CPI Aerostructures, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting a significant impact from a pre-tax loss of $2.1 million on its A-10 Program. This loss stemmed from higher manufacturing costs on a 2019-fixed price contract, with the company taking steps to mitigate further financial degradation.
Excluding the A-10 Program impact, the company's gross profit for Q1 2025 was 21.6%, an increase from 18.6% in the first quarter of 2024. Income before provision for income taxes, without the A-10 Program impact, was $0.5 million, up from $0.2 million in the prior year's quarter.
The company continued to strengthen its balance sheet, reducing total debt to an all-time low of $16.7 million. The Debt-to-Adjusted EBITDA Ratio stood at 2.9, marking the ninth consecutive quarter-end below 3.0.
CPI Aerostructures ended the quarter with a strong backlog of $516 million, which includes multiple new program awards from L3Harris, Raytheon, Lockheed, and Embraer. This backlog indicates continued confidence in the company's long-term outlook despite the A-10 program challenges.
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