TechPrecision Q2 net loss $528K; backlog $44.6M; debt covenant violation

TECHPRECISION CORP

2024-Q2 EPS reported -$0.12 revenue$15,341,326

Net sales $8.0M, down 6% YoY; net loss $528K ($0.06 per share).
Backlog $44.6M as of Sep 30, 2023, with delivery expected over 1-3 fiscal years.
Operating loss widened to $0.6M from $0.1M a year ago; gross profit down 41%.
Debt covenant violation led to reclassification of all long-term debt as current; total debt $7.1M.
Working capital negative at Sep 30, 2023 vs positive $5.6M at Mar 31, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TECHPRECISION CORP reported second quarter ended September 30, 2023 results: revenue $8.0 million, net income net loss of $528,000, EPS $0.06 per share.

Period: second quarter ended September 30, 2023
Revenue: $8.0 million
Net income: net loss of $528,000
EPS: $0.06 per share
Result: reported results

Exact text from the filing

driving a strong backlog of $44.6 million as of September 30, 2023,” stated Alexander Shen, TechPrecision’s Chief Executive Officer. “Second quarter consolidated net sales were $8.0 million when compared to $8.5 million in the fiscal 2023 second quarter, or 6% lower” “Ranor reported net sales of $4.5 million or a 9% decrease from the second quarter of fiscal 2023.

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TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-23-119910

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