secwatch.observer — SEC 8-K summary
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Issuer:     AIR INDUSTRIES GROUP (AIRI)
CIK:        0001009891
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001213900-24-043816
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1009891/000121390024043816/0001213900-24-043816-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1009891/000121390024043816/ea0206247-8k_airindus.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-043816

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer