Philip Passarello
Effective August 19, 2024, Philip Passarello, 45, was appointed by the board of directors of CPI Aerostructures, Inc. (the “Company) to the positions of Chief Financial Officer and Secretary.
Highest-materiality recent filing
CPI Aerostructures Q1 2026 revenue $17.4M, net income $1.2M vs loss of $1.3M prior year
Revenue $17.4M (+13% YoY); gross profit $4.5M (25.8% margin vs 10.7%)
CPI Aero Q4 net income $0.7M, FY2025 net loss $0.8M on A-10 termination
Q4 revenue $19.4M (down 11% YoY), net income $0.7M ($0.05 EPS) vs $1.0M ($0.08 EPS) prior year.
CPI Aerostructures Q3 net income up 49% to $1.1M; debt at all-time low
Q3 revenue $19.3M (flat YoY); gross margin improved to 22.3% from 21.7%.
CPI Aerostructures Q2 2025 revenue $15.2M, net loss $1.3M, A-10 write-off $2.3M
Revenue $15.2M vs $20.8M YoY; net loss $1.3M vs profit $1.4M; EPS loss $0.10 vs $0.11 profit.
CPI Aero Q1 net loss $1.3M after $2.1M A-10 program charge; revenue falls to $15.4M
Revenue $15.4M vs $19.1M in Q1 2024; net loss of $1.3M vs net income of $0.2M.
CPI Aero Q4 revenue $21.8M, adj net income up 22% YoY; FY backlog $510M
Q4 revenue $21.8M (down 7% YoY); gross margin improved to 20.0% from 17.4%.
CPI Aerostructures Q3 net income up 149% to $0.7M; gross margin 21.7%
Revenue $19.4M (down 5% YoY); gross profit $4.2M; net income $0.7M ($0.06 EPS) vs $0.3M ($0.02 EPS).
CPI Aerostructures extends credit revolver to Aug 2026; reduces interest margin to 2.0%
Maturity extended to August 31, 2026; Base Rate Margin reduced to 2.0% from 3.50%.
CPI Aerostructures appoints Philip Passarello as CFO, replacing Andrew Davis
Philip Passarello appointed CFO effective August 20, 2024; succeeds Andrew Davis.
CPI Aerostructures Q2 net income up 21.9% to $1.4M, EPS $0.11, adjusted EBITDA $2.6M
Q2 revenue $20.8M (flat YoY), gross margin 24.6% (+220 bps), net income $1.4M (+21.9%).
Settlement with SEC via cease-and-desist order; company neither admits nor denies findings.
CPI Aero Q1 2024 revenue $19.1M, down 13% YoY; net income $0.2M, EPS $0.01
Revenue $19.1M, down from $22.0M in Q1 2023, driven by completion of NGJ Mid Band Pod LRIP 2 deliveries.
Q4 revenue $23.5M vs $24.1M; net income $14.8M ($1.20 EPS) includes $13.8M tax benefit.
CPI Aerostructures restates 2022 deferred tax balances; files late 10-K notice
Deferred tax asset and liability each overstated by $2.6M due to inadequate review of temporary differences.
Effective August 19, 2024, Philip Passarello, 45, was appointed by the board of directors of CPI Aerostructures, Inc. (the “Company) to the positions of Chief Financial Officer and Secretary.
Max materiality 0.80 · Median 0.60 · Most common event earnings