TechPrecision .(TPCS) - 2025 Q3 - Quarterly Results

Revenue Performance - Second quarter consolidated revenue was $8.9 million, a 12% increase compared to $8.0 million in the same period last year[4] - For the six months ended September 30, 2024, revenue was $16.9 million, a 10% increase from $15.3 million in the prior year[13] - Consolidated revenue for the six months ended September 30, 2024, was $16,932 million, a 10% increase from $15,341 million in the same period of 2023[23] - Ranor's revenue increased by 2% to $9,172 million, while Stadco's revenue rose by 19% to $7,827 million for the six months ended September 30, 2024[23] Cost and Profitability - Cost of revenue was $7.9 million, up 14% primarily due to higher production costs at Stadco[5] - Consolidated cost of revenue for the six months ended September 30, 2024, was $15,679 million, reflecting a 15% increase from $13,612 million in 2023[23] - Gross profit was $1.0 million, a 2% decrease compared to the same period a year ago[5] - Consolidated gross profit decreased by 28% to $1,253 million for the six months ended September 30, 2024, compared to $1,729 million in 2023[23] Losses and Financial Position - The company reported a net loss of $0.6 million, maintaining a full valuation on its deferred tax assets[5] - The net loss for the six months ended September 30, 2024, was $2,061 million, compared to a net loss of $1,056 million in the same period of 2023[25] - The operating loss for the six months was $1.8 million, an increase of $0.6 million primarily due to losses at Stadco[13] - EBITDA for the six months ended September 30, 2024, was negative at $(425) million, a decline from $(8) million in 2023[27] Working Capital and Debt - Working capital was negative $1.5 million, with total debt amounting to $7.2 million[7] - Cash and cash equivalents at the end of the period were $132 million, down from $138 million at the beginning of the period[25] - The company reported a significant increase in accounts payable by $1,741 million for the six months ended September 30, 2024[25] Capital Expenditures and Financing - The company incurred $1,622 million in capital expenditures for property, plant, and equipment during the six months ended September 30, 2024[25] - The company raised $1,801 million through a private placement during the financing activities[25] Backlog and Future Expectations - As of September 30, 2024, the company had a backlog of $48.6 million, indicating strong customer confidence[4] - The company expects to deliver its backlog over the next one to three fiscal years with gross margin expansion[4] SG&A Expenses - SG&A expenses totaled $1.5 million, an 8% decrease due to reduced spending on outside advisory services[5]