Air Industries Group reported a net sales figure of $47.9 million for the fiscal year ending December 31, 2025, reflecting a decrease of 13.0% from the previous year's sales of $55.1 million. The company also recorded a net loss of $1.3 million, a slight improvement from the $1.4 million loss reported in 2024. The decline in revenue was attributed to timing and changes in the mix of products requested by customers. Despite the decrease in sales, the gross profit margin improved to 17.1% from 16.2% in the prior year, driven by cost reductions and shifts in product mix.
The company's backlog increased by 16.0% to $136.8 million as of December 31, 2025, compared to $117.9 million at the end of 2024. This backlog includes funded orders and potential orders under long-term agreements (LTAs), indicating a strong pipeline for future revenue. Air Industries also reported total unfilled contract values of $270.1 million, which includes the backlog and potential future orders. The company has a workforce of 160 employees, with a focus on maintaining high-quality production standards in its two manufacturing facilities located in New York and Connecticut.
In terms of strategic developments, Air Industries announced a merger agreement with Tenax Aerospace Acquisition, LLC, which is expected to enhance its capabilities in special mission aviation solutions. The merger, which is subject to various conditions, will result in Tenax becoming a wholly-owned subsidiary of Air Industries. Upon completion, Tenax members will collectively own approximately 95% of the outstanding shares of Air Industries common stock, significantly diluting existing shareholders. The merger is seen as a critical step in addressing the company's financial challenges, particularly its existing debt obligations.
The company’s financial position remains precarious, with total indebtedness increasing from $20.1 million in 2024 to $25.2 million in 2025. The Current Credit Facility, which matures on September 30, 2026, poses a significant refinancing challenge, as Webster Bank has indicated it will not renew the facility. Air Industries is exploring options to refinance its debt and has raised capital through public market sales of common stock, generating approximately $4.9 million in gross proceeds during 2025. However, the company has paused equity raising activities while evaluating its capital structure in light of the merger.
Looking ahead, Air Industries aims to secure new contract awards and improve operational efficiencies. The company is focused on navigating the complexities of the merger with Tenax while addressing its financial obligations. The outlook remains uncertain, as the successful execution of the merger and the ability to refinance existing debt will be crucial for the company's future stability and growth.
About AIR INDUSTRIES GROUP
Air Industries Group is a leading manufacturer of precision components and assemblies for the aerospace and defense sectors, specializing in products like landing gears and flight controls. With a focus on U.S. government contracts and partnerships with major prime contractors, the company targets military and commercial aviation markets. Recent investments in capital equipment and a growing backlog of $117.9 million position Air Industries for future growth and profitability.
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