AIR INDUSTRIES GROUP SEC Filings

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 an insider transaction by a director. On 10/22/2025, the director acquired 3,823 shares of common stock at $3.22 pursuant to an equity plan, increasing direct beneficial ownership to 66,047 shares.

The filing also lists vested stock options, including 10,000 options at $3.75 expiring 08/31/2029, along with several smaller grants at exercise prices from $3.43 to $23.8 with expirations between 2025 and 2028.

Air Industries Group entered into a Ninth Amendment to its Loan and Security Agreement with Webster Bank on September 10, 2025. Under this amendment, the company agreed that $3,930,000 of proceeds from its at-the-market equity offering will be kept in an interest-bearing account at Webster Bank.

The cash in this account will serve as security for Air Industries Group’s obligations under the existing loan and security agreement, effectively pledging part of its ATM proceeds as collateral to support its credit facility.

Air Industries Group reported that it has received two new defense contracts worth approximately $6.9 million for Fixed Wing Landing Gear Components and Rotorcraft Components for combat helicopters. These aftermarket orders support maintenance, repair, and overhaul work for aircraft already in service, adding recurring-style business rather than one-time production only. With these awards, the company’s total aftermarket bookings rise to more than $13 million and account for nearly half of its new business since the end of the first quarter of this year. Management highlights increased penetration of the aftermarket as a primary goal for 2025 and beyond, and describes these contracts as significant evidence that this strategy is gaining traction.

Air Industries Group is registering an additional 250,000 shares of common stock for issuance under its 2022 Equity Incentive Plan. Shareholders approved an amendment to the plan that increased the share pool from 650,000 to 900,000 shares, expanding the company’s capacity to grant stock-based awards to employees, officers and directors.

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.

Air Industries Group (AIRI) reported that it issued a press release disclosing its financial results for the three and six months ended June 30, 2025. The company said it will host a conference call to discuss those results on August 14, 2025 at 4:30 PM Eastern Time; the dial-in number is 877-524-8416 and a replay will be available at www.airindustriesgroup.com. The 8-K attaches Exhibit 99.1 (the press release text) and an Inline XBRL cover page. The filing notes the furnished material is not being "filed" for purposes of Exchange Act Section 18 and includes a signature by CFO Scott Glassman.

Air Industries Group (AIRI) announced it will release its financial results for the three and six months ended June 30, 2025, on Thursday, August 14, before the market opens. The company will discuss those results the same day on a conference call at 4:30 PM Eastern Time, with dial-in number 877-524-8416 and a replay available at www.airindustriesgroup.com.

The disclosure is provided as Regulation FD information and is accompanied by a press release filed as Exhibit 99.1 and a Cover Page Interactive Data File as Exhibit 104. The document states the information "shall not be deemed as 'filed'" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings absent specific reference.