secwatch.observer — SEC 8-K summary
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Issuer:     CPI AEROSTRUCTURES INC (CVU)
CIK:        0000889348
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001999371-24-006173
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CPI Aero Q1 2024 revenue $19.1M, down 13% YoY; net income $0.2M, EPS $0.01
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- Revenue $19.1M, down from $22.0M in Q1 2023, driven by completion of NGJ Mid Band Pod LRIP 2 deliveries.
- Gross profit $3.6M (18.6% margin) vs $4.7M (21.2%); 260 bps decline on unfavorable mix.
- Net income $0.2M ($0.01 EPS) vs $1.0M ($0.08 EPS) a year earlier.
- Cash used in operations ($1.0M) vs $0.9M provided in Q1 2023; debt reduced to $19.1M from $22.1M.
- Backlog remains strong at $510M as of March 31, 2024; expects LRIP 3 deliveries to resume H2 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889348/000199937124006173/0001999371-24-006173-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889348/000199937124006173/cvu-8k_051524.htm
  HTML page:      https://secwatch.observer/filing/0001999371-24-006173

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