Air Industries Group reported a net sales increase of 7.0% for the fiscal year ended December 31, 2024, reaching $55.1 million compared to $51.5 million in 2023. The company's gross profit also improved, rising to $8.9 million, which represents a gross profit margin of 16.2%, up from 14.4% in the previous year. Despite these gains, Air Industries recorded a net loss of $1.4 million, a reduction from the $2.1 million loss reported in 2023, indicating progress in managing operational costs and improving sales performance.
The company’s backlog of funded orders increased by 19.9% to $117.9 million as of December 31, 2024, compared to $98.3 million at the end of 2023. This growth reflects the success of Air Industries' enhanced sales and marketing initiatives, which have led to higher shipment volumes and a more favorable customer mix. Notably, the company secured its first order from a new foreign-based defense and aerospace prime customer during the fiscal year, contributing to its expanding backlog.
Operationally, Air Industries has maintained a workforce of approximately 184 employees, with a focus on enhancing production capabilities through significant investments in capital equipment and technology. The company has also emphasized improving its cybersecurity measures and IT systems, which are critical given the sensitive nature of its work in the aerospace and defense sectors. The company’s customer base remains concentrated, with major clients including RTX Corporation, Lockheed Martin, and Northrop Grumman, which collectively accounted for a significant portion of net sales.
Looking ahead, Air Industries is optimistic about its growth prospects for 2025, driven by a total unfilled contract value of $271.3 million, which includes the current backlog and potential orders from long-term agreements. The company aims to secure new contract awards and improve operational efficiencies to achieve sustainable profitability. However, it faces challenges related to its existing debt obligations, including a current credit facility that expires on December 30, 2025, and the need to refinance or repay significant portions of its debt in the near future. The management's ability to navigate these financial obligations will be crucial for the company's continued operations and growth trajectory.
About AIR INDUSTRIES GROUP
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