Dear MTNT Shareholders:

We would like to express our sincere appreciation for your participation in the 2024 Annual Meeting of Shareholders. It was a privilege to connect with many of you in person, and we value the contributions of those who voted by proxy.

We are pleased to welcome back incumbents Nicole Borromeo and Gina Dementoff-McKindy as At-Large Directors, alongside new Board member Daniel Stokes as the Nikolai Director. Their commitment and dedication to advancing MTNT’s mission are truly commendable.

I want to highlight the exceptional commitment of our current Directors to MTNT. Nicole Borromeo has served for a decade as Board Chair, exemplifying unwavering leadership. This year, we celebrate Theresa Fox’s impressive 20 years of service, while Melody Magnuson-Strick has made invaluable contributions as a Director for an incredible 25 years and counting. Their long-term dedication has been instrumental in shaping MTNT’s ultimate success.

During the Annual Meeting, we highlighted MTNT’s achievements as a result of our sustainable growth strategy and the unwavering dedication of our mission-driven team. Since 2019, MTNT has distributed nearly $2.2 million in dividends, representing one-third of all dividends paid since MTNT’s inception in 1976. Notably, even amid inflationary pressures, Shareholders’ Equity has increased to over $15.5 million in 2023, up from $14.2 million in 2022—a remarkable 68% growth over the past decade.

As many of you are aware, inflation in recent years has resulted in significant cost increases, with consumer prices rising approximately 15% on average since 2020, and food prices experiencing even sharper increases. For small businesses like MTNT, these escalating costs can constrain profit margins and necessitate difficult decisions, including potential price increases and staffing adjustments. This inflationary environment poses challenges to our competitiveness in today’s market.

Despite these challenges, including a 34% rise in health insurance costs this year, we remain steadfast in our commitment to our financial goals. The Board declared over $324,000 in nontaxable dividends for 2024, with a Regular Dividend of $3.42 per share distributed on June 14, and an additional $3.41 per share to be distributed on December 13, 2024.

In light of the ongoing inflationary pressures, MTNT’s dedicated team continues to successfully deliver dividends and enhance Shareholders’ Equity. Each member of the MTNT team plays a pivotal role in providing economic benefits to our Shareholders and we truly appreciate their commitment to support the mission of MTNT.

Looking ahead, our outlook for 2024 remains promising. Our team continues to effectively manage multi-year contracts, expanding our reach with federal and industry customers across the United States.

We extend our sincere gratitude to our Shareholders for your ongoing support and to the MTNT Board of Directors for their leadership.

Wishing you all continued safety and good health.

Sincerely,

Michele Christiansen
Chief Executive Officer