secwatch.observer — SEC 8-K summary
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Issuer:     AIR INDUSTRIES GROUP (AIRI)
CIK:        0001009891
Form:       8-K
Filed at:   2023-04-20T23:59:59+00:00
Accession:  0001213900-23-031094
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1009891/000121390023031094/0001213900-23-031094-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1009891/000121390023031094/ea177138-8k_airindust.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-031094

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