CPI Aerostructures Q2 net income up 21.9% to $1.4M, EPS $0.11, adjusted EBITDA $2.6M

CPI AEROSTRUCTURES INC

2024-Q2 EPS reported $0.12 revenue$39,891,477

Q2 revenue $20.8M (flat YoY), gross margin 24.6% (+220 bps), net income $1.4M (+21.9%).
Adjusted EBITDA $2.6M (+25% YoY) but ops consumed $0.6M cash versus breakeven last year.
Six-month revenue $39.9M (-6.3% YoY), net income $1.6M (-23.8%), EPS $0.12 vs $0.17.
Debt reduced $2.4M YoY to $18.9M; Debt-to-Adjusted EBITDA ratio 2.7x, sixth quarter below 3.0.
Backlog $512M at June 30; CEO cites uptick in RFQs and expects continued program wins.

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