Tue, Apr 15, 6:30 PM (5 days ago)
**Air Industries Group (AIRI) - Summary of 2024 Financial Performance and Strategic Overview** **Financial Performance:** - **Revenue:** $55.1 million, a 7% increase from 2023. - **Net Income:** A net loss of $1.4 million, an improvement from a $2.1 million loss in 2023. - **Gross Profit:** $8.9 million, up 20.25% from 2023. - **Operating Expenses:** $8.5 million, a 9.71% increase from 2023. - **Interest Expense:** $1.9 million, slightly down from 2023. - **Earnings per Share:** Not explicitly stated, but the company reported a loss per share of $0.41 for 2024. **Strategic Overview:** - **Market Position:** AIRI is a leading manufacturer of precision components for aerospace and defense contractors. - **Key Customers:** Major customers include RTX Corporation, Lockheed Martin, and Northrop Grumman. - **Product Focus:** Products include landing gears, flight controls, and engine mounts for military and commercial aircraft. - **Backlog:** $117.9 million in funded backlog, a 19.9% increase from 2023. - **Investments:** Significant investments in capital equipment and processes to bolster competitiveness. **Future Outlook:** - **Growth Strategy:** Focus on securing new contract awards, improving operations, and successful execution. - **Market Position:** Confidence in boosting sales in 2025 and improving financial position. - **Risk Factors:** Dependence on a few large customers, competition, and potential changes in defense spending. **Financial Condition:** - **Debt:** Total indebtedness of approximately $26.3 million, with significant portions maturing in 2025 and 2026. - **Liquidity:** Borrowing capacity of approximately $7.1 million under the Revolving Loan. - **Cash Flow:** Positive cash flow from operations, with investments in capital expenditures. **Market Position Changes:** - **Customer Concentration:** Approximately 73.4% of net sales from four customers in 2024. - **Platforms and Programs:** Key platforms include the F-18 Hornet, E-2D Hawkeye, and UH-60 Black Hawk Helicopter. **Note:** Amounts are usually in thousands, 000s.