Techprecision Corp - TPCS STOCK NEWS

TechPrecision (NASDAQ:TPCS) has announced significant changes in its financial leadership and reporting timeline. Alexander Shen, the company's CEO, has been appointed as interim principal financial officer and principal accounting officer, effective February 14, 2025, following the resignation of Richard Roomberg, the former CFO.

The company has disclosed its inability to file its Q3 FY25 Form 10-Q within the prescribed period, targeting March 7, 2025, which would be 21 days late. This continues a pattern of delayed filings over the past year, with previous delays ranging from 16 to 85 days. The company attributes these delays primarily to resource drain from acquisition activities and states it is taking steps to achieve consistent compliance with timely reporting requirements.

TechPrecision (NASDAQ:TPCS) reported its FY2025 Q2 financial results, showing an 8% year-over-year revenue increase. Q2 consolidated revenue reached $8.9 million, up 12% from $8.0 million in the previous year, driven by favorable project mix at both Ranor and Stadco divisions.

However, Stadco reported an operating loss of $0.8 million due to higher manufacturing costs, legacy pricing issues, machine breakdowns, and under-absorbed overhead costs. The company's backlog stands at $48.6 million as of September 30, 2024, expected to be delivered over the next one to three fiscal years.

Financial position shows cash and equivalents of $132,000, negative working capital of $1.5 million, and total debt of $7.2 million as of September 30, 2024. The company reported a net loss of $0.6 million for the quarter and $2.1 million for the six-month period.

TechPrecision (NASDAQ:TPCS) announced that John A. Moore has resigned from the company's board of directors, effective January 13, 2025. Moore's departure is attributed to his desire to focus on other responsibilities. The Board has decided to maintain the vacancy created by Moore's resignation for now.

Following this change, the company has reorganized its committee structure. The Audit Committee is now led by Walter M. Schenker as Chair, with Andrew A. Levy and General Victor E. Renuart Jr. as members. The Compensation Committee has been restructured with Andrew A. Levy as Chair and Robert D. Straus as a member.

TechPrecision (Nasdaq:TPCS) has announced it will release its fiscal 2025 second quarter financial results on Tuesday, January 21, 2025, after market close. The company will host a conference call at 4:30 p.m. Eastern time on the same day.

Investors can participate in the live conference call by dialing 1-888-506-0062 (US) or 1-973-528-0011 (International) using code 801510. A replay will be available until February 4, 2025, accessible by dialing 1-877-481-4010 (US) or 1-919-882-2331 (International) with Conference Passcode 51915. The call will also be available via webcast.

TechPrecision (NASDAQ:TPCS) announced significant changes to its Board of Directors following the 2024 Annual Meeting. Stockholders elected three new directors: John A. Moore, General Victor E. Renuart Jr., and Robert D. Straus. The Board unanimously appointed General Renuart Jr. as Chair and Straus as Vice-Chair. The company also reorganized its committee structure, with Walter M. Schenker heading the Audit Committee, John A. Moore leading the Compensation Committee, and Robert D. Straus chairing the Nominating and Governance Committee.

The Wynnefield Group, TechPrecision's (NASDAQ: TPCS) largest shareholder with approximately 7% ownership, has filed definitive proxy materials urging stockholders to vote using BLUE proxy cards to elect two new director nominees. The action comes after TechPrecision's failure to comply with Nasdaq listing rules due to late SEC filings and the company's disclosure of substantial doubt about its ability to continue as a going concern. The group seeks to elect General Victor Eugene Renuart, Jr. and Robert Straus to the board, citing years of poor operating results and strategic missteps by current management.

TechPrecision (NASDAQ:TPCS) received a notice from Nasdaq on November 21, 2024, regarding non-compliance with listing rules due to delayed filing of its Q2 Form 10-Q. The company has until January 21, 2025 to submit a compliance plan, with a possible extension until May 19, 2025. The delay stems from challenges integrating STADCO's financial reporting system and implementing a new ERP system. The company's new CFO, appointed September 20, 2024, is reviewing accounts and controls. TechPrecision expects to file the Form 10-Q in early December 2024, along with refiling a pending Form S-1.

TechPrecision reported financial results for Q1 FY2025. Revenue increased 8% year-over-year to $8.0 million, driven by higher contract values at Stadco. However, the company faced challenges with Stadco incurring a $1.3 million operating loss due to the terminated Votaw Precision Manufacturing acquisition and delayed machinery maintenance. Gross profit decreased 66% due to higher production costs. The company's backlog stands at $41.2 million, expected to be delivered over the next one to three fiscal years. Working capital was negative $1.7 million, with total debt at $7.5 million as of June 30, 2024.

TechPrecision (Nasdaq: TPCS) has announced key dates and updates:

1. The 2024 Annual Meeting of Stockholders will be held virtually on December 19, 2024, at 10:00 a.m. Eastern. The record date for stockholder voting eligibility is set for November 4, 2024.

2. The company expects to file its FY25 Q1 Form 10-Q by early November, followed shortly by the Q2 Form 10-Q.

3. An amendment to the pending Form S-1 is anticipated to be filed immediately after the FY25 Q1 Form 10-Q submission.

4. The delay in filing FY25 Q1 is primarily due to over-time revenue recognition issues from the STADCO subsidiary, particularly stemming from legacy contracts. The new CFO, Richard D. Roomberg, is working to resolve these issues.