Financial Data and Key Metrics Changes - Total sales for Q1 2025 decreased by 15.9% year over year to $135.6 million, attributed to softer customer demand and inventory destocking [21][22] - Adjusted EBITDA for Q1 was $12.2 million, down from $18.5 million in the prior year, with an adjusted EBITDA margin of 9% compared to 11.5% [23][24] - Free cash flow for the quarter was $5.4 million, down from $7.9 million in the prior year [24] Business Line Data and Key Metrics Changes - Net sales to the commercial vehicle market decreased by 13.7% year over year to $50.9 million, outperforming the broader market by 300 basis points [7] - Powersports market revenue decreased by 26.5% year over year, driven by inventory destocking and soft demand [9] - Construction and access market revenue decreased by 31.4% year over year, reflecting weak demand across non-residential and public infrastructure markets [10] - Agricultural market revenue decreased by 26.9% year over year, with uncertainty in demand due to interest rates and inventory destocking [11] Market Data and Key Metrics Changes - The commercial vehicle market is expected to see a decrease of 22.9% in production in 2025, with a potential recovery in 2026 [7][8] - The military market is projected to increase by mid-teens, while other end markets are expected to see high-teens growth [27] - The agriculture market is anticipated to decline by mid-twenties percentage in 2025, with a gradual recovery expected in 2026 [27][66] Company Strategy and Development Direction - The company is maintaining its full-year guidance, driven by strong execution and demand in less cyclical military and other end markets [5] - The focus remains on operational efficiency and cost discipline through the MBX framework, which has contributed to margin improvements [4][14] - M&A activity is a cornerstone of the company's strategy to diversify its customer base and expand into high-growth adjacent markets [17][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to expand market share despite a dynamic macroeconomic environment [19] - The company is closely monitoring regulatory and macroeconomic developments that could impact demand in the second half of the year [5][27] - A contingency plan has been developed to manage potential demand shifts and maintain profitability [19][28] Other Important Information - The company repurchased $1.7 million of common stock during the quarter, with a commitment to return capital to shareholders [16] - The company expects to be below one times net debt leverage by the end of 2025, excluding M&A activity [15][29] Q&A Session Summary Question: What is the outlook for end markets in the second half? - Management indicated a slight uptick in the commercial vehicle market in the second half, driven by potential regulation changes and pre-buys [31][32] Question: Are there opportunities related to tariffs and reshoring? - Management noted ongoing discussions with customers regarding tariffs and reshoring, with a strong domestic sourcing position [33][36] Question: What is the expected recovery for agriculture and powersports? - Agriculture is expected to decline mid-twenties, while powersports is forecasted to decrease mid-single to mid-teens [41][66] Question: How is the company progressing towards the $100 million new business target? - The company is ahead of schedule, with $35 to $40 million booked by April, primarily from existing customers [71][74] Question: What are the priorities for M&A activity? - The top priority is diversification of end markets, followed by maintaining an accretive margin profile [82]

Financial Performance - Net sales decreased by 15.9% year-over-year to $135.6 million in 1Q25, primarily due to customer channel inventory destocking[5, 17, 20] - Adjusted EBITDA decreased year-over-year to $12.2 million, with an Adjusted EBITDA margin of 9.0%, a 140bps increase compared to 4Q24[8, 10] - Free Cash Flow was $5.4 million in 1Q25, supported by working capital efficiency initiatives[8, 10] - Adjusted Diluted EPS was $0.04 in 1Q25[8, 10] Capital Allocation and Balance Sheet - The company ended 1Q25 with a net leverage of 1.4x, down from 2.0x at the end of 1Q24[8] - $1.7 million of shares were repurchased during the quarter[8] - Total cash and available liquidity stood at $203 million[30] Outlook and Guidance - The company maintained FY25 guidance, supported by strong year-to-date execution and stronger than expected demand within the Military and Other end markets[7] - Revenue for 2025 is projected to be between $560 million and $590 million, representing a decrease of (4%) to 1% year-over-year[32] - Adjusted EBITDA for 2025 is projected to be between $60 million and $66 million, representing a decrease of (7%) to 2% year-over-year[32] - Free cash flow for 2025 is projected to be between $43 million and $50 million, representing a decrease of (45%) to (36%) year-over-year[32] End-Market Outlook - The company anticipates subdued customer demand in the first half of 2025, with gradual improvement in the second half as channel inventory levels normalize[12] - The company expects year-over-year net sales changes in 2025 for the following end markets: Commercial Vehicle: (1%) – (5%), Construction & Access: 0% – (5%), Powersports: (5%) – (15%), Agriculture: (22%) – (28%), Military: 10% – 15%, Other: 18% – 20%[13, 32]

As filed with the Securities and Exchange Commission on May 2, 2024 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TechPrecision Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Delaware 3440 51-0539828 (I.R.S. Employer Identification Number) 1 Bella D ...