Air Industries Group Reports Strong Preliminary 2024 Results and Record Backlog
Air Industries Group (NYSE American: AIRI), a prominent manufacturer of precision components and assemblies for aerospace and defense contractors, has released its preliminary unaudited financial results for the year ended December 31, 2024. The report highlights significant growth in key financial metrics, a record backlog, and the decision to exercise a 15-day extension to file its Annual Report on Form 10-K.
1. Impressive Financial Growth
Air Industries showcased a robust performance in 2024, achieving growth in net sales, gross profit, and operating income, while also significantly decreasing its net loss.
- Net Sales: Increased to $55.1 million, reflecting a 7% rise from $51.5 million in 2023.
- Gross Profit: Rose to $8.9 million, up from $7.4 million in 2023. Gross profit margin improved to 16.2%, marking an increase of 180 basis points from the previous year.
- Operating Income: The company reported an operating income of $459,000, a positive turnaround from an operating loss of $295,000 in 2023.
- Net Loss: Reduced by $765,000 to $1.4 million, representing a 35.9% improvement compared to the prior year.
Q4 2024 Performance
In the fourth quarter of 2024, Air Industries continued its upward trajectory, although certain timing and cost factors affected operating and net results.
- Net Sales for Q4 reached $14.9 million, an 11.9% increase from $13.4 million in Q4 2023.
- Gross Profit rose to $2.4 million, up 13.2% from $2.2 million in the prior year.
- Operating Loss: The company reported an operating loss of $111,000, a decline from an operating income of $587,000 in Q4 2023, primarily due to increased non-cash stock compensation expenses.
- Net Loss for the quarter totaled $554,000, contrasting with a net income of $181,000 a year earlier.
2. Record Backlog and Strong Bookings
Air Industries achieved remarkable growth in both bookings and backlog in 2024:
- New Bookings: Increased by 15% compared to 2023, with a book-to-bill ratio of 1.30, surpassing the aerospace industry benchmark of 1.20.
- Total Backlog: The total backlog has now exceeded $250 million, marking a new record for the company.
CEO Insights
Lou Melluzzo, CEO of Air Industries Group, expressed optimism about the company’s progress:
> “Air Industries made meaningful progress across all key areas in 2024. We achieved record bookings, grew revenue, expanded gross margins, and returned to positive operating income... Perhaps most significantly, we converted an operating loss in 2023 into positive operating income in 2024 and reduced our net loss by nearly 36%.”
Melluzzo also highlighted recent achievements, including receiving the Northrop Grumman Supplier Excellence Award in February 2025, an honor awarded to less than 0.5% of their 11,000 suppliers.
3. Adjusted EBITDA and Financial Metrics
Air Industries reported an Adjusted EBITDA of $3.6 million for fiscal 2024, marking a 35.3% increase from $2.7 million in 2023. This growth reflects improved operational performance, excluding the impact of non-cash expenses.
4. Conclusion
Air Industries Group's preliminary results for 2024 indicate a strong recovery and growth trajectory, underpinned by record backlog levels and improved financial metrics. With a focus on operational excellence and customer satisfaction, the company is well-positioned for continuous progress in 2025 and beyond.
