AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three months Ended March 31, 2025 2024 Revenue$15,400,608 $19,081,143 Cost of sales 13,751,133 15,527,394 Gross profit 1,649,475 3,553,749 Selling, general and administrative expenses 2,835,777 2,713,904 (Loss) income from operations (1,186,302) 839,845 Other income (expense) 1,500 — Interest expense (488,091) (632,135)(Loss) income before provision for income taxes (1,672,893) 207,710 (Benefit) Provision for income taxes (348,969) 39,472 Net (loss) income$(1,323,924) $168,238 (Loss) Income per common share, basic$(0.10) $0.01 (Loss) Income per common share, diluted$(0.10) $0.01 Shares used in computing (loss) income per common share: Basic 12,720,148 12,486,889 Diluted 12,720,148 12,680,584 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.
AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS March 31, 2025(Unaudited) December 31,2024ASSETS Current Assets: Cash$1,868,580 $5,490,963 Accounts receivable, net 5,565,694 3,716,378 Contract assets, net 32,080,347 32,832,290 Inventory 897,523 918,288 Prepaid expenses and other current assets 705,679 634,534 Total Current Assets 41,117,823 43,592,453 Operating lease right-of-use assets 2,370,664 2,856,200 Property and equipment, net 728,540 767,904 Deferred tax asset, net 19,221,166 18,837,576 Goodwill 1,784,254 1,784,254 Other assets 138,284 143,615 Total Assets$65,360,731 $67,982,002 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable$14,497,164 $11,097,685 Accrued expenses 4,547,206 7,922,316 Contract liabilities 1,955,260 2,430,663 Loss reserve 98,534 22,832 Current portion of line of credit 2,750,000 2,750,000 Current portion of long-term debt 18,736 26,483 Operating lease liabilities, current 2,206,562 2,162,154 Income taxes payable 93,156 58,209 Total Current Liabilities 26,166,618 26,470,342 Line of credit, net of current portion 13,890,000 14,640,000 Long-term operating lease liabilities 374,566 938,418 Total Liabilities 40,431,184 42,048,760 Shareholders’ Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 13,009,294 and 12,978,741 shares, respectively, issued and outstanding 13,009 12,979 Additional paid-in capital 74,744,850 74,424,651 Accumulated deficit (49,828,312) (48,504,388)Total Shareholders’ Equity 24,929,547 25,933,242 Total Liabilities and Shareholders’ Equity$65,360,731 $67,982,002 CPI AEROSTRUCTURES, INC.
First Quarter 2024 Revenue of $15.4 million compared to $19.1 million; Gross profit of $1.6 million compared to $3.6 million; Gross margin of 10.7% compared to 18.6%; Net (loss) income of $(1.3) million compared to net income of $0.2 million; (Loss) earnings per share of $(0.10) compared to earnings per share of $0.01; Adjusted EBITDA(1) of $(0.8) million compared to $1.2 million; Cash flow used in operations of $2.7 million compared to $1 million.EDGEWOOD, N.Y., May 15, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc.("CPI Aero” or the "Company”) (NYSE American: CVU) today announced financial results for the three month period ended March 31, 2025.
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