CPI Aerostructures, Inc. reported a revenue of $81.1 million for the fiscal year ending December 31, 2024, a decrease of 6.2% from the previous year's revenue of $86.5 million. The decline was attributed to the nearing completion of several key programs, including the NGC E-2D and Sikorsky HIRRS programs, as well as the timing of work on the Lockheed Martin F-16 program. Despite the revenue drop, the company achieved a gross profit of $17.2 million, reflecting a slight increase from $17.1 million in 2023, resulting in a gross margin of 21.3%, up from 19.7% the previous year.
In terms of operational changes, CPI Aerostructures experienced a reduction in its funded backlog, which decreased to $85.0 million from $118.2 million in 2023. The total backlog, including unfunded contracts, stood at $510.3 million, slightly down from $513.4 million in the prior year. The company’s workforce increased to 212 full-time employees, up from 203 in 2023, indicating a focus on enhancing its operational capabilities. The company continues to serve a diverse customer base, with 80% of its revenue derived from subcontracts with defense prime contractors.
Strategically, CPI Aerostructures has been focusing on expanding its market presence and enhancing its product offerings. The company has been actively pursuing new contracts in the aerospace sector, particularly in the areas of aerostructures and aerosystems. The company’s management has indicated a commitment to improving customer relationships and securing long-term agreements to stabilize revenue streams. Additionally, CPI Aerostructures has been working to enhance its internal controls and financial reporting processes, following a settlement with the SEC regarding past financial restatements.
Looking ahead, CPI Aerostructures anticipates continued challenges due to the cyclical nature of the aerospace industry and potential fluctuations in defense spending. The company is focused on maintaining its operational efficiency and exploring new opportunities to mitigate risks associated with market conditions. Management remains optimistic about the future, citing a strong backlog and ongoing efforts to secure new contracts as key drivers for growth in the coming years.
About CPI AEROSTRUCTURES INC
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