Customer Analysis¶
Customer Concentration Summary¶
| Customer | 2023 Revenue | 2024 Revenue | 2025 Revenue | 2025 % | Trend |
|---|---|---|---|---|---|
| LANL | $1,451,660 | $1,608,909 | $3,403,804 | 94% | 📈 Growing fast |
| SWRI | $291,600 | $204,500 | $118,000 | ~3% | 📉 Declining |
| MSTS | — | $117,752 | $49,324 | ~1% | 📉 Declining |
| Other | $154,027 | $48,573 | $31,649 | ~1% | 📉 Declining |
| Total | $1,897,287 | $1,979,734 | $3,602,777 | 100% | 📈 +84% |
LANL Concentration Trend: | Year | LANL Revenue | LANL % | Total Revenue | |------|-------------|--------|---------------| | 2023 | $1,451,659.99 | 73% | $1,897,287.22 | | 2024 | $1,608,909.28 | 81% | $1,979,734.49 | | 2025 | $3,403,804.11 | 84% | $3,602,777.46 | | 3-Year Average | — | 86% | — |
Key Insight: LANL concentration has grown from 73% → 81% → 84%, while non-LANL customers are declining both in absolute dollars and as a percentage. The 2025 surge was entirely LANL-driven. (Source: FAQ)
Full Revenue Breakdown — 2023¶
| Customer | Revenue | % of Total | Notes |
|---|---|---|---|
| LANL | $1,451,659.99 | 76% | Los Alamos National Laboratory |
| Southwest Research Institute | $291,600.00 | 15% | SWRI |
| Pueblo Alliance | $75,825.00 | 4% | |
| Merrick | $39,071.10 | 2% | |
| Walk In Customers | $8,156.48 | <1% | |
| Canyons and Crags | $5,350.00 | <1% | |
| Lawrence Livermore Nat Lab | $16,800.00 | <1% | |
| N3B | $615.00 | <1% | |
| NNSS | $1,855.00 | <1% | |
| North Wind | $2,348.40 | <1% | |
| RC Welding | $800.00 | <1% | |
| Digs Construction | $555.00 | <1% | |
| Los Alamos County | $309.00 | <1% | |
| Bath Tub Row Brewing | $191.25 | <1% | |
| Dave Dogruel | $1,351.00 | <1% | |
| Total 2023 | $1,897,287.22 | 100% |
Full Revenue Breakdown — 2024¶
| Customer | Revenue | % of Total | Notes |
|---|---|---|---|
| LANL | $1,608,909.28 | 81% | Los Alamos National Laboratory |
| SWRI | $204,500.00 | 10% | Southwest Research Institute |
| MSTS | $117,752.00 | 6% | |
| Columbia Energy & Environmental | $23,400.00 | 1% | |
| Walk In Customer | $6,807.92 | <1% | |
| Odysseus Technologies | $5,356.00 | <1% | |
| Premier Technology | $6,581.70 | <1% | |
| LATA | $1,802.11 | <1% | |
| Dec-USA Inc. | $4,800.00 | <1% | |
| Peterson | $4,000.00 | <1% | |
| JB Henderson | $257.00 | <1% | |
| Los Alamos County | $721.00 | <1% | |
| Mark the Electrician | $460.48 | <1% | |
| Total 2024 | $1,979,734.49 | 100% |
Full Revenue Breakdown — 2025¶
| Customer | Revenue | % of Total | Notes |
|---|---|---|---|
| LANL | $3,403,804.11 | 94% | Los Alamos National Laboratory |
| SWRI | $118,000.00 | 3% | Southwest Research Institute (declining) |
| MSTS | $49,324.00 | 1% | |
| Walk In Customer | $7,789.13 | <1% | |
| JB Henderson | $7,662.69 | <1% | |
| Border States | $7,500.00 | <1% | |
| Dec-USA Inc | $12,000.00 | <1% | |
| City of Espanola | $3,900.00 | <1% | |
| Apollo Mechanical | $463.50 | <1% | |
| RC Welding | $1,334.03 | <1% | |
| IONEX | $2,400.00 | <1% | |
| Total 2025 | $3,602,777.46 | 100% |
Non-LANL Revenue Decline: Non-LANL revenue dropped from $445K (2023) to $371K (2024) to $199K (2025) — a 55% decline in absolute dollars while total revenue nearly doubled. (Source: FAQ)
Additional Customer Profile (from CIM)¶
Customer Base Description: Scientists and engineers developing prototype components for nuclear facility and experimental projects.
Full Customer List (Beyond LANL)¶
| Customer | Type | Location | Notes |
|---|---|---|---|
| Los Alamos National Laboratory | Government/National Lab | Los Alamos, NM | Primary customer — ~94% of revenue |
| Lawrence Livermore National Laboratory | Government/National Lab | Livermore, CA | Listed in CIM |
| Sandia National Laboratory | Government/National Lab | Albuquerque, NM | Listed in CIM |
| Oak Ridge National Laboratory | Government/National Lab | Oak Ridge, TN | Listed in CIM |
| New Mexico Tech | University | Socorro, NM | Educational institution |
| University of Virginia | University | Charlottesville, VA | Research contracts |
| NC State University | University | Raleigh, NC | Research contracts |
| Southwest Research Institute (SWRI) | Research Institute | San Antonio, TX | Revenue declining ($292K → $118K) |
| Magnetic Shield Corp | Private | N/A | Specialty manufacturer |
| Viome | Private | N/A | Health/tech company |
| JB Henderson | Private/Contractor | N/A | Appears in 2024-2025 |
| Bionomic | Private | Oak Ridge, TN | Listed in CIM |
| RAM Services | Private | N/A | Listed in CIM |
| Martin Marietta Materials | Private | N/A | Listed in CIM |
Customer Profile Summary: The customer base is predominantly government/national labs and research institutions, with limited private sector diversification. (Source: CIM)
Market Overview¶
"The demand for Jona Manufacturing's services is expected to remain strong due to LANL's projected growth."
Market Strength Indicators: - JMS already has $2.6M in contracted jobs on the books for 2025 (signed as of Jan/Feb 2025) - Increased Defense Programs work relies heavily on manufacturing services - NM tax reductions for manufacturing planned in coming years - LANL strategic plan outlines growth for manufacturing work, much expected to transfer to contractors such as JMS due to government downsizing plans - Denver location expansion: Beyond LANL, JMS has expanded to other DOE facilities that utilize gloveboxes (e.g., other national labs, research centers)
Source: CIM
⚠️ LANL Concentration Risk¶
94% of revenue from a single customer is the #1 risk factor. However, this needs nuance:
Mitigating factors: - LANL is a $4B+/year national laboratory — it's not going away - JMS is on the IESL (see company/certifications) — approved supplier status is hard to replicate - Revenue has grown from $1.45M → $3.4M with LANL, suggesting deepening relationship - LANL work is spread across multiple programs/groups (needs confirmation — Question #3)
Risk factors: - ✅ LANL diversification: 49 distinct requestors within LANL in 2025 — highly diversified, not concentrated in 1-2 buyers (Question #3 answered) - Government budget cuts or sequestration could impact LANL spending - Change-of-control could trigger LANL review (see company/certifications)
Revenue Trajectory¶
| Year | Revenue | Growth | Source |
|---|---|---|---|
| 2022 | ~$1.5M | — | financials/financial-statements |
| 2023 | $1.87M | +25% | financials/tax-returns |
| 2024 | $2.0M | +7% | financials/tax-returns |
| 2025 | $3.67M | +84% | financials/profit-and-loss |
| 2026 (signed) | $2.9M | — | FAQ (signed contracts) |
Key finding: The 2025 jump was driven by the ongoing war ramping up demand for LANL-manufactured parts. 2026 Q1 numbers are exceeding expectations and prior-year comparables, confirming this is a sustained trend, not a one-time spike. With the war ongoing, expectation is continued growth. (Source: Seller/broker communication, confirmed Apr 2026)
Backlog & Pipeline¶
- Signed 2026 contracts: $2.9M (Source: FAQ)
- Status: ❌ Unknown how much is fully funded PO vs. task-order dependent (Question #2)
- Current backlog: ❌ Unknown (Question #4)
- Bid pipeline / win rate: ❌ Unknown (Question #7)
Work Mix¶
- Job types: Prototype machined components, production runs, welded/fabricated assemblies (Source: Website)
- Job size range: $500 – $500,000 (Source: FAQ)
- Job duration: 6-8 weeks to 6-8 months (Source: FAQ)
- Repeat vs. prototype split: ❌ Unknown (Question #5)
- Subcontracted work: ~15% (Source: FAQ)
Products for LANL¶
Based on company/overview and website, key LANL products include: - Gloveboxes (confirmed by Indeed employee review — "focus on Glovebox manufacture") - High vacuum chambers - Radiation monitors - Neutron detectors - Superconducting magnets - In-flight hardware