AIR INDUSTRIES GROUP AIRI
of precision components and assemblies for large aerospace and defense prime contractors. Our products include landing gears, flight controls,
engine mounts and components for aircraft jet engines, ground turbines and other complex machines. The ultimate end-user for most of our
products is the U.S. Government, international governments, and commercial global airlines. Whether it is a small individual component
for assembly by others or complete assemblies we manufacture ourselves, our high quality and extremely reliable products are used in mission
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.9M | $55.1M | $51.5M | $53.2M | $58.9M | $50.1M | $54.6M | $44.5M | $49.9M | $51.3M |
| Cost of revenue | $39.7M | $46.2M | $44.1M | $45.8M | $48.7M | $43.6M | $45.4M | $39.1M | $45.0M | $47.1M |
| Gross profit | $8.2M | $8.9M | $7.4M | $7.5M | $10.3M | $6.5M | $9.1M | $5.4M | $4.9M | $4.3M |
| Total operating expenses | $8.5M | $8.5M | $7.7M | $7.6M | $7.8M | $8.0M | $8.5M | $8.3M | $11.4M | $14.4M |
| Operating income | -$338.0K | $459.0K | -$295.0K | -$194.0K | $2.5M | -$1.4M | $328.0K | -$4.9M | -$12.8M | -$10.1M |
| Interest expense | $1.5M | $1.4M | $1.4M | $851.0K | $460.0K | — | — | — | — | — |
| Pre-tax income | -$1.4M | -$1.4M | -$2.1M | -$1.1M | $1.6M | -$86.0K | -$2.6M | -$8.6M | -$16.3M | -$13.5M |
| Income tax | $131.0K | — | — | — | — | $1.4M | $37.0K | $3.0K | $197.0K | $2.1M |
| Net income | -$1.3M | -$1.4M | -$2.1M | -$1.1M | $1.6M | $1.1M | -$2.7M | -$11.0M | -$22.6M | -$15.6M |
| EPS, basic | -0.31 | -0.41 | -0.65 | -0.33 | 0.51 | 0.04 | — | — | — | -2.06 |
| EPS, diluted | -0.31 | -0.41 | -0.65 | -0.33 | 0.45 | 0.05 | — | — | — | -2.06 |
| Shares, diluted (wtd. avg.) | $4.2M | $3.3M | $3.3M | $3.2M | $3.6M | $36.7M | $28.9M | $26.9M | $13.2M | $7.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.6M | $753.0K | $346.0K | $281.0K | $627.0K | $2.5M | $1.3M | $2.0M | $630.0K | $1.3M |
| Receivables | $7.1M | $8.9M | $7.9M | $9.5M | — | — | — | — | — | — |
| Inventory | $34.3M | $28.8M | $29.9M | $31.8M | $29.5M | $32.1M | $28.6M | $29.1M | $31.1M | $32.6M |
| Total current assets | $46.8M | $39.2M | $38.7M | $42.2M | $40.9M | $43.6M | $38.2M | $38.0M | $47.6M | $62.0M |
| Property, plant and equipment | $9.5M | $8.8M | $8.0M | $8.2M | $8.4M | $9.6M | $7.6M | $8.8M | $10.1M | $11.2M |
| Goodwill | — | — | — | — | $163.0K | $163.0K | $163.0K | $163.0K | $272.0K | $6.5M |
| Other intangibles | — | — | — | — | — | — | $275.0K | — | $0 | $471.0K |
| Total assets | $58.3M | $51.0M | $50.7M | $53.8M | $53.4M | $57.8M | $51.1M | $47.8M | $60.8M | $82.8M |
| Accounts payable | $7.9M | $7.0M | $6.1M | $7.5M | $6.7M | $7.2M | $6.6M | $6.8M | $8.6M | $12.0M |
| Short-term debt | $23.7M | $18.4M | $16.0M | $14.5M | $14.1M | $16.5M | — | $19.3M | $23.4M | $32.9M |
| Total current liabilities | $37.6M | $27.4M | $26.6M | $23.6M | $23.4M | $27.3M | $32.6M | $29.0M | $38.0M | $53.4M |
| Long-term debt | $1.5M | $1.8M | $1.1M | $4.6M | $9.2M | $10.8M | $3.4M | $3.4M | $3.4M | $3.0M |
| Total liabilities | $39.1M | $36.1M | $35.5M | $37.0M | $36.0M | $42.7M | $40.9M | $36.1M | $43.0M | $57.9M |
| Retained earnings | -$70.4M | -$69.1M | -$67.7M | -$65.6M | -$64.5M | -$66.2M | -$67.3M | -$64.5M | -$53.5M | -$31.0M |
| Total equity | $19.2M | $14.9M | $15.2M | $16.8M | $17.4M | $15.1M | $10.2M | $11.6M | $17.8M | $24.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.4M | $324.0K | $4.9M | $448.0K | $4.1M | -$1.5M | -$888.0K | -$2.3M | -$4.0M | -$692.0K |
| Depreciation and amortisation | $2.5M | $2.1M | $2.3M | $2.5M | $2.8M | $2.6M | $3.0M | $2.9M | $2.7M | $3.3M |
| Stock-based compensation | $1.0M | $797.0K | $482.0K | $526.0K | $443.0K | $211.0K | $244.0K | $293.0K | $332.0K | $167.0K |
| Capital expenditure | $3.3M | $2.3M | $2.1M | $2.4M | $1.4M | $3.8M | $764.0K | $1.3M | $1.5M | $1.6M |
| Investing cash flow | -$3.1M | -$2.3M | -$2.1M | -$2.4M | -$1.4M | -$3.8M | -$764.0K | $3.7M | $1.8M | -$924.0K |
| Financing cash flow | $8.3M | $2.4M | -$2.7M | $1.6M | -$4.6M | $6.5M | $934.0K | $33.0K | $1.6M | $2.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-080468.
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