Welcome to our dedicated page for Air Industries Group news (Ticker: $AIRI), a resource for investors and traders seeking the latest updates and insights on Air Industries Group stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Air Industries Group's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Air Industries Group's position in the market.
Air Industries Group (NYSE American: AIRI) reported its financial results for Q1 2024, announcing net sales of $14.06 million, a 12% increase from Q1 2023. However, the company posted a net loss of $706,000, higher than the $618,000 loss in the previous year. Gross profit slightly improved to $1.91 million, with a decreased gross margin of 13.6% compared to 15% in Q1 2023. Operating expenses rose to $2.17 million, resulting in an increased operating loss.
The company’s backlog increased to $99.3 million, and it began initial production on new programs with expected improved margins over time. Cash flow used in operations was $232,000, and total indebtedness stood at $23.94 million. The company aims for net sales of at least $50 million and improved adjusted EBITDA for fiscal 2024. A conference call to discuss these results is scheduled for May 16, 2024, at 4:15 PM ET.