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, 2019 ¨ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 TechPrecision Corporation (Exact name of registrant as specified in its charter) Delaware 51-0 ...

Financial Data and Key Metrics Changes - Net income for Q3 2019 was $218,000 compared to a net loss of $691,000 in the same quarter last year, indicating a significant improvement in profitability [6][11] - Gross profit increased to $1 million in Q3 2019 from $0.4 million in Q3 2018, with gross margin improving to 22.7% from 11.1% year-over-year [10][11] - For the nine months ended December 31, 2018, net sales decreased by $2.1 million or 50% to $12 million compared to $14.1 million for the same period in 2017 [11] Business Line Data and Key Metrics Changes - Net sales in defense markets increased by $0.7 million, while energy market sales decreased by $0.1 million compared to the same quarter last year [9] - The backlog increased from $12.1 million at September 30, 2018, to $14.1 million at December 31, 2018, driven by $6.3 million in new orders [15] Market Data and Key Metrics Changes - The company continues to focus on the U.S. defense industry, particularly in naval submarine manufacturing, with significant demand drivers identified for future growth [18][19] - The Virginia payload module and the Columbia program are expected to double the existing workload for nuclear submarine construction starting in 2019 [19][20] Company Strategy and Development Direction - The company aims to enhance shareholder value by focusing on tactical execution to meet customer expectations, particularly in the defense sector [15][18] - Management is committed to exploring strategic alternatives while actively reviewing business opportunities within the defense industry [44][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong pipeline of business from primary defense customers, despite delays in government appropriations affecting contract timing [20][43] - The demand for the company's services is significant and is not expected to decrease, with management anticipating increased capacity utilization moving into 2020 [43] Other Important Information - The company adopted a new revenue recognition model that allows revenue to be recognized over the project duration, which may affect comparisons of backlog figures [7][56] - Total long-term debt was reported at $3.6 million, with expectations for continued decreases in interest expense as debt principal is amortized [11][93] Q&A Session Summary Question: What percentage of the $14.1 million backlog is from the U.S. Navy? - Management indicated that approximately 80% of the backlog is from the U.S. Navy [24] Question: Can you clarify how backlog is calculated? - Backlog consists only of funded purchase orders, and any unfunded contracts are not included [25][27] Question: What opportunities exist in the nuclear sector? - The company is competing for bids in the U.S. nuclear industry, primarily for replacement parts and new components [37] Question: What is the expected timeframe for the $75 million to $100 million opportunities? - Management stated that this timeframe is over a two-year period [82] Question: Is the company actively reviewing strategic alternatives? - Yes, management continues to actively review strategic alternatives to maximize shareholder value [44][80]

Financial Performance - For the nine months ended December 31, 2018, net sales were $12.0 million, a decrease of 8.5% from $14.1 million for the same period in 2017[88]. - For the three months ended December 31, 2018, net sales increased by $0.6 million, or 17%, to $4.3 million compared to the same period in 2017, primarily due to higher volumes of defense customer contracts[102]. - Net sales for the nine months ended December 31, 2018 were $11.99 million, a decrease of $2.1 million or 15% compared to $14.06 million for the same period in 2017[111]. Profitability - Gross margin for the nine months ended December 31, 2018, was 26.0%, compared to 25.6% for the same period in 2017[88]. - Gross profit for the three months ended December 31, 2018, was $1.0 million, an increase of $0.6 million from $0.4 million in the same period in 2017[104]. - Gross profit for the nine months ended December 31, 2018 was $3.12 million, down $0.48 million or 13% from $3.60 million for the same period in 2017[113]. - Income before income taxes for the three months ended December 31, 2018, was $253,000, compared to a loss of $278,000 in the same period in 2017[101]. - Net income for the three months ended December 31, 2018, was $218,000, a significant improvement from a loss of $691,000 in the same period in 2017[101]. - For the three months ended December 31, 2018, net income was $218,022 compared to a net loss of $691,391 for the same period in 2017[108]. Expenses - Selling, general, and administrative expenses for the three months ended December 31, 2018, increased by approximately $36,000, or 6.0%, compared to the same period in 2017[105]. - Total SG&A expenses for the nine months ended December 31, 2018 decreased by approximately $0.1 million compared to the same period in 2017[114]. - Interest expense for the nine months ended December 31, 2018 was $230,310, a decrease of $31,096 or 12% from $261,406 in 2017[115]. - Tax expense for the nine months ended December 31, 2018 was $177,104, down from $946,247 for the same period in 2017, primarily due to a lower federal statutory tax rate[116]. Cash Flow and Working Capital - Cash provided by operating activities for the nine months ended December 31, 2018 was $120,876, compared to $1.3 million for the same period in 2017[120]. - Cash and cash equivalents at December 31, 2018 were $1.84 million, down from $2.69 million at March 31, 2018[119]. - Working capital increased to $5.4 million at December 31, 2018 from $4.9 million at March 31, 2018[118]. Backlog and Customer Concentration - The sales order backlog at December 31, 2018, was approximately $14.1 million, compared to $14.0 million at March 31, 2018[87]. - The largest customer accounted for approximately 36% of reported net sales for the nine months ended December 31, 2018[87]. EBITDA - EBITDA for the nine months ended December 31, 2018 was $1.57 million, a decrease of $0.31 million compared to $1.88 million for the same period in 2017[126]. Cost of Sales - Cost of sales for the three months ended December 31, 2018, was $3.3 million, which includes $1.8 million associated with the adoption of ASC 606[104].