Air Industries Group - AIRI STOCK NEWS

Air Industries Group (AMEX:AIRI), a tier 1 manufacturer serving the aerospace and defense sectors, announced that CEO Lou Melluzzo and CFO Michael Recca will present at the Taglich Brothers 19th Annual Investment Conference. The event is scheduled for May 1, 2023, at 4:45 PM (ET) in New York. The presentation will be available via Taglich Brothers' website and on Air Industries' Investor Relations page. Taglich Brothers focuses on microcap companies with less than $250 million in market cap and provides various financial services.

This event represents an opportunity for investors to engage with the company's leadership and gain insights into its operations and strategy in a competitive market.

Air Industries Group (NYSE American: AIRI) announced it received a notice from NYSE Regulation on April 18, 2023, for failing to comply with continued listing standards due to not filing its Annual Report on Form 10-K by the April 17, 2023 deadline. The company has until October 17, 2023, to file the report to regain compliance. If unsuccessful, an additional six months may be granted. The company's stock will continue to trade with a late filer indicator during this period, pending compliance with other listing requirements. Air Industries is an integrated Tier 1 manufacturer in aerospace and defense and a prime contractor for the U.S. Department of Defense.

Air Industries Group (NYSE American: AIRI) reported preliminary unaudited financial results for the year ending December 31, 2022. The company expects consolidated net sales revenues of approximately $53.2 million, down 9.7% from $58.9 million in 2021. Gross profit is projected at $7.5 million, representing 14.1% of sales, decreased from $10.2 million or 17.3% in 2021. The company forecasts a net loss of $1.1 million, compared to a profit of $1.6 million in 2021. Cash flows from operations dropped to $448,000, with total indebtedness at $25.2 million. As of December 31, 2022, the firm backlog is estimated at $67.9 million, a decrease from $75.0 million in 2021. The company plans to file its Annual Report on Form 10-K soon.

Air Industries Group (AIRI) will host a conference call on April 4, 2023, at 9:00 AM Eastern to discuss preliminary, unaudited financial results for the three and twelve months ending December 31, 2022. The call is part of the company’s commitment to keep investors informed about its financial performance as a Tier 1 manufacturer in aerospace and defense. The company is a prime contractor to the U.S. Department of Defense and focuses on precision assemblies. The press release also contains forward-looking statements about future revenues and trends, highlighting risks related to project timelines and regulatory changes.

Air Industries Group (NYSE American: AIRI) announced new contracts totaling $3.0 million for turbine engine components, enhancing its portfolio in aerospace and defense. CEO Lou Melluzzo highlighted a resurgence in activity at their Connecticut operation, citing increased bookings of 168% over the last three months compared to the previous nine months. The company also secured a significant order for a flight-critical component of the CH-53K helicopter, following a $5.2 million long-term agreement for Chaff Pods. These developments reflect a positive trend in business growth and demand for key military components.

Air Industries Group (AIRI) reported its financial results for the three and nine months ended September 30, 2022. Net sales for Q3 2022 were $13.3 million, down 7.6% from $14.4 million in Q3 2021. Gross profit increased by 10% to $2.2 million, with a margin of 16.9%. However, the company faced a net loss of $142,000 in Q3, compared to a $66,000 loss in the same period last year. For the nine-month period, net sales fell 9.6% to $39.3 million, with a net loss of $177,000, down from a profit of $21,000 in 2021.

Air Industries Group (AMEX:AIRI) will release its financial results for the three and nine months ended September 30, 2022, at approximately 8:30 AM (Eastern) on November 14, 2022. The company will also host an investor conference call on the same day at 4:15 PM (Eastern). As a Tier 1 manufacturer for aerospace and defense applications, AIRI is a prime contractor to the U.S. Department of Defense. The press release includes forward-looking statements regarding future revenues, earnings, and market trends, which are subject to various risks and uncertainties.

Air Industries Group (NYSE American: AIRI) has secured a five-year Long-Term Agreement valued at $2.2 million to manufacture a quadrant for the Blackhawk Helicopter's tail-rotor gearbox. This agreement includes an immediate purchase order worth $500,000. Since January, the company has received twelve LTAs related to Blackhawk products totaling over $30 million. Additionally, Air Industries reports an increase in business opportunities, including three orders for nuclear submarine components from new clients.

Air Industries Group (NYSE American: AIRI) announced a reverse stock split at a ratio of 1-for-10, effective at 12:01 a.m. (ET) on October 18, 2022. This action will reduce the number of outstanding shares from 32,324,670 to 3,232,467. The split aims to increase per-share pricing, potentially broadening the investor base, although it does not alter ownership percentages. No notification from NYSE American necessitated this move. The Company will issue new stock certificates, with fractional shares rounded up.