CPI Aerostructures, Inc.
2.3600-0.07 (-2.88%)
Oct 29, 4:00:00 PM EDT · NYSE American · CVU · USD
Key Stats
Market Cap
30.75MP/E (TTM)
-Basic EPS (TTM)
-0.08Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
CPI Aerostructures posted Q2 revenue of $15.2M, down 27.1% y/y from $20.8M, while YTD revenue fell 23.3% to $30.6M, mainly from the A-10 program termination and delays in MS-110 and T-38 kits. Gross profit shrank to $0.7M (4.4% margin) from $5.1M (24.6%), hit by $4.0M net unfavorable EAC adjustments including $2.3M on A-10 and $1.7M from labor/material hikes on NGJ and T-38; YTD adjustments totaled $7.1M, dragging margins to 7.6%. Operating loss hit $2.0M versus $2.3M income, with net loss of $1.3M ($0.10/share) versus $1.4M income ($0.11/share), the gap widened by interest expense despite a 51.1% y/y drop to $0.3M. Cash dwindled to $0.7M from $5.5M at year-end amid $3.3M operating outflow, but debt eased to $16.1M (9.5% rate, due 2026) with waivers and covenant tweaks via August amendments offsetting A-10 fallout. Backlog holds at $506M, 96% government-tied. Yet program terminations expose reliance on defense contracts.
8-K
Q2 revenue falls on A-10 write-off
CPI Aerostructures reported Q2 2025 revenue of $15.2 million, down from $20.8 million a year ago, with a $1.3 million net loss versus $1.4 million profit, hammered by a $2.3 million A-10 program write-off after Boeing's termination. Excluding that hit, gross margins held at 17.1% amid shifts to new programs like Raytheon's Advanced Tactical Flight Pod. Debt dropped to a record-low $16.2 million. Backlog stands strong at $506 million.
8-K
Interim CFO appointment
CPI Aerostructures appointed Pamela Levesque as Interim Chief Financial Officer and Secretary effective July 22, 2025, following Philip Passarello's resignation from those roles; Passarello shifts to Vice President of Finance to aid the transition. Levesque, a director since 2023 with deep aerospace finance experience from Pratt & Whitney and AAR Corp., earns $350,000 base salary plus $17,500 monthly in vested common stock. This internal move ensures continuity amid leadership change. Smooth handover underway.
8-K
Shareholders approve 2025 incentive plan
CPI Aerostructures shareholders approved the 2025 Long-Term Incentive Plan on June 24, 2025, authorizing up to 800,000 common shares for equity awards to attract and retain talent. The plan, administered by the Compensation Committee, imposes a one-year minimum vesting, bans repricing without approval, and caps individual awards at 125,000 shares annually. This bolsters incentive alignment amid strong support for director elections and executive pay. Yet, awards face clawback risks.
10-Q
Q1 FY2025 results
CPI Aerostructures posted Q1 FY2025 revenue of $15.4M, down 19.3% y/y from $19.1M, mainly from unfavorable A-10 program adjustments due to higher labor and material costs, while gross margin slipped to 10.7% from 18.6%. Operating loss hit $1.2M versus $0.8M income last year, and net loss reached $1.3M or $(0.10) diluted EPS on 12.7M shares, with anti-dilution flagging 171K incremental shares. Cash drained to $1.9M from $5.5M q/q amid $2.7M operating outflow, offset by minor capex; free cash flow not disclosed in the 10-Q. Total debt stood at $16.6M under a revolving line at 9.5%, maturing August 2026, with no borrowing availability and a recent covenant waiver for Q1 misses on debt service, net income, and EBITDA. Backlog swelled to $516M, 96% government-tied. Yet covenant pressures linger.
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