Air Industries reports preliminary FY2023 net loss of $2.13M; backlog up 14.7% to $98.3M

AIR INDUSTRIES GROUP

2024-Q1 EPS reported -$0.21 revenue$14,061,000

FY2023 net loss $2.13M (-$0.65 EPS) vs $1.08M loss in 2022; Q4 net income $181k ($0.06 EPS) vs $899k loss.
FY2023 net sales $51.5M, down 3.2% YoY; Q4 sales $13.5M vs $13.9M in 2022.
FY2023 adjusted EBITDA $2.69M ($3.54M in 2022); Q4 adjusted EBITDA $1.20M ($0.40M).
Backlog $98.3M at Dec 31, 2023 (+14.7% YoY); book-to-bill 1.20x vs 0.75x in 2022.
Expects late 10-K filing due to evaluation of internal controls and going concern; no impact on preliminary results.

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