10-Q - CPI AEROSTRUCTURES INC (0000889348) (Filer)

Wed, May 15, 9:32 PM (72 days ago)

CPI Aerostructures, Inc. reported a decrease in total revenue for Q1 2024 to $19.1 million, down 13.3% from $22.0 million in Q1 2023, primarily due to declines in key programs. Gross profit also fell by 23.8% to $3.6 million, with the gross margin declining to 18.6% from 21.2%. Net income dropped significantly by 82.9% to $168,238, with EPS reducing to $0.01 from $0.08. The company’s cash position decreased to $3.0 million from $5.1 million at the end of 2023, driven by debt repayments and operational cash outflows. Total backlog was $510.4 million, slightly down from $513.4 million at year-end 2023. The company faces higher interest rates on its revolving credit facility, now at 12.0%. Management is addressing a material weakness in internal control over financial reporting related to income tax accounting, identified in the previous fiscal year.