Air Industries Group reported Q2 2024 revenue of $13.6 million, up 2.8% year-over-year, with net income of $298,000 compared to a net loss of $395,000 in Q2 2023. Gross profit increased to $2.6 million with margin expanding to 19.5% from 16.4% last year, driven by improved product mix and operating efficiencies.The company's backlog remained strong at $100.7 million as of June 30, 2024, with total unfilled contract values of $174.8 million. Operating expenses decreased 9.8% to $1.9 million due to lower stock compensation costs and credit loss provisions, though partially offset by increased IT and cybersecurity investments. Major customers included Northrop (30.5% of sales), Lockheed Martin (25.4%), and RTX (22.4%).While achieving required EBITDA targets for Q2, the company faces ongoing liquidity challenges with $24.9 million in total debt. Management secured amendments to its credit facility, including revised financial covenants and an increased term loan. The company expects continued sales growth and operational improvements but notes substantial doubt about its ability to continue as a going concern due to potential future covenant compliance risks.

Air Industries Group reported Q2 2024 revenue of $13.6 million, up 2.8% year-over-year, with net income of $298,000 compared to a net loss of $395,000 in Q2 2023. Gross profit increased to $2.6 million with margin expanding to 19.5% from 16.4% last year, driven by improved product mix and operating efficiencies.The company's backlog remained strong at $100.7 million as of June 30, 2024, with total unfilled contract values of $174.8 million. Operating expenses decreased 9.8% to $1.9 million due to lower stock compensation costs and credit loss provisions, though partially offset by increased IT and cybersecurity investments. Major customers included Northrop (30.5% of sales), Lockheed Martin (25.4%), and RTX (22.4%).While achieving required EBITDA targets for Q2, the company faces ongoing liquidity challenges with $24.9 million in total debt. Management secured amendments to its credit facility, including revised financial covenants and an increased term loan. The company expects continued sales growth and operational improvements but notes substantial doubt about its ability to continue as a going concern due to potential future covenant compliance risks.