TechPrecision .(TPCS) - 2025 Q4 - Annual Results

Revenue Performance - Third quarter consolidated revenue was $7.6 million, a decrease of less than 1% compared to $7.7 million in the same period last year[4] - For the nine months ended December 31, 2024, revenue was $24.6 million, a 7% increase compared to $22.99 million in the prior year[7] - Consolidated revenue for the year ended December 31, 2024, was $7,622 million, a decrease of $28 million or approximately 0.4% compared to $7,650 million in 2023[24] - For the nine months ended December 31, 2024, consolidated revenue was $24,554 million, an increase of $1,562 million or 7% from $22,991 million in 2023[26] - Ranor's revenue increased by $14 million to $4,310 million, representing 57% of total revenue, while Stadco's revenue decreased by $58 million to $3,312 million, accounting for 43% of total revenue[24] Profitability - Gross profit for the quarter was $1.0 million, representing a 15% decrease from the previous year[7] - Consolidated gross profit decreased by $170 million to $991 million, resulting in a gross margin of 13%, down from 15% in the previous year[24] - Ranor's gross profit increased by $563 million to $4,266 million, while Stadco reported a gross loss of $2,022 million, a decline of $1,209 million[26] - EBITDA for the three months ended December 31, 2024, was $51 million, a significant improvement from a loss of $364 million in the same period of 2023[29] Costs and Expenses - Cost of revenue increased by 2% to $6.6 million, primarily due to higher production costs at the Stadco segment[7] - Consolidated cost of revenue increased by $142 million to $6,631 million, representing 87% of total revenue, up from 85% in the previous year[24] - SG&A expenses decreased by 22% to $1.7 million due to the absence of due diligence costs for acquisitions[7] Net Loss and Financial Position - Net loss for the quarter was $0.8 million, with a full valuation maintained on deferred tax assets[7] - The net loss for the nine months ended December 31, 2024, was $2,860 million, compared to a net loss of $1,921 million in 2023[28] - Working capital was negative $1.8 million as of December 31, 2024, compared to negative $2.9 million on March 31, 2024[8] - Total debt as of December 31, 2024, was $7.4 million, down from $7.6 million on March 31, 2024[8] - Cash and cash equivalents at the end of the period were $165 million, down from $391 million at the beginning of the period[28] Backlog and Future Expectations - The backlog as of December 31, 2024, was $45.5 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] -