Air Industries (AIRI) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, net sales reached $55.1 million, a 7$51.5 million in 2023[4] - Gross profit improved to $8.9 million in 2024, up 20.2$7.4 million in 2023, with gross profit as a percentage of sales rising to 16.2%[4] - Operating income was $459,000 in 2024, a significant turnaround from an operating loss of$295,000 in 2023[4] - Net loss for 2024 was reduced by $765,000 to$1.4 million, an improvement of 35.9% from the prior year[4] - Adjusted EBITDA for fiscal 2024 was $3.6 million, an increase of nearly$1.0 million or 35.3% from $2.7 million in 2023[5] - Operating expenses increased by 9.7$8.5 million in 2024, reflecting higher non-cash stock compensation expenses[4] Business Growth - New bookings increased by 15% compared to 2023, with a "book-to-bill" ratio of 1.30x, exceeding the aerospace industry benchmark of 1.20x[6] - Total backlog now exceeds $250 million, marking a new record for the company[6] - The company anticipates that year-end 2025 results will exceed those of 2024, continuing the positive trend established[10] Awards and Recognition - The company received the Northrop Grumman Supplier Excellence award in February 2025, an honor granted to less than 0.5% of their 11,000 suppliers[10]