CPI Aerostructures, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a decline in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2025, the company generated revenue of $19.27 million, a slight decrease of 0.8% from $19.42 million in the same period last year. The nine-month revenue also fell by 16% to $49.85 million from $59.31 million in 2024. The net income for the third quarter was $1.11 million, or $0.09 per share, compared to $0.75 million, or $0.06 per share, in the prior year. However, the nine-month period saw a net loss of $1.54 million, or $(0.12) per share, contrasting with a profit of $2.33 million, or $0.19 per share, in 2024.
The financial performance reflects significant changes, particularly due to the termination of the Boeing A-10 program, which adversely impacted revenue from military subcontracts. Revenue from military subcontracts decreased by 20.1% for the nine months ended September 30, 2025, while revenue from government military contracts showed a modest decline of 5.2%. Conversely, revenue from commercial subcontracts increased by 22.4%, driven by new programs such as the Embraer Phenom-100 Engine Inlet Assemblies.
Operationally, CPI Aerostructures has made strategic adjustments, including the appointment of Pamela Levesque as Interim Chief Financial Officer in July 2025. The company also reported a funded backlog of $100.05 million as of September 30, 2025, up from $85.04 million at the end of 2024, indicating a positive trend in securing contracts. However, the total backlog decreased slightly from $510.27 million to $508.96 million, with a notable portion attributed to government contracts.
The company’s liquidity position has been affected, with cash decreasing to $546,591 from $5.49 million at the end of 2024. This decline was primarily due to cash used in operating activities and debt repayments. CPI Aerostructures has also faced challenges in meeting financial covenants under its credit agreement, leading to multiple amendments to extend maturity dates and adjust borrowing limits. The most recent amendment, executed on November 13, 2025, extended the maturity of the revolving credit facility to November 30, 2026, and reset borrowing limits.
Looking ahead, CPI Aerostructures anticipates that its existing resources will be sufficient to meet working capital needs for at least the next 12 months. However, the company remains cautious about potential impacts from economic conditions, including inflation and government funding uncertainties, particularly in light of the recent federal government shutdown. The management continues to monitor its financial performance closely and may seek further amendments to its credit agreements if necessary.
About CPI AEROSTRUCTURES INC
CPI Aerostructures, Inc. manufactures structural assemblies, integrated systems, and kitted components for aerospace and defense markets. Serving OEMs and government agencies, it provides aerostructures, aerosystems, tube bending, welding, and electrical components. The company emphasizes quality, responsiveness, and cost competitiveness, supporting military and civil aircraft programs, with a focus on long-term contracts, supply chain management, and engineering services.
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