TechPrecision .(TPCS) - 2025 Q1 - Quarterly Results

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].