AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three months Ended March 31, 2025 2024 Revenue$15,400,608 $19,081,143 Cost of sales 13,751,133 15,527,394 Gross profit 1,649,475 3,553,749 Selling, general and administrative expenses 2,835,777 2,713,904 (Loss) income from operations (1,186,302) 839,845 Other income (expense) 1,500 — Interest expense (488,091) (632,135)(Loss) income before provision for income taxes (1,672,893) 207,710 (Benefit) Provision for income taxes (348,969) 39,472 Net (loss) income$(1,323,924) $168,238 (Loss) Income per common share, basic$(0.10) $0.01 (Loss) Income per common share, diluted$(0.10) $0.01 Shares used in computing (loss) income per common share: Basic 12,720,148 12,486,889 Diluted 12,720,148 12,680,584 Unaudited Reconciliation of GAAP to Non-GAAP Measures Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP income from operations plus depreciation, amortization and stock-compensation expense.
AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS March 31, 2025(Unaudited) December 31,2024ASSETS Current Assets: Cash$1,868,580 $5,490,963 Accounts receivable, net 5,565,694 3,716,378 Contract assets, net 32,080,347 32,832,290 Inventory 897,523 918,288 Prepaid expenses and other current assets 705,679 634,534 Total Current Assets 41,117,823 43,592,453 Operating lease right-of-use assets 2,370,664 2,856,200 Property and equipment, net 728,540 767,904 Deferred tax asset, net 19,221,166 18,837,576 Goodwill 1,784,254 1,784,254 Other assets 138,284 143,615 Total Assets$65,360,731 $67,982,002 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable$14,497,164 $11,097,685 Accrued expenses 4,547,206 7,922,316 Contract liabilities 1,955,260 2,430,663 Loss reserve 98,534 22,832 Current portion of line of credit 2,750,000 2,750,000 Current portion of long-term debt 18,736 26,483 Operating lease liabilities, current 2,206,562 2,162,154 Income taxes payable 93,156 58,209 Total Current Liabilities 26,166,618 26,470,342 Line of credit, net of current portion 13,890,000 14,640,000 Long-term operating lease liabilities 374,566 938,418 Total Liabilities 40,431,184 42,048,760 Shareholders’ Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 13,009,294 and 12,978,741 shares, respectively, issued and outstanding 13,009 12,979 Additional paid-in capital 74,744,850 74,424,651 Accumulated deficit (49,828,312) (48,504,388)Total Shareholders’ Equity 24,929,547 25,933,242 Total Liabilities and Shareholders’ Equity$65,360,731 $67,982,002 CPI AEROSTRUCTURES, INC.
First Quarter 2024 Revenue of $15.4 million compared to $19.1 million; Gross profit of $1.6 million compared to $3.6 million; Gross margin of 10.7% compared to 18.6%; Net (loss) income of $(1.3) million compared to net income of $0.2 million; (Loss) earnings per share of $(0.10) compared to earnings per share of $0.01; Adjusted EBITDA(1) of $(0.8) million compared to $1.2 million; Cash flow used in operations of $2.7 million compared to $1 million.EDGEWOOD, N.Y., May 15, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc.("CPI Aero” or the "Company”) (NYSE American: CVU) today announced financial results for the three month period ended March 31, 2025.
The story "CPI Aerostructures Reports First Quarter 2025 Results" has 1241 words across 37 sentences, which will take approximately 6 - 11 minutes for the average person to read.
Which news outlet covered this story?
The story "CPI Aerostructures Reports First Quarter 2025 Results" was covered 21 hours ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 48 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
