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CPI Aerostructures, Inc. manufactures structural aircraft assemblies and related aerospace systems for defense and commercial programs. The company operates as a prime contractor to the U.S. Department of Defense and as a Tier 1 subcontractor to aerospace and defense OEMs, providing engineering, program management, supply chain management, assembly operations and MRO services.
Recurring developments include funded orders and follow-on awards for military aircraft structures, airborne pod structures, engine inlet assemblies, RF/EMI shielded enclosures and repair-and-overhaul work. Company updates also address quarterly and annual results, backlog execution, customer programs with contractors such as Lockheed Martin/Sikorsky, RTX/Collins Aerospace, Raytheon, Northrop Grumman and Embraer, and governance or finance leadership changes.
CPI Aerostructures, Inc. (NYSE American: CVU) announced its common stock will be delisted from NYSE American due to non-compliance with SEC reporting requirements. Trading will move to OTC under the symbol CVUA starting May 20, 2022. The company has not filed required annual and quarterly reports, expecting delays due to audit processes. Despite this, CPI states it met financial targets in 2021, achieving growth with a backlog of approximately $500 million, and intends to appeal the delisting decision.
CPI Aerostructures, Inc. (NYSE American: CVU) reported mixed results for Q3 2021. Revenues decreased to $23.9 million from $25.6 million, with a gross profit decline to $3.7 million and a gross margin of 15.3%. Net income soared to $5.4 million, largely due to $4.8 million in PPP loan forgiveness. For the nine-month period, revenue increased to $77.0 million, with a substantial net income rise to $7.3 million. The funded backlog stood at approximately $138 million, primarily from government contracts, though down 27% year-on-year. The company anticipates over $100 million in revenue for 2021.
CPI Aerostructures, Inc. (CVU) reported strong financial results for Q2 2021, with revenue of $22.3 million, up 13.1% from Q2 2020. Gross profit nearly doubled to $3.6 million, yielding a gross margin of 16.1%. The company achieved net income of $0.6 million, a turnaround from a net loss of $(1.4) million last year. For the first half of 2021, revenue rose 45% to $53.1 million, with net income of $1.9 million compared to a loss of $(4.7) million. The funded backlog stood at $157 million, with expectations for over $500 million total by year-end.
CPI Aerostructures, Inc. (CVU) announced an extension from the NYSE American to comply with listing standards regarding timely financial reporting. The new deadline is set for May 24, 2022, giving the company time to file delayed Quarterly Reports for March, June, and September 2021, as well as the Annual Report for December 2021. Failure to meet this deadline may result in delisting actions by the Exchange. CPI Aero, a key supplier in the aerospace sector, is currently addressing its reporting obligations to restore compliance.
CPI Aerostructures has appointed Dorith Hakim as its new Chief Executive Officer, President, and director, effective immediately. Ms. Hakim comes with extensive experience from her previous role as Group Vice President at Parker Hannifin Aerospace, overseeing $1.9 billion in spending across multiple divisions. She has held significant positions at Triumph Group and Sikorsky Aircraft. Her background in operations, supply chain management, and customer relations is expected to positively influence CVU as the company continues to serve national security markets.
CPI Aerostructures (CVU) announced a purchase order from Collins Aerospace for the manufacturing of the Tactical Synthetic Aperture Radar (TacSAR) system. This award follows a previous contract where CPI Aero developed necessary documentation for the TacSAR pod. The new contract focuses on completing non-recurring engineering and tool development to build a prototype pod for testing. CPI Aero emphasizes its strategic evolution beyond aircraft structures, further solidifying its role as a crucial supplier in advanced aerospace systems.
CPI Aerostructures (CVU) has secured a long-term contract with Raytheon Intelligence & Space worth up to $20 million to provide rack assemblies for the B-52 AESA radar, an integral part of the U.S. Air Force's modernization program. The initial order is valued at $4 million for prototype and test production, with work commencing immediately and first deliveries expected by late 2022. This award enhances CPI Aero's relationship with a key client, showcasing its reliability in defense manufacturing.
CPI Aerostructures (CVU) announced a new purchase order valued at approximately $1.9 million for welded structural assemblies from a current customer. These components will be used on a U.S. military helicopter and are expected to be delivered within 2022. CPI Aero specializes in manufacturing structural assemblies for fixed-wing aircraft, helicopters, and airborne systems, serving both commercial and national security markets. The company acts as a Tier 1 supplier and a prime contractor for the U.S. Department of Defense.
CPI Aerostructures (NYSE American: CVU) announced that its CEO, Douglas McCrosson, has been appointed to the Aerospace Industries Association's Board of Governors for 2022. AIA represents the American aerospace and defense sector, advocating for industry interests. McCrosson's appointment signals CPI Aero's involvement in key discussions affecting the industry. The AIA includes over 340 companies from various aerospace sectors, facilitating collaboration on crucial issues for members' success.
CPI Aerostructures (CVU) reported significant financial growth for Q1 2021, with revenue reaching $30.8 million, a 83% increase from Q1 2020's $16.9 million. The gross profit surged to $4.9 million with a gross margin of 16%, compared to 0.9% last year. The company achieved a net income of $1.2 million, reversing a $3.4 million loss in the previous year. Funded backlog stood at $162.7 million, predominantly from defense contracts. CPI expects revenue to exceed $100 million for 2021, driven by robust military demand and effective cost management strategies.