TechPrecision Corporation Reports FY 2025 First Quarter Financial Results
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 ha riportato i risultati finanziari per il primo trimestre dell'anno fiscale 2025. I ricavi sono aumentati dell'8% rispetto all'anno precedente, raggiungendo 8,0 milioni di dollari, grazie ai maggiori valori contrattuali con Stadco. Tuttavia, l'azienda ha affrontato delle difficoltà, con Stadco che ha registrato una perdita operativa di 1,3 milioni di dollari a causa della acquisizione interrotta di Votaw Precision Manufacturing e dei ritardi nella manutenzione delle attrezzature. Il profitto lordo è diminuito del 66% a causa dei costi di produzione più elevati. L'azienda ha un portafoglio ordini di 41,2 milioni di dollari, che si prevede vengano consegnati nei prossimi uno-tre anni fiscali. Il capitale circolante era negativo per 1,7 milioni di dollari, con un debito totale di 7,5 milioni di dollari al 30 giugno 2024.
TechPrecision reportó los resultados financieros para el primer trimestre del año fiscal 2025. Los ingresos aumentaron un 8% interanual, alcanzando $8.0 millones, impulsados por mayores valores contractuales con Stadco. Sin embargo, la empresa enfrentó desafíos, ya que Stadco incurrió en una pérdida operativa de $1.3 millones debido a la adquisición cancelada de Votaw Precision Manufacturing y el retraso en el mantenimiento de maquinaria. La ganancia bruta disminuyó un 66% debido a mayores costos de producción. La cartera de pedidos de la empresa asciende a $41.2 millones, que se espera entregar en los próximos uno a tres años fiscales. El capital de trabajo fue negativo en $1.7 millones, con una deuda total de $7.5 millones al 30 de junio de 2024.
TechPrecision는 2025 회계연도 1분기 재무 결과를 발표했습니다. 수익은 전년 대비 8% 증가하여 800만 달러에 달했으며, 이는 Stadco의 계약 금액 증가에 기인합니다. 그러나 이 회사는 Votaw Precision Manufacturing 인수 취소와 기계 유지보수 지연으로 인해 Stadco가 130만 달러의 운영 손실을 입어 어려움을 겪었습니다. 총 이익은 생산 비용 상승으로 인해 66% 감소했습니다. 회사의 수주 잔고는 4120만 달러에 달하며, 다음 1~3 회계 연도에 걸쳐 배송될 예정입니다. 운전 자본은 -170만 달러로 부정적이며, 2024년 6월 30일 기준 총 부채는 750만 달러입니다.
TechPrecision a publié ses résultats financiers pour le premier trimestre de l'exercice 2025. Le chiffre d'affaires a augmenté de 8 % par rapport à l'année précédente, atteignant 8,0 millions de dollars, grâce à des valeurs contractuelles plus élevées avec Stadco. Cependant, l'entreprise a rencontré des difficultés, Stadco ayant subi une perte opérationnelle de 1,3 million de dollars en raison de l'annulation de l'acquisition de Votaw Precision Manufacturing et des retards dans l'entretien des machines. Le bénéfice brut a diminué de 66 % en raison des coûts de production plus élevés. Le carnet de commandes de l'entreprise s'élève à 41,2 millions de dollars, qui devrait être livré au cours des un à trois prochaines années fiscales. Le fonds de roulement était négatif à 1,7 million de dollars, avec une dette totale de 7,5 millions de dollars au 30 juin 2024.
TechPrecision hat die Finanzzahlen für das erste Quartal des Geschäftsjahres 2025 veröffentlicht. Der Umsatz stieg um 8 % im Jahresvergleich auf 8,0 Millionen Dollar, angetrieben durch höhere Vertragswerte bei Stadco. Das Unternehmen sah sich jedoch Herausforderungen gegenüber, da Stadco einen Betriebsverlust von 1,3 Millionen Dollar hinnehmen musste, bedingt durch die abgesagte Übernahme von Votaw Precision Manufacturing und verzögerte Maschinenwartung. Der Bruttogewinn sank um 66 % aufgrund höherer Produktionskosten. Der Auftragsbestand des Unternehmens beläuft sich auf 41,2 Millionen Dollar, der voraussichtlich in den nächsten ein bis drei Geschäftsjahren geliefert wird. Das Working Capital war negativ mit 1,7 Millionen Dollar, die Gesamtschulden beliefen sich zum 30. Juni 2024 auf 7,5 Millionen Dollar.
- Revenue increased 8% year-over-year to $8.0 million
- Strong backlog of $41.2 million
- Working capital improved from negative $2.9M to negative $1.7M since March 31, 2024
- Operating loss increased to $1.3 million from $0.6 million year-over-year
- Gross profit declined 66%
- Higher production costs and under-absorbed overhead at Stadco
- Failed Votaw Precision Manufacturing acquisition
- Interest expense increased due to higher borrowing and interest rates
- Negative working capital of $1.7 million
Insights
The Q1 FY2025 results reveal significant operational challenges at TechPrecision. Despite an
The failed Votaw acquisition has created cascading operational issues, particularly affecting Stadco's machinery maintenance and throughput. The
Revenue increased
Management to host conference call at 4:30 p.m. ET on Thursday, November 14
WESTMINSTER, MA / ACCESSWIRE / November 12, 2024 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the Company"), a custom manufacturer of precision, large-scale fabrication components and precision, large-scale machined metal structural components. The components that we manufacture are customer designed. We sell to customers in two main industry sections: defense and precision industrial markets, today reported financial results for the first quarter ended June 30, 2024.
We will have a conference call on Thursday November 14, 2024 at 4:30 P.M. to discuss our financial results for the quarter ended June 30, 2024.
"Stadco incurred an operating loss of
"Customer confidence remains high as our backlog was
The following summary compares the three months ended June 30, 2024 to the same prior year period:
Consolidated Financial Results - Fiscal 2025 Three Months Ended June 30, 2024
· | Revenue was |
· | Cost of revenue was |
· | Gross profit was |
· | SG&A totaled |
· | Operating loss was |
· | Interest expense increased by |
· | Net loss was |
Financial Position
On June 30, 2024, the Company had approximately
Conference Call
The Company will hold a conference call at 4:30 p.m. Eastern (U.S.) time on Thursday, November 14, 2024. Management will provide prepared remarks during the call.
Because Fiscal year 2025 second quarter financials have not been released and we are in the middle of a contested proxy contest, we continue to be in a quiet period wherein we are not allowed to speak about the Company's finances. In addition, as there is a pending proxy contest, we are under restrictions as to what can be viewed as soliciting of votes. As such, we will not be taking questions at the end of the earnings call. As soon as we catch up on the financials, we will return to our usual earnings call format.
To listen to the conference call, please dial 1-877-545-0320 five to 10 minutes prior to the scheduled conference call time. International callers should dial 1-973-528-0002. When prompted, reference TechPrecision and entry code 737903.
A replay will be available until November 28, 2024. To access the replay, dial 1-877-481-4010 or 1-919-882-2331. When prompted, enter Conference Passcode 51653.
The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2198/51653
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, The manufacturing operations of our Ranor subsidiary are situated on approximately 65 acres in North Central Massachusetts. Leveraging our 145,000 square foot facilities, Ranor provides a full range of custom solutions to transform material into precision finished welded components and precision finished machined components up to 100 tons: manufacturing engineering, materials management and traceability, high-precision heavy fabrication (in-house fabrication operations include cutting, press and roll forming, welding, heat treating, assembly, blasting and painting), heavy high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including portable CMM, NonDestructive Testing, and final packaging.
All manufacturing at Ranor is performed in accordance with customer requirements. Ranor is an ISO 9001:2015 certificate holder. Ranor is a US defense-centric company with over
The manufacturing operations of our Stadco subsidiary are situated in an industrial self-contained multi-building complex comprised of approximately 183,000 square feet under roof in Los Angeles, California. Stadco manufactures large mission-critical components on several high-profile military aircraft, military helicopter, and military space programs. Stadco has been a critical supplier to a blue-chip customer base that includes some of the largest OEMs and prime contractors in the defense and aerospace industries. Stadco also manufactures tooling, molds, fixtures, jigs and dies used in the production of defense-centric aircraft components.
Our Stadco subsidiary, similar to Ranor, provides a full range of custom solutions: manufacturing engineering, materials management and traceability, high-precision fabrication (in-house fabrication operations include waterjet cutting, press forming, welding, and assembly) and high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including both fixed and portable CMM NonDestructive Testing, and final packaging. In addition, Stadco features a large electron beam welding cell, and two NonDestructive Testing work cells, a unique mission-critical technology set.
All manufacturing at Stadco is performed in accordance with customer requirements. Stadco is an AS 9100 D and ISO 9001:2015 certificate holder and a NADCAP NonDestructive Testing certificate holder. Stadco is a US defense-centric company with over
To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "prospects," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to balance the composition of our revenues and effectively control operating expenses; external factors that may be outside our control, including health emergencies, like epidemics or pandemics, the conflicts in Eastern Europe and the Middle East, price inflation, interest rate increases and supply chain inefficiencies; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; and other risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.
TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| (Unaudited) |
|
| March 31, |
| |||
| June 30, 2024 |
|
| 2024 |
| |||
ASSETS |
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Current assets: |
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|
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| ||
Cash and cash equivalents |
| $ | 44,797 |
|
| $ | 138,402 |
|
Accounts receivable, net |
|
| 3,539,532 |
|
|
| 2,371,264 |
|
Contract assets |
|
| 8,759,465 |
|
|
| 8,526,726 |
|
Raw materials |
|
| 1,842,347 |
|
|
| 1,826,765 |
|
Work-in-process |
|
| 1,824,653 |
|
|
| 1,422,938 |
|
Other current assets |
|
| 497,771 |
|
|
| 563,688 |
|
Total current assets |
|
| 16,508,565 |
|
|
| 14,849,783 |
|
Property, plant and equipment, net |
|
| 14,309,323 |
|
|
| 14,797,991 |
|
Right of use asset, net |
|
| 4,803,437 |
|
|
| 4,977,665 |
|
Other noncurrent assets |
|
| 121,256 |
|
|
| 121,256 |
|
Total assets |
| $ | 35,742,581 |
|
| $ | 34,746,695 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
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Current liabilities: |
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|
|
|
|
|
|
Accounts payable |
| $ | 3,617,571 |
|
| $ | 1,408,356 |
|
Accrued expenses |
|
| 3,370,061 |
|
|
| 4,262,486 |
|
Contract liabilities |
|
| 3,029,248 |
|
|
| 3,787,933 |
|
Current portion of long-term lease liability |
|
| 744,150 |
|
|
| 735,871 |
|
Current portion of long-term debt, net |
|
| 7,408,052 |
|
|
| 7,558,683 |
|
Total current liabilities |
|
| 18,169,082 |
|
|
| 17,753,329 |
|
Long-term lease liability |
|
| 4,218,932 |
|
|
| 4,408,103 |
|
Other noncurrent liability |
|
| 5,466,611 |
|
|
| 4,782,372 |
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Total liabilities |
|
| 27,854,625 |
|
|
| 26,943,804 |
|
Stockholders' Equity: |
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|
|
|
|
|
|
|
Common stock - par value $.0001 per share, shares authorized: March 31, 2024 - 50,000,000; Shares issued June 30, 2024 - 9,097,432; Shares outstanding June 30, 2024 - 9,082,432; Shares issued and outstanding March 31, 2024 - 8,777,432. |
|
| 910 |
|
|
| 878 |
|
Additional paid in capital |
|
| 16,745,817 |
|
|
| 15,200,624 |
|
Accumulated deficit |
|
| (8,858,771 | ) |
|
| (7,398,611 | ) |
Total stockholders' equity |
|
| 7,887,956 |
|
|
| 7,802,891 |
|
Total liabilities and stockholders' equity |
| $ | 35,742,581 |
|
| $ | 34,746,695 |
|
TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended June 30, |
| |||||
| 2024 |
|
| 2023 |
| ||
Revenue | $ | 7,985,895$ |
|
| $ | 7,371,240 |
|
Cost of revenue |
| 7,747,222 |
|
|
| 6,677,091 |
|
Gross profit |
| 238,673 |
|
|
| 694,149 |
|
Selling, general and administrative |
| 1,579,780 |
|
|
| 1,273,949 |
|
Loss from operations |
| (1,341,107 | ) |
|
| (579,800 | ) |
Other income |
| 12,724 |
|
|
| 1 |
|
Interest expense |
| (131,777 | ) |
|
| (94,086 | ) |
Total other expense |
| (119,053 | ) |
|
| (94,085 | ) |
Loss before income taxes |
| (1,460,160 | ) |
|
| (673,885 | ) |
Income tax benefit |
| - |
|
|
| (146,430 | ) |
Net loss | $ | (1,460,160$ |
|
| $ | (527,455 | ) |
Net loss per share - basic |
| (0.16 | )$ |
| $ | (0.06 | ) |
Net loss per share - diluted |
| (0.16 | )$ |
| $ | (0.06 | ) |
Weighted average number of shares outstanding - basic |
| 8,983,970 |
|
|
| 8,613,408 |
|
Weighted average number of shares outstanding - diluted |
| 8,983,970 |
|
|
| 8,613,408 |
|
TECHPRECISION CORPORATION
REVENUE, COST OF REVENUE, GROSS PROFIT BY SEGMENT
| June 30, 2024 |
|
| June 30, 2023 |
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| Changes |
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| Percent of |
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| Percent of |
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(dollars in thousands) |
| Amount |
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| Net sales |
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| Amount |
|
| Net sales |
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| Amount |
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| Percent |
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Revenue |
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Ranor |
| 4,382$ |
|
|
| 55 | % |
| $ | 4,499 |
|
|
| 61 | % |
| $ | (117 | ) |
|
| (3 | )% |
Stadco |
| 3,604 |
|
|
| 45 | % |
|
| 2,967 |
|
|
| 40 | % |
|
| 637 |
|
|
| 21 | % |
Intersegment elimination |
| - |
|
|
| - | % |
|
| (95 | ) |
|
| (1 | )% |
|
| 95 |
|
|
| 100 | % |
Consolidated Revenue |
| 7,986$ |
|
|
| 100 | % |
| $ | 7,371 |
|
|
| 100 | % |
| $ | 615 |
|
|
| 8 | % |
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| |
Cost of revenue |
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Ranor |
| 3,145$ |
|
|
| 39 | % |
| $ | 3,217 |
|
|
| 44 | % |
| $ | (72 | ) |
|
| (2 | )% |
Stadco |
| 4,602 |
|
|
| 58 | % |
|
| 3,555 |
|
|
| 48 | % |
|
| 1,047 |
|
|
| 29 | % |
Intersegment elimination |
| - |
|
|
| - |
|
|
| (95 | ) |
|
| (1 | )% |
|
| 95 |
|
|
| 100 | % |
Consolidated Cost of revenue |
| 7,747$ |
|
|
| 98 | % |
| $ | 6,677 |
|
|
| 91 | % |
| $ | 1,070 |
|
|
| 16 | % |
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Gross profit |
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Ranor |
| 1,237$ |
|
|
| 16 | % |
| $ | 1,282 |
|
|
| 17 | % |
| $ | (45 | ) |
|
| (4 | )% |
Stadco |
| (998 |
| ) |
| (13 | )% |
|
| (588 | ) |
|
| (8 | )% |
|
| (410 | ) |
|
| (70 | )% |
Consolidated Gross profit |
| 238$ |
|
|
| 3 |
|
| $ | 694 |
|
|
| 9 | % |
| $ | (455 | ) |
|
| (66 | )% |
TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended June 30, |
| ||||||
| 2024 |
|
| 2023 |
| |||
CASH FLOWS FROM OPERATING ACTIVITIES: |
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|
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| ||
Net loss |
| $ | (1,460,160 | ) |
| $ | (527,455 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
|
| 693,800 |
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| 559,735 |
|
Amortization of debt issue costs |
|
| 17,139 |
|
|
| 18,761 |
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Change in fair value of stock acquisition termination fee |
|
| 419,200 |
|
|
| - |
|
Stock based compensation expense |
|
| 9,225 |
|
|
| - |
|
Change in contract loss provision |
|
| 160,060 |
|
|
| 16,170 |
|
Deferred income taxes |
|
| - |
|
|
| (146,430 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (1,168,268 | ) |
|
| (629,215 | ) |
Contract assets |
|
| (232,739 | ) |
|
| 296,468 |
|
Work-in-process and raw materials |
|
| (417,296 | ) |
|
| (39,861 | ) |
Other current assets |
|
| 65,917 |
|
|
| 24,526 |
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Accounts payable |
|
| 2,209,214 |
|
|
| (1,480,387 | ) |
Accrued expenses |
|
| (114,250 | ) |
|
| (167,629 | ) |
Contract liabilities |
|
| (758,685 | ) |
|
| 520,104 |
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Other noncurrent liabilities |
|
| 684,239 |
|
|
| 1,670,270 |
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Net cash provided by operating activities |
|
| 107,396 |
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|
| 115,057 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property, plant, and equipment |
|
| (201,233 | ) |
|
| (1,854,002 | ) |
Reimbursements for purchases of property, plant and equipment |
|
| 170,328 |
|
|
| - |
|
Net cash used in investing activities |
|
| (30,905 | ) |
|
| (1,854,002 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
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Debt issue costs |
|
| (11,163 | ) |
|
| - |
|
Revolver loan borrowings |
|
| 2,778,000 |
|
|
| 4,540,000 |
|
Revolver loan payments |
|
| (2,781,000 | ) |
|
| (2,910,000 | ) |
Payments of principal for leases |
|
| (2,327 | ) |
|
| (6,191 | ) |
Repayments of long-term debt |
|
| (153,606 | ) |
|
| (147,420 | ) |
Net cash (used in) provided by financing activities |
|
| (170,096 | ) |
|
| 1,476,389 |
|
Net decrease in cash and cash equivalents |
|
| (93,605 | ) |
|
| (262,556 | ) |
Cash and cash equivalents, beginning of period |
|
| 138,402 |
|
|
| 534,474 |
|
Cash and cash equivalents, end of period |
| $ | 44,797 |
|
| $ | 271,918 |
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SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: |
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Cash paid for interest; net of amounts capitalized |
| $ | 116,423 |
|
| $ | 94,087 |
|
TECHPRECISION CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of EBITDA to Net Loss
While we prepare our financial statements in accordance with U.S. generally accepted accounting principles, or "U.S. GAAP", we also utilize and present certain financial measures that are not based on or included in U.S. GAAP. We refer to these as non-GAAP financial measures.
To complement our condensed consolidated statements of operations and condensed consolidated statements of cash flows, we use EBITDA, a non-GAAP financial measure. Net loss is the financial measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to EBITDA. We believe EBITDA provides our board of directors, management, and investors with a helpful measure for comparing our operating performance with the performance of other companies that have different financing and capital structures or tax rates. We also believe that EBITDA is a measure frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry, and is a measure contained in our debt covenants. However, while we consider EBITDA to be an important measure of operating performance, EBITDA and other non-GAAP financial measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.
We define EBITDA as net loss plus interest, income taxes, depreciation, and amortization. Net loss was
| June 30, |
|
| June 30, |
|
| Change |
| ||||
(Dollars in thousands) |
| 2024 |
|
| 2023 |
|
| Amount |
| |||
Net loss |
| $ | (1,460 | ) |
| $ | (527 | ) |
| $ | (933 | ) |
Income tax benefit |
|
| - |
|
|
| (146 | ) |
|
| 146 |
|
Interest expense (1) |
|
| 132 |
|
|
| 94 |
|
|
| 38 |
|
Depreciation and amortization |
|
| 694 |
|
|
| 560 |
|
|
| 134 |
|
EBITDA |
| $ | (634 | ) |
| $ | (19 | ) |
| $ | (615 | ) |
Includes amortization of debt issue costs.
Company Contact: | Investor Relations Contact: |
Richard Roomberg | Hayden IR |
Chief Financial Officer | Brett Maas |
TechPrecision Corporation | Phone: 646-536-7331 |
Phone: 978-883-5108 | Email: brett@haydenir.com |
Email:RoombergR@Ranor.com | Website: www.haydenir.com |
SOURCE: TechPrecision Corporation#
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