Air Industries Group announced preliminary unaudited financial results for the year ended December 31, 2024, highlighting growth in net sales, gross profit, and operating income, while significantly reducing its net loss. Net sales reached $55.108 million, an increase from $51.516 million in 2023.
The company's gross profit improved to $8.932 million from $7.428 million in 2023, with the gross margin percentage rising to 16.2% from 14.4%. Air Industries also achieved an operating income of $459 thousand in 2024, a turnaround from an operating loss of $295 thousand in 2023, and reduced its net loss to $(1.366) million from $(2.131) million.
Adjusted EBITDA for fiscal 2024 increased by 35.3% to $3.641 million, up from $2.697 million in 2023. The company also reported record levels of new business and backlog for the year, underscoring strong business development.
For the fourth quarter of 2024, net sales increased by 11.9% to $14.9 million, compared to $13.4 million in the same period of 2023. The company noted it would utilize the automatic 15-day extension to file its Annual Report on Form 10-K.
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