Air Industries Group Announces Financial Results for the Three Months Ended March 31, 2025
For the three months ended
-
Net Sales for the three months endedMarch 31, 2025 were$12.1 million , a 13.7% decrease from$14.1 million compared to the same period in 2024. -
Gross Profit for the three months ended
March 31, 2025 improved by$100,000 or 6.7% to$2.0 million from$1.9 million compared to the same period in 2024. Gross profit as a percentage of sales rose to 16.8%, an increase of 320 basis points from 13.6% in 2024. -
Operating Expenses for the three months ended
March 31, 2025 increased by$615,000 compared to the same period in 2024. The increase in operating and net losses was due primarily to higher non-cash stock compensation expense which increased operating expenses by$412,000 for the quarter. -
Operating loss was
$746,000 , an increase from an operating loss of$259,000 in 2024. -
Net loss for 2025 increased by
$282,000 to$988,000 .
Summary Income Statement:
For the Three Months Ended |
2025 |
2024 |
Variance |
||||||||||||
in $ |
As a % | ||||||||||||||
|
$ |
12,135 |
|
$ |
14,061 |
|
$ |
(1,926 |
) |
-13.7 |
% |
||||
Cost of Sales |
|
10,101 |
|
|
12,155 |
|
|
(2,054 |
) |
-16.9 |
% |
||||
Gross Profit |
|
2,034 |
|
|
1,906 |
|
|
128 |
|
6.7 |
% |
||||
GP as a % of Sales |
|
16.8 |
% |
|
13.6 |
% |
30.3 |
% |
|||||||
Operating Expenses |
|
2,780 |
|
|
2,165 |
|
|
615 |
|
28.4 |
% |
||||
Operating Loss |
|
(746 |
) |
|
(259 |
) |
|
(487 |
) |
n/m |
|
||||
Other Income (Expense) |
|
- |
|
||||||||||||
Interest Expense |
|
(444 |
) |
|
(462 |
) |
|
18 |
|
-3.9 |
% |
||||
Other Income |
|
202 |
|
|
15 |
|
|
187 |
|
1246.7 |
% |
||||
Net Loss |
$ |
(988 |
) |
$ |
(706 |
) |
$ |
(282 |
) |
39.9 |
% |
||||
Adjusted EBITDA:
For the Three Months Ended |
2025 |
2024 |
|||||||
Net (Loss) |
$ |
(988 |
) |
$ |
(706 |
) |
|||
Interest Expense |
|
444 |
|
|
462 |
|
|||
Taxes |
|
- |
|
|
- |
|
|||
Stock Compensation |
|
474 |
|
|
62 |
|
|||
Depreciation |
|
629 |
|
|
527 |
|
|||
Amortization |
|
17 |
|
|
17 |
|
|||
Adjusted EBITDA |
$ |
576 |
|
$ |
362 |
|
|||
-
“Despite first quarter sales being 14% lower as compared to 2024 gross profit increased by a significant
$128,000 or 6.7%. Gross margin on sales increased by 320 basis points to 16.8%, demonstrating the results of our increased focus on operating efficiency. -
“Operating expenses increased by
$615,000 or 28.4%. Non-cash stock compensation expense accounted for$412,000 or 67% of this increase. As a result, although net loss increased compared to 2024, our adjusted EBITDA improved to$576,000 , or a 59.1% increase over 2024. - “Our new business development efforts continue to gain momentum. Our Book-to-Bill ratio, calculated on a trailing-twelve month basis, was 1.34 to 1.00 at end of the first quarter, 2025. This is above the generally recognized industry standard of 1.20 to 1.00 and nearly a 20% improvement from the prior year.
-
“The significant contract wins and unprecedented order activity we enjoyed in 2024 continued into the first quarter of 2025. Our funded backlog of firm customer orders increased by
$2.7 million or 2.3%. The total backlog was reduced slightly by less than half of one percent but continues to exceed a quarter of a billion dollars. - “While quarterly results will vary, we reaffirm our belief that full-year 2025 results will exceed those of 2024.”
Conference Call Information
As previously announced, the Company will host a conference call to discuss Financial Results for the First Quarter of 2025 on
The conference call number is 877-524-8416 and will be made available for replay at www.airindustriesgroup.com.
ABOUT
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the
NON-GAAP FINANCIAL MEASURES
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the
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Chief Financial Officer
631-328-7039
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