Every 10-Q that Air Industries Group (AIRI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AIRI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AIRI filings page.
Air Industries Group reported lower sales and larger losses while highlighting significant financing risks and a pending merger. For the three months ended June 30, 2026, net sales were $11.995 million, down about 5% from 2025, but gross margin improved to 20.7% from 16.0% due to product mix and cost reductions. Operating expenses rose to $2.849 million, largely from approximately $1.195 million of merger-related professional fees and higher IT and cyber‑security spending, leading to a quarterly net loss of $846,000 and a six‑month net loss of $1.866 million.
As of June 30, 2026, total assets were $59.2 million, stockholders’ equity was $18.1 million, and cash (including restricted cash) was $4.624 million. Debt under the current credit facility and related‑party subordinated notes totaled about $28.9 million, most classified as current because the Webster Bank facility expires on September 30, 2026 and related‑party notes mature on October 1, 2026. The company met all covenants, including a Fixed Charge Coverage Ratio of 1.36x versus a 1.10x requirement, but its lender has advised it does not want to renew the facility.
Management states there is substantial doubt about the ability to continue as a going concern over the next 12 months absent extensions or refinancing. Air Industries is negotiating with Webster Bank and related‑party noteholders to extend maturities to November 30, 2026 and has paused equity issuance while pursuing a stock‑for‑equity merger with Tenax, under which Tenax members would receive 126.9 million shares (25.38 million post‑reverse‑split) and own about 96% of the combined company. The company also reports a funded backlog of $139.7 million and total unfilled contract values of $279.0 million, supporting its operational outlook despite financing uncertainty.
Air Industries Group reported a first‑quarter 2026 net loss of $1.02 million (loss per share $0.21) on net sales of $11.61 million, down modestly from 2025. Gross profit improved to $2.60 million, lifting gross margin to 22.4% from 16.8% on better mix and cost actions.
The company remains highly leveraged, with total debt of $26.56 million to third parties and related‑party subordinated notes of $4.87 million. It failed the required Fixed Charge Coverage Ratio, posting 0.93x versus the 1.10x covenant, and its main credit facility expires on September 30, 2026. The lender has advised it will not renew, leading management to state there is substantial doubt about continuing as a going concern. Cash was only $0.29 million, with an additional $3.93 million held as restricted cash.
Despite these pressures, Air Industries highlights unfilled contract value of $269.2 million, including funded backlog of $134.7 million, mainly with major aerospace and defense primes. The company also agreed to merge with Tenax Aerospace Acquisition, expecting to issue about 122.6 million new shares so Tenax holders own roughly 96% of the combined company at closing.
Air Industries Group filed its quarterly report, highlighting softer sales but improved margins and a going concern warning tied to near-term debt maturities and covenant issues.
For Q3 2025, net sales were $10.309 million versus $12.555 million a year ago, while gross margin rose to 22.3% from 15.5%. Net loss narrowed to $44,000 from $404,000 as cost reductions and mix improved profitability. Year to date, sales were $35.111 million versus $40.188 million, with a net loss of $1.454 million.
Liquidity remains tight: cash was $126,000 with $3.93 million in restricted cash. Total debt was $28.645 million, including a revolver of $15.838 million and term loan of $6.118 million. The credit facility expires on December 30, 2025, and related party notes mature on July 1, 2026. Management disclosed “substantial doubt” about continuing as a going concern given expirations and covenant defaults, despite ongoing refinancing discussions. Backlog was $131.8 million, with total unfilled contract values of $269.0 million. A prior IT controls material weakness remains unremediated.
Air Industries Group (AIRI) reported lower sales and widening losses for the six months ended June 30, 2025, with revenue of $24.8 million, down 10.2% year-over-year, and a net loss of $1.41 million. Gross margin held near 16.4% but operating expenses rose, driven in part by higher stock-based compensation and IT investments.
The company faces a material financing risk: it failed its Fixed Charge Coverage Ratio, attaining 0.76x versus the required 1.05x (and future 1.25x), the Webster Bank credit facility matures December 30, 2025, and the term loan is classified as current. Management cites a funded backlog of $128.5 million and recent ATM equity proceeds (gross $1.243 million in the first half of 2025 and $3.623 million subsequently) as liquidity supports, and operating cash flow improved to $1.87 million for the six months. Management discloses substantial doubt about continuing as a going concern pending refinancing or capital raises.