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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, Inc. (CVU) will release its financial results for the fiscal first quarter ending March 31, 2021, on December 27, 2021, before market opening. The company specializes in manufacturing structural assemblies for various aerospace applications and serves both commercial and national security markets as a key supplier or subcontractor. CPI Aero is also a prime contractor for the U.S. Department of Defense. The announcement highlights the company's ongoing role in the aerostructure supply chain and its presence in the Russell Microcap® Index.
CPI Aerostructures (CVU) reported estimated financial results for H1 2021, indicating significant improvements over H1 2020. Revenue surged to an estimated $50-$53 million, up from $36.6 million. Gross profit rose to $8.3-$8.6 million, compared to $2.0 million prior. The company achieved net income of $1.5-$1.9 million, reversing a net loss of $(4.7) million. Despite a 50% revenue drop in commercial aviation, military contract revenue nearly doubled. Estimated backlog decreased to $156 million from $205 million year-over-year. The company expects total revenue for 2021 to exceed $100 million.
CPI Aerostructures filed a Comprehensive Form 10-K/A for the years ended December 31, 2020, and 2019, including restated audited financial statements. The company aims to enhance its finance and accounting operations, focusing on delivering high performance consistent with its reputation in the aerospace industry. The financial statements for the first three quarters of 2021 are currently being prepared. CPI Aero is a manufacturer of structural assemblies for aircraft and is a prime contractor to the U.S. Department of Defense.
CPI Aerostructures, Inc. (CVU) announced on November 23, 2021, that the NYSE American accepted its plan to regain compliance with listing standards. The company has until April 14, 2022, to meet the timely filing criteria, with a potential extension to May 24, 2022. Failure to comply may lead to delisting proceedings. Despite the notice, CPI Aero's stock remains listed during the plan period. CPI Aero manufactures structural assemblies for aircraft and is a prime contractor for the U.S. Department of Defense.
CPI Aerostructures, Inc. (CVU) announced it has received approval from NYSE American LLC for its plan to regain compliance with continued listing standards, granted until March 17, 2023. The company's stock will continue trading with a '.BC' indicator, reflecting non-compliance status. If the company fails to meet standards or show progress, delisting proceedings may ensue. CPI Aero is a manufacturer of structural assemblies for aircraft, servicing national security markets and acting as a contractor to the U.S. Department of Defense.
CPI Aerostructures (CVU) announced plans to file a comprehensive Form 10-K/A to restate its financial results for 2020 and 2019. The 2020 restated net income will be approximately $2.3 million lower than previously reported, while the 2019 net income is also expected to be $2.3 million lower. Despite these adjustments, there is no expected impact on reported revenue or cash flows for both years. The issues arose from inventory costing errors and insufficient reserves that required reevaluation.
CPI Aerostructures (NYSE American: CVU) has received authorization from Raytheon Intelligence & Space for the initial production of pod structures and air management components for the Next Generation Jammer Mid-Band (NGJ-MB) program, amounting to an estimated $20.6 million. This initial phase secures $10.3 million in funding, with deliveries anticipated between late 2022 and 2023. CPI Aerostructures has played a critical role in this project since 2016, with more than $80 million generated in funded awards, positioning NGJ-MB as a key program for the company's future.
CPI Aerostructures, Inc. (CVU) announced a $1 million contract from an undisclosed aerospace OEM for complex welded fluid tank assemblies. Deliveries will begin in mid-2022 and conclude in 2023. CEO Douglas McCrosson noted that CPI has enhanced its capabilities, including engineering resources and a skilled welding workforce, to secure this project. CPI Aero manufactures structural assemblies for various aircraft and supports national security through contracts with the U.S. Department of Defense. The company is also part of the Russell Microcap Index.
CPI Aerostructures, Inc. (NYSE: CVU) announced an increase in the value of its contract with Raytheon Intelligence & Space, raising it from approximately $2.3 million to about $8.0 million. This modification enhances the work scope and increases the quantity of pod structures to be produced. CPI Aero manufactures structural assemblies for various aircraft and is a supplier for the U.S. Department of Defense, primarily the Air Force. The company is included in the Russell Microcap® Index.
CPI Aerostructures, Inc. (NYSE American: CVU) announced that its 2021 Annual Meeting of Shareholders will take place on December 29, 2021, at 9:00 a.m. Eastern Time, at its offices in Edgewood, New York. The record date for eligible shareholders is November 4, 2021.
Proxy materials will be sent to shareholders around November 19, 2021, and will be accessible on the SEC website as well as the Company’s official site.
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