Air Industries Group reported its financial results for the first quarter of 2025, revealing a net sales figure of $12.1 million, a decrease of 13.7% from $14.1 million in the same period of 2024. The decline in revenue was attributed to changes in the mix of products requested by customers. Despite the drop in sales, the company achieved a gross profit of $2.0 million, up from $1.9 million year-over-year, resulting in a gross profit margin increase to 16.8% from 13.6%. However, operating expenses rose significantly to $2.8 million, compared to $2.2 million in the prior year, primarily due to increased stock-based compensation and professional fees.
The company reported a net loss of $988,000 for the quarter, which is a 39.9% increase from the net loss of $706,000 in the first quarter of 2024. This loss per share was $(0.27), compared to $(0.21) in the previous year. The increase in net loss was influenced by higher operating expenses and the overall decrease in sales. As of March 31, 2025, total assets stood at $48.4 million, down from $51.0 million at the end of 2024, while total stockholders' equity increased slightly to $15.3 million from $14.9 million.
Operationally, Air Industries Group maintained a backlog of $120.6 million, which the company expects to convert into sales over the next 24 months. The company’s workforce comprised 184 employees, reflecting its commitment to maintaining a skilled labor force despite industry-wide challenges in hiring. The company continues to focus on enhancing its production capabilities and efficiency through strategic investments in new equipment and technology.
In terms of financial health, the company reported total debt of $24.7 million, a decrease from $26.3 million at the end of 2024. The Current Credit Facility, which expires on December 30, 2025, requires the company to maintain a Fixed Charge Coverage Ratio of at least 1.05x, which it met as of March 31, 2025. The company is currently in discussions with its lender regarding potential extensions or refinancing of its obligations, as it seeks to navigate the financial landscape and improve its liquidity position.
Looking ahead, Air Industries Group aims to increase net sales for fiscal 2025 compared to 2024, supported by its substantial backlog and ongoing negotiations for new contracts. The company remains focused on operational improvements and securing new business opportunities to enhance its market position in the aerospace and defense sectors.
About AIR INDUSTRIES GROUP
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