Revenue Performance - Revenue for the first quarter of FY 2025 was $8.0 million, an increase of 8% compared to $7.4 million in the same period of FY 2024[4] - Consolidated revenue for the three months ended June 30, 2024, was $7,986,000, an increase of 8% compared to $7,371,000 for the same period in 2023[18] Cost and Profitability - The cost of revenue increased by 16% to $7.7 million, primarily due to higher production costs at Stadco[4] - The cost of revenue increased to $7,747,000, representing a 16% increase from $6,677,000 in the prior year[18] - Gross profit decreased by 66% to $238,000, attributed to higher production costs and under-absorbed overhead at Stadco[4] - Gross profit decreased significantly to $238,000, down 66% from $694,000 in the same quarter of 2023[18] - EBITDA for the three months ended June 30, 2024, was negative $634,000, a decline of $615,000 from negative $19,000 in the prior year[22] Losses and Financial Health - The operating loss for the first quarter was $1.3 million, compared to a loss of $0.6 million in the same quarter of the previous year[4] - The net loss for the quarter was $1.5 million, with a full valuation maintained on deferred tax assets[4] - The net loss for the three months ended June 30, 2024, was $1,460,160, compared to a net loss of $527,455 for the same period in 2023[19] Cash and Working Capital - Cash and cash equivalents decreased to approximately $45,000, down $93,000 since March 31, 2024[5] - Cash and cash equivalents at the end of the period were $44,797, a decrease from $271,918 at the end of June 2023[19] - Working capital was negative $1.7 million as of June 30, 2024, with total debt at $7.5 million[5] Expenses and Fees - SG&A expenses totaled $1.6 million, an increase from $1.3 million in the same period last year, primarily due to a $0.4 million breakup fee related to the terminated Votaw acquisition[4] - The company recognized a one-time non-cash breakup fee of $0.4 million from the termination of the Votaw acquisition, impacting the bottom line for the first quarter[3] - The company incurred $116,423 in cash paid for interest, net of amounts capitalized, compared to $94,087 in the prior year[19] Accounts Payable and Cash Flow - The company reported a significant increase in accounts payable, totaling $2,209,214, compared to a decrease of $1,480,387 in the previous year[19] - The company experienced a cash outflow of $30,905 from investing activities, a significant reduction from $1,854,002 in the same quarter of 2023[19] Customer Confidence - Customer confidence remains high with a backlog of $41.2 million as of June 30, 2024, expected to be delivered over the next one to three fiscal years[3] Fair Value Changes - The company reported a change in fair value of stock acquisition termination fee amounting to $419,200, which was not present in the previous year[19]

Revenue and Financial Performance - Consolidated revenue for the three months ended June 30, 2024, was $7.986 million, an increase of 8% compared to $7.371 million for the same period in 2023[131]. - Ranor's revenue decreased by $0.1 million, or 3%, to $4.382 million for the three months ended June 30, 2024, while Stadco's revenue increased by $0.6 million, or 21%, to $3.604 million[132][133]. - Consolidated gross profit for the three months ended June 30, 2024, was $238,000, a decrease of $455,000, or 66%, compared to $694,000 for the same period in 2023, resulting in a gross margin of 3.0%[135]. - The company reported an operating loss of $1.341 million for the three months ended June 30, 2024, which is $0.761 million higher than the operating loss of $0.580 million for the same period in 2023[141]. - The net loss for the three months ended June 30, 2024, was $1.5 million, or $0.16 per share, compared to a net loss of $527,455, or $0.06 per share for the same period in 2023[149]. - EBITDA for the three months ended June 30, 2024, was negative $634,000, a decrease of $615,000 from negative $19,000 in the same period in 2023[182]. Liquidity and Debt Management - As of June 30, 2024, the company had approximately $1.6 million in total available liquidity, consisting primarily of $1.5 million in undrawn capacity under its Revolver Loan[151]. - The company is exploring various means to strengthen its liquidity position, including making Stadco operations profitable and renewing the Revolver Loan[172]. - The company must renew its revolver loan or seek alternative financing by January 15, 2025, to continue operations beyond the next twelve months[174]. - The company's debt obligations totaled $7.5 million, classified as current due to debt covenant violations[177]. - The company has approximately $1.5 million of unused borrowing capacity under the Revolver Loan as of June 30, 2024, up from $0.5 million on March 31, 2024[152]. - Interest expense increased by approximately $39,313, or 52%, to $114,638 for the three months ended June 30, 2024, primarily due to increased borrowings under the revolver loan[145]. Operational Focus and Compliance - The company focuses on custom manufacturing according to customer specifications, with no distribution of components on the open market[109]. - The company primarily targets repeating custom programs for stable designs, with secondary activities including one-off requirements[110]. - The company is registered and compliant with ITAR, ensuring adherence to defense industry regulations[105][108]. - The company has a critical focus on maintaining effective internal controls over financial reporting to ensure compliance and accuracy[114]. - The company's operations, assets, and customers are all located in the U.S., emphasizing its domestic focus[113]. Backlog and Future Commitments - The backlog for Ranor was $18.8 million as of June 30, 2024, down from $21.8 million in the previous year, while Stadco's backlog was $22.4 million, down from $24.5 million[132][134]. - Outstanding unconditional contractual commitments for raw materials and supplies amounted to approximately $8.7 million, all due within the next twelve months[178]. - Lease obligations for buildings totaled $5.6 million through 2030, with approximately $0.9 million due annually for the next six years[179]. Capital Expenditures and Investments - The company invested approximately $0.2 million in new factory machinery and equipment during the three months ended June 30, 2024, a significant decrease from $1.9 million in the same period in 2023[158]. - The company is currently in violation of its Loan Agreement due to exceeding the capital expenditure limit of $1.5 million[170]. Management and Strategic Outlook - The company plans to closely monitor expenses and may reduce operating costs to enhance liquidity[174]. - The company is facing substantial doubt about its ability to continue as a going concern for at least one year due to recurring operating losses and financing uncertainties[175]. - EBITDA is considered an important measure of operating performance, but it has limitations and should not be viewed in isolation from U.S. GAAP results[180].

Financial Performance - Q4 FY2024 consolidated net sales were $8.6 million, a 15% increase from $7.5 million in Q4 FY2023 [3]. - Stadco's net sales in Q4 FY2024 reached $4.6 million, representing a 70% increase year-over-year [3]. - For the full fiscal year 2024, consolidated net sales were $31.6 million, a 1% increase compared to $31.4 million in FY2023 [5]. - Consolidated net sales for the three months ended March 31, 2024, increased by 15% to $8,600,000 compared to $7,505,000 for the same period in 2023 [11]. - Stadco segment net sales rose significantly by 70% to $4,625,000 for the three months ended March 31, 2024, compared to $2,719,000 in the prior year [11]. - For the twelve months ended March 31, 2024, consolidated net sales were $31,591,000, a slight increase of 1% from $31,432,000 in 2023 [12]. Profitability and Loss - Gross profit for Q4 FY2024 was $1.2 million, a 45% increase from $847,883 in Q4 FY2023 [4]. - Consolidated gross profit for the three months ended March 31, 2024, was $1,228,000, a 45% increase from $848,000 in the same period of 2023 [11]. - Operating loss for FY2024 was $4.6 million, compared to a loss of $1.1 million in FY2023 [5]. - Net loss for FY2024 was $7.0 million, compared to a net loss of $979,006 in FY2023 [10]. - The Ranor segment reported a net loss of $7,042,172 for the year ended March 31, 2024, compared to a net loss of $979,006 in the previous year [13]. - EBITDA for the twelve months ended March 31, 2024, was $(2,160,000), a decrease from $1,790,000 in the previous year [14]. Expenses and Liabilities - SG&A expenses rose to $3.7 million in Q4 FY2024, primarily due to a $1.1 million breakup fee related to the terminated Votaw acquisition [4]. - Total liabilities increased to $26.9 million as of March 31, 2024, compared to $21.6 million a year earlier [9]. - The company incurred depreciation and amortization expenses of $2,429,377 for the year ended March 31, 2024, compared to $2,217,472 in the previous year [13]. - The net cash used in investing activities for the year ended March 31, 2024, was $3,168,293, compared to $2,318,301 in 2023 [13]. Cash Flow and Financial Position - As of March 31, 2024, the company had $0.1 million in cash, a decrease of $0.4 million from the previous year [6]. - Cash flows from operating activities for the year ended March 31, 2024, provided $1,304,864, down from $3,137,838 in 2023 [13]. - The company reported a significant increase in contract liabilities, totaling $1,454,342 for the year ended March 31, 2024, compared to $568,273 in 2023 [13]. Backlog and Customer Confidence - Backlog increased to $50 million, indicating strong customer confidence [2].

WYNNEFIELD HIGHLIGHTS TWO DIRECTOR NOMINEES TO ADDRESS TECHPRECISION'S DISMAL STOCKHOLDER RETURNS, RECENT M&A DEBACLES AND LACK OF TRANSPARENCY Launches Campaign Website at www.rebuildTPCScredibility.com NEW YORK, July 30, 2024 /PRNewswire/ -- Wynnefield Partners Small Cap Value, L.P. I and its affiliates ("Wynnefield"), and Robert D. Straus (together, with Wynnefield, the "Group"), who collectively own more shares of TechPrecision Corporation (the "Company") (NASDAQ: TPCS) than any other stockholder, colle ...

Financial Performance - Consolidated net sales for the three months ended December 31, 2023, were $7.65 million, an 8% decrease from $8.33 million in the same period of 2022[124]. - Ranor's net sales decreased by $0.4 million or 9% to $4.3 million, attributed to lower volume despite an increase in average selling price[127]. - Stadco's net sales were $3.37 million, a decrease of $0.2 million or 6% compared to the same period last year, primarily due to lower average selling prices[128]. - For the nine months ended December 31, 2023, consolidated net sales were $22.99 million, a decrease of 4% compared to $23.93 million for the same period in 2022[146]. - Ranor's net sales for the nine months ended December 31, 2023, were $13.29 million, an 8% decrease from $14.40 million in the prior year[147]. - Stadco's net sales increased by $0.4 million, or 4%, to $9.94 million for the nine months ended December 31, 2023, compared to $9.53 million in the same period in 2022[148]. Profitability and Loss - Gross profit for the three months ended December 31, 2023, was $1.16 million, down 23% from $1.5 million in the same period of 2022, resulting in a gross margin of 15.2% compared to 18.0%[130]. - Consolidated gross profit for the nine months ended December 31, 2023, decreased by $1.2 million, or 29%, with a gross margin of 12.6% compared to 16.9% in the prior year[150]. - The company reported an operating loss of $2.2 million for the nine months ended December 31, 2023, which is $1.8 million higher than the operating loss for the same period in 2022[158]. - For the three months ended December 31, 2023, the company recorded a net loss of $865,334, or $0.10 per share, compared to a net income of $133,975, or $0.02 per share, for the same period in 2022[143]. - For the nine months ended December 31, 2023, the company recorded a net loss of $1.9 million, or $0.22 per share, compared to a net income of $23,754, or $0.00 per share for the same period in 2022[166]. - EBITDA for the three months ended December 31, 2023, was negative $0.365 million, a decrease of $1.190 million from EBITDA of $0.825 million in the same period of 2022[195]. Expenses - Consolidated cost of sales for the three months ended December 31, 2023, was $6.49 million, a 5% decrease from $6.83 million in the same period of 2022[130]. - Consolidated SG&A expenses for the three months ended December 31, 2023, increased by approximately $932,000, or 76%, primarily due to outside advisory and business development expenses related to a potential acquisition[134]. - Corporate and unallocated SG&A expenses increased by approximately $1.0 million due to outside advisory services and board of director's stock-based compensation[156]. - Interest expense for the nine months ended December 31, 2023, was $297,321, an increase of 35% compared to $221,017 for the same period in 2022, primarily due to higher interest rates and increased borrowing[161]. - The company experienced an increase in interest expense, which rose to $0.352 million for the nine months ended December 31, 2023, compared to $0.261 million in the same period of 2022, an increase of $0.091 million[195]. - Depreciation and amortization expenses were $1.759 million for the nine months ended December 31, 2023, compared to $1.667 million in the same period of 2022, an increase of $0.092 million[195]. Acquisition and Growth - The company entered into a Stock Purchase Agreement to acquire Votaw Precision Technologies, which is expected to more than double its revenue and enhance its defense and aerospace presence[105][106]. - The acquisition of Votaw will allow for the physical merging of its facilities with the Stadco subsidiary, providing a pathway for significant growth[106]. - Ranor's backlog as of December 31, 2023, was $18.5 million, while Stadco's backlog was $32.3 million, indicating strong demand in the defense sector[147][148]. Liquidity and Debt - Total available liquidity as of December 31, 2023, was $2.8 million, consisting of $0.4 million in cash and cash equivalents and approximately $2.4 million in undrawn capacity under the Revolver Loan[168]. - The company had approximately $7.6 million outstanding under the amended loan agreement with Berkshire Bank as of December 31, 2023[169]. - The weighted average interest rate on the Revolver Loan was 7.54% as of December 31, 2023[175]. - Total debt increased to $7.6 million as of December 31, 2023, from $6.1 million as of March 31, 2023[176]. - The company is exploring various means to strengthen its liquidity position, including amending its facility and seeking alternative financing[172]. - The company acknowledged a continuing event of default under the Loan Agreement due to failure to satisfy the Debt Service Coverage Ratio for the twelve-month period ending December 31, 2023[170]. - Long-term debt obligations totaled $7.6 million, classified as current due to probable future debt covenant violations[194]. - Outstanding unconditional contractual commitments for raw materials and supplies amounted to approximately $6.0 million, all due within the next twelve months[194]. - Lease obligations for buildings totaled $6.1 million through 2030, with approximately $0.9 million due annually for the next six years[194]. - The company has acknowledged an Existing Default due to failure to meet the required minimum Debt Service Coverage Ratio[191]. - There are no off-balance sheet arrangements as of December 31, 2023[193]. - The company has entered into discussions with the lender regarding the Existing Default but retains all rights and remedies under the Loan Documents[191].

Financial Data and Key Metrics Changes - Consolidated net sales for Q3 2024 were $7.7 million, an 8% decrease from $8.3 million in the same period last year [25] - For the nine months of fiscal 2024, consolidated net sales were $23 million, down 4% from $23.9 million year-over-year [54] - Consolidated gross profit was $1.2 million for Q3 2024, a 23% decrease compared to the same quarter a year ago [2] - Operating loss for Q3 2024 was $1 million, with SG&A expenses increasing by $1 million primarily due to outside advisory costs related to a potential acquisition [25][53] - Net loss for Q3 was $865,000, compared to a net income of $134,000 in the previous year [54] - Total debt increased to $7.6 million as of December 31, 2023, from $6.1 million at the end of March 31, 2023 [57] Business Line Data and Key Metrics Changes - Ranor's gross profit for Q3 2024 was $1.4 million, while Stadco's gross profit was essentially breakeven at a loss of $216,000 [32] - Ranor's backlog increased due to new penetration and recapture of sole-source content in defense programs [31] - Stadco's backlog also increased, featuring significant recapture of military aerospace sole-source content [31] Market Data and Key Metrics Changes - The consolidated backlog strengthened to $50.8 million at December 31, 2023, up from $44.6 million at September 30, 2023 [24] - New bookings over $6 million were captured in January and February 2024 [24] Company Strategy and Development Direction - The company aims to secure and maintain enduring partnerships within the defense sector, focusing on naval submarine and military aircraft manufacturing [11] - There is a strong emphasis on cash management and expense control as part of risk mitigation strategies [1] - The company is focused on tactical execution and risk mitigation to meet customer expectations and retain confidence [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage cash and access capital for operations [15] - The company is optimistic about future revenue growth and profitability, driven by a strong backlog and new orders [11] - Management acknowledged the challenges faced by Stadco but indicated that improvements are being made [71] Other Important Information - The company has been instructed not to discuss specific details regarding the potential acquisition due to legal constraints [44][96] - Management highlighted the importance of customer requirements and confidentiality in their operations [8][9] Q&A Session Summary Question: How do you feel about your cash and access to capital right now? - Management feels safe about their current cash position and access to capital [15] Question: How do you expect to manage cash flow for the acquisition? - Management indicated that they cannot legally discuss the acquisition details at this time [44] Question: Are you winning business from competitors who are unable to execute? - Management confirmed that they are winning new orders and part numbers, including business from competitors who have struggled [70] Question: What is the status of deferred maintenance issues at Stadco? - Management stated that they are making progress but cannot specify how close they are to resolving all issues [90] Question: Can you provide insight into the confidence in the Votaw forecast numbers? - Management indicated that the published numbers reflect their best estimates and show expected growth [82]

Exhibit 99.1 Company Contact: Investor Relations Contact: Barbara M. Lilley Hayden IR Chief Financial Officer Brett Maas TechPrecision Corporation Phone: 646-536-7331 Phone: 978-883-5102 Email: brett@haydenir.com Email: lilleyb@ranor.com Website: www.haydenir.com Website: www.techprecision.com "Consolidated gross profit was $1.2 million or $0.3 million lower than the same quarter a year ago. We also spent approximately $1.0 million on due diligence costs related to a potential acquisition in the quarter. Th ...

TechPrecision Corporation (NASDAQ:TPCS) Q2 2024 Earnings Conference Call November 20, 2023 4:30 PM ET Company Participants Brett Maas - Managing Director, Hayden IR Alex Shen - Chief Executive Officer Bobby Lilley - Chief Financial Officer Conference Call Participants Mark Gomes - Pipeline Data Rob Straus - Wynnefield Capital Kris Tuttle - Caterpillar Investments Greg Schlatter - Private Investor Ross Taylor - ARS Investment Partners. Richard Greulich - REG Capital Advisors Operator Greetings, and welcome t ...

Financial Performance - Consolidated net sales for the three months ended September 30, 2023, were $7.97 million, a decrease of 6% compared to $8.52 million for the same period in 2022[103] - Ranor's net sales were $4.5 million, down $0.4 million or 9% year-over-year, primarily due to a different mix of products and supply chain impacts[106] - Stadco's net sales were $3.6 million, a slight increase of 1% compared to $3.59 million in the prior year, with mixed performance across different customer segments[107] - Consolidated net sales for the six months ended September 30, 2023, were $15.3 million, a decrease of 2% compared to $15.6 million for the same period in 2022[127] - Ranor's net sales decreased by $0.7 million, or 7%, to $8.9 million, while Stadco's net sales increased by $0.4 million, or 8%, to $6.3 million[128][129] Cost and Profitability - Consolidated cost of sales increased by 2% to $6.93 million for the three months ended September 30, 2023, compared to $6.78 million in the same period last year[109] - Gross profit decreased by $0.7 million or 41%, with a gross margin of 13% for the three months ended September 30, 2023, down from 20.4% in the prior year[109] - Ranor's gross profit fell by $1.0 million or 48% due to lower revenue and a less favorable project mix[110] - Consolidated gross profit for the six months ended September 30, 2023, was $1.7 million, a decrease of $0.8 million, or 32%, compared to $2.6 million in the prior year[130] Operating Performance - Operating loss for the three months ended September 30, 2023, was $0.6 million, compared to an operating loss of $0.1 million in the same period last year[117] - Ranor's operating income decreased by $1.4 million, or 48%, to $1.5 million, while Stadco's operating loss narrowed by $987,000, or 45%, to $1.2 million[137] - For the six months ended September 30, 2023, the company reported an operating loss of $1.2 million, which is $0.5 million higher than the operating loss for the same period in 2022[140] Net Income and Loss - The company recorded a net loss of $1.1 million, or $0.12 per share, compared to a net loss of $0.1 million, or $0.01 per share for the same period in 2022[148] - Net loss for the three months ended September 30, 2023, was $0.5 million, compared to a net income of $0.4 million in the same period of 2022[182] Tax and Other Income - The company recorded a tax benefit of $176,698 for the three months ended September 30, 2023, compared to a tax expense of $135,509 in the same period last year[122] - The company recorded a tax benefit of $323,128 for the six months ended September 30, 2023, compared to a tax benefit of $38,205 for the same period in 2022[146] - Other income (expense), net for the three months ended September 30, 2023, was $40,875, a decrease of 44% compared to $73,561 in the prior year[119] Backlog and Orders - The defense backlog remains strong, with new orders related to U.S. Navy and Marine Corps programs continuing to flow from existing customers[105] - The backlog at Ranor as of September 30, 2023, was $19.1 million, while Stadco's backlog was $25.5 million[128][129] Liquidity and Debt - Total available liquidity as of September 30, 2023, was $3.2 million, consisting of $0.1 million in cash and approximately $3.1 million in undrawn capacity under the Revolver Loan[150] - Working capital was negative at $(740,000) as of September 30, 2023, a decrease of $6.3 million from $5.6 million at March 31, 2023[158] - Long-term debt obligations totaled $7.1 million, classified as current due to potential covenant violations[181] - The company had $7.1 million outstanding under the amended loan agreement with Berkshire Bank as of September 30, 2023[151] Capital Expenditures and Investments - The company invested $2.7 million in new factory machinery and equipment for the six months ended September 30, 2023, primarily for contract project work[162] Interest and Expenses - Interest expense increased by 46% to $205,164 for the six months ended September 30, 2023, compared to $140,628 for the same period in 2022[143] Financial Covenants - The Company agreed to maintain a Cash Flow-to-Total Debt Service ratio of not less than 1.20 to 1.00, measured quarterly[174] - The Balance Sheet Leverage must be less than or equal to 2.50 to 1.00, tested quarterly[177] - The Company committed to combined annual capital expenditures not exceeding $1.5 million, tested annually[177] - The Loan-to-Value Ratio must not exceed 0.75 to 1.00, based on the fair market value of collateral[178] Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements as of September 30, 2023[180]

TechPrecision Corporation (NASDAQ:TPCS) Q1 2024 Earnings Conference Call August 21, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Alexander Shen - Chief Executive Officer Barbara Lilley - Chief Financial Officer Conference Call Participants Rob Straus - Private Investor Ross Taylor - ARS Investment Partners Kris Tuttle - Blue Caterpillar Investments Operator Greetings. Welcome to the TechPrecision Corporation Fiscal 2024 First Quarter Financial Results Conference Call. At this time, all partic ...