Air Industries Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Air Industries has an operating margin of 0.8%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 4/100, suggesting thin profitability after operating expenses. This is up from -0.6% the prior year.
Air Industries's revenue grew 7.0% year-over-year to $55.1M, a solid pace of expansion. This earns a growth score of 48/100.
Air Industries carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Air Industries's current ratio of 1.43 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
While Air Industries generated $324K in operating cash flow, capex of $2.3M consumed most of it, leaving -$2.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Air Industries scores -0.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($15.2M) relative to total liabilities ($36.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Air Industries passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Air Industries generates $-0.24 in operating cash flow ($324K OCF vs -$1.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Air Industries earns $0.3 in operating income for every $1 of interest expense ($459K vs $1.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Air Industries (AIRI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Air Industries generated $55.1M in revenue in fiscal year 2024. This represents an increase of 7.0% from the prior year.
Air Industries's EBITDA was $2.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.3% from the prior year.
Air Industries generated -$2.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 172.1% from the prior year.
Air Industries reported -$1.4M in net income in fiscal year 2024. This represents an increase of 35.9% from the prior year.
Air Industries earned $-0.41 per diluted share (EPS) in fiscal year 2024. This represents an increase of 36.9% from the prior year.
Air Industries held $753K in cash against $1.8M in long-term debt as of fiscal year 2024.
Air Industries had 3M shares outstanding in fiscal year 2024. This represents an increase of 5.2% from the prior year.
Air Industries's gross margin was 16.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Air Industries's operating margin was 0.8% in fiscal year 2024, reflecting core business profitability. This is up 1.4 percentage points from the prior year.
Air Industries's net profit margin was -2.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.
Air Industries invested $2.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 8.6% from the prior year.
AIRI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.3M-18.6% | $12.7M+4.3% | $12.1M-18.7% | $14.9M+9.9% | $13.6M-3.5% | $14.1M+4.4% | $13.5M+9.6% | $12.3M |
| Cost of Revenue | $8.0M-24.6% | $10.6M+5.2% | $10.1M-19.1% | $12.5M+14.2% | $10.9M-10.1% | $12.2M+7.4% | $11.3M+2.3% | $11.1M |
| Gross Profit | $2.3M+13.2% | $2.0M-0.3% | $2.0M-16.7% | $2.4M-7.7% | $2.6M+38.7% | $1.9M-11.3% | $2.1M+75.1% | $1.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $316K+3850.0% | $8K+101.1% | -$746K-638.6% | -$101K-113.4% | $752K+390.3% | -$259K-144.1% | $587K+173.7% | -$796K |
| Interest Expense | $380K+5.6% | $360K+4.3% | $345K-3.4% | $357K+0.3% | $356K+3.5% | $344K-40.1% | $574K+44.2% | $398K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$44K+89.6% | -$422K+57.3% | -$988K-78.3% | -$554K-285.9% | $298K+142.2% | -$706K-490.1% | $181K+113.9% | -$1.3M |
| EPS (Diluted) | $-0.01+90.9% | $-0.11+59.3% | $-0.27-68.8% | $-0.16-300.0% | $0.08+138.1% | $-0.21-450.0% | $0.06+115.0% | $-0.40 |
AIRI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $58.0M+15.0% | $50.4M+4.1% | $48.4M-5.1% | $51.0M | N/A | $50.3M-0.9% | $50.7M+2.0% | $49.7M |
| Current Assets | $45.8M+20.1% | $38.1M+4.7% | $36.4M-7.0% | $39.2M | N/A | $38.3M-1.1% | $38.7M+2.2% | $37.9M |
| Cash & Equivalents | $4.1M+700.0% | $507K+77.9% | $285K-62.2% | $753K+204.9% | $247K+9.8% | $225K-35.0% | $346K-53.2% | $740K |
| Inventory | $34.4M+14.0% | $30.2M+4.3% | $28.9M+0.4% | $28.8M | N/A | $29.4M-1.6% | $29.9M-4.8% | $31.3M |
| Accounts Receivable | N/A | $7.0M+2.8% | $6.8M-23.8% | $8.9M | N/A | N/A | $7.9M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $39.1M+11.4% | $35.1M+6.1% | $33.1M-8.2% | $36.1M | N/A | $35.7M+0.5% | $35.5M+2.2% | $34.8M |
| Current Liabilities | $37.6M+32.4% | $28.4M+8.9% | $26.1M-5.0% | $27.4M | N/A | $26.7M+0.3% | $26.6M+4.1% | $25.6M |
| Long-Term Debt | $1.5M-4.7% | $1.6M-3.6% | $1.7M-4.2% | $1.8M | N/A | $1.5M+31.7% | $1.1M-3.8% | $1.2M |
| Total Equity | $18.8M+23.4% | $15.3M-0.2% | $15.3M+2.3% | $14.9M+0.4% | $14.9M+2.4% | $14.5M-4.2% | $15.2M+1.6% | $14.9M |
| Retained Earnings | -$70.6M-0.1% | -$70.5M-0.6% | -$70.1M-1.4% | -$69.1M | N/A | -$68.4M-1.0% | -$67.7M+0.3% | -$67.9M |
AIRI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M-860.6% | $345K-77.4% | $1.5M+928.8% | -$184K-132.5% | $566K+344.0% | -$232K+89.6% | -$2.2M-139.2% | $5.7M |
| Capital Expenditures | $905K+1.0% | $896K-26.4% | $1.2M+51.9% | $801K-28.5% | $1.1M+909.0% | $111K-56.0% | $252K-47.9% | $484K |
| Free Cash Flow | -$3.5M-540.5% | -$551K-278.9% | $308K+131.3% | -$985K-77.8% | -$554K-61.5% | -$343K+86.2% | -$2.5M-147.7% | $5.2M |
| Investing Cash Flow | -$705K+21.3% | -$896K+26.4% | -$1.2M-53.7% | -$792K+28.8% | -$1.1M-902.7% | -$111K+54.7% | -$245K+49.4% | -$484K |
| Financing Cash Flow | $6.9M+789.8% | $773K+199.6% | -$776K-150.3% | $1.5M+171.2% | $569K+156.3% | $222K-89.3% | $2.1M+139.3% | -$5.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AIRI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.3%+6.2pp | 16.0%-0.7pp | 16.8%+0.4pp | 16.4%-3.1pp | 19.5%+5.9pp | 13.6%-2.4pp | 16.0%+6.0pp | 10.0% |
| Operating Margin | 3.1%+3.0pp | 0.1%+6.2pp | -6.2%-5.5pp | -0.7%-6.2pp | 5.5%+7.4pp | -1.8%-6.2pp | 4.4%+10.8pp | -6.5% |
| Net Margin | -0.4%+2.9pp | -3.3%+4.8pp | -8.1%-4.4pp | -3.7%-5.9pp | 2.2%+7.2pp | -5.0%-6.4pp | 1.3%+11.9pp | -10.6% |
| Return on Equity | N/A | N/A | N/A | N/A | 2.0% | N/A | 1.2% | N/A |
| Return on Assets | -0.1%+0.8pp | -0.8%+1.2pp | -2.0%-1.0pp | -1.1% | N/A | -1.4%-1.8pp | 0.4%+3.0pp | -2.6% |
| Current Ratio | 1.22-0.1 | 1.34-0.1 | 1.40-0.0 | 1.43 | N/A | 1.44-0.0 | 1.46-0.0 | 1.48 |
| Debt-to-Equity | 0.08-0.0 | 0.110.0 | 0.110.0 | 0.12 | N/A | 0.10+0.0 | 0.070.0 | 0.08 |
| FCF Margin | -34.2%-29.9pp | -4.3%-6.9pp | 2.5%+9.1pp | -6.6%-2.5pp | -4.1%-1.6pp | -2.4%+16.0pp | -18.4%-60.8pp | 42.3% |
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Frequently Asked Questions
What is Air Industries's annual revenue?
Air Industries (AIRI) reported $55.1M in total revenue for fiscal year 2024. This represents a 7.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Air Industries's revenue growing?
Air Industries (AIRI) revenue grew by 7% year-over-year, from $51.5M to $55.1M in fiscal year 2024.
Is Air Industries profitable?
No, Air Industries (AIRI) reported a net income of -$1.4M in fiscal year 2024, with a net profit margin of -2.5%.
What is Air Industries's earnings per share (EPS)?
Air Industries (AIRI) reported diluted earnings per share of $-0.41 for fiscal year 2024. This represents a 36.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Air Industries's EBITDA?
Air Industries (AIRI) had EBITDA of $2.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air Industries have?
As of fiscal year 2024, Air Industries (AIRI) had $753K in cash and equivalents against $1.8M in long-term debt.
What is Air Industries's gross margin?
Air Industries (AIRI) had a gross margin of 16.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Air Industries's operating margin?
Air Industries (AIRI) had an operating margin of 0.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Air Industries's net profit margin?
Air Industries (AIRI) had a net profit margin of -2.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Air Industries's free cash flow?
Air Industries (AIRI) generated -$2.0M in free cash flow during fiscal year 2024. This represents a -172.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Air Industries's operating cash flow?
Air Industries (AIRI) generated $324K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Air Industries's total assets?
Air Industries (AIRI) had $51.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Air Industries's capital expenditures?
Air Industries (AIRI) invested $2.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Air Industries have outstanding?
Air Industries (AIRI) had 3M shares outstanding as of fiscal year 2024.
What is Air Industries's current ratio?
Air Industries (AIRI) had a current ratio of 1.43 as of fiscal year 2024, which is considered adequate.
What is Air Industries's debt-to-equity ratio?
Air Industries (AIRI) had a debt-to-equity ratio of 0.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air Industries's return on assets (ROA)?
Air Industries (AIRI) had a return on assets of -2.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Air Industries's Altman Z-Score?
Air Industries (AIRI) has an Altman Z-Score of -0.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Air Industries's Piotroski F-Score?
Air Industries (AIRI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Air Industries's earnings high quality?
Air Industries (AIRI) has an earnings quality ratio of -0.24x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Air Industries cover its interest payments?
Air Industries (AIRI) has an interest coverage ratio of 0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Air Industries?
Air Industries (AIRI) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.