Welcome to our dedicated page for Cpi Aerostruct news (Ticker: CVU), a resource for investors and traders seeking the latest updates and insights on Cpi Aerostruct stock.
CPI Aerostructures, Inc. (CPI Aero) (NYSE American: CVU) is a U.S. aerospace and defense manufacturer whose news flow centers on contracts, program performance, financial results, and corporate governance developments. The company produces structural assemblies for fixed wing aircraft, helicopters, and airborne Intelligence, Surveillance and Reconnaissance pod systems, and acts as both a Tier 1 and Tier 2 supplier within the global aerostructure supply chain as well as a prime contractor to the U.S. Department of Defense, primarily the Air Force.
News about CPI Aero frequently covers new and follow-on awards from major defense customers. Recent press releases describe multiple purchase orders from the U.S. Air Force under an Indefinite Delivery/Indefinite Quantity contract for T-38C Pacer Classic III and Talon Repair Inspection and Maintenance structural modification kits, as well as production orders from Raytheon, an RTX business, for Pods and Air Management Systems on the Next Generation Jammer Mid-Band program and for structural missile wing assemblies. These items illustrate how contract wins and program milestones can influence the company’s backlog and future workload.
Investors and observers can also find quarterly and year-to-date financial results, including revenue, gross profit, net income or loss, and non-GAAP measures such as Adjusted EBITDA, along with management commentary on program transitions and the impact of specific contracts like the Boeing A-10 program. Additional news items address topics such as unusual trading activity in the company’s stock, board and executive appointments, long-term incentive plan approvals, and participation in industry bodies like the Aerospace Industry Association’s Executive Committee.
This news page aggregates these disclosures so readers can follow CPI Aero’s contract awards, financial updates, capital structure developments, and governance changes through its official press releases and related announcements.
CPI Aerostructures (CVU) announced a three-year pricing agreement with Collins Aerospace to support the MS-110 Multispectral Airborne Reconnaissance System, valued at approximately $20 million. The agreement includes initial funding of $1.2 million received in Q1 2022. CPI Aero has been involved with the DB-110 Airborne Pods since 2012, and this new contract reinforces their role in integrated airborne structures. CEO Dorith Hakim emphasized the significance of this deal for their growing aerosystems segment.
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.