Air Industries Q3 net sales $12.3M, down 7.4% YoY; net loss $1.3M vs $142k loss

AIR INDUSTRIES GROUP

Q3 net sales $12.3M, down 7.4% YoY; gross margin fell to 10.0% from 16.9%.
Net loss of $1.3M vs $142k loss in Q3 2022; operating loss of $796k.
Nine-month 2023 net loss $2.3M; Adjusted EBITDA $1.3M.
Monthly bookings more than doubled to over $6M; awarded $8.9M purchase order for U.S. Navy E-2D program.
CEO cites raw material shortages easing; expects rebound in Q4 and 2024.

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 third quarter ended September 30, 2023 results: revenue $12.3 million, net income net loss of $1.3 million.

Period: third quarter ended September 30, 2023
Revenue: $12.3 million
Net income: net loss of $1.3 million
Result: reported results

Exact text from the filing

to continue to drive our bookings and sales levels higher from here”. Third Quarter 2023 Results ● Consolidated net sales for the third quarter ended September 30, 2023 were $12.3 million, a decrease of $912,000 or (6.9%) from $13.2 million in the second quarter of 2023, and $985,000 or (7.4%) lower than sales of $13.3 million in the third quarter of 2022. ●

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Source: SEC EDGAR

accession 0001213900-23-093798

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