CPI Aerostructures Reports Second Quarter and Six Month 2026 Results
Rhea-AI Summary
CPI Aerostructures (NYSE American: CVU) reported strong year‑over‑year improvements for the quarter and six months ended June 30, 2026. Second‑quarter revenue rose to $17.6 million from $15.2 million, with gross profit increasing to $3.9 million from $0.7 million and gross margin expanding to 22.0% from 4.4%. The company generated net income of $0.7 million versus a $1.3 million loss a year earlier, and diluted EPS improved to $0.05 from a loss of $(0.10). Adjusted EBITDA reached $1.4 million compared with $(1.7) million.
For the first six months of 2026, revenue was $34.9 million versus $30.6 million, with net income of $1.9 million compared to a $(2.6) million loss and EPS of $0.15 versus $(0.21). Adjusted EBITDA was $3.5 million versus $(2.5) million. CPI Aero reported a total backlog of $533 million, including $62 million in 2026 contract awards and more than $100 million of funded remaining performance obligations. Total assets were $78.7 million, total liabilities $50.6 million, and shareholders’ equity $28.1 million as of June 30, 2026.
Positive
- Q2 2026 revenue $17.6M vs. $15.2M in Q2 2025
- Q2 2026 gross margin 22.0% vs. 4.4% in Q2 2025
- Q2 net income $0.7M vs. $(1.3)M loss year earlier
- Six‑month 2026 net income $1.9M vs. $(2.6)M loss
- Six‑month 2026 Adjusted EBITDA $3.5M vs. $(2.5)M in 2025
- Total backlog $533M including over $100M funded and $433M unfunded
Negative
- Cash balance $0.84M at June 30, 2026 vs. $0.90M at December 31, 2025
- Line of credit outstanding $9.17M at June 30, 2026 vs. $8.37M year‑end 2025
- Total long‑term debt $9.83M including current portion, plus $7.66M operating lease liabilities
News Explained
The reported results add a June 30 cash balance of
Sources and calculations
- CPI Aerostructures Reports Second Quarter and Six Month 2026 Results (2026-08-13)
- CPI Aerostructures first-quarter 2026 fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $1,002,548 / ($424,703 / 90) = [object Object]
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 10 | Airborne pod contract | Positive | +1.6% | A $15 million airborne pod contract increased program orders and total backlog. |
| Jul 27 | NGJ-LB contract | Positive | +1.5% | L3Harris awarded a $13.6 million Next Generation Jammer Low Band contract. |
| Jul 7 | T-38 orders | Positive | +1.9% | U.S. Air Force orders totaling $8.3 million supported T-38 modification programs. |
| Jun 4 | Supply agreement | Positive | -0.6% | Embraer life-of-program agreement covered Phenom 100EX engine air inlet assemblies. |
| May 26 | Follow-on contract | Positive | +13.6% | Northrop Grumman ordered more than 20 welded assemblies for E-2D aircraft. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical contract-related news reactions were positive in four of five events, with one supply-agreement announcement diverging at -0.58%.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
stock-based compensation financial
contract assets technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Second Quarter 2026 vs. Second Quarter 2025
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Six Months 2026 vs. Six Months 2025
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EDGEWOOD, N.Y., Aug. 13, 2026 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the three and six months ended June 30, 2026, demonstrating substantial year‑over‑year improvement and meaningful margin expansion. The Company’s results benefited from a more favorable product mix, strengthened operational execution, and disciplined cost management across key Aerospace & Defense programs.
“Our six months performance showcases the results of a focused growth strategy and disciplined execution, delivering year-over-year gains across every major metric,” said Dorith Hakim, Chief Executive Officer of CVU. “Demand across our core defense platforms remains strong, and the combination of a more favorable product mix and operational efficiencies drove a
Added Ms. Hakim, “With a
About CPI Aero
CPI Aero is a prime contractor to the U.S. Department of Defense as well as a Tier 1 subcontractor to some of the largest aerospace and defense contractors in the world. CPI Aero provides engineering, program management, supply chain management, assembly operations and MRO services to this global network of customers. CPI Aero is recognized as a leader within the international aerospace market in such areas as aircraft structural assemblies, military advanced tactical pod structures, engine air inlets, and complex welded products.
Our OEM customers in the defense sector include (i) Lockheed Martin Corporation and Sikorsky Aircraft, for the F-16 Fighting Falcon, the UH-60 BLACK HAWK©, the MH-60 Seahawk, the CH-53E and the CH-53K King Stallion; (ii) RTX Corporation, formerly Raytheon, for the ALQ-249 Next Generation Jammer Mid-Band Pod for the EA-18G Growlers, the Advanced Tactical Pods, the MS-110 & TacSAR Reconnaissance Airborne Pods, Hypersonic Missile Wings, and B-52 Radar Modernization; (iii) L3Harris for the Next Generation Jammer Low-Band Pod for the EA-18G Growlers; (iv) Collins Aerospace, for RF Enclosures; (v) Northrop Grumman Corporation, for the E-2D Advanced Hawkeye, the Airborne Laser Mine Detection Pod, welded tubes, aerial refueling probes, and welded fluid tanks; and (vi) the DOD/USAF and the Defense Logistics Agency for the T-38 Pacer Classic and T-38 Talon. Our OEM customers in the civil aviation market include Embraer S.A. for the Phenom 300 and Phenom 100.
Our funded backlog of remaining performance obligations exceeds
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Words such as “remain focused,” “well-aligned,” “sustained momentum,” “confidence,” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements include statements regarding the Company’s backlog, future performance, program execution and expectations regarding continued financial improvement. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on X @CPIAERO.
Contacts:
| Investor Relations Counsel | CPI Aerostructures, Inc. |
| Alliance Advisors IR | Robert Mannix |
| Jody Burfening | Chief Financial Officer |
| (212) 838-3777 | (631) 586-5200 |
| cpiaero@allianceadvisors.com | rmannix@cpiaero.com |
| www.cpiaero.com | |
| CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, 2026 (Unaudited) | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 835,875 | $ | 899,199 | ||||
| Accounts receivable, net | 9,839,740 | 5,764,928 | ||||||
| Contract assets | 34,278,512 | 33,670,354 | ||||||
| Inventory | 620,268 | 800,823 | ||||||
| Prepaid expenses and other current assets | 2,103,024 | 2,272,696 | ||||||
| Total Current Assets | 47,677,419 | 43,408,000 | ||||||
| Operating lease right-of-use assets | 8,777,416 | 9,515,207 | ||||||
| Property and equipment, net | 512,562 | 412,553 | ||||||
| Deferred tax asset, net | 19,472,988 | 19,894,796 | ||||||
| Goodwill | 1,784,254 | 1,784,254 | ||||||
| Other assets | 486,377 | 229,691 | ||||||
| Total Assets | $ | 78,711,016 | $ | 75,244,501 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 16,035,856 | $ | 14,724,293 | ||||
| Accrued expenses | 3,041,457 | 4,763,719 | ||||||
| Contract liabilities | 2,970,578 | 1,628,382 | ||||||
| Loss reserve | 126,676 | 138,426 | ||||||
| Current portion of long-term debt | 250,000 | 187,500 | ||||||
| Financing lease liabilities, current | 18,613 | — | ||||||
| Operating lease liabilities, current | 1,515,379 | 1,434,385 | ||||||
| Income taxes payable | 230,311 | 142,540 | ||||||
| Total Current Liabilities | 24,188,870 | 23,019,245 | ||||||
| Line of credit | 9,173,672 | 8,373,672 | ||||||
| Long-term financing lease liabilities | 86,993 | — | ||||||
| Long-term operating lease liabilities | 7,572,027 | 8,353,120 | ||||||
| Long-term debt, net of current portion | 9,578,051 | 9,690,890 | ||||||
| Total Liabilities | 50,599,613 | 49,436,927 | ||||||
| Commitments and Contingencies | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred stock - $.001 par value; authorized 5,000,000 shares, 0 shares issued and outstanding | — | — | ||||||
| Common stock - $.001 par value; authorized 50,000,000 shares, 13,227,806 and 13,155,061 shares, respectively, issued and outstanding | 13,228 | 13,155 | ||||||
| Additional paid-in capital | 75,523,591 | 75,142,168 | ||||||
| Accumulated deficit | (47,425,416 | ) | (49,347,749 | ) | ||||
| Total Shareholders’ Equity | 28,111,403 | 25,807,574 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 78,711,016 | $ | 75,244,501 | ||||
| CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 17,581,532 | $ | 15,179,108 | $ | 34,941,472 | $ | 30,579,716 | ||||||||
| Cost of sales | 13,709,795 | 14,515,726 | 26,589,844 | 28,266,859 | ||||||||||||
| Gross profit | 3,871,737 | 663,382 | 8,351,628 | 2,312,857 | ||||||||||||
| Selling, general and administrative expenses | 2,675,952 | 2,654,024 | 5,326,215 | 5,489,801 | ||||||||||||
| Income (loss) from operations | 1,195,785 | (1,990,642 | ) | 3,025,413 | (3,176,944 | ) | ||||||||||
| Other income | — | 5,480 | 30,373 | 6,980 | ||||||||||||
| Interest expense | (312,939 | ) | (287,546 | ) | (604,874 | ) | (775,637 | ) | ||||||||
| Income (loss) before provision for income taxes | 882,846 | (2,272,708 | ) | 2,450,912 | (3,945,601 | ) | ||||||||||
| Provision (benefit) for income taxes | 197,231 | (947,749 | ) | 528,579 | (1,296,718 | ) | ||||||||||
| Net income (loss) | $ | 685,615 | $ | (1,324,959 | ) | $ | 1,922,333 | $ | (2,648,883 | ) | ||||||
| Income per common share, basic | $ | 0.05 | $ | (0.10 | ) | $ | 0.15 | $ | (0.21 | ) | ||||||
| Income per common share, diluted | $ | 0.05 | $ | (0.10 | ) | $ | 0.15 | $ | (0.21 | ) | ||||||
| Shares used in computing income per common share: | ||||||||||||||||
| Basic | 12,908,141 | 12,748,869 | 12,885,785 | 12,728,209 | ||||||||||||
| Diluted | 13,042,595 | 12,748,869 | 13,056,924 | 12,728,209 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Measures
Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP income from operations plus depreciation, amortization and stock-compensation expense.
Adjusted EBITDA as calculated by us may be calculated differently than Adjusted EBITDA for other companies. We have provided Adjusted EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance understanding of our operating results. Adjusted EBITDA should not be construed as either an alternative to income from operations or net income or as an indicator of our operating performance or an alternative to cash flows as a measure of liquidity. The adjustments to calculate this non-GAAP financial measure and the basis for such adjustments are outlined below. Please refer to the following table below that reconciles GAAP income (loss) from operations to Adjusted EBITDA.
The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:
Depreciation. The Company incurs depreciation expense (recorded in cost of sales and in selling, general and administrative expenses) related to capital assets purchased, leased or constructed to support the ongoing operations of the business. The assets are recorded at cost and are depreciated over the estimated useful lives of individual assets.
Stock-based compensation expense. The Company incurs non-cash expense related to stock-based compensation included in its GAAP presentation of cost of sales and selling, general and administrative expenses. Management believes that exclusion of these expenses allows comparison of operating results to those of other companies that disclose non-GAAP financial measures that exclude stock-based compensation.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the Adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent, or non-recurring.
Reconciliation of income (loss) from operations to Adjusted EBITDA is as follows:
| Three months ended | Six months ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Income (loss) from operations | $ | 1,195,785 | (1,990,642 | ) | $ | 3,025,413 | (3,176,944 | ) | |||||
| Depreciation | 26,407 | 88,598 | 66,136 | 187,365 | |||||||||
| Stock-based compensation | 146,209 | 168,583 | 381,496 | 488,812 | |||||||||
| Adjusted EBITDA | 1,368,401 | (1,733,461 | ) | 3,473,045 | (2,500,767 | ) | |||||||
| A-10 Termination | — | 2,322,831 | — | 4,468,528 | |||||||||
| Adjusted EBITDA Excluding A-10 adjustment | $ | 1,368,401 | 589,370 | $ | 3,473,045 | 1,967,761 | |||||||
