Air Industries Q1 2023 net loss widens to $618k; operating loss $158k on supply chain issues

AIR INDUSTRIES GROUP

2023-Q2 EPS reported -$0.31 revenue$25,754,000

Q1 2023 net sales $12.5M, up 4% YoY; gross margin fell to 15.0% from 17.2%.
Operating loss of $158k vs income of $207k in Q1 2022; net loss $618k vs $28k.
Interest expense rose to $476k from $323k due to higher prime rate and debt levels.
CEO cited supply chain disruption, raw material delays; targeting nuclear submarine market.

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 0.95

AIR INDUSTRIES GROUP reported the Three Months Ended March 31, 2023 results: revenue $12.5 million, net income $618,000.

Period: the Three Months Ended March 31, 2023
Revenue: $12.5 million
Net income: $618,000
Result: reported results

Exact text from the filing

Consolidated net sales for the three months ended March 31, 2023 were $12.5 million, an increase of $487,000 or 4.0% from the first quarter of 2022.

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Source: SEC EDGAR

accession 0001213900-23-055664

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