Air Industries Q1 net loss $706K on sales $14.1M; backlog $99.3M

AIR INDUSTRIES GROUP

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

Net sales $14.1M (+12% YoY); net loss $706K ($0.21/share) vs loss $618K ($0.19/share) last year.
Adjusted EBITDA fell to $362K from $578K; gross margin contracted to 13.6% from 15.0%.
Backlog rose to $99.3M; bookings $12.95M; book-to-bill 0.92x for Q1.
Cash $225K, total debt $23.9M; company in covenant breach, working with lender to adjust credit facility.
Fiscal 2024 target: net sales at least $50M, Adj. EBITDA improving over 2023 levels.

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