National Presto is a diversified manufacturer with two core businesses: consumer small appliances and defense ammunition. The housewares segment designs and sells kitchen appliances under the Presto brand — including pressure cookers, skillets, griddles, fryers, and waffle makers — sold primarily through U.S. and Canadian retailers and distributors, with Amazon accounting for roughly 10-11% of consolidated net sales. Most products are sourced from Asian manufacturers, exposing the segment to tariff and supply chain risk. The housewares business is seasonal, with the majority of sales in Q4, and relies on new product introductions to offset declining sales of older products. The defense segment, operated through subsidiaries under National Defense Corporation, manufactures 40mm ammunition, medium caliber cartridge cases, detonators, fuzes, and other ordnance almost exclusively for the U.S. DOD and DOD prime contractors. Subsidiary AMTEC has been the Army's sole prime contractor for the 40mm Ammunition System for over two decades across four consecutive contract cycles, giving the defense segment a deeply entrenched position. Defense operates on long-term, fixed-price government contracts, so profitability depends on production efficiency relative to contract price. The defense backlog stood at roughly $1.75B at end of 2025, providing strong revenue visibility. National Presto also has a small, early-stage Safety segment selling multilingual smoke and carbon monoxide alarms, with limited revenues to date.