm 4
May 20, 2024Horowitz JoshuaDirectorBuy1,525$13.94$21.3KForm 4
May 17, 2024Horowitz JoshuaDirectorBuy2,632$13.86$36.5KForm 4
May 16, 2024Horowitz JoshuaDirectorBuy8,169$13.77$112.5KForm 4
May 15, 2024Horowitz JoshuaDirectorBuy5,572$13.45$74.9KForm 4
May 14, 2024Horowitz JoshuaDirectorBuy2,893$13.23$38.3KForm 4
Jan 30, 2024Fundamental Global GP, LLC10% ownerSale7,053$12.29$86.7KForm 4
Jan 29, 2024Fundamental Global GP, LLC10% ownerSale13,906$12.49$173.7KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025John M. SuzukiChief Executive Officer and President62$392.4K$3.4M71
2025Scott A. MalmangerChief Financial Officer70$287.3K$1.6M71
2025Branko AvanicChief Technology Officer$254.2K$368.3K71
2024John M. SuzukiChief Executive Officer and President62$249.3K$2.1M71
2024Scott A. MalmangerChief Financial Officer70$229.2K$1.2M71
2024Branko AvanicChief Technology Officer$254.2K$641.2K71

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$15.7M 2019–2026
Figures by year
YearFederal contractsTotal
2026$14.5M$14.5M
2025$214.2K$214.2K
2024$131.9K$131.9K
2023$76.6K$76.6K
2022$169.6K$169.6K
2021$273.9K$273.9K
2020$182.6K$182.6K
2019$117.4K$117.4K

Federal awards

Obligated amounts from USAspending.gov72, by calendar year, 2019–2026, for its registration. Obligations are what agencies committed, not always what was paid out. Contracts pay for goods and services; grants, loans and direct payments are assistance. Loans are charted at the face value of the loans listed here. An award’s amount below is its lifetime total, and some began before the years charted.

Largest contracts

  1. Sep 15, 2026$10.9M from Forest Service: Bk radios subscriber units73 To BK TECHNOLOGIES INC Award 12760426F0093

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Breach Inlet Capital Management, LLC247,725$21.3M7.1%+96,664
BlackRock, Inc.178,990$15.4M0.0%+18,301
Vanguard Capital Management LLC141,906$12.2M0.0%+2,146
Renaissance Technologies LLC131,769$11.3M0.0%−3,484
American Century Companies Inc99,216$8.5M0.0%−1,866
Balentine LLC89,248$7.7M0.3%No change
Mawer Investment Management Ltd.85,429$7.3M0.0%−31,475
Geode Capital Management, LLC84,882$7.3M0.0%+10,341
Dimensional Fund Advisors LP72,472$6.2M0.0%+4,494
Bard Associates Inc68,735$5.9M1.3%−375
Uniplan Investment Counsel, Inc.63,820$5.5M0.5%New
State Street Corp63,021$5.4M0.0%+2,396
CenterBook Partners LP58,592$5.0M0.2%+13,194
Lazard Asset Management LLC41,126$3.5M0.0%+754
Aqr Capital Management LLC40,776$3.5M0.0%+22,615
Brasada Capital Management, LP36,950$3.2M0.6%+3,015
Vanguard Portfolio Management LLC31,727$2.7M0.0%+5,490
Two Sigma Investments, LP29,167$2.5M0.0%+2,715
O'shaughnessy Asset Management, LLC27,854$2.4M0.0%−4,019
Northern Trust Corp26,707$2.3M0.0%−5,437
Panagora Asset Management Inc25,894$2.2M0.0%−6,475
Aristides Capital LLC25,822$2.2M0.6%+1,890
Vanguard Fiduciary Trust Co25,311$2.2M0.0%+1,240
Goldman Sachs Group Inc21,509$1.8M0.0%+7,593
Ritholtz Wealth Management20,497$1.8M0.0%−2,660

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BK Technologies Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBK Technologies Corp1
  • CIK0000002186
  • Employer ID (EIN)83-40642624
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3663 Radio & Tv Broadcasting & Communications Equipment1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address7100 Technology Drive, West Melbourne, FL 329041
  • Phone321-984-14141
  • Shares outstanding3,769,389 as of Aug 6, 202612
  • Public float$155.9M as of Jun 30, 20254
  • AuditorCherry Bekaert LLP, Tampa, Florida PCAOB ID 677; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMay 17, 19951
  • Filings1,175 in all: 4 (428), 8-K (282), 10-Q (94), SC 13D/A (40), DEF 14A (33), 3 (29), 10-K (26), DEFA14A (23)1
    All 53 form types

    SC 13G/A (22), 4/A (19), SC 13G (18), 424B3 (15), SD (13), SCHEDULE 13G/A (9), 10-Q/A (8), 5 (7), ARS (7), S-8 (7), S-8 POS (7), SC 13D (7), 10-K/A (6), 8-K/A (6), PRE 14A (6), 10-K405 (5), POS AM (5), SCHEDULE 13G (5), UPLOAD (5), NT 10-K (4), 144 (3), 424B5 (3), CORRESP (3), 10-K405/A (2), 3/A (2), EFFECT (2), NT 10-Q (2), S-1 (2), S-1/A (2), S-3 (2), SC TO-C (2), 144/A (1), 15-12B (1), 15-12G (1), 25-NSE (1), 25-NSE/A (1), 8-A12B (1), 8-A12G (1), 8-K12B (1), CERTAMX (1), DEFR14A (1), FWP (1), N-30D (1), S-3/A (1), SC 14D9 (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.60BKTINYSE

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks BK Technologies Corp names in Item 1A of its 10-K filed Mar 12, 2026: 33 risks under these headings, as written.4

  • Risks Related to our Business, Operations and Financial Condition
  • We depend on the success of our LMR product line.
  • We are engaged in a highly competitive industry.
  • Our industry is characterized by rapidly changing technology and our success is dependent on our ability to adapt to such changes.
  • We may not be able to manage our growth.
  • We depend heavily on sales to the U.S. Government.
  • Our business is dependent on U.S. Government contracts, which are highly regulated and subject to terminations and oversight audits by U.S. Government representatives that could result in adverse findings and negatively impact our business.
  • Our business may be materially adversely affected by global geopolitical conditions resulting from the ongoing Russia-Ukraine conflict and the conflict in the Middle East.
  • We carry substantial quantities of inventory, and inaccurate estimates of necessary inventory could materially harm our business, financial condition and operating results.
  • We enter into fixed-price contracts that could subject us to losses in the event we fail to properly estimate our costs or hedge our risks associated with currency fluctuations.
  • If we are unable to maintain our brand and reputation, our business, results of operations and prospects could be materially harmed.
  • We face a number of risks related to challenging economic conditions.
The other 22 risks
  • The terms of the amended credit agreement with Fifth Third Bank, National Association contain restrictive covenants that may limit our operating flexibility or that of our subsidiaries.
  • If our products contain defects or otherwise fail to perform as expected, we could be liable for damages and incur unanticipated warranty, recall and other related expenses, our reputation could be damaged, we could lose market share and, as a result, our financial condition or results of operations could suffer.
  • Environmental, social and governance matters may impact our business and reputation.
  • Retention of our executive officers and key personnel is critical to our business.
  • The insurance that we maintain may not fully cover all potential exposures.
  • Any failure to maintain effective internal control over financial reporting and disclosure controls and procedures could have a material adverse effect on our business.
  • Natural disasters, acts of war or terrorism and other catastrophic events beyond our control could have a material adverse effect on our operations and financial condition.
  • We have deferred tax assets that we may not be able to utilize under certain circumstances.
  • As a holding company, BK Technologies Corporation is dependent on the operations and funds of its subsidiaries.
  • Technology-Related Risks
  • Cyber-attacks and other security threats and disruptions could have a material adverse effect on our business.
  • A security breach or other significant disruption of our information technology systems, or those of our distributors, manufacturers, suppliers and other partners, caused by cyber-attack or other means, could have a negative impact on our operations, sales and results of operations.
  • Risks Related to Our Labor and Supply Chain
  • We depend on a limited number of manufacturers and on a limited number of suppliers of components to produce our products, and the inability to obtain adequate and timely delivery of supplies and manufactured products could have a material adverse effect on us.
  • We may be unable to obtain components and parts that are verified to be Democratic Republic of Congo (“DRC”) conflict-free, which could result in reputational damage.
  • Legal and Regulatory Risks
  • Continuing changes in U.S. trade policy, including the imposition of new or additional tariffs on imported goods, may have a material adverse effect on us.
  • Changes in U.S. federal, state and local and foreign tax law could adversely affect our business and financial condition.
  • We rely on a combination of contract, trademark and trade secret laws to protect our intellectual property rights, and failure to effectively utilize or successfully assert these rights could negatively impact us.
  • Rising health care costs may have a material adverse effect on us.
  • The risk of noncompliance with U.S. and foreign laws and regulations applicable to us could materially adversely affect us.
  • Any infringement claim against us could have a material adverse effect on our business, financial condition and results of operations.
  • Risks Related to Our Common Stock
  • Our stock price is vulnerable to significant fluctuations, including due to our fluctuating quarterly operating results.
  • We may not be able to maintain our NYSE American listing.
  • We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance stockholder value, and any share repurchases could affect the trading price of our common stock.

Legal proceedings

From time to time we may be involved in various claims and legal actions arising in the ordinary course of our business. We assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we do not record an accrual, consistent with applicable accounting guidance. In the opinion of management, while the outcome of such claims and disputes cannot be predicted with certainty, our ultimate liability in connection with these matters is not expected to have a material adverse effect on our results of operations, financial position or cash flows, and the amounts accrued for any individual matter are not material. However, legal proceedings are inherently uncertain. As a result, the outcome of a particular matter or a combination of matters may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.

On February 3, 2026, the Company filed a complaint with the United States District Court for the Eastern District of Texas, alleging patent infringement against AT&T Mobility LLC and AT&T Services, Inc. (collectively, “AT&T”) and requesting monetary and injunctive relief. As of the date of filing of this report on Form 10-K, AT&T has not responded to the Company’s complaint.

The opening of Item 3, Legal Proceedings.4

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