TechPrecision (NASDAQ: TPCS) trims 2026 net loss and guides strong EBITDA

Rhea-AI Filing Summary

TechPrecision Corporation reported fiscal 2026 results showing stronger profitability despite lower revenue. Full-year revenue was $31.6 million, down 7%, but gross profit rose 15% to $5.0 million as gross margin improved to 16%. The company’s net loss narrowed 41% to $1.6 million and EBITDA increased to $1.6 million from $0.6 million.

Management highlighted a deliberate shift to higher-margin projects at both Ranor and Stadco, which reduced volumes but lifted margins. Funded backlog reached $52.1 million as of March 31, 2026, with about $25 million of additional unfunded orders. For fiscal 2027, TechPrecision projects revenue of $35–$37 million and EBITDA of $3–$4 million.

The balance sheet shows cash of $0.4 million, total debt of $6.9 million and negative working capital of $0.4 million as of March 31, 2026, driven by all debt being classified as current following covenant violations.

Positive

• Profitability improving despite lower sales: Fiscal 2026 revenue declined 7% to $31.6 million, but gross profit increased 15% to $5.0 million, EBITDA rose from $0.6 million to $1.6 million, and the net loss narrowed 41% to $1.6 million.
• Strong backlog and growth guidance: Funded backlog reached $52.1 million as of March 31, 2026, with about $25 million additional unfunded orders, and fiscal 2027 guidance targets revenue of $35–$37 million and EBITDA of $3–$4 million.

Negative

• Liquidity pressure and covenant breaches: As of March 31, 2026, working capital was negative $0.4 million with cash of $0.4 million and debt of $6.9 million; all debt was classified as current due to debt covenant violations.
• Fourth-quarter margin pressure at Stadco: For the quarter ended March 31, 2026, consolidated gross profit fell 47% to $1.1 million, and Stadco’s gross profit dropped sharply, contributing to a quarterly net loss of $0.4 million.

Insights

Industrial manufacturing equity analyst

Margins and EBITDA improved, but leverage and covenants remain key risks.

TechPrecision delivered a 15% gross profit increase to $5.0M on a 7% revenue decline to $31.6M, driven by a higher-margin project mix at Ranor and Stadco. EBITDA rose to $1.6M, and the net loss narrowed 41% to $1.6M.

However, the company ended March 31, 2026 with negative working capital of $0.4M, cash of $0.4M and total debt of $6.9M. All debt was classified as current due to covenant violations, underscoring liquidity and refinancing risk despite operational improvement.

Guidance for fiscal 2027 calls for revenue of $35–$37M and EBITDA of $3–$4M, implying roughly 10% revenue growth and a large step-up in EBITDA. Execution on the higher-margin backlog of $52.1M funded, plus about $25M unfunded orders, will be important alongside any updates on addressing covenant issues.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Fiscal 2026 revenue: $31.6M Fiscal 2026 gross profit: $5.0M Fiscal 2026 net loss: $1.6M +5 more

8 metrics

Fiscal 2026 revenue $31.6M Full year ended March 31, 2026; down 7% year over year

Fiscal 2026 gross profit $5.0M Full year ended March 31, 2026; up 15% year over year

Fiscal 2026 net loss $1.6M Year ended March 31, 2026; 41% improvement vs prior year

Fiscal 2026 EBITDA $1.6M Non-GAAP EBITDA for year ended March 31, 2026; up from $0.6M

Funded backlog $52.1M As of March 31, 2026; plus ~$25M unfunded orders

Cash balance $0.4M Cash as of March 31, 2026

Total debt $6.9M Debt outstanding as of March 31, 2026; all classified current

2027 revenue guidance $35–$37M Management projection for fiscal 2027 consolidated revenue

Key Terms

EBITDA, funded backlog, negative working capital, debt covenant violations, +2 more

6 terms

EBITDA financial

"FY 2027 guidance – Revenue growth +10% to $35-$37, EBITDA growth +80% to $3-$4"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

funded backlog financial

"our funded backlog reaching $52.1 million as of March 31, 2026"

Funded backlog is the portion of a company’s unfulfilled orders or signed contracts that already has committed financing or approved budget behind it, meaning the customer (or a funding source) has promised the money needed to pay for the work. For investors it signals clearer near-term revenue visibility and lower execution risk — like a stack of paid-for jobs waiting to be finished rather than hopeful leads — which helps assess future cash flow and growth reliability.

negative working capital financial

"Working capital was negative $0.4 million on March 31, 2026"

Negative working capital happens when a company’s short-term obligations (bills, supplier invoices, debt coming due) exceed its short-term resources (cash, money owed by customers, sellable inventory). For investors it signals how easily a business can meet immediate bills — it can be a warning sign of cash stress or, in some models, an efficient operation that collects cash faster than it pays suppliers; think of a household that consistently has to borrow before payday versus one that gets paid in advance.

debt covenant violations financial

"Negative working capital reflects required classification of all debt obligations as current due to debt covenant violations"

NonDestructive Testing technical

"QC inspection including portable CMM, NonDestructive Testing, and final packaging"

Nondestructive testing is a set of inspection methods that check the condition of materials, parts, or structures without harming them — like using X-rays, ultrasound, or a doctor’s check-up instead of surgery. For investors, it matters because reliable testing helps companies spot problems early, extend asset life, meet safety rules, avoid costly failures or recalls, and plan maintenance budgets; strong NDT practice can reduce risk and protect long‑term value.

ISO 9001:2015 technical

"Ranor is an ISO 9001:2015 certificate holder"

ISO 9001:2015 is an international standard for a company's quality management system, describing a structured set of practices that help organizations consistently meet customer expectations and improve processes. For investors, an ISO 9001:2015 certification is like a verified recipe or checklist showing the company follows disciplined procedures to reduce mistakes, control costs, and protect reputation, which can lower operational risk and support steady performance.

Offering Details

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): June 22, 2026

TECHPRECISION CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware		001-41698		51-0539828
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(IRS Employer Identification No.)

1 Bella Drive

Westminster, MA 01473

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (978) 874-0591

Securities registered or to be 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 $0.0001 per share		TPCS		Nasdaq Capital Market

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:

¨	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))

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 June 22, 2026, TechPrecision Corporation issued a press release announcing its financial results for the three months and fiscal year ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 2.02 of Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release dated June 22, 2026
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

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.

	TECHPRECISION CORPORATION
Date: June 22, 2026	By:	/s/ Phillip E. Podgorski
	Name:	Phillip E. Podgorski
	Title:	Chief Financial Officer

Exhibit 99.1

Company Contact:	Investor Relations Contact:
Phillip Podgorski	Hayden IR
Chief Financial Officer	Brett Maas
TechPrecision Corporation	Phone: 646-536-7331
Phone: 978-874-0591	Email: brett@haydenir.com
Email: podgorskip@Ranor.com	Website: www.haydenir.com
Website: www.TechPrecision.com

FOR IMMEDIATE RELEASE

TechPrecision Corporation Reports Fiscal Year 2026 Fourth Quarter and Year End Financial Results

The Company achieves gross margin expansion of 300 bps for the fiscal 2026 full year period.

FY 2027 guidance – Revenue growth +10% to $35.0M-$37.0M, EBITDA growth +80% to $3.0M-$4.0M

Westminster, MA – June 22, 2026– TechPrecision Corporation (NASDAQ: TPCS) (“TechPrecision” or “the Company”), a custom manufacturer of precision, large-scale fabrication components and precision, large-scale machined metal structural components, today reported financial results for the fourth quarter and fiscal year ended March 31, 2026. The components that we manufacture are customer designed and sold to customers in the defense and precision industrial markets. We have two wholly owned subsidiaries that are each reportable segments, Ranor and Stadco.

Management will host a conference call on Monday, June 22, 2026, at 4.30 p.m. ET, to discuss our financial results for the fiscal year ended March 31, 2026.

“For the fiscal year 2026, consolidated gross profit increased by 15% and our consolidated gross margin expanded by 300 basis points as the Company implemented a strategic project mix change at Stadco, resulting in reduced revenue with higher margin drop-through.,” stated Alexander Shen, TechPrecision’s Chief Executive Officer.

“Our Ranor segment executed on a favorable project mix with improved gross margin and gross profit for fiscal 2026,” stated Mr. Shen. “Stadco cost of revenue dropped by more than $1.0 million year-over-year with a strategic drive to improve customer and project mix.

“As a result of strategically improved customer and project mix at both business segments, our net loss improved by more than $1.0 million year-over-year with equal EBITDA improvement,” stated Alexander Shen, TechPrecision’s Chief Executive Officer.

“Customer confidence remains high with our funded backlog reaching $52.1 million as of March 31, 2026, with approximately $25 million of additional unfunded purchase orders,” Mr. Shen continued. “We expect to deliver this backlog over the next one to three fiscal years with expectations for gross margin improvement throughout the period.”

“For Fiscal 2027, the Company is projecting double-digit revenue growth and resulting EBITDA as we continue to execute on the strategic customer and project mix plan. 2027 Full year consolidated revenue is projected to be between $35.0 million - $37.0 million with EBITDA of $3.0 million - $4.0 million,” stated Alexander Shen, TechPrecision’s Chief Executive Officer.

The following summary compares the three and twelve months ended March 31, 2026 to the same prior year period:

Consolidated Financial Results - Fiscal 2026 Three Months Ended March 31, 2026

·	Revenue was $8.1 million, a 15% decrease on a changing project mix at both segments.
·	Cost of revenue was $7.0 million, or a 6% decrease in lower manufacturing costs.

·	Gross profit was $1.1 million, a decrease of 47% primarily on lower revenue at Stadco.
·	SG&A decreased by 24% primarily on a decrease in professional fees and services.
·	Operating loss was $0.2 million, due primarily to the lower margin drop-through.
·	Interest expense decreased 25%, due to lower amortized debt issue costs and lower interest incurred on loans.
·	Net loss was $0.4 million, compared with net income of $0.1 million in the same period a year ago.

Consolidated Financial Results - Fiscal 2026 Twelve Months Ended March 31, 2026

·	Revenue was $31.6 million, a 7% decrease on a favorable but different mix of customer projects.
·	Cost of revenue was $26.7 million, or a 10% decrease on lower revenue but improving manufacturing process.
·	Gross profit was $5.0 million, an increase of 15% driven by improved operating performance.
·	SG&A decreased by 7% as a decrease in professional fees more than offset an increase in compensation.
·	Operating loss narrowed to $1.1 million, primarily on improved margin drop-through.
·	Interest expense decreased by 10%, due to lower amortization and interest cost incurred on loans.
·	Net loss was $1.6 million, a decrease of 41% when compared with the same period a year ago.

Financial Position

On March 31, 2026 and March 31, 2025, the Company had approximately $0.4 million and $0.2 million in cash, respectively. Working capital was negative $0.4 million on March 31, 2026 and debt totaled $6.9 million. Working capital was negative $1.6 million and total debt was $7.4 million on March 31, 2025. Negative working capital reflects required classification of all debt obligations as current due to debt covenant violations.

Conference Call

The Company will hold a conference call at 4:30 p.m. Eastern (U.S.) time on Monday, June 22, 2026. To participate in the live conference call, please dial 1-888-506-0062 five to 10 minutes prior to the scheduled conference call time. International callers should dial 1-973-528-0011. When prompted, reference TechPrecision and enter code 542825.

A replay will be available until July 6, 2026. To access the replay, dial 1-877-481-4010 or 1-919-882-2331. When prompted, enter Conference Passcode 54132.

The call will also be available over the Internet and accessible at: https://www.webcaster5.com/Webcast/Page/2198/54132.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, is a custom manufacturer of precision, large-scale fabrication components and precision, large-scale machined metal structural components. The manufacturing operations of our Ranor subsidiary are situated on approximately 65 acres in North Central Massachusetts. Leveraging our 145,000 square foot facilities, Ranor provides a full range of custom solutions to transform material into precision finished welded components and precision finished machined components up to 100 tons: manufacturing engineering, materials management and traceability, high-precision heavy fabrication (in-house fabrication operations include cutting, press and roll forming, welding, heat treating, assembly, blasting and painting), heavy high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including portable CMM, NonDestructive Testing, and final packaging.

All manufacturing at Ranor is performed in accordance with customer requirements. Ranor is an ISO 9001:2015 certificate holder. Ranor is a US defense-centric company with over 95% of its revenue in the defense sector. Ranor is registered and compliant with ITAR.

The manufacturing operations of our Stadco subsidiary are situated in an industrial self-contained multi-building complex comprised of approximately 183,000 square feet under roof in Los Angeles, California. Stadco manufactures large mission-critical components on several high-profile military aircraft, military helicopter, and military space programs. Stadco has been a critical supplier to a blue-chip customer base that includes some of the largest OEMs and prime contractors in the defense and aerospace industries. Stadco also manufactures tooling, molds, fixtures, jigs and dies used in the production of defense-centric aircraft components.

Our Stadco subsidiary, similar to Ranor, provides a full range of custom solutions: manufacturing engineering, materials management and traceability, high-precision fabrication (in-house fabrication operations include waterjet cutting, press forming, welding, and assembly) and high-precision machining (in-house machining operations include CNC programming, finishing, and assembly), QC inspection including both fixed and portable CMM NonDestructive Testing, and final packaging. In addition, Stadco features a large electron beam welding cell, and two NonDestructive Testing work cells, a unique mission-critical technology set.

All manufacturing at Stadco is performed in accordance with customer requirements. Stadco is an AS 9100 D and ISO 9001:2015 certificate holder and a NADCAP NonDestructive Testing certificate holder. Stadco is a US defense-centric company with over 95% of its revenue in the defense sector. Stadco is registered and compliant with ITAR.

To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “prospects,” “will,” “should,” “would” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to balance the composition of our revenues and effectively control operating expenses; external factors that may be outside our control, including health emergencies, like epidemics or pandemics, the conflicts in Eastern Europe and the Middle East, price inflation, interest rate increases and supply chain inefficiencies; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government tariffs, regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; and other risks discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.

TECHPRECISION CORPORATION

CONSOLIDATED BALANCE SHEETS

		March 31,				March 31,
		2026				2025
(in thousands, except share and per share data)		(unaudited)
ASSETS
Current assets:
Cash		$	431			$	195
Accounts receivable, less allowances of $0 and $53, on March 31, 2026 and 2025			2,488				2,192
Contract assets			10,808				9,587
Raw materials			1,927				1,800
Work-in-process			1,027				1,082
Other current assets			1,045				490
Total current assets			17,726				15,346
Property, plant and equipment, net			10,874				13,791
Right of use asset, net			3,550				4,268
Other noncurrent assets			122				122
Total assets		$	32,272			$	33,527
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable		$	2,415			$	2,437
Accrued expenses			3,868				3,685
Income taxes payable			31				---
Contract liabilities			2,917				1,040
Customer deposits			1,252				1,631
Current portion of long-term lease liability			800				770
Current portion of long-term debt, net			6,884				7,353
Total current liabilities			18,167				16,916
Long-term equipment financing			---				3
Long-term lease liability			2,864				3,638
Other noncurrent liability			3,568				4,230
Total liabilities			24,599				24,787
Stockholders’ Equity:
Common stock - par value $.0001 per share, 50,000,000 shares authorized:  Shares issued and outstanding: March 31, 2026 – 10,078,381 and 10,024,469; March 31, 2025 – 9,761,825 and 9,751,825.			1				1
Additional paid in capital			19,482				18,885
Accumulated deficit			(11,810	)			(10,146	)
Total stockholders’ equity			7,673				8,740
Total liabilities and stockholders’ equity		$	32,272			$	33,527

TECHPRECISION CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

		Three Months Ended March 31,								Twelve Months Ended March 31,
(in thousands, except share and per share data)		2026				2025				2026				2025
Revenue		$	8,084			$	9,476			$	31,644			$	34,031
Cost of revenue			6,979				7,391				26,669				29,702
Gross profit			1,105				2,085				4,975				4,329
Selling, general and administrative			1,299				1,718				6,041				6,487
(Loss) income from operations			(194	)			367				(1,067	)			(2,158	)
Other income			(83	)			(108	)			(81	)			(51	)
Interest expense			(111	)			(149	)			(485	)			(541	)
Total other expense, net			(194	)			(257	)			(566	)			(592	)
(Loss) income before income taxes			(388	)			110				(1,633	)			(2,750	)
Income tax expense			31				(2	)			31				(2	)
Net (loss) income		$	(419	)		$	112			$	(1,664	)		$	(2,748	)
Net (loss) income per share - basic		$	(0.04	)		$	0.01			$	(0.17	)		$	(0.29	)
Net (loss) income per share - diluted		$	(0.04	)		$	0.01			$	(0.17	)		$	(0.29	)
Weighted average shares outstanding – basic			10,011,572				9,671,658				9,912,839				9,459,164
Weighted average shares outstanding – diluted			10,011,572				9,877,432				9,912,839				9,459,164

TECHPRECISION CORPORATION

REVENUE, COST OF REVENUE, GROSS PROFIT BY SEGMENT (unaudited)

Three months ended:		March 31, 2026								March 31, 2025								Changes
						Percent of								Percent of
(dollars in thousands)		Amount				Revenue				Amount				Revenue				Amount				Percent
Revenue
Ranor		$	3,914				48	%		$	4,684				49	%		$	(770	)			(16	)%
Stadco			4,170				52	%			4,859				51	%			(689	)			(14	)%
Intersegment elimination			--				--	%			(67	)			--	%			67				100	%
Consolidated Revenue		$	8,084				100	%		$	9,476				100	%		$	(1,392	)			(15	)%
Cost of revenue
Ranor		$	2,837				35	%		$	3,408				35	%		$	(571	)			(17	)%
Stadco			4,142				51	%			4,050				43	%			92				2	%
Intersegment elimination			--				--	%			(67	)			--	%			67				100	%
Consolidated Cost of revenue		$	6,979				86	%		$	7,391				78	%		$	(412	)			(6	)%
Gross profit (loss)
Ranor		$	1,077				13	%		$	1,275				13	%		$	(198	)			(16	)%
Stadco			28				1	%			810				9	%			(782	)			(97	)%
Consolidated Gross profit		$	1,105				14	%		$	2,085				22	%		$	(980	)			(47	)%

Twelve months ended		March 31, 2026								March 31, 2025								Changes
						Percent of								Percent of
(dollars in thousands)		Amount				Revenue				Amount				Revenue				Amount				Percent
Revenue
Ranor		$	16,946				54	%		$	18,165				53	%		$	(1,219	)			(7	)%
Stadco			15,306				48	%			15,998				47	%			(692	)			(4	)%
Intersegment elimination			(608	)			(2	)%			(132	)			---	%			(476	)			(360	)%
Consolidated Revenue		$	31,644				100	%		$	34,031				100	%		$	(2,387	)			(7	)%
Cost of Revenue
Ranor		$	11,119				35	%		$	12,623				37	%		$	(1,504	)			(12	)%
Stadco			16,158				51	%			17,211				50	%			(1,053	)			(6	)%
Intersegment elimination			(608	)			(2	)%			(132	)			---	%			(476	)			(360	)%
Consolidated Cost of Revenue		$	26,669				84	%		$	29,702				87	%		$	(3,033	)			(10	)%
Gross Profit (Loss)
Ranor		$	6,324				20	%		$	5,674				16	%		$	650				11	%
Stadco			(1,349	)			(4	)%			(1,345	)			(3	)%			(4	)			(---)	%
Consolidated Gross profit		$	4,975				16	%		$	4,329				13	%		$	646				15	%

TECHPRECISION CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

		Years Ended March 31,
(dollars in thousands)		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(1,664	)		$	(2,748	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			2,794				2,796
Amortization of debt issuance costs			70				103
Write-off debt issuance costs			83				---
Loss on disposal of equipment			---				1
Stock based compensation			635				103
Change in contract loss provision			(106	)			170
Change in allowance for doubtful accounts			53				(31	)
Stock based acquisition termination fee			---				419
Changes in operating assets and liabilities:
Accounts receivable			(349	)			210
Contract assets			(1,222	)			(1,060	)
Work-in-process and raw materials			(72	)			368
Other current assets			(555	)			74
Accounts payable			(22	)			1,029
Accrued expenses			(506	)			(364	)
Income taxes payable			31				---
Contract liabilities and customer deposits			1,498				(1,117	)
Other noncurrent liabilities			(662	)			(552	)
Net cash provided by (used in) operating activities			6				(599	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment			(3,265	)			(4,122	)
Reimbursements for purchases of fixed assets			4,133				3,041
Net cash provided by (used in) investing activities			868				(1,081	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolver loan			18,236				13,876
Repayment of revolver loan			(17,940	)			(13,511	)
Proceeds from private placement			---				2,299
Private placement fees			---				(247	)
Proceeds from equipment financing			---				65
Debt issuance costs			(239	)			(82	)
Principal payments for leases			(12	)			(9	)
Repayment of long-term debt			(683	)			(654	)
Net cash (used in) provided by financing activities			(638	)			1,737
Net increase in cash			236				57
Cash beginning of period			195				138
Cash end of period		$	431			$	195

EBITDA Non-GAAP Financial Measure (unaudited)

		March 31,				March 31,				Change
(dollars in thousands)		2026				2025				Amount
Net loss		$	(1,664	)		$	(2,748	)		$	1,084
Income tax expense (benefit)			31				(2	)			33
Interest expense (1)			485				541				(56	)
Depreciation and amortization			2,794				2,796				(2	)
EBITDA		$	1,646			$	587			$	1,059

(1) Includes amortization of debt issue costs

FAQ

How did TechPrecision (TPCS) perform financially in fiscal year 2026?

TechPrecision’s fiscal 2026 revenue was $31.6 million, down 7%, but gross profit rose 15% to $5.0 million. The company’s net loss improved to $1.6 million, a 41% reduction from the prior year, and EBITDA increased to $1.6 million from $0.6 million.

What guidance did TechPrecision (TPCS) provide for fiscal 2027?

For fiscal 2027, TechPrecision projects revenue of $35–$37 million and EBITDA of $3–$4 million. This implies roughly double-digit revenue growth and a substantial EBITDA increase if achieved, supported by an existing funded and unfunded defense-focused backlog.

What is TechPrecision’s backlog as of March 31, 2026?

As of March 31, 2026, TechPrecision reported a funded backlog of $52.1 million and approximately $25 million of additional unfunded purchase orders. Management expects to deliver this work over the next one to three fiscal years, with expectations for continued gross margin improvement.

What is TechPrecision’s liquidity and debt position at fiscal 2026 year-end?

At March 31, 2026, TechPrecision held $0.4 million in cash, with total debt of $6.9 million and negative working capital of $0.4 million. All debt was classified as current due to covenant violations, highlighting refinancing and liquidity challenges despite improved operations.

How did TechPrecision’s segments Ranor and Stadco perform in fiscal 2026?

For fiscal 2026, Ranor generated $16.9 million of revenue and $6.3 million gross profit, while Stadco produced $15.3 million of revenue and a gross loss of $1.3 million. Management emphasized a strategic shift toward higher-margin projects across both segments.

How did TechPrecision’s fourth quarter of fiscal 2026 compare to the prior year?

In the quarter ended March 31, 2026, TechPrecision’s revenue was $8.1 million, down 15%, and gross profit was $1.1 million, down 47%. The company recorded an operating loss of $0.2 million and a net loss of $0.4 million, versus net income of $0.1 million a year earlier.

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