TPCS Research | Milton Maxwell

TPCS

TechPrecision Corporation

4.4550

-0.0450-1%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q3 '26

Q&A evasive on Stadco losses, timeline

2/16/26Feb 16, 2026

Q&A dug into Stadco's persistent legacy contract drags, where management admitted surprise reworks from customers derailed Q3 and couldn't quantify remaining losses or revenue breakout from the $7M-$9M rut. They stressed capturing full provisions, new better-priced shipments already flowing, and Sikorsky's cooperation on over 50% of volume. Analysts pushed for customer protections and scalability via repeat programs; execs agreed to strengthen contracts, deselect bad partners, and cross-pollinate with Ranor—but stayed vague on timelines. Stadco's woes persist. Tone stayed candidly frustrated, with hopes for no repeat surprises in Q4. Watch Stadco's turnaround trajectory.

Key Stats

Market Cap

44.61M

P/E (TTM)

Basic EPS (TTM)

-0.05

Dividend Yield

Recent Filings

10-Q

Q3 FY2026 results

2/17/26Feb 17, 2026

TechPrecision posted Q3 FY2026 revenue of $7.1M, down 7% y/y from $7.6M, with gross profit shrinking to $381K (5.4% margin) from $991K (13.0%) as Stadco's losses widened on project changeovers and holiday downtime. Ranor revenue ticked up 1% y/y to $4.4M while Stadco dropped 10% y/y to $3.0M; YTD revenue fell 4% to $23.6M but gross margin leaped to 16.4% from 9.1%, trimming operating loss to $(0.9M) from $(2.5M) and net loss to $(1.2M) or $(0.13)/diluted share from $(2.9M) or $(0.30). EPS reconciles to 9.9M weighted shares. Cash dwindled to $50K with $697 revolver availability amid covenant breaches classifying all $6.7M debt current; revolver extended to May 2026. Stadco drags. Covenant violations threaten liquidity.

8-K

Q3 revenue dips, YTD profits soar

2/17/26Feb 17, 2026

TechPrecision reported Q3 fiscal 2026 results on February 17, 2026, with revenue down 7% to $7.1 million but year-to-date gross profit surging 72% to $3.9 million on 12% lower costs. Ranor gained margins; Stadco lost on mix. Backlog hit $46 million. Debt covenants breached.

8-K

Revolver maturity extended

1/14/26Jan 14, 2026

TechPrecision's subsidiary Ranor extended its $4,500,000 revolver maturity from January 16 to May 15, 2026, via a thirteenth amendment with Beacon Bank on January 12. Despite ongoing covenant breaches in debt service and leverage ratios through September 2025, the lender granted the extension for a $7,500 fee. Lender reserves all default remedies.

8-K

Q2 profit surges to $0.08/share

11/13/25Nov 13, 2025

TechPrecision swung to $0.8M net income in FY26 Q2 on $9.1M revenue, up 2% YoY, with gross margins leaping to 27% from 11% via favorable mix at Ranor and Stadco. Operating income flipped to $0.9M from a $0.5M loss. Backlog hit $47.8M.

10-Q

Q2 FY2026 results

11/13/25Nov 13, 2025

TechPrecision swung to $9.1M revenue and $0.9M operating profit for Q2 FY2026 ended September 30, 2025, up 2% and from a $0.5M loss y/y, while gross margin leaped to 27% from 11% on favorable project mix at Ranor and Stadco. Ranor revenue fell 9% y/y to $4.4M yet profit margins expanded; Stadco revenue rose 14% y/y to $4.7M, narrowing its operating loss to $0.5M from $1.4M. Cash sits at $220 with $1.2M revolver availability, but all $7.2M debt is current due to leverage covenant breach. Operating cash used $0.4M; free cash flow not disclosed in the 10-Q. Stadco drags liquidity.

About

TechPrecision Corporation, together with its subsidiaries, manufactures and sells precision, fabricated, and machined metal structural components and systems in the United States. It operates through two segments, Ranor and Stadco. The company offers custom components for U.S. Navy submarines and aircraft carriers, USMC military helicopters, defense, and aerospace programs. It also provides custom solutions, such as manufacturing engineering, materials management and traceability, fabrication, precision machining, and QC inspection services. It serves the defense, aerospace, and precision industrial markets. TechPrecision Corporation is headquartered in Westminster, Massachusetts.

CEO

Mr. Alexander Shen

IPO

12/27/2007

Website

https://www.techprecision.com

Employees

152

Sector

Industrials

Industry

Metal Fabrication