Air Industries reports FY2022 prelim revenue $53.2M (-9.7% YoY), net loss of $1.1M

AIR INDUSTRIES GROUP

2023-Q1 EPS reported -$0.19 revenue$12,549,000

Consolidated net sales $53.2M, down 9.7% from $58.9M in 2021; gross profit margin 14.1% vs 17.3%.
Net loss of approximately $1.1M vs net income of $1.6M in 2021; Adjusted EBITDA $3.3M vs $6.3M.
Not in compliance with loan facility covenant requiring financial statements within 90 days; expects compliance upon 10-K filing.
Total indebtedness $25.2M; 18-month firm backlog $67.9M (down from $75.0M).
Cash from operations $448,000 vs $4.1M in 2021; filed Amended Form 12b-25/A for additional time.

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

AIR INDUSTRIES GROUP reported the twelve months ended December 31, 2022 results: revenue approximately $53.2 million, net income approximately $1.1 million.

Period: the twelve months ended December 31, 2022
Revenue: approximately $53.2 million
Net income: approximately $1.1 million
Result: preliminary results

Exact text from the filing

the following reflects preliminary and unaudited financial data for the year ended December 31, 2022: ● Consolidated net sales revenues in 2022 are expected to approximate $53.2 million, a decrease of 9.7% as compared to the $58.9 million achieved in 2021. This represents no change to the preliminary net sales amounts discussed on the Company’s year-end

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Source: SEC EDGAR

accession 0001213900-23-031094

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