Summary by Moomoo AI
Air Industries Group reported Q3 2024 revenue of $12.56 million, up 2.1% year-over-year. Net loss narrowed to $404,000 from $1.3 million in Q3 2023. Gross profit increased 58.1% to $1.94 million, with gross margin expanding to 15.5% from 10.0%.Operating expenses decreased 7.4% to $1.87 million. The company's backlog grew to $105.2 million as of September 30, 2024, up from $98.1 million at the end of 2023. Air Industries maintained compliance with its credit facility covenants as of Q3 2024.Management expects increased sales for the remainder of 2024 and into 2025, supported by the growing backlog and long-term agreements with key customers. However, the company noted ongoing challenges, including potential covenant compliance issues, that raise substantial doubt about its ability to continue as a going concern.
