Air Industries Group (AIRI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AIRI SEC filings page.
Air Industries Group (AIRI) reported $46.7M in revenue over the twelve months to Jun 30, 2026, down 10.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
The business is becoming more capital-hungry as inventory and investment rise while revenue weakens and operating cash flow turns negative.
Revenue fell13.0% from FY2024 to FY2025, yet gross margin expanded from16.2% to17.1% . That resilience stopped above operating profit: operating margin shifted from0.8% to-0.7% , indicating that gross-profit improvement was insufficient to absorb the rest of the cost structure.
Net loss narrowed from
Total assets expanded from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Air Industries Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Air Industries Group held $4.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $1.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Air Industries Group scores 64/100 among other emerging companies.
Air Industries Group had 5M shares outstanding at the end of fiscal year 2025, against 4M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Air Industries Group scores 34/100 among other emerging companies.
Not available for Air Industries Group, and counted as zero in the overall score.
Air Industries Group reported revenue of $47.9M in fiscal year 2025, against $55.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Air Industries Group scores 39/100 among other emerging companies.
Not available for Air Industries Group, and counted as zero in the overall score.
Air Industries Group's cash, cash equivalents and investments came to $4.6M at the end of fiscal year 2025, against $39.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Air Industries Group scores 18/100 among other emerging companies.
Air Industries Group scores -0.50, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($13.0M) relative to total liabilities ($39.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Air Industries Group passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Air Industries Group reported a net loss of $1.3M while operations used $1.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Air Industries Group reported an operating loss of $338K against $1.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Air Industries Group generated $12.0M in revenue in Q2 2026. This represents a decrease of 5.2% from the same quarter a year earlier. Against the prior quarter it is up 3.4%.
Air Industries Group's EBITDA was $398K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 40.1% from the same quarter a year earlier. Against the prior quarter it is up 104.1%.
Air Industries Group reported -$846K in net income in Q2 2026. This represents a decrease of 100.5% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.
Air Industries Group earned -$0.18 per diluted share (EPS) in Q2 2026. This represents a decrease of 63.6% from the same quarter a year earlier. Against the prior quarter it is up 14.3%.
Cash & Balance Sheet
Air Industries Group generated $1.5M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 365.5% from the same quarter a year earlier. Against the prior quarter it is up 184.9%.
Air Industries Group held $4.6M in cash against $1.4M in long-term debt as of Q2 2026, with $39.7M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
Air Industries Group's gross margin was 20.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 4.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.7 percentage points.
Air Industries Group's operating margin was -3.0% in Q2 2026, reflecting core business profitability. This is down 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.
Air Industries Group's net profit margin was -7.0% in Q2 2026, showing the share of revenue converted to profit. This is down 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Air Industries Group's ROE was -4.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Capital Allocation
Air Industries Group invested $60K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 93.3% from the same quarter a year earlier. Against the prior quarter it is down 85.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
AIRI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-4 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-4 | Q4'24S-4 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.0M-5.2% | $11.6M-4.4% | $12.8M-14.1% | $10.3M-17.9% | $12.7M-6.7% | $12.1M-13.7% | $14.9M+10.8% | $12.6M+2.1% |
| Cost of Revenue | $9.5M-10.5% | $9.0M-10.9% | $11.0M-11.9% | $8.0M-24.5% | $10.6M-2.7% | $10.1M-16.9% | $12.5M+10.2% | $10.6M-4.1% |
| Gross Profit | $2.5M+22.4% | $2.6M+27.9% | $1.8M-25.0% | $2.3M+18.2% | $2.0M-23.3% | $2.0M+6.7% | $2.4M+13.5% | $1.9M+58.1% |
| Operating Income | -$366K-4675.0% | -$565K+24.3% | $84K+183.2% | $316K+371.6% | $8K-98.9% | -$746K-188.0% | -$101K-117.2% | $67K+108.4% |
| EBITDA | $398K-40.1% | $195K+217.5% | $868K+149.4% | $992K+58.2% | $664K-48.4% | -$166K-161.9% | $348K-50.2% | $627K+489.4% |
| Interest Expense | $414K+15.0% | $407K+18.0% | $400K+12.0% | $380K+4.4% | $360K+1.1% | $345K+0.3% | $357K-37.8% | $364K-8.5% |
| Income Tax | $18K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$846K-100.5% | -$1.0M-3.2% | $149K+126.9% | -$44K+89.1% | -$422K-241.6% | -$988K-39.9% | -$554K-406.1% | -$404K+68.9% |
| EPS (Basic) | -$0.18-63.6% | -$0.21+22.2% | $0.05+129.4% | -$0.01+91.7% | -$0.11-222.2% | -$0.27-28.6% | -$0.17-383.3% | -$0.12+70.0% |
| EPS (Diluted) | -$0.18-63.6% | -$0.21+22.2% | $0.05+129.4% | -$0.01+91.7% | -$0.11-237.5% | -$0.27-28.6% | -$0.17-383.3% | -$0.12+70.0% |
| Diluted Shares (Avg) | 5M+28.9% | 5M+31.4% | N/A | 4M+24.2% | 4M+0.2% | 4M+9.8% | N/A | 3M+1.6% |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
AIRI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-4 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-4 | Q4'24S-4 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.2M+17.5% | $59.2M+22.4% | $58.3M+14.3% | $58.0M+15.1% | $50.4M | $48.4M-3.7% | $51.0M+0.6% | $50.4M+1.3% |
| Current Assets | $49.0M+28.6% | $48.2M+32.3% | $46.8M+19.4% | $45.8M+18.6% | $38.1M | $36.4M-4.9% | $39.2M+1.2% | $38.6M+2.0% |
| Cash & Equivalents | $4.6M+812.0% | $4.2M+1379.3% | $4.6M+512.2% | $4.1M+2080.6% | $507K+105.3% | $285K+26.7% | $753K+117.6% | $186K-74.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $36.7M+21.6% | $35.3M+21.9% | $34.3M+18.9% | $34.4M+12.8% | $30.2M | $28.9M-1.4% | $28.8M-3.5% | $30.5M-2.7% |
| Accounts Receivable | N/A | N/A | $7.1M-20.6% | N/A | $7.0M | $6.8M | $8.9M+12.8% | $7.3M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $41.1M+17.1% | $40.1M+21.1% | $39.1M+8.5% | $39.1M+9.6% | $35.1M | $33.1M-7.3% | $36.1M+1.5% | $35.7M+2.6% |
| Current Liabilities | $39.7M+39.9% | $38.6M+48.2% | $37.6M+37.2% | $37.6M+40.1% | $28.4M | $26.1M-2.4% | $27.4M+3.0% | $26.8M+4.9% |
| Non-Current Liabilities | $1.4M-78.9% | $1.5M-79.3% | $1.5M-82.5% | $1.5M-82.6% | $6.7M | $7.0M-21.9% | $8.7M-3.0% | $8.9M-3.6% |
| Long-Term Debt | $1.4M-12.5% | $1.5M-13.4% | $1.5M-14.0% | $1.5M-11.5% | $1.6M | $1.7M+15.0% | $1.8M+58.2% | $1.7M+51.2% |
| Total Equity | $18.1M+18.6% | $19.1M+25.2% | $19.2M+28.5% | $18.8M+28.4% | $15.3M+2.5% | $15.3M+5.1% | $14.9M-1.6% | $14.7M-1.8% |
| Retained Earnings | -$72.3M-2.5% | -$71.4M-1.9% | -$70.4M-1.9% | -$70.6M-2.9% | -$70.5M | -$70.1M-2.4% | -$69.1M-2.0% | -$68.6M-0.9% |
Not reported in any period shown, so not listed: Goodwill.
AIRI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-4 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-4 | Q4'24S-4 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5M+341.4% | -$1.3M-185.1% | -$598K-225.0% | -$2.6M-1608.0% | $345K-39.0% | $1.5M+757.3% | -$184K+91.8% | $174K-96.9% |
| Depreciation & Amortization | $764K+16.5% | $760K+31.0% | $735K+63.7% | $676K+20.7% | $656K+22.4% | $580K+10.1% | $449K+300.9% | $560K-11.8% |
| Stock-Based Compensation | N/A | $964K+103.4% | N/A | N/A | $4K-66.7% | $474K+664.5% | N/A | N/A |
| Capital Expenditures | $60K-93.3% | $425K-65.1% | $304K-62.0% | $905K+236.4% | $896K-20.0% | $1.2M+996.4% | $801K+217.9% | $269K-44.4% |
| Free Cash Flow | $1.5M+365.5% | -$1.7M-659.4% | -$902K+8.4% | -$3.5M-3614.7% | -$551K+0.5% | $308K+189.8% | -$985K+60.3% | -$95K-101.8% |
| Investing Cash Flow | -$60K+93.3% | -$425K+65.1% | -$304K+61.6% | -$705K-162.1% | -$896K+19.5% | -$1.2M-996.4% | -$792K-223.3% | -$269K+44.4% |
| Financing Cash Flow | -$1.1M-236.5% | $1.3M+271.3% | $1.5M-5.6% | $6.9M+20129.4% | $773K+35.9% | -$776K-449.5% | $1.5M-25.9% | $34K+100.6% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AIRI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-4 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-4 | Q4'24S-4 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.7%+4.7pp | 22.4%+5.7pp | 14.3%-2.1pp | 22.3%+6.8pp | 16.0%-3.5pp | 16.8%+3.2pp | 16.4%+0.4pp | 15.5%+5.5pp |
| Operating Margin | -3.0%-3.1pp | -4.9%+1.3pp | 0.7%+1.3pp | 3.1%+2.5pp | 0.1%-5.5pp | -6.2%-4.3pp | -0.7%-5.0pp | 0.5%+7.0pp |
| Net Margin | -7.0%-3.7pp | -8.8%-0.7pp | 1.2%+4.9pp | -0.4%+2.8pp | -3.3%-5.5pp | -8.1%-3.1pp | -3.7%-5.1pp | -3.2%+7.4pp |
| Return on Equity | -4.7%-1.9pp | -5.3%+1.1pp | 0.8%+4.5pp | -0.2%+2.5pp | -2.8%-4.8pp | -6.5%-1.6pp | -3.7%-4.9pp | -2.8%+5.9pp |
| Return on Assets | -1.4%-0.6pp | -1.7%+0.3pp | 0.3%+1.4pp | -0.1%+0.7pp | -0.8% | -2.0%-0.6pp | -1.1%-1.4pp | -0.8%+1.8pp |
| Current Ratio | 1.24-0.1x | 1.25-0.2x | 1.24-0.2x | 1.22-0.2x | 1.34 | 1.400.0x | 1.430.0x | 1.440.0x |
| Debt-to-Equity | 0.080.0x | 0.080.0x | 0.080.0x | 0.080.0x | 0.11 | 0.110.0x | 0.120.0x | 0.120.0x |
| Asset Turnover | 0.200.0x | 0.20-0.1x | 0.22-0.1x | 0.18-0.1x | 0.25 | 0.250.0x | 0.290.0x | 0.250.0x |
| FCF Margin | 12.2%+16.5pp | -14.8%-17.4pp | -7.0%-0.4pp | -34.2%-33.5pp | -4.3%-0.3pp | 2.5%+5.0pp | -6.6%+11.8pp | -0.8%-43.1pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Air Industries Group AIRI | FY2025 | $47.9M | -$1.3M | -2.7% | $13.0M | 26/100 |
| Nauticus Robotics, Inc. KITT | FY2025 | $5.3M | -$40.8M | N/A | $4.8M | 32/100 |
| Momentus Inc. MNTS | FY2025 | $1.1M | -$29.8M | N/A | $88.3M | 42/100 |
| CPI Aerostructures, Inc. CVU | FY2025 | $69.3M | -$843K | -1.2% | $68.4M | 48/100 |
| ParaZero Technologies Ltd. PRZO | FY2025 | $1.0M | -$5.4M | N/A | $23.2M | 46/100 |
| Hyperscale Data, Inc. GPUS | FY2025 | $102.1M | -$66.4M | -65.0% | $26.3M | 11/100 |
Where Air Industries Group Ranks
Frequently Asked Questions
What is Air Industries Group's annual revenue?
Air Industries Group (AIRI) reported $47.9M in total revenue for fiscal year 2025. This represents a -13.0% 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 Group's revenue growing?
Air Industries Group (AIRI) revenue declined by 13.0% year-over-year, from $55.1M to $47.9M in fiscal year 2025.
Is Air Industries Group profitable?
No, Air Industries Group (AIRI) reported a net income of -$1.3M in fiscal year 2025, with a net profit margin of -2.7%.
What is Air Industries Group's EBITDA?
Air Industries Group (AIRI) had EBITDA of $2.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air Industries Group have?
As of fiscal year 2025, Air Industries Group (AIRI) had $4.6M in cash and equivalents against $1.5M in long-term debt.
What is Air Industries Group's gross margin?
Air Industries Group (AIRI) had a gross margin of 17.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Air Industries Group's operating margin?
Air Industries Group (AIRI) had an operating margin of -0.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Air Industries Group's net profit margin?
Air Industries Group (AIRI) had a net profit margin of -2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Air Industries Group's return on equity (ROE)?
Air Industries Group (AIRI) has a return on equity of -6.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Air Industries Group's free cash flow?
Air Industries Group (AIRI) recorded an outflow of $4.7M in free cash flow during fiscal year 2025. This represents a -136.4% 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 Group's operating cash flow?
Air Industries Group (AIRI) recorded an outflow of $1.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Air Industries Group's total assets?
Air Industries Group (AIRI) had $58.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Air Industries Group's capital expenditures?
Air Industries Group (AIRI) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Air Industries Group's current ratio?
Air Industries Group (AIRI) had a current ratio of 1.24 as of fiscal year 2025, which is considered adequate.
What is Air Industries Group's debt-to-equity ratio?
Air Industries Group (AIRI) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air Industries Group's return on assets (ROA)?
Air Industries Group (AIRI) had a return on assets of -2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Air Industries Group's P/E ratio?
Air Industries Group (AIRI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $13.0M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Air Industries Group's price-to-sales ratio?
Air Industries Group (AIRI) trades at 0.3x sales, its market capitalization divided by revenue of $46.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $13.0M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Air Industries Group's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Air Industries Group (AIRI) held $4.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.4M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Air Industries Group's Altman Z-Score?
Air Industries Group (AIRI) has an Altman Z-Score of -0.50, 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 Group's Piotroski F-Score?
Air Industries Group (AIRI) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Air Industries Group's earnings high quality?
Air Industries Group (AIRI) reported a net loss of $1.3M while operations used $1.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Group cover its interest payments?
Air Industries Group (AIRI) reported an operating loss of $338K against $1.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Group?
Air Industries Group (AIRI) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.