CPI Aero Q1 revenue $20.1M (-35% YoY); net loss $33K; backlog $504.3M

CPI AEROSTRUCTURES INC

Revenue $20.1M vs $30.8M YoY; gross profit margin 17.1% (+110 bps).
Net loss of $33K vs net income $1.2M; loss per diluted share $(0.00) vs $0.10.
Operating cash flow improved to $(2.4)M from $(4.9)M; debt $25.3M.
Backlog $504.3M vs $501.7M; cash $2.9M vs $0.8M YoY.
CEO expects lower revenue in 2022 transition; plans to file Q2 10-Q to resolve NYSE American delisting.

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