Air Industries Group (NYSE: AIRI) gains waivers and extends loans

Rhea-AI Filing Summary

Air Industries Group entered into a Tenth Amendment to its Loan and Security Agreement with Webster Bank. The amendment waives existing defaults that arose because the company did not meet a required fixed charge coverage ratio for the quarter ended June 30, 2025 and exceeded the permitted level of capital expenditures for the fiscal year ending December 31, 2025.

Under the Tenth Amendment, the maturity date of the revolving credit and term loans is extended to March 31, 2026, and certain financial covenants are revised. This action keeps the company’s credit facilities in place while formally addressing past covenant breaches under its lending arrangement with Webster Bank.

Insights

Credit and capital structure analyst

Covenant breaches were waived and loan maturities extended to March 2026.

Air Industries Group obtained a Tenth Amendment to its Loan and Security Agreement with Webster Bank. The lender waived defaults tied to a fixed charge coverage ratio for the quarter ended June 30, 2025 and to capital expenditures that exceeded the permitted annual limit for the year ending December 31, 2025. This confirms the company had tripped financial and spending covenants but resolved them through negotiation rather than acceleration of debt.

The amendment also extends the maturity of both the revolving credit and term loans to March 31, 2026 and adjusts financial covenants. The short-dated extension provides additional time under the existing banking relationship, while the covenant changes are intended to realign lender requirements with the company’s current financial profile. Overall, this points to tighter covenant headroom but continued lender support, with future performance needing to stay within the revised terms.

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): December 15, 2025

AIR INDUSTRIES GROUP

(Exact Name of Registrant as Specified in its Charter)

Nevada		001-35927		80-0948413
State of Incorporation		Commission File Number		IRS Employer I.D. Number

1460 Fifth Avenue, Bay Shore, New York 11706

(Address of Principal Executive Offices)

Registrant’s telephone number: (631) 968-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		AIRI		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry Into a Definitive Material Agreement.

On December 15, 2025, we, Air Industries Group, entered into a Tenth Amendment to Loan and Security Agreement with Webster Bank (“Tenth Amendment”). In the Tenth Amendment Webster Bank waived the defaults caused by the failure to achieve the required fixed charge coverage ratio for the fiscal quarter ended June 30, 2025, and for exceeding the permitted amount of capital expenditures for the fiscal year ending December 31, 2025.

In addition to the waivers, the Tenth Amendment extended the maturity date of the revolving credit and term loans under the Loan and Security Agreement to March 31, 2026 and amended certain financial covenants. A copy of the Tenth Amendment is annexed as Exhibit 10.1 and reference is made thereto for the complete terms and conditions of the Tenth Amendment.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Tenth Amendment to Loan and Security Agreement with Webster Bank, National Association
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: December 16, 2025

	AIR INDUSTRIES GROUP
	By:	/s/ Scott Glassman
		Scott Glassman
		Chief Financial Officer

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FAQ

What agreement did Air Industries Group (AIRI) enter into with Webster Bank?

Air Industries Group entered into a Tenth Amendment to its Loan and Security Agreement with Webster Bank, which modifies its existing revolving credit and term loan arrangements.

Which covenant defaults were waived for Air Industries Group (AIRI)?

Webster Bank waived defaults resulting from Air Industries Group failing to meet the required fixed charge coverage ratio for the quarter ended June 30, 2025 and from exceeding permitted capital expenditures for the fiscal year ending December 31, 2025.

How did the loan maturity change for Air Industries Group (AIRI)?

The Tenth Amendment extended the maturity date of the revolving credit and term loans under the Loan and Security Agreement to March 31, 2026.

Did the amendment change Air Industries Group’s financial covenants?

Yes. In addition to waiving certain past defaults and extending maturities, the Tenth Amendment amended certain financial covenants in the Loan and Security Agreement.

Where can investors find the full terms of Air Industries Group’s Tenth Amendment?

The complete terms are contained in the Tenth Amendment to Loan and Security Agreement with Webster Bank, National Association, filed as Exhibit 10.1.

What type of event is Air Industries Group (AIRI) reporting in this 8-K?

Air Industries Group is reporting the entry into a definitive material agreement, specifically a Tenth Amendment to its Loan and Security Agreement that includes covenant waivers and a maturity extension.