Air Industries Group Reports Preliminary 2024 Results - Record Backlog and Automatic Extension to File Form 10-K

About this update from Air Industries Group

BAY SHORE, N.Y. - Air Industries Group (' Air Industries' ) (NYSE American: AIRI), a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors, today announced preliminary unaudited financial results for the calendar year ended December 31, 2024 . The Company also reported record levels of new business and backlog and noted it will utilize the automatic 15-day extension to file its Annual Report on Form 10-K for the year ended December 31, 2024 . Preliminary Fiscal 2024 Financial Results (unaudited) For the year ended December 31, 2024 , Air Industries achieved growth in net sales, gross profit, and operating income, while significantly reducing its net loss. Net Sales in 2024 rose to $55.1 million , a 7% increase from $ 51.5 million in 2023. Gross Profit in 2024 improved to $8.9 million from $7.4 million in 2023. Gross profit as a percentage of sales rose to 16.2%, an increase of 180 basis points from 14.4% in 2023. Operating income was $459,000 - up from an operating loss of $295,000 in 2023. Net loss for 2024 was reduced by $765,000 to $1.4 million , an improvement of 35.9% from the prior year. Q4 2024 Snapshot For the fourth quarter, sales and gross profit increased, while operating and net results were impacted by certain timing and cost factors. Net Sales in 2024 reached $14.9 million , up 11.9% from $13.4 million in 2023 Gross Profit rose to $2.4 million , up 13.2% from $2.2 million in 2023. Gross profit as a percentage of sales for 2024 was 16.3% just slightly higher than Q4 of 2023. Operating loss was $111,000 , compared to operating income of $587,000 in 2023. Net loss totaled $554,000 in 2024, compared to net income of $181,000 in the prior year. The increase in operating and net losses was due primarily to higher non-cash stock compensation expense increasing operating expense for the quarter. Summary Financial Charts and EBITDA Commentary https://finance.yahoo.com/news/air-industries-group-reports-preliminary-110000997.html (C) 2025 Electronic News Publishing, source ENP Newswire

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