Air Industries Group reported Q3 2024 revenue of $12.6 million, up 2.1% year-over-year, while gross profit surged 58.1% to $1.9 million. The company significantly narrowed its net loss to $404,000 from $1.3 million in Q3 2023, driven by improved operational efficiency and a higher gross margin of 15.5% compared to 10% last year. Operating expenses decreased 7.4% to $1.9 million.The company's backlog increased to $105.2 million as of September 30, 2024, up from $98.1 million at year-end 2023. Major revenue contributors included RTX at 27.8%, Lockheed at 23.9%, and Northrop at 18.3%, with the GTF and E2-D Hawkeye platforms accounting for over 50% of sales. The company maintained strong relationships with key aerospace and defense contractors.Management successfully met financial covenants for Q2 and Q3 2024, achieving EBITDA of $2.62 million against a requirement of $1.5 million for the nine-month period. The company secured amendments to its credit facility, including a $1 million term loan increase, while continuing strategic investments in new equipment and operational improvements to enhance competitiveness.

Air Industries Group reported Q3 2024 revenue of $12.6 million, up 2.1% year-over-year, while gross profit surged 58.1% to $1.9 million. The company significantly narrowed its net loss to $404,000 from $1.3 million in Q3 2023, driven by improved operational efficiency and a higher gross margin of 15.5% compared to 10% last year. Operating expenses decreased 7.4% to $1.9 million.The company's backlog increased to $105.2 million as of September 30, 2024, up from $98.1 million at year-end 2023. Major revenue contributors included RTX at 27.8%, Lockheed at 23.9%, and Northrop at 18.3%, with the GTF and E2-D Hawkeye platforms accounting for over 50% of sales. The company maintained strong relationships with key aerospace and defense contractors.Management successfully met financial covenants for Q2 and Q3 2024, achieving EBITDA of $2.62 million against a requirement of $1.5 million for the nine-month period. The company secured amendments to its credit facility, including a $1 million term loan increase, while continuing strategic investments in new equipment and operational improvements to enhance competitiveness.