Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 TechPrecision Corporation (Exact name of registrant as specified in its charter) | Delaware | 51-0539828 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 1 Bella Drive | | | Westminster, MA | 01473 | | (Address of principal executive offices) | (Zip Code) | | Registrant's telephone number, including area code | (978) 874-0591 | | Securitie ...

TechPrecision Corporation (NASDAQ:TPCS) Q4 2022 Earnings Conference Call July 13, 2022 2:30 PM ET Company Participants Brett Maas - Hayden Investor Relations Alex Shen - President & Chief Executive Officer Tom Sammons - Chief Financial Officer Conference Call Participants Ross Taylor - ARS Investment Partners Mark Gomes - Pipeline Richard Greulich - REG Capital Advisors Operator Greetings ladies and gentlemen and welcome to the TechPrecision Corporation Fiscal 2022 Fourth Quarter Financial Results Conferenc ...

TechPrecision Corporation (NASDAQ:TPCS) Q3 2022 Earnings Conference Call February 17, 2022 4:30 PM ET Company Participants Alex Shen – Chief Executive Officer Tom Sammons – Chief Financial Officer Brett Maas – Hayden Investor Rlations Conference Call Participants Ross Taylor – ARS Investment Partners Aaron Warwick – Breakout Investors Operator Good afternoon, ladies and gentlemen, and welcome to TechPrecision Corporation Fiscal 2022 Third Quarter Financial Results. At this time, all participants have been p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 ☐ 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: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its charter) | Delaware | | 51-0539 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ 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: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its charter) Indicate by check mar ...

Financial Data and Key Metrics Changes - Preliminary net sales for Q2 FY2022 were $4.8 million, a slight increase from $4.7 million in the same quarter last year [9] - Gross profit margin decreased to 19.4% from 23.9% year-over-year, primarily due to higher labor and overhead costs [9] - The company recorded a net loss of $220,000 in Q2 FY2022 compared to a net income of $271,000 in the same quarter last year [11] - Total debt increased to $7.2 million, up $3.4 million from March 31, 2021 [14] - Cash balance decreased to $281,000 from $2.1 million at March 31, 2021 [15] Business Line Data and Key Metrics Changes - The sales order backlog totaled $26.4 million as of September 30, 2021, including STADCO backlog [7] - The company booked over $13 million in new orders since the end of Q2 [8] Market Data and Key Metrics Changes - The company is focusing on the defense and aerospace industries, with STADCO being a key supplier for major OEMs and prime contractors [17] - STADCO has a long history of supplying critical parts for various military and commercial aircraft programs, including the Sikorsky CH-53 helicopter [19] Company Strategy and Development Direction - The company is in the process of integrating STADCO and expects continued revenue growth from this acquisition [8] - Management emphasized the importance of focusing on existing customers and opportunities rather than diversifying into new segments at this time [82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business prospects post-acquisition and highlighted the strong order backlog as a positive indicator [8][17] - The company is closely monitoring regulatory changes related to COVID-19 vaccination mandates and their potential impact on staffing and production [60][62] Other Important Information - The results presented are preliminary and subject to revision until the company files its Quarterly Report on Form 10-Q [24] Q&A Session Summary Question: Clarification on backlog composition - Management stated they will not break down the backlog between Ranor and STADCO at this time [27] Question: Refinancing of long-term debt - Management confirmed that the current portion of long-term debt has not been refinanced since September 30, and they are looking to refinance [32][34] Question: Impact of Israeli government approval on CH-53K orders - Management did not have access to specific timing information regarding the Israeli government's approval for additional CH-53K helicopters [38] Question: Production ramp-up at Sikorsky - Management indicated that production at Sikorsky is expected to increase to as many as 24 CH-53K helicopters per year [40] Question: Concerns about STADCO's operational issues - Management acknowledged the acquisition is a turnaround and emphasized careful management of the integration process [53] Question: Vaccination mandates and staffing - Management is encouraging vaccination among employees and monitoring regulatory changes closely [60][62] Question: Future growth opportunities outside current programs - Management believes there are significant opportunities with existing customers and will consider new customers opportunistically [82]

Financial Data and Key Metrics Changes - Gross profit increased by 20% to $833,000 compared to the same quarter one year ago, with gross margin improving to 24.4% [5][9] - Net sales were $3.4 million, a 4% increase from the same quarter a year ago [5][6] - Net income for the first quarter was $1.4 million, including a $1.3 million gain from the forgiveness of the PPP loan, compared to a net loss of $116,000 in the prior year [11] - Operating income increased to $100,000 from an operating loss of $96,000 in the same quarter a year ago [10] Business Line Data and Key Metrics Changes - Revenue in the precision industrial markets increased, offsetting slightly lower defense revenue [6] - The defense backlog remains strong, with four key defense customers accounting for about 80% of the $17.6 million net backlog [7] Market Data and Key Metrics Changes - The company generated $137,000 of cash from operating activities compared to a cash outflow of $369,000 in the prior year quarter [12] - Total debt was $2.5 million, down $1.3 million from March 31, 2021, due to the PPP loan forgiveness [13] Company Strategy and Development Direction - The company is focused on serving the United States defense industry, particularly in naval submarine manufacturing through its Ranor subsidiary, with meaningful opportunities expected in the nuclear submarine business [14] - The acquisition of STADCO is anticipated to close during the week of August 15, 2021, although no assurances can be given regarding the timing [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the COVID pandemic has impacted the United States Navy Virginia class submarine shipbuilding, causing delays that have affected the supply chain [15] - The shipbuilders are getting back on track, which is expected to increase opportunities for the Ranor subsidiary [15] Other Important Information - The company expects to spend approximately $1.1 million to purchase new fixed assets during fiscal 2022 [12] Q&A Session Summary Question: Comments on COVID and bottlenecks - A participant expressed appreciation for the clarity regarding COVID-related bottlenecks and looks forward to updates on the acquisition deal [22] Response: Acknowledgment - Management thanked the participant for their comments [23]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) The company's quarterly net income turned positive to $1.37 million, driven by PPP loan forgiveness [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets were $15.5 million and total liabilities decreased to $4.1 million due to PPP loan forgiveness Condensed Consolidated Balance Sheet Highlights (unaudited) | Balance Sheet Item | June 30, 2021 | March 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $9,615,560 | $9,921,771 | | **Total Assets** | **$15,490,720** | **$16,004,019** | | **Total Current Liabilities** | $4,114,786 | $4,720,233 | | **Total Liabilities** | **$4,144,238** | **$6,062,171** | | **Total Stockholders' Equity** | **$11,346,482** | **$9,941,848** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(LOSS)) Quarterly net income reached $1.37 million, reversing a prior-year loss, due to PPP loan forgiveness Statement of Operations Summary (unaudited) | Metric | Three months ended June 30, 2021 | Three months ended June 30, 2020 | | :--- | :--- | :--- | | Net Sales | $3,412,229 | $3,282,525 | | Gross Profit | $832,668 | $697,014 | | Income (Loss) from Operations | $100,060 | $(96,348) | | PPP Loan Forgiveness | $1,317,100 | $0 | | **Net Income (Loss)** | **$1,371,092** | **$(116,234)** | | **Diluted EPS** | **$0.04** | **$(0.01)** | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS'%20EQUITY) Stockholders' equity increased by $1.4 million to $11.35 million, driven by quarterly net income - Stockholders' equity grew from **$9.94 million to $11.35 million**, mainly due to the quarterly net income of **$1.37 million**[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash from operations turned positive to $0.14 million, improving from a net use in the prior year Cash Flow Summary (unaudited) | Cash Flow Activity | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $137,048 | $(369,243) | | Net cash used in investing activities | $(4,198) | $(41,768) | | Net cash (used in) provided by financing activities | $(27,166) | $1,282,200 | | **Net increase in cash** | **$105,664** | **$871,183** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail operations, significant customer concentration, PPP loan forgiveness, and a subsequent acquisition amendment - The company operates in a single segment: metal fabrication and precision machining, serving markets like defense, aerospace, nuclear, and medical[18](index=18&type=chunk) Net Sales by Market (Three months ended June 30) | Market | 2021 | 2020 | | :--- | :--- | :--- | | Defense | $3,103,132 | $3,203,590 | | Industrial | $309,097 | $78,935 | | **Total** | **$3,412,229** | **$3,282,525** | - The company has significant customer concentration, with one customer accounting for **38% of net sales** and another for **28%** during the quarter[27](index=27&type=chunk) - On May 12, 2021, the SBA forgave the company's entire Paycheck Protection Program (PPP) loan, including **$1,317,100 in principal** and $13,207 in interest[61](index=61&type=chunk) - Subsequent to the quarter's end, the company amended its stock purchase agreement to acquire STADCO, extending the potential closing date and revising the stock consideration[68](index=68&type=chunk)[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses improved results from PPP loan forgiveness and addresses liquidity and upcoming debt refinancing [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Net sales grew 4% and gross margin improved to 24.4%, leading to positive operating income Quarterly Results Comparison (in thousands) | Metric | Q1 FY2022 | Q1 FY2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $3,412 | $3,283 | $129 | 4% | | Gross profit | $833 | $697 | $136 | 20% | | Operating income (loss) | $100 | $(96) | $196 | 204% | | Net income (loss) | $1,371 | $(116) | $1,487 | nm | - The company's backlog of remaining performance obligations was **$17.6 million** at June 30, 2021, a decrease from $18.6 million at March 31, 2021[95](index=95&type=chunk) - Selling, general and administrative (SG&A) expenses **decreased by $60,754** due to lower compensation, benefit costs, and reduced spending on outside advisory services[98](index=98&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved with $5.5 million in working capital, though a $2.4 million loan payment is due Key Liquidity Measures (in thousands) | Measure | June 30, 2021 | March 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,236 | $2,131 | | Working capital | $5,501 | $5,202 | | Total debt | $2,485 | $3,829 | - The company intends to refinance a term loan with a balloon payment of **$2.4 million due on December 20, 2021**[106](index=106&type=chunk) - The company expects its financing needs to increase following the potential acquisition of Stadco and anticipates seeking new debt and/or equity financing[104](index=104&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company has opted to omit market risk disclosures as a smaller reporting company - The company has opted not to provide market risk disclosures, as permitted for a smaller reporting company[121](index=121&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** at a reasonable assurance level as of June 30, 2021[123](index=123&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[128](index=128&type=chunk) [PART II. OTHER INFORMATION](index=40&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including an acquisition amendment and executive certifications - A key exhibit filed is the Third Amendment to the Stock Purchase Agreement for the acquisition of STADCO, dated July 20, 2021[130](index=130&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included as exhibits[130](index=130&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2021 ¨ 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: 000-51378 TechPrecision Corporation (Exact name of registrant as specified in its charter) | Delaware | ...

Financial Data and Key Metrics Changes - Gross profit increased by $391,000, with gross margin improving to 19.8% from 8.6% compared to the same period one year ago [4] - Net sales were $3.6 million compared to $3.7 million in the same quarter a year ago, with a net loss of $48,000 compared to a net loss of $320,000 in the same quarter a year ago [6][8] - For the nine months ended December 31, 2020, revenue increased to $11.6 million, a 4% increase compared to the same period a year ago, with net income of $106,000 compared to a net loss of $390,000 for the same period in 2019 [9][10] Business Line Data and Key Metrics Changes - Sales to the precision industrial sector increased by $217,000, while defense sector sales decreased by $315,000 compared to the same quarter a year ago [6] - The company booked $7.2 million of new orders in the third quarter, increasing the sales order backlog to $18.4 million as of December 31, 2020 [5] Market Data and Key Metrics Changes - The company continues to see meaningful opportunities in the defense sector, particularly in the nuclear submarine business for the next 12 months and beyond [12] Company Strategy and Development Direction - The company is focused on improving revenues and margins, expecting to carry these improvements into the last quarter of fiscal year 2021 and beyond [5] - The management is continuing due diligence and negotiations regarding the proposed acquisition of STADCO, but will not comment on the transaction [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in communicating the business's progress and backlog, emphasizing that they continue to win orders and see meaningful opportunities [22] - The CEO stated that the nuclear submarine manufacturing presents a long-term opportunity, indicating a 30-year demand for submarines [37] Other Important Information - The company generated approximately $400,000 of cash from operating activities during the third quarter, with a cash balance of $1.3 million as of December 31, 2020 [11] - Total debt stands at $3.8 million, with net debt at $2.6 million compared to $1.7 million at March 31, 2020 [11][12] Q&A Session Summary Question: Concerns about backlog and revenue consistency - The CEO acknowledged the frustration regarding the backlog and revenue, stating that they continue to book new orders and expect the backlog to convert into revenue over a period of more than 1 year and less than 3 years [23][24] Question: Potential dilution of shares - The CFO confirmed that there is a possibility of issuing additional shares related to creditor agreements, but did not provide specific details [33] Question: Future order trends - The CEO indicated that while the business is lumpy, there is a meaningful opportunity in the nuclear submarine sector, but could not forecast specific trends [36][37] Question: Competitive positioning - The CEO stated that the company is not losing business and has not been disadvantaged in its competitive position over the past two years [43] Question: Need for better communication with shareholders - A shareholder expressed the need for improved communication regarding the STADCO deal and overall company performance, emphasizing the importance of transparency [45]