The following is a summary of the Air Industries Group (AIRI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Air Industries Group reported a top-line revenue of $12.6 million for Q3 2024, a slight increase of 2.1% from the previous year.

• Gross profit improved significantly by over $700,000, or 58%, raising the gross profit margin to 15.5%, up by more than five percentage points from last year.

• Operating income for Q3 was $67,000, showing substantial recovery from a loss of $796,000 in Q3 of 2023.

• The net loss decreased to $404,000, or $0.12 per share, improved from a net loss of $1,299,000 or $0.40 per share in Q3 2023.

Business Progress:

• The backlog of fully funded customer orders grew to $104 million, showing a 4% increase since June 2024 and 22% since January 2024.

• Air Industries Group emphasized their focus on portfolio expansion, aftermarket strategy, and industry outreach.

• The company reaffirms its 2024 guidance targeting $50 million in net sales and expecting adjusted EBITDA to significantly outperform 2023 levels.

Opportunities:

• Air Industries Group sees opportunities in expanding its service offerings to NATO countries and focusing on servicing aircraft affected by global conflicts.

• The anticipated increase in defense spending due to global tensions and a new U.S. administration is expected to positively impact the company.

Risks:

• Material lead times and costs are increasing substantially, which may impact production schedules and profitability.

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