Second Quarter 2025 vs. Second Quarter 2024 Revenue of $15.2 million compared to $20.8 million; Gross profit of $0.7 million compared to $5.1 million; Gross margin of 4.4% (17.1% excluding A-10 Program impact) compared to 24.6%; Net (loss) income of $(1.3) million compared to net income of $1.4 million; (Loss) earnings per share of $(0.10) compared to earnings per share of $0.11; Adjusted EBITDA(1) of $(1.7) million ($0.6 million excluding A-10 Program impact) compared to $2.6 million. Six Months 202 ...

CPI Aerostructures, Inc. 8-K Exhibit 99.1 CPI AEROSTRUCTURES REPORTS SECOND QUARTER AND SIX MONTH 2025 RESULTS Second Quarter 2025 vs. Second Quarter 2024 Six Months 2025 vs. Six Months 2024 EDGEWOOD, N.Y. – August 18, 2025 – CPI Aerostructures, Inc. ("CPI Aero" or the "Company") (NYSE American: CVU) today announced financial results for the three and six months ended June 30, 2025. "During the second quarter we took a $2.3 million write-off on the A-10 Program as a result of the termination of the Program ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number: 1-11398 CPI AEROSTRUCTURES, INC. (Exact name of registrant as specified in its charter) of incorporation or organization) ...

EDGEWOOD, N.Y., July 01, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has appointed Paula Castellano to the position of Senior Vice President, Operations. Ms. Castellano, 59, has extensive experience in Operations leadership and management, Lean and Six Sigma, production control, engineering, planning and customer service. Most recently, she served as Site Director at GKN Aerospace responsible for operational performance, conti ...

Core Points - CPI Aerostructures, Inc. has signed a Long-Term Agreement with MST Manufacturing for component supply until the end of 2028 [1] - The agreement reflects the strong relationship and performance of MST as a critical supplier [2] - CPI Aero is a manufacturer of structural assemblies for various aircraft and is a prime contractor to the U.S. Department of Defense [3] Company Overview - CPI Aero specializes in structural assemblies for fixed wing aircraft, helicopters, and airborne systems in both commercial and national security markets [3] - The company operates as a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers [3] - CPI Aero provides engineering, program management, supply chain management, and MRO services alongside its assembly operations [3] MST Manufacturing Overview - MST Manufacturing is located in Claremore, Oklahoma, with over 75,000 square feet of manufacturing space and more than 110 employees [4] - The company holds AS9100, ISO9001, and ITAR certifications, positioning itself as a leading CNC machining and fabrication company in Oklahoma [4] - MST operates over 60 CNC machines and offers complex machining services, including 5-axis milling and multi-axis turning [4]

CPI Aerostructures, Inc. 8-K Exhibit 99.1 CPI AEROSTRUCTURES REPORTS FIRST QUARTER 2025 RESULTS First Quarter 2025 vs. First Quarter 2024 EDGEWOOD, N.Y. – May 15, 2025 – CPI Aerostructures, Inc. ("CPI Aero" or the "Company") (NYSE American: CVU) today announced financial results for the three month period ended March 31, 2025. "Our first quarter 2025 results were significantly impacted by the recognition of a pre-tax loss of $2.1 million on our A-10 Program, a challenging Program with higher manufacturing c ...

Core Viewpoint - CPI Aerostructures, Inc. reported a significant financial impact in Q1 2025 due to a pre-tax loss of $2.1 million on the A-10 Program, which has higher manufacturing costs under a fixed-price contract from 2019. The company is taking steps to mitigate further financial degradation from this program [3]. Financial Performance - Revenue for Q1 2025 was $15.4 million, down from $19.1 million in Q1 2024 [9]. - Gross profit decreased to $1.6 million, compared to $3.6 million in the same period last year, resulting in a gross margin of 10.7%, down from 18.6% [9]. - The company reported a net loss of $1.3 million in Q1 2025, compared to a net income of $0.2 million in Q1 2024 [9]. - Adjusted EBITDA was $(0.8) million, a decline from $1.2 million in Q1 2024 [9]. Balance Sheet and Debt Management - The total debt was reduced to an all-time low of $16.7 million, with a Debt-to-Adjusted EBITDA Ratio of 2.9, marking the ninth consecutive quarter below 3.0 [4]. - Total assets as of March 31, 2025, were $65.36 million, down from $67.98 million at the end of 2024 [12][13]. Operational Outlook - The company ended the quarter with a strong backlog of $516 million, including new program awards from major clients such as L3Harris, Raytheon, Lockheed, and Embraer [5]. - CPI Aero is focused on operational improvements and transitioning from legacy programs to future-oriented programs [5].

Part I - Financial Information [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201%20%E2%80%93%20Consolidated%20Financial%20Statements%20(Unaudited)) CPI Aerostructures reported a Q1 2025 net loss of $1.32 million, a significant decline from prior-year net income, driven by a 19.3% revenue decrease and 53.6% gross profit drop due to unfavorable A-10 program cost adjustments, alongside decreased assets and equity, and a debt covenant waiver [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202025%20(Unaudited)%20and%20December%2031%2C%202024) Total assets decreased to $65.36 million as of March 31, 2025, primarily due to a $3.6 million cash reduction, with total liabilities also decreasing and shareholders' equity declining to $24.93 million Condensed Consolidated Balance Sheet Highlights (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $41,117.8 | $43,592.5 | | **Total Assets** | $65,360.7 | $67,982.0 | | **Total Current Liabilities** | $26,166.6 | $26,470.3 | | **Total Liabilities** | $40,431.2 | $42,048.8 | | **Total Shareholders' Equity** | $24,929.5 | $25,933.2 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20months%20ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) The company reported a Q1 2025 net loss of $1.32 million (**($0.10)** per share), a shift from prior-year net income, driven by a **19.3%** revenue decline and a significant gross profit reduction to **$1.65 million** Q1 2025 vs. Q1 2024 Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $15,400,608 | $19,081,143 | | **Gross Profit** | $1,649,475 | $3,553,749 | | **(Loss) Income from Operations** | $(1,186,302) | $839,845 | | **Net (Loss) Income** | $(1,323,924) | $168,238 | | **(Loss) Income per Share, Diluted** | $(0.10) | $0.01 | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity%20for%20the%20Three%20months%20ended%20March%2031%2C%202025%20and%202024) Shareholders' equity decreased by $1.0 million to $24.93 million in Q1 2025, primarily due to a $1.32 million net loss, partially offset by $0.32 million in stock-based compensation expense - Total shareholders' equity decreased from **$25,933,242** at the beginning of the period to **$24,929,547** at March 31, 2025[10](index=10&type=chunk) - The primary driver of the decrease was a net loss of **$1,323,924** for the quarter[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20months%20ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) Net cash used in operating activities significantly increased to $2.72 million in Q1 2025, leading to a total cash balance decrease of $3.62 million, ending the quarter at $1.87 million Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | $(2,721.6) | $(960.5) | | **Net Cash Used in Investing Activities** | $(59.4) | $(46.8) | | **Net Cash Used in Financing Activities** | $(841.4) | $(1,069.4) | | **Net Decrease in Cash** | $(3,622.4) | $(2,076.7) | | **Cash at End of Period** | $1,868.6 | $3,018.1 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail key accounting policies, including a drop in government subcontract revenue to $11.3 million, a $3.1 million unfavorable gross profit adjustment from the A-10 program, a funded backlog of $82.2 million, and a post-quarter waiver for debt covenant non-compliance - The company operates as a single reportable segment in the aerostructures industry[15](index=15&type=chunk)[54](index=54&type=chunk) Revenue by Contract Type (Q1) | Contract Type | 2025 | 2024 | | :--- | :--- | :--- | | Government subcontracts | $11,326,608 | $15,001,768 | | Prime government contracts | $2,793,612 | $2,781,881 | | Commercial contracts | $1,280,388 | $1,297,494 | - Net EAC adjustments resulted in a **$3.1 million** reduction to gross profit in Q1 2025, primarily driven by a **$2.1 million** decrease on the A-10 program due to increased labor and material costs[24](index=24&type=chunk) - As of March 31, 2025, the company was not in compliance with financial covenants related to its debt service coverage ratio, net income, and adjusted EBITDA. A waiver was obtained from lenders on May 14, 2025, for the Q1 2025 period[41](index=41&type=chunk)[59](index=59&type=chunk) - In Q1 2025, the four largest customers accounted for **23%**, **22%**, **20%**, and **18%** of revenue, indicating significant customer concentration[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 19.3% revenue decline and net loss to unfavorable A-10 program cost adjustments, with total backlog slightly increasing to $515.9 million, while liquidity remains a key focus due to decreased cash and a required debt covenant waiver, with operations financed by internally generated cash flow [Backlog](index=19&type=section&id=Backlog) Total backlog increased to $515.9 million at March 31, 2025, driven by higher unfunded backlog despite a decrease in funded backlog to $82.2 million, with government and military contracts comprising about 96% of the total Backlog Comparison (in thousands) | Backlog Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Funded | $82,165 | $85,039 | | Unfunded | $433,750 | $425,232 | | **Total** | **$515,915** | **$510,271** | - Approximately **96%** of the total backlog at March 31, 2025, was attributable to government and military contractor contracts[67](index=67&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Q1 2025 revenue decreased 19.3% to $15.4 million and gross profit fell 53.6% to $1.6 million, primarily due to unfavorable A-10 program adjustments, while SG&A expenses rose 4.5% and interest expense decreased 22.8% - Revenue for Q1 2025 was **$15.4 million**, a decrease of **19.3%** from **$19.1 million** in Q1 2024, primarily due to unfavorable adjustments on the A-10 program[72](index=72&type=chunk) - Gross profit decreased by **53.6%** to **$1.6 million**, with gross margin falling to **10.7%** from **18.6%** in the prior year. The A-10 program impact was the main driver[81](index=81&type=chunk) - Net unfavorable adjustments to gross profit were **$3.1 million** in Q1 2025, compared to **$1.2 million** in Q1 2024[82](index=82&type=chunk) - The company reported a net loss of **$1.3 million** (**($0.10)** per share) in Q1 2025, compared to a net income of **$168,238** (**$0.01** per share) in Q1 2024[90](index=90&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company's Q1 2025 liquidity tightened, with working capital decreasing 12.7% to $15.0 million and cash falling 65.9% to $1.9 million, necessitating a waiver for debt covenant non-compliance, with operations now reliant on internally generated cash due to no credit facility availability - Working capital decreased by **$2.2 million** to **$15.0 million** at March 31, 2025[91](index=91&type=chunk) - Cash decreased by **$3.6 million** to **$1.9 million** at March 31, 2025, primarily due to cash used in operations and debt repayment[95](index=95&type=chunk) - The company was not in compliance with minimum debt service coverage, net income, and adjusted EBITDA covenants as of March 31, 2025, but received a waiver for the quarter, avoiding an event of default[99](index=99&type=chunk) - There is currently no availability for borrowings under the Revolving Loan, and the company finances its operations from internally generated cash flow[101](index=101&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable, indicating no material market risk disclosures are required for the period - Not applicable[106](index=106&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that the company's internal control over financial reporting was effective as of March 31, 2025, with no material changes identified during the quarter - Management concluded that the Company's internal control over financial reporting was effective at the reasonable assurance level as of March 31, 2025[109](index=109&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[110](index=110&type=chunk) Part II - Other Information [Legal Proceedings](index=25&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company reported no legal proceedings during the period - None[111](index=111&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes from the risk factors described in the Form 10-K for the year ended December 31, 2024[112](index=112&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[113](index=113&type=chunk) [Defaults Upon Senior Securities](index=25&type=section&id=Item%203%20%E2%80%93%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities, as non-compliance with financial covenants under its credit agreement did not result in a formal default due to a waiver - None[114](index=114&type=chunk) [Other Information](index=25&type=section&id=Item%205%20%E2%80%93%20Other%20Information) On May 14, 2025, the company obtained a waiver from its lenders for noncompliance with certain financial covenants (minimum debt service coverage, net income, and EBITDA) for the quarter ended March 31, 2025, which applies solely to this quarter and does not amend future requirements - On May 14, 2025, the Company obtained a waiver from its lenders for noncompliance with financial covenants as of March 31, 2025. The waiver applies solely to Q1 2025[116](index=116&type=chunk) [Exhibits](index=27&type=section&id=Item%206%20%E2%80%93%20Exhibits) The report lists all exhibits filed, including the waiver letter related to the credit agreement and the required Section 302 and 906 certifications by the CEO and CFO - Key exhibits filed with the report include the Waiver Letter to the Amended and Restated Credit Agreement (Exhibit **10.1**), and CEO and CFO certifications under Sections **302** and **906**[117](index=117&type=chunk)

Core Points - CPI Aerostructures, Inc. has completed the production and delivery of an Airborne Laser Mine Detection System (ALMDS) pod structure for Northrop Grumman, supporting a contract awarded by Korea Aerospace Industries, Ltd. (KAI) for the Engineering, Manufacturing, and Design (EMD) phase of the Republic of Korea's Mine Countermeasures Helicopter (KMCH) program, expected to be completed in 2027 [1] - There is potential for a follow-on order for Low-Rate Production of eight pods valued at approximately $3 million [1] - The ALMDS system is designed to rapidly detect, classify, and localize mines, capable of untethered operations day or night, achieving high area search rates and providing accurate target geo-location for mine neutralization [2] - CPI Aero has delivered a total of 28 ALMDS pod structures to Northrop Grumman since 2007, including 24 for the U.S. Navy and 4 for the Japanese Maritime Self Defense Force [2] - CPI Aero operates as a U.S. manufacturer of structural assemblies for various aircraft and pod systems, serving both commercial aerospace and national security markets, and is a Tier 1 supplier or Tier 2 subcontractor within the global aerostructure supply chain [3]

EDGEWOOD, N.Y., April 07, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE:CVU) announced today that they completed production and delivery of an Airborne Laser Mine Detection System (ALMDS) pod structure for Northrop Grumman. The pod supports a contract awarded to Northrop Grumman in February 2023 by Korea Aerospace Industries, Ltd. (KAI), aiming to deliver ALMDS solutions and technical assistance for the Engineering, Manufacturing, and Design (EMD) phase of the Republ ...