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 ...

Revenue Performance - Revenue for Q4 2024 was $21.8 million, down from $23.5 million in Q4 2023, while full year revenue decreased to $81.1 million from $86.5 million[7]. Profitability Metrics - Gross profit margin improved by 150 basis points to 20.0% in Q4 2024, and for the full year, gross margin increased to 21.3% from 19.7%[4][7]. - Net income for Q4 2024 was $1.0 million, significantly lower than $14.8 million in Q4 2023, with full year net income at $3.3 million compared to $17.2 million[4][7]. - Earnings per share (EPS) for Q4 2024 was $0.08, down from $1.20 in Q4 2023, and for the full year, EPS decreased to $0.26 from $1.40[7]. - Adjusted EBITDA for Q4 2024 was $2.3 million, up from $1.8 million in Q4 2023, while full year adjusted EBITDA increased to $7.8 million from $7.5 million[7]. Cash Flow and Debt Management - Cash flow from operations for 2024 was $3.6 million, compared to $3.9 million in 2023, with total cash from operations for the year at $4.4 million[5][7]. - The company reduced its debt by $2.7 million in 2024, achieving a debt balance of $17.4 million, the lowest since 2011[5]. - The Debt-to-Adjusted EBITDA Ratio at year-end was 2.2, marking the eighth consecutive quarter-end below 3.0[5]. Future Outlook - The backlog at year-end 2024 was $510 million, including new program awards from L3Harris, Raytheon, and Embraer[6]. - The company remains confident in its long-term outlook and plans to capitalize on future opportunities while strengthening customer relationships[8].

Government Contracts and Funding Risks - Company relies heavily on U.S. Government contracts, with significant revenue contributions from major defense contractors: Raytheon (36%), Lockheed Martin (24%), and United States Air Force (14%) for 2024[101] - Company faces risks related to government funding, which is subject to congressional budget authorization and may lead to contract terminations or adjustments if appropriations are delayed or reduced[95] - The competitive bidding process poses risks, including unforeseen technological difficulties and cost overruns, which may adversely affect profitability[98] - Loss of small business status could limit eligibility for government contracts and special programs, adversely affecting competitive positioning[116] - The company’s contracts with the U.S. government are subject to the Federal Acquisition Regulation (FAR), which dictates allowable costs for pricing[275] Financial Performance and Position - Revenue for the year ended December 31, 2024 was $81,078,864, a decrease of $5,387,457 or 6.2% compared to $86,466,321 for 2023[160] - Revenue from prime government contracts was $11,677,152, a slight decrease of $164,993 or 1.4% compared to $11,842,145 for 2023[161] - Revenue from government subcontracts decreased by $4,968,232 or 7.1% to $64,704,370 for the year ended December 31, 2024[162] - Cost of sales for the year ended December 31, 2024 was $63,840,803, a decrease of $5,559,890 or 8.0% compared to $69,400,693 for 2023[164] - Gross profit for the year ended December 31, 2024 was $17,238,061, an increase of $172,433 or 1.0% compared to $17,065,628 for 2023[168] - Gross profit margin increased to 21.3% for the year ended December 31, 2024, compared to 19.7% for 2023[168] - Net income for the year ended December 31, 2024 was $3,299,334, a decrease of $13,901,870 or 80.8% compared to $17,201,204 in 2023[174] - Basic earnings per share decreased to $0.26 for the year ended December 31, 2024, down $1.14 or 81.4% from $1.40 in 2023[175] - Working capital increased to $17,122,111 at December 31, 2024, an increase of $1,719,730 or 11.2% from $15,402,381 in 2023[177] - Cash balance increased to $5,490,963 at December 31, 2024, an increase of $396,169 or 7.8% from $5,094,794 in 2023[182] - Total assets decreased to $67,982,002 in 2024 from $74,360,132 in 2023, reflecting a decline of 8.5%[241] - Total liabilities decreased to $42,048,760 in 2024 from $52,278,404 in 2023, a reduction of 19.5%[241] - Shareholders' equity increased to $25,933,242 in 2024 from $22,081,728 in 2023, an increase of 17.5%[241] Internal Controls and Compliance - The company has identified material weaknesses in internal control over financial reporting, leading to multiple restatements of its consolidated financial statements[128] - A settlement with the SEC requires the company to remediate its internal control weaknesses by December 31, 2024, with a potential civil monetary penalty of $400,000 if it fails to comply[129] - Management confirmed that as of December 31, 2024, the company has fully remediated its material weaknesses in internal control over financial reporting[204] - The financial statements present the Company's financial position as of December 31, 2024, in conformity with generally accepted accounting principles[224] - The audit opinion confirms that the financial statements are free of material misstatement, whether due to error or fraud[224] Risks and Liabilities - Company is subject to strict environmental regulations, with potential fines and remediation expenses for non-compliance, impacting financial condition[102] - The company faces potential liability for product failures, and any material product liability not covered by insurance could adversely affect its financial condition[121] - Increased scrutiny regarding environmental, social, and governance (ESG) responsibilities could expose the company to additional costs and impact its liquidity and stock price[122] - The company has exposure to interest rate risk as its borrowing costs are based on the Prime Rate, which can negatively impact profitability[127] Revenue Recognition and Accounting - The Company recognized approximately $80.1 million in revenue over time for the year ended December 31, 2024, from long-term contracts[229] - The revenue recognition method used is based on an input method that reflects the ratio of costs incurred to total estimated costs at completion[229] - The company’s revenue recognition follows ASC 606, recognizing revenue when control of goods or services is transferred to customers[257] - The company utilizes the cost-to-cost input method to measure progress on performance obligations, which reflects the transfer of control to the customer[265] - Income taxes are accounted for under the asset and liability method, recognizing deferred tax assets and liabilities for future tax consequences[293] Operational and Financial Management - The company’s working capital requirements can vary significantly, potentially affecting liquidity and capital resources if cash flows from operations are insufficient[113] - The company has undergone multiple amendments to its Amended and Restated Credit Agreement since March 2016, indicating ongoing financial management[218] - The company maintains an allowance for credit losses on accounts receivable and contract assets, assessed quarterly based on factors such as the age of receivables[278] - The company has right-of-use assets of $2,856,200 and lease liabilities of $3,100,572 as of December 31, 2024, down from $4,740,193 and $5,099,629 in 2023, respectively[284] Miscellaneous - The company has not paid any dividends to date and intends to retain earnings for business operations[145] - As of December 31, 2024, the company has 310,458 securities available for future issuance under equity compensation plans[147] - The effective tax rate for 2024 was 25.7%, compared to an effective tax benefit rate of (346.6%) in 2023[173] - The company reported a decrease in contract liabilities from $5,937,629 in 2023 to $2,430,663 in 2024, a decline of 59.0%[241] - Operating cash flow for 2024 was $3,558,935, compared to $3,928,341 in 2023, a decrease of 9.4%[249] - The company performed its annual impairment assessment of goodwill as of December 31, 2024, concluding that goodwill was not impaired[286] - The company’s long-lived assets were determined not to be impaired as of December 31, 2024, based on expected cash flows[287] - Basic and diluted income per common share for the years ended December 31, 2024 and 2023 were calculated using 116,024 and 160,742 incremental shares, respectively[291] - The company complies with FASB ASC Topic 260 for earnings per share calculations, using the treasury stock method[290]

Core Insights - CPI Aerostructures, Inc. reported a decrease in revenue for 2024 compared to 2023, but improved gross profit margin by 150 basis points [3][6] - The company achieved a net income increase of 22.2% and earnings per share (EPS) growth of 19.5% due to operational efficiencies and reduced costs [3][6] - CPI Aero ended 2024 with a strong backlog of $510 million, including new program awards from major clients [5] Financial Performance - Fourth Quarter 2024 revenue was $21.8 million, down from $23.5 million in Q4 2023; gross profit increased to $4.3 million from $4.1 million [6] - Full Year 2024 revenue totaled $81.1 million, a decrease from $86.5 million in 2023; gross profit slightly increased to $17.2 million from $17.1 million [6][15] - Net income for Q4 2024 was $1.0 million, significantly lower than $14.8 million in Q4 2023; full year net income was $3.3 million compared to $17.2 million in 2023 [6][15] Operational Efficiency - The company generated $3.6 million in cash from operations in 2024 and reduced debt by $2.7 million, achieving the lowest debt level since 2011 [4] - The Debt-to-Adjusted EBITDA Ratio at year-end was 2.2, marking the eighth consecutive quarter-end below 3.0 [4] Backlog and Future Outlook - CPI Aero's backlog of $510 million includes multiple new program awards from L3Harris, Raytheon, and Embraer, indicating confidence in future growth [5] - The company aims to capitalize on long-standing customer relationships and multiple opportunities ahead [5]

Core Insights - CPI Aerostructures, Inc. has received funded orders totaling $7 million for the overhaul and repair of outboard stabilator assemblies for the Sikorsky MH-60 SEAHAWK helicopter, under a five-year IDIQ contract from Sikorsky [1] - The company emphasizes its core capability in repair and overhaul services, which is foundational for growth in its Repair & Overhaul business, having delivered over 1,000 stabilators for the Seahawk Helicopter fleet [2] Company Overview - CPI Aero is a U.S. manufacturer specializing in structural assemblies for fixed-wing aircraft, helicopters, and airborne Intelligence Surveillance and Reconnaissance systems, serving both commercial aerospace and national security markets [3] - Within the global aerostructure supply chain, CPI Aero operates as either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers, and is a prime contractor to the U.S. Department of Defense, primarily the Air Force [3]

Core Viewpoint - CPI Aerostructures, Inc. has secured contracts worth $4.3 million for gunner window assemblies for the UH-60M Black Hawk helicopter, as part of a five-year indefinite delivery indefinite quantity (IDIQ) contract [1] Group 1: Company Overview - CPI Aero has delivered over 6,000 gunner window assemblies to Sikorsky since 2010, showcasing its commitment to quality and customer satisfaction [2] - The company is a U.S. manufacturer specializing in structural assemblies for fixed wing aircraft, helicopters, and airborne Intelligence Surveillance and Reconnaissance pod systems, serving both commercial aerospace and national security markets [3] - CPI Aero operates as a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers, and is a prime contractor to the U.S. Department of Defense, primarily the Air Force [3] Group 2: Contract Details - The recent contracts for gunner window assemblies are part of a previously announced five-year IDIQ contract, indicating a long-term relationship with the U.S. military [1] - The contracts total $4.3 million, reflecting the ongoing demand for components related to the Black Hawk helicopter fleet [1]

Core Points - CPI Aerostructures, Inc. has been authorized by Raytheon Technologies to manufacture pod structures and air management system components for the Next Generation Jammer Mid-Band (NGJ-MB) program, with a contract value of up to $33.4 million [1][2] - The NGJ-MB program is designed to enhance airborne electronic attack capabilities, providing force-level spectrum superiority in modern military environments [2] - CPI Aero is committed to delivering the NGJ-MB pods on or ahead of schedule, emphasizing the critical need for this capability as communicated by Raytheon [3] Company Overview - CPI Aero is a U.S. manufacturer specializing in structural assemblies for fixed-wing aircraft, helicopters, and airborne Intelligence Surveillance and Reconnaissance pod systems, serving both commercial aerospace and national security markets [4] - The company operates as a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers, and is a prime contractor to the U.S. Department of Defense, primarily the Air Force [4]

Core Viewpoint - CPI Aerostructures, Inc. has appointed Carey Bond as the new Chairman of its Board of Directors, succeeding Terry Stinson, who has served for six years [1][2][3] Company Leadership - Carey Bond, previously Vice-Chairman, has extensive experience in the aerospace industry, having held leadership roles at various companies including Sikorsky Aircraft and Bell Helicopter Textron [3] - Terry Stinson will remain on the Board as Vice-Chairman, continuing to provide strategic insights [2] Company Overview - CPI Aerostructures is a U.S. manufacturer specializing in structural assemblies for fixed-wing aircraft, helicopters, and airborne Intelligence Surveillance and Reconnaissance systems [4] - The company operates as a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers and is a prime contractor to the U.S. Department of Defense, primarily the Air Force [4]