Welcome to our dedicated page for CPI Aerostructures news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on CPI Aerostructures stock.
CPI Aerostructures, Inc. (symbol: CVU) is a prominent U.S. manufacturer specializing in structural assemblies and value-added kits for fixed-wing and rotary-wing aircraft. Serving both the commercial aerospace and defense markets, CPI Aero develops and supplies complex aerostructures for major aircraft OEMs (original equipment manufacturers) and is a significant subcontractor for Tier 1 manufacturers. Additionally, CPI Aero acts as a prime contractor for the U.S. Department of Defense, primarily the Air Force.
The company is recognized for its contributions to several high-profile aircraft programs, including the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, and the UH-60 BLACK HAWK and S-92 helicopters. CPI Aero also manufactures pod-based, airborne avionics systems used in intelligence surveillance and reconnaissance (ISR), electronic warfare (EW), and radar end-markets.
Aside from its manufacturing capabilities, CPI Aero offers a comprehensive suite of services including engineering, program management, supply chain management, and maintenance, repair, and overhaul (MRO) services. The company’s robust engineering and program management expertise ensures efficient production and delivery of high-quality aerostructures to its diverse client base.
In recent news, CPI Aero has increased its funded orders under a previously awarded multi-year contract to $48.3 million, demonstrating its strong market position and ongoing demand for its products. The company’s inclusion in the Russell Microcap® Index underlines its significance in the aerospace supply chain sector.
With a strategic focus on quality and customer satisfaction, CPI Aero continues to expand its capabilities and enhance its product offerings. This positions the company as a reliable and innovative partner in the aerospace industry, catering to both commercial and defense market requirements.
CPI Aerostructures (CVU) has secured a five-year IDIQ contract from Sikorsky, a Lockheed Martin company, for the manufacture of gunner window assemblies for the UH-60M Black Hawk helicopter. Shipments are anticipated to start in 2023 and continue until 2027. This contract marks the third consecutive multi-year agreement for CPI Aero, reflecting its long-standing relationship with Sikorsky. The company has been producing these components since 2010, showcasing its ongoing commitment and performance in the defense aerospace sector.
CPI Aerostructures, Inc. (CVU) has announced new orders from Embraer S.A. for engine inlet assemblies for the Phenom 300 business jets, part of an ongoing Long Term Agreement. Deliveries are scheduled to continue through 2023. CPI Aero has been part of the Phenom 300 program for over a decade, emphasizing the strong demand for these aircraft. CEO Dorith Hakim expressed confidence in maintaining their partnership with Embraer beyond 2023.
CPI Aerostructures, Inc. (CVUA) announced a new order from Lockheed Martin to manufacture structural assemblies for the F-16V fighter aircraft. This order funds additional Rudder Island and Drag Chute Canister assemblies, totaling $20.6 million authorized under a multi-year contract. Deliveries are expected to commence in Q4 2023 and continue through mid-2024. CEO Dorith Hakim expressed pride in being part of the F-16 Program, highlighting ongoing interest from Allied Nations.
CPI Aerostructures, Inc. (NYSE American: CVU) announced its common stock will be delisted from NYSE American due to non-compliance with SEC reporting requirements. Trading will move to OTC under the symbol CVUA starting May 20, 2022. The company has not filed required annual and quarterly reports, expecting delays due to audit processes. Despite this, CPI states it met financial targets in 2021, achieving growth with a backlog of approximately $500 million, and intends to appeal the delisting decision.
CPI Aerostructures, Inc. (NYSE American: CVU) reported mixed results for Q3 2021. Revenues decreased to $23.9 million from $25.6 million, with a gross profit decline to $3.7 million and a gross margin of 15.3%. Net income soared to $5.4 million, largely due to $4.8 million in PPP loan forgiveness. For the nine-month period, revenue increased to $77.0 million, with a substantial net income rise to $7.3 million. The funded backlog stood at approximately $138 million, primarily from government contracts, though down 27% year-on-year. The company anticipates over $100 million in revenue for 2021.
CPI Aerostructures, Inc. (CVU) reported strong financial results for Q2 2021, with revenue of $22.3 million, up 13.1% from Q2 2020. Gross profit nearly doubled to $3.6 million, yielding a gross margin of 16.1%. The company achieved net income of $0.6 million, a turnaround from a net loss of $(1.4) million last year. For the first half of 2021, revenue rose 45% to $53.1 million, with net income of $1.9 million compared to a loss of $(4.7) million. The funded backlog stood at $157 million, with expectations for over $500 million total by year-end.
CPI Aerostructures, Inc. (CVU) announced an extension from the NYSE American to comply with listing standards regarding timely financial reporting. The new deadline is set for May 24, 2022, giving the company time to file delayed Quarterly Reports for March, June, and September 2021, as well as the Annual Report for December 2021. Failure to meet this deadline may result in delisting actions by the Exchange. CPI Aero, a key supplier in the aerospace sector, is currently addressing its reporting obligations to restore compliance.
CPI Aerostructures has appointed Dorith Hakim as its new Chief Executive Officer, President, and director, effective immediately. Ms. Hakim comes with extensive experience from her previous role as Group Vice President at Parker Hannifin Aerospace, overseeing $1.9 billion in spending across multiple divisions. She has held significant positions at Triumph Group and Sikorsky Aircraft. Her background in operations, supply chain management, and customer relations is expected to positively influence CVU as the company continues to serve national security markets.
CPI Aerostructures (CVU) announced a purchase order from Collins Aerospace for the manufacturing of the Tactical Synthetic Aperture Radar (TacSAR) system. This award follows a previous contract where CPI Aero developed necessary documentation for the TacSAR pod. The new contract focuses on completing non-recurring engineering and tool development to build a prototype pod for testing. CPI Aero emphasizes its strategic evolution beyond aircraft structures, further solidifying its role as a crucial supplier in advanced aerospace systems.
CPI Aerostructures (CVU) has secured a long-term contract with Raytheon Intelligence & Space worth up to $20 million to provide rack assemblies for the B-52 AESA radar, an integral part of the U.S. Air Force's modernization program. The initial order is valued at $4 million for prototype and test production, with work commencing immediately and first deliveries expected by late 2022. This award enhances CPI Aero's relationship with a key client, showcasing its reliability in defense manufacturing.
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