Thu, Nov 14, 4:56 PM (62 days ago)
For the quarter ending September 30, 2024, Air Industries Group (AIRI) reported net sales of $12,555,000, a 2.1% increase from $12,293,000 in Q3 2023. Gross profit rose significantly to $1,941,000 (15.5% margin) from $1,228,000 (10.0% margin) due to improved product mix and operational efficiencies. Operating expenses decreased to $1,874,000, contributing to a reduced net loss of $404,000, down from $1,299,000 a year earlier. For the nine-month period ending September 30, 2024, revenues increased by 5.6% to $40,188,000, with a gross profit of $6,491,000 (16.2% margin). The company generated $508,000 in cash from operations, a significant decline from $7,093,000 in 2023, primarily due to reduced customer deposits. Total debt rose to $24,976,000, with a current credit facility balance of $16,838,000, raising concerns about compliance with financial covenants and the ability to continue as a going concern. AIRI's backlog increased to $105.2 million, providing some visibility for future revenues.