CPI Aerostructures (NYSE: CVU) swings to profit and builds $533M backlog
Rhea-AI Filing Summary
CPI Aerostructures reported much stronger results for the quarter and six months ended June 30, 2026. For the second quarter, revenue was $17.6 million versus $15.2 million a year earlier, while gross profit rose to $3.9 million from $0.7 million and gross margin expanded to 22.0% from 4.4%.
Second-quarter bottom line improved from a net loss of $(1.3) million to net income of $0.7 million, with earnings per share moving from $(0.10) to $0.05. For the first six months, revenue increased to $34.9 million from $30.6 million and net income improved from a $(2.6) million loss to $1.9 million. Adjusted EBITDA for the first half was $3.5 million, compared with $(2.5) million, even after normalizing for the prior-year A-10 program impact.
Management cited a more favorable product mix, stronger operational execution, and cost discipline as key drivers. CPI Aerostructures highlighted a $533 million total backlog, including more than $100 million of funded remaining performance obligations and $433 million of unfunded backlog, plus $62 million in 2026 contract awards for new-generation products.
Positive
- Q2 2026 revenue grew to $17.6 million from $15.2 million, with gross margin expanding to 22.0% from 4.4%, and net income swinging from a $(1.3) million loss to $0.7 million profit.
- For the first half of 2026, revenue rose to $34.9 million from $30.6 million and net results improved from a $(2.6) million loss to $1.9 million net income, with Adjusted EBITDA at $3.5 million versus $(2.5) million.
- The company reports a $533 million total backlog, including more than $100 million funded and $433 million unfunded, plus $62 million of 2026 contract awards for new-generation products, supporting future revenue visibility.
Negative
- None.
Filing Explained
At June 30, 2026, CPI Aero reported $0.84 million in cash, $50.6 million in liabilities, and 13.23 million common shares outstanding.
Form 8-K reports specified material events; here, the company furnished an
At
The company reported
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
funded backlog financial
unfunded backlog financial
remaining performance obligations financial
forward-looking statements regulatory
Earnings Snapshot
FAQ
How did CPI Aerostructures (CVU) perform in Q2 2026 versus Q2 2025?
What are CPI Aerostructures’ (CVU) results for the first six months of 2026?
What is CPI Aerostructures’ (CVU) backlog as of the Q2 2026 report?
How did CPI Aerostructures’ (CVU) margins change in Q2 and first half 2026?
What is CPI Aerostructures’ (CVU) Adjusted EBITDA trend in 2026?
What new contract awards did CPI Aerostructures (CVU) highlight for 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
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 2.02 | Results of Operations and Financial Condition. |
On August 13, 2026, CPI Aerostructures, Inc. issued a press release announcing financial results for the quarter ended June 30, 2026. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit | Description |
| 99.1 | Press Release, dated August 13, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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: August 13, 2026 | CPI AEROSTRUCTURES, INC. | ||
| By: | /s/ Robert Mannix | ||
| Robert Mannix | |||
| Chief Financial Officer (Principal Financial and Accounting Officer) | |||
CPI Aerostructures, Inc. 8-K
Exhibit 99.1
 |
CPI AEROSTRUCTURES REPORTS SECOND QUARTER
AND SIX MONTH 2026 RESULTS
Second Quarter 2026 vs. Second Quarter 2025
| ● | Revenue of $17.6 million compared to $15.2 million; | |
| ● | Gross profit of $3.9 million compared to $0.7 million; | |
| ● | Gross margin of 22.0% compared to 4.4% (17.1% excluding A-10 Program impact); | |
| ● | Net income of $0.7 million compared to net (loss) of $(1.3) million; | |
| ● | Earnings per share of $0.05 compared to (loss) per share of $(0.10); | |
| ● | Adjusted EBITDA(1) of $1.4 million compared to $(1.7) million ($0.6 million excluding A-10 Program impact). |
Six Months 2026 vs. Six Months 2025
| ● | Revenue of $34.9 million compared to $30.6 million; | |
| ● | Gross profit of $8.4 million compared to $2.3 million; | |
| ● | Gross margin of 23.9% compared to 7.6% (19.3% excluding A-10 Program impact); | |
| ● | Net income of $1.9 million compared to net (loss) of $(2.6) million; | |
| ● | Earnings per share of $0.15 compared to (loss) per share of $(0.21); | |
| ● | Adjusted EBITDA(1) of $3.5 million compared to $(2.5) million ($2.0 million excluding A-10 Program impact). |
EDGEWOOD, N.Y. – August 13, 2026 – CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) today announced financial results for the three and six months ended June 30, 2026, demonstrating substantial year-over-year improvement and meaningful margin expansion. The Company’s results benefited from a more favorable product mix, strengthened operational execution, and disciplined cost management across key Aerospace & Defense programs.
“Our six months performance showcases the results of a focused growth strategy and disciplined execution, delivering year-over-year gains across every major metric,” said Dorith Hakim, Chief Executive Officer of CVU. “Demand across our core defense platforms remains strong, and the combination of a more favorable product mix and operational efficiencies drove a $6.0 million increase in gross profit and a $4.6 million increase in net income. Adjusted EBITDA of $3.5 million represents a clear inflection point for the business, even when normalizing for the A-10 program impact.”
Added Ms. Hakim, “With a $533 million backlog, supported by the recent $62 million in contract awards this year for new generation products, and the growing confidence of our customers, we remain focused on disciplined program execution, quality, and delivery performance—pillars that support both near-term profitability and long-term value creation. We have entered the second half of 2026 with strong visibility and confidence, well-aligned to deliver continued financial improvement and sustained momentum into 2027.”
About CPI Aero
CPI Aero is a prime contractor to the U.S. Department of Defense as well as a Tier 1 subcontractor to some of the largest aerospace and defense contractors in the world. CPI Aero provides engineering, program management, supply chain management, assembly operations and MRO services to this global network of customers. CPI Aero is recognized as a leader within the international aerospace market in such areas as aircraft structural assemblies, military advanced tactical pod structures, engine air inlets, and complex welded products.
Our OEM customers in the defense sector include (i) Lockheed Martin Corporation and Sikorsky Aircraft, for the F-16 Fighting Falcon, the UH-60 BLACK HAWK©, the MH-60 Seahawk, the CH-53E and the CH-53K King Stallion; (ii) RTX Corporation, formerly Raytheon, for the ALQ-249 Next Generation Jammer Mid-Band Pod for the EA-18G Growlers, the Advanced Tactical Pods, the MS-110 & TacSAR Reconnaissance Airborne Pods, Hypersonic Missile Wings, and B-52 Radar Modernization; (iii) L3Harris for the Next Generation Jammer Low-Band Pod for the EA-18G Growlers; (iv) Collins Aerospace, for RF Enclosures; (v) Northrop Grumman Corporation, for the E-2D Advanced Hawkeye, the Airborne Laser Mine Detection Pod, welded tubes, aerial refueling probes, and welded fluid tanks; and (vi) the DOD/USAF and the Defense Logistics Agency for the T-38 Pacer Classic and T-38 Talon. Our OEM customers in the civil aviation market include Embraer S.A. for the Phenom 300 and Phenom 100.
Our funded backlog of remaining performance obligations exceeds $100 million and the unfunded backlog of future orders for the expected duration of existing programs is $433 million. Our total backlog is $533 million.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Words such as “remain focused,” “well-aligned,” “sustained momentum,” “confidence,” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements include statements regarding the Company’s backlog, future performance, program execution and expectations regarding continued financial improvement. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on X @CPIAERO.
Contacts:
| Investor Relations Counsel | CPI Aerostructures, Inc. |
| Alliance Advisors IR | Robert Mannix |
| Jody Burfening | Chief Financial Officer |
| (212) 838-3777 | (631) 586-5200 |
| cpiaero@allianceadvisors.com | rmannix@cpiaero.com |
| www.cpiaero.com |
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| June 30, 2026 (Unaudited) | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 835,875 | $ | 899,199 | ||||
| Accounts receivable, net | 9,839,740 | 5,764,928 | ||||||
| Contract assets | 34,278,512 | 33,670,354 | ||||||
| Inventory | 620,268 | 800,823 | ||||||
| Prepaid expenses and other current assets | 2,103,024 | 2,272,696 | ||||||
| Total Current Assets | 47,677,419 | 43,408,000 | ||||||
| Operating lease right-of-use assets | 8,777,416 | 9,515,207 | ||||||
| Property and equipment, net | 512,562 | 412,553 | ||||||
| Deferred tax asset, net | 19,472,988 | 19,894,796 | ||||||
| Goodwill | 1,784,254 | 1,784,254 | ||||||
| Other assets | 486,377 | 229,691 | ||||||
| Total Assets | $ | 78,711,016 | $ | 75,244,501 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 16,035,856 | $ | 14,724,293 | ||||
| Accrued expenses | 3,041,457 | 4,763,719 | ||||||
| Contract liabilities | 2,970,578 | 1,628,382 | ||||||
| Loss reserve | 126,676 | 138,426 | ||||||
| Current portion of long-term debt | 250,000 | 187,500 | ||||||
| Financing lease liabilities, current | 18,613 | — | ||||||
| Operating lease liabilities, current | 1,515,379 | 1,434,385 | ||||||
| Income taxes payable | 230,311 | 142,540 | ||||||
| Total Current Liabilities | 24,188,870 | 23,019,245 | ||||||
| Line of credit | 9,173,672 | 8,373,672 | ||||||
| Long-term financing lease liabilities | 86,993 | — | ||||||
| Long-term operating lease liabilities | 7,572,027 | 8,353,120 | ||||||
| Long-term debt, net of current portion | 9,578,051 | 9,690,890 | ||||||
| Total Liabilities | 50,599,613 | 49,436,927 | ||||||
| Commitments and Contingencies | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred stock - $.001 par value; authorized 5,000,000 shares, 0 shares issued and outstanding | — | — | ||||||
| Common stock - $.001 par value; authorized 50,000,000 shares, 13,227,806 and 13,155,061 shares, respectively, issued and outstanding | 13,228 | 13,155 | ||||||
| Additional paid-in capital | 75,523,591 | 75,142,168 | ||||||
| Accumulated deficit | (47,425,416 | ) | (49,347,749 | ) | ||||
| Total Shareholders’ Equity | 28,111,403 | 25,807,574 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 78,711,016 | $ | 75,244,501 | ||||
CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 17,581,532 | $ | 15,179,108 | $ | 34,941,472 | $ | 30,579,716 | ||||||||
| Cost of sales | 13,709,795 | 14,515,726 | 26,589,844 | 28,266,859 | ||||||||||||
| Gross profit | 3,871,737 | 663,382 | 8,351,628 | 2,312,857 | ||||||||||||
| Selling, general and administrative expenses | 2,675,952 | 2,654,024 | 5,326,215 | 5,489,801 | ||||||||||||
| Income (loss) from operations | 1,195,785 | (1,990,642 | ) | 3,025,413 | (3,176,944 | ) | ||||||||||
| Other income | — | 5,480 | 30,373 | 6,980 | ||||||||||||
| Interest expense | (312,939 | ) | (287,546 | ) | (604,874 | ) | (775,637 | ) | ||||||||
| Income (loss) before provision for income taxes | 882,846 | (2,272,708 | ) | 2,450,912 | (3,945,601 | ) | ||||||||||
| Provision (benefit) for income taxes | 197,231 | (947,749 | ) | 528,579 | (1,296,718 | ) | ||||||||||
| Net income (loss) | $ | 685,615 | $ | (1,324,959 | ) | $ | 1,922,333 | $ | (2,648,883 | ) | ||||||
| Income per common share, basic | $ | 0.05 | $ | (0.10 | ) | $ | 0.15 | $ | (0.21 | ) | ||||||
| Income per common share, diluted | $ | 0.05 | $ | (0.10 | ) | $ | 0.15 | $ | (0.21 | ) | ||||||
| Shares used in computing income per common share: | ||||||||||||||||
| Basic | 12,908,141 | 12,748,869 | 12,885,785 | 12,728,209 | ||||||||||||
| Diluted | 13,042,595 | 12,748,869 | 13,056,924 | 12,728,209 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Measures
Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP income from operations plus depreciation, amortization and stock-compensation expense.
Adjusted EBITDA as calculated by us may be calculated differently than Adjusted EBITDA for other companies. We have provided Adjusted EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance understanding of our operating results. Adjusted EBITDA should not be construed as either an alternative to income from operations or net income or as an indicator of our operating performance or an alternative to cash flows as a measure of liquidity. The adjustments to calculate this non-GAAP financial measure and the basis for such adjustments are outlined below. Please refer to the following table below that reconciles GAAP income (loss) from operations to Adjusted EBITDA.
The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:
Depreciation. The Company incurs depreciation expense (recorded in cost of sales and in selling, general and administrative expenses) related to capital assets purchased, leased or constructed to support the ongoing operations of the business. The assets are recorded at cost and are depreciated over the estimated useful lives of individual assets.
Stock-based compensation expense. The Company incurs non-cash expense related to stock-based compensation included in its GAAP presentation of cost of sales and selling, general and administrative expenses. Management believes that exclusion of these expenses allows comparison of operating results to those of other companies that disclose non-GAAP financial measures that exclude stock-based compensation.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the Adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent, or non-recurring.
Reconciliation of income (loss) from operations to Adjusted EBITDA is as follows:
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Income (loss) from operations | $ | 1,195,785 | (1,990,642 | ) | $ | 3,025,413 | (3,176,944 | ) | ||||||||
| Depreciation | 26,407 | 88,598 | 66,136 | 187,365 | ||||||||||||
| Stock-based compensation | 146,209 | 168,583 | 381,496 | 488,812 | ||||||||||||
| Adjusted EBITDA | 1,368,401 | (1,733,461 | ) | 3,473,045 | (2,500,767 | ) | ||||||||||
| A-10 Termination | — | 2,322,831 | — | 4,468,528 | ||||||||||||
| Adjusted EBITDA Excluding A-10 adjustment | $ | 1,368,401 | 589,370 | $ | 3,473,045 | 1,967,761 | ||||||||||