Welcome to our dedicated page for Techprecision Corporation news (Ticker: TPCS), a resource for investors and traders seeking the latest updates and insights on Techprecision Corporation stock.
TechPrecision Corporation, the parent company of subsidiaries Ranor, Inc. and STADCO, specializes in manufacturing metal fabricated and machined precision components and systems. With a focus on defense, aerospace, nuclear, medical, and precision industries, TechPrecision offers end-to-end solutions for customized products. Through Ranor and STADCO, the company delivers large-scale precision equipment and components, emphasizing quality, innovation, and efficiency.
TechPrecision (NASDAQ:TPCS) announced significant changes to its Board of Directors following the 2024 Annual Meeting. Stockholders elected three new directors: John A. Moore, General Victor E. Renuart Jr., and Robert D. Straus. The Board unanimously appointed General Renuart Jr. as Chair and Straus as Vice-Chair. The company also reorganized its committee structure, with Walter M. Schenker heading the Audit Committee, John A. Moore leading the Compensation Committee, and Robert D. Straus chairing the Nominating and Governance Committee.
The Wynnefield Group, TechPrecision's (NASDAQ: TPCS) largest shareholder with approximately 7% ownership, has filed definitive proxy materials urging stockholders to vote using BLUE proxy cards to elect two new director nominees. The action comes after TechPrecision's failure to comply with Nasdaq listing rules due to late SEC filings and the company's disclosure of substantial doubt about its ability to continue as a going concern. The group seeks to elect General Victor Eugene Renuart, Jr. and Robert Straus to the board, citing years of poor operating results and strategic missteps by current management.
TechPrecision (NASDAQ:TPCS) received a notice from Nasdaq on November 21, 2024, regarding non-compliance with listing rules due to delayed filing of its Q2 Form 10-Q. The company has until January 21, 2025 to submit a compliance plan, with a possible extension until May 19, 2025. The delay stems from challenges integrating STADCO's financial reporting system and implementing a new ERP system. The company's new CFO, appointed September 20, 2024, is reviewing accounts and controls. TechPrecision expects to file the Form 10-Q in early December 2024, along with refiling a pending Form S-1.
TechPrecision reported financial results for Q1 FY2025. Revenue increased 8% year-over-year to $8.0 million, driven by higher contract values at Stadco. However, the company faced challenges with Stadco incurring a $1.3 million operating loss due to the terminated Votaw Precision Manufacturing acquisition and delayed machinery maintenance. Gross profit decreased 66% due to higher production costs. The company's backlog stands at $41.2 million, expected to be delivered over the next one to three fiscal years. Working capital was negative $1.7 million, with total debt at $7.5 million as of June 30, 2024.
TechPrecision (Nasdaq: TPCS) has announced key dates and updates:
1. The 2024 Annual Meeting of Stockholders will be held virtually on December 19, 2024, at 10:00 a.m. Eastern. The record date for stockholder voting eligibility is set for November 4, 2024.
2. The company expects to file its FY25 Q1 Form 10-Q by early November, followed shortly by the Q2 Form 10-Q.
3. An amendment to the pending Form S-1 is anticipated to be filed immediately after the FY25 Q1 Form 10-Q submission.
4. The delay in filing FY25 Q1 is primarily due to over-time revenue recognition issues from the STADCO subsidiary, particularly stemming from legacy contracts. The new CFO, Richard D. Roomberg, is working to resolve these issues.
TechPrecision (Nasdaq:TPCS) has announced the appointment of Richard D. Roomberg, CPA, CMA, as its new Chief Financial Officer (CFO), effective September 20, 2024. Roomberg, who holds a Bachelor of Science degree in Accounting from Pennsylvania State University, brings extensive experience as a Chief Accounting Officer and Senior Financial Executive.
His expertise includes reporting complex financial transactions, completing over ten Mergers and Acquisition transactions, and ensuring accounting compliance. Barbara Lilley, the previous CFO, has transitioned to the role of Controller. The company's management and Board expressed gratitude for Lilley's hard work during the past year.
TechPrecision (NASDAQ:TPCS) reported financial results for Q4 and FY 2024 ended March 31, 2024. Key highlights include:
- Q4 net sales increased 15% to $8.6 million
- FY 2024 net sales rose 1% to $31.6 million
- Backlog grew to $50 million
- Q4 gross profit up 45% due to improved Stadco throughput
- FY 2024 gross profit down 16% to $4.1 million
- Q4 operating loss of $2.5 million, FY 2024 operating loss of $4.6 million
- One-time expenses of $3 million related to terminated Votaw acquisition
- Working capital negative $2.9 million due to debt covenant violation
The company expects to deliver its backlog over the next 1-3 fiscal years with gross margin expansion. TechPrecision is working to resolve financial staffing issues and file Q1 FY25 results as soon as possible.
TechPrecision (NASDAQ:TPCS) has received a notice from Nasdaq on August 21, 2024, stating non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Q2 2024 10-Q report. This follows a similar notice on July 16, 2024, regarding the delayed FY2024 10-K filing. The company has until September 16, 2024, to submit a compliance plan, with a possible extension to January 13, 2025.
The delays stem from challenges in integrating STADCO's financial reporting system and staffing issues. TechPrecision is working to address these problems and complete the required filings. The FY2025 Annual Meeting, initially planned for September, has been postponed until the Form 10-K is filed.
Wynnefield Partners, the largest stockholder of TechPrecision (NASDAQ: TPCS), has launched a campaign to rebuild the company's credibility. They are nominating two new directors, General Victor Eugene Renuart Jr. and Robert D. Straus, for election at the upcoming 2024 Annual Meeting. Wynnefield cites TechPrecision's poor stockholder returns, recent M&A failures, and lack of transparency as reasons for change.
The group highlights TechPrecision's underperformance compared to the Russell Micro Index, with a -37.7% 5-year return versus the index's 30.1%. They criticize the failed Votaw acquisition and the underperforming STADCO acquisition, which resulted in significant stockholder dilution. Wynnefield emphasizes the need for new independent voices, increased transparency, and disciplined business judgment on the board to enhance stockholder value.
TechPrecision (NASDAQ:TPCS) has received a standard notice from Nasdaq on July 18, 2024, indicating non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The company has until September 16, 2024, to submit a compliance plan, with a possible extension until January 13, 2025. This notification does not immediately affect TPCS's listing or trading on the Nasdaq Capital Market. The company has filed a Current Report on Form 8-K with the SEC providing additional details about the Nasdaq notifications and related terms.
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