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CPI Aerostructures has announced the termination of its delisting proceedings by NYSE American, allowing its common stock to resume trading under the symbol CVU starting October 5, 2022. This follows the Company becoming current with SEC reports on September 29, 2022, through the filing of its Quarterly Report for Q2 2022. CPI Aero specializes in manufacturing structural assemblies for aircraft and is a primary contractor for the U.S. Department of Defense, contributing to national security.
CPI Aero reported second quarter 2022 revenue of $18.9 million, a decrease from $22.3 million in 2021. Gross profit increased slightly to $3.7 million, with a gross margin of 19.3%. Net income was $0.5 million, down from $0.6 million, resulting in earnings per share of $0.04. For the six-month period, revenue declined to $39.1 million from $53.1 million, while gross profit also fell to $7.1 million. Notably, the company aims to resolve its NYSE delisting issue as it filed its Form 10-Q.
CPI Aerostructures, Inc. (CVUA) reported Q1 2022 results with revenue at $20.1 million, down from $30.8 million in Q1 2021. Gross profit decreased to $3.4 million with a gross profit margin of 17.1%. The company faced a net loss of $(32,931), contrasting with a net income of $1.2 million the previous year. Cash flow improved to $(2.4 million, and debt reduced to $25.3 million. Total backlog is at $504.3 million. CPI Aero is focusing on aligning costs with lower revenue expectations while preparing for new programs.
CPI Aerostructures, Inc. (CVUA) reported its Q4 2021 earnings, posting revenues of $26.4 million, up from $25.4 million in Q4 2020. However, net loss increased to $(0.5) million, down from a profit of $0.2 million a year earlier. For the full year 2021, revenue rose to $103.4 million with a net income of $6.8 million, aided by PPP loan forgiveness. Despite improved financials, the company anticipates lower revenues in 2022 due to transitioning to new programs. Debt decreased to $26.2 million from $33.4 million in 2020.
CPI Aerostructures has received purchase orders totaling approximately $3.2 million from Boeing for A-10 Thunderbolt II structural assemblies. This comes under a previously announced Indefinite Delivery/Indefinite Quantity (IDIQ) contract with a maximum value of $48 million. With these new orders, funded orders reach around $23.4 million, part of a contract valued at up to $999 million awarded by the United States Air Force for wing sets and spares kits through August 2026.
