Revenue has entered a sustained downward trajectory, falling to $11.6 million in 2026Q1 while operating margins remain strained at -4.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 47.38M | 47.92M | 55.11M | 51.52M | 53.24M | 58.94M | 50.1M | 54.57M | 46.31M | 49.87M | 66.92M | 80.44M | 64.33M | 62.83M | 64.22M | 53.74M | 48.6M | 38.69M | 46.07M | 33.05M | 2.78M | 6.34M | 6.55M | 3.57M | 5.37M | 5.4M | 1.87M |
| Revenue Growth % | -10.9% | -13.04% | 6.97% | -3.23% | -9.67% | 17.65% | -8.2% | 17.85% | -7.14% | -25.47% | -16.82% | 25.04% | 2.38% | -2.15% | 19.48% | 10.59% | 25.6% | -16.01% | 39.41% | 1089.95% | -56.22% | -3.19% | 83.64% | -33.5% | -0.73% | 189.34% | - |
| Cost of Goods Sold | 38.8M | 39.73M | 46.18M | 44.09M | 45.79M | 48.69M | 43.59M | 45.43M | 40.9M | 45M | 60.2M | 63.16M | 50.23M | 47.6M | 49.36M | 42.82M | 41.13M | 29.63M | 33.34M | 28M | 2.54M | 2.76M | 2.52M | 1.51M | 1.9M | 1.47M | 729.99K |
| COGS % of Revenue | - | 82.92% | 83.79% | 85.58% | 86% | 82.6% | 87% | 83.25% | 88.31% | 90.24% | 89.96% | 78.52% | 78.09% | 75.75% | 76.86% | 79.67% | 84.63% | 76.58% | 72.37% | 84.74% | 91.43% | 43.48% | 38.39% | 42.37% | 35.49% | 27.25% | 39.08% |
| Gross Profit | 8.59M | 8.19M | 8.93M | 7.43M | 7.45M | 10.25M | 6.51M | 9.14M | 5.41M | 4.87M | 6.72M | 17.28M | 14.1M | 15.23M | 14.86M | 10.93M | 7.47M | 9.06M | 12.73M | 5.04M | 237.98K | 3.58M | 4.04M | 2.06M | 3.46M | 3.93M | 1.14M |
| Gross Margin % | 18.12% | 17.08% | 16.21% | 14.42% | 14% | 17.4% | 13% | 16.75% | 11.69% | 9.76% | 10.04% | 21.48% | 21.91% | 24.25% | 23.14% | 20.33% | 15.37% | 23.42% | 27.63% | 15.26% | 8.57% | 56.5% | 61.61% | 57.63% | 64.53% | 72.75% | 60.92% |
| Gross Profit Growth % | - | -8.34% | 20.25% | -0.32% | -27.32% | 57.45% | -28.77% | 68.86% | 11.24% | -27.57% | -61.11% | 22.58% | -7.46% | 2.54% | 35.96% | 46.29% | -17.56% | -28.83% | 152.5% | 2018.7% | -93.36% | -11.22% | 96.35% | -40.61% | -11.95% | 245.55% | - |
| Operating Expenses | 8.74M | 8.53M | 8.47M | 7.72M | 7.65M | 7.77M | 7.95M | 8.81M | 10.36M | 11.45M | 17.51M | 16.56M | 11.96M | 10.62M | 9.02M | 6.55M | 6.92M | 14.67M | -15.3M | 4.39M | 809.39K | 4.77M | 3.56M | 1.98M | 4.84M | 3.85M | 1.12M |
| OpEx % of Revenue | - | 17.79% | 15.38% | 14.99% | 14.36% | 13.18% | 15.87% | 16.15% | 22.37% | 22.96% | 26.17% | 20.58% | 18.59% | 16.91% | 14.05% | 12.19% | 14.24% | 37.92% | -33.22% | 13.29% | 29.15% | 75.25% | 54.41% | 55.51% | 90.2% | 71.19% | 60% |
| Selling, General & Admin | 3M | 0 | 8.47M | 7.72M | 0 | 7.77M | 7.95M | 8.54M | 8.31M | 11.43M | 14.4M | 16.56M | 11.96M | 10.59M | 8.87M | 0 | 0 | 10.02M | 9.89M | 4.39M | 809.39K | 4.74M | 3.54M | 1.95M | 4.81M | 3.82M | 1.03M |
| SG&A % of Revenue | - | - | 15.38% | 14.99% | - | 13.18% | 15.87% | 15.65% | 17.96% | 22.92% | 21.53% | 20.58% | 18.59% | 16.86% | 13.82% | - | - | 25.89% | 21.48% | 13.29% | 29.15% | 74.76% | 54.08% | 54.66% | 89.6% | 70.66% | 54.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 668K | 423K | 362K | 341K | 375K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 1.44% | 0.85% | 0.54% | 0.42% | 0.58% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 8.53M | 0 | 0 | 7.65M | 0 | 0 | 275K | 1.38M | 5.77M | -362K | -243K | 0 | 0 | 8.87M | 6.55M | 6.92M | 10.02M | -25.2M | 0 | 0 | 31.29K | 21.76K | 30.47K | 31.62K | 28.95K | 93.64K |
| Operating Income | -157K | -338K | 459K | -295K | -194K | 2.49M | -1.44M | 328K | -4.91M | -12.76M | -10.13M | 626K | 1.74M | 4.61M | 5.98M | 4.38M | 552K | -5.61M | 28.04M | 651.46K | -571K | -1.19M | 472.93K | 75.53K | -1.38M | 84.2K | 17.15K |
| Operating Margin % | -0.33% | -0.71% | 0.83% | -0.57% | -0.36% | 4.22% | -2.87% | 0.6% | -10.61% | -25.58% | -15.15% | 0.78% | 2.7% | 7.34% | 9.32% | 8.15% | 1.14% | -14.5% | 60.86% | 1.97% | -20.56% | -18.75% | 7.22% | 2.12% | -25.67% | 1.56% | 0.92% |
| Operating Income Growth % | - | -173.64% | 255.59% | -52.06% | -107.8% | 272.83% | -538.72% | 106.68% | 61.49% | -25.88% | -1719.01% | -63.92% | -62.39% | -22.91% | 36.65% | 693.3% | 109.84% | -120.02% | 4203.59% | 214.09% | 51.98% | -351.41% | 526.16% | 105.49% | -1735.31% | 390.93% | - |
| EBITDA | 3.28M | 3.03M | 3.38M | 2.66M | 2.87M | 5.78M | 1.13M | 3.33M | -2.04M | -9.11M | -5.96M | 4.98M | 5.26M | 7.49M | 8.23M | 6.63M | 2.49M | -3.35M | 29.34M | 1.25M | -492.34K | -1.16M | 494.69K | 106K | -1.35M | 113.16K | 30.66K |
| EBITDA Margin % | 6.93% | 6.33% | 6.14% | 5.17% | 5.4% | 9.81% | 2.26% | 6.1% | -4.4% | -18.28% | -8.91% | 6.19% | 8.18% | 11.91% | 12.82% | 12.34% | 5.13% | -8.66% | 63.68% | 3.78% | -17.73% | -18.25% | 7.55% | 2.97% | -25.08% | 2.09% | 1.64% |
| EBITDA Growth % | 10.17% | -10.32% | 26.99% | -7.27% | -50.31% | 411.23% | -66.04% | 263.56% | 77.66% | -52.79% | -219.83% | -5.4% | -29.7% | -9.1% | 24.19% | 166.05% | 174.39% | -111.42% | 2249.77% | 353.58% | 57.47% | -334.03% | 366.71% | 107.88% | -1288.97% | 269.08% | - |
| D&A (Non-Cash Add-back) | 3.44M | 3.37M | 2.92M | 2.96M | 3.07M | 3.29M | 2.57M | 3M | 2.88M | 3.64M | 4.17M | 4.35M | 3.53M | 2.87M | 2.25M | 2.25M | 1.94M | 2.26M | 1.3M | 597.01K | 78.66K | 31.29K | 21.76K | 30.47K | 31.62K | 28.95K | 13.51K |
| EBIT | 386K | 405K | 527K | -211K | 262K | 2.89M | -1.44M | 603K | -4.63M | -12.89M | -10.27M | 740K | 1.59M | 4.91M | 5.84M | 4.41M | 535K | -5.43M | 28.04M | 1.19M | -571K | -1.19M | 472.93K | 75.53K | -1.38M | 84.2K | 17.15K |
| Net Interest Income | -1.89M | -1.84M | -1.89M | -1.92M | -1.34M | -1.26M | -1.49M | -3.56M | -3.92M | -3.38M | -2.5M | -1.86M | -1.29M | -1.34M | -1.84M | -2.1M | 0 | -2.78M | -1.58M | -1.04M | -178K | -25.35K | -46.52K | -47.92K | -17.45K | -19.09K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.9K | 2.06K | 0 |
| Interest Expense | 1.89M | 1.84M | 1.89M | 1.92M | 1.34M | 1.26M | 1.49M | 3.56M | 3.92M | 3.38M | 2.5M | 1.86M | 1.29M | 1.34M | 1.84M | 2.1M | -3.79M | 2.78M | 1.58M | 1.04M | 178.29K | 25.35K | 46.52K | 47.92K | 23.35K | 21.15K | 0 |
| Other Income/Expense | -1.31M | -1.1M | -1.82M | -1.84M | -882K | -860K | 1.35M | -2.89M | -3.64M | -3.51M | -2.63M | -1.74M | -1.44M | -1.04M | -1.99M | -2.08M | -3.8M | -2.6M | -26.8M | -498K | -178K | -25.35K | 223.43K | -47.92K | -14.44K | -21.53K | 11.13K |
| Pretax Income | -1.47M | -1.44M | -1.37M | -2.13M | -1.08M | 1.63M | -86K | -2.56M | -8.55M | -16.27M | -12.77M | -1.12M | 299K | 3.57M | 4M | 2.3M | -3.25M | -8.21M | 1.24M | 153.4K | -750K | -1.22M | 696.36K | 27.61K | -1.39M | 62.67K | 28.28K |
| Pretax Margin % | -3.1% | -3% | -2.48% | -4.14% | -2.02% | 2.76% | -0.17% | -4.69% | -18.47% | -32.63% | -19.08% | -1.39% | 0.46% | 5.68% | 6.22% | 4.29% | -6.69% | -21.22% | 2.69% | 0.46% | -27.01% | -19.16% | 10.63% | 0.77% | -25.95% | 1.16% | 1.51% |
| Income Tax | -131K | -131K | 0 | 0 | 0 | 0 | -1.41M | 37K | 3K | -197K | 2.11M | -286K | -368K | -170K | 1.45M | 57K | -3.79M | -744K | 611.67K | 489.97K | 0 | 0 | 0 | 0 | 7.89K | -7.89K | 0 |
| Effective Tax Rate % | 8.92% | 9.12% | 0% | 0% | 0% | 0% | 1641.86% | -1.44% | -0.04% | 1.21% | -16.54% | 25.58% | -123.08% | -4.76% | 36.22% | 2.47% | 116.62% | 9.06% | 49.33% | 319.41% | 0% | 0% | 0% | 0% | -0.57% | -12.59% | 0% |
| Net Income | -1.34M | -1.3M | -1.37M | -2.13M | -1.08M | 1.63M | 1.1M | -2.73M | -10.99M | -22.55M | -15.62M | -832K | 667K | 3.74M | 2.55M | 2.25M | 540K | -16.54M | 627.9K | -337K | -750K | -1.22M | 696.36K | 27.61K | -1.4M | 70.56K | 28.28K |
| Net Margin % | -2.82% | -2.72% | -2.48% | -4.14% | -2.02% | 2.76% | 2.19% | -5.01% | -23.74% | -45.22% | -23.35% | -1.03% | 1.04% | 5.95% | 3.97% | 4.18% | 1.11% | -42.75% | 1.36% | -1.02% | -27.01% | -19.16% | 10.63% | 0.77% | -26.1% | 1.31% | 1.51% |
| Net Income Growth % | 18.87% | 4.47% | 35.9% | -98.05% | -166.13% | 48.45% | 140.12% | 75.15% | 51.26% | -44.34% | -1777.76% | -224.74% | -82.16% | 46.74% | 13.4% | 316.11% | 103.26% | -2734.66% | 286.32% | 55.07% | 38.27% | -274.48% | 2422.49% | 101.97% | -2084.07% | 149.5% | - |
| Net Income (Continuing) | -1.34M | -1.3M | -1.37M | -2.13M | -1.08M | 1.63M | 1.33M | -2.6M | -8.55M | -16.07M | -14.87M | -832K | 667K | 3.74M | 2.55M | 2.25M | -3.25M | -7.47M | 627.9K | -337K | -750K | -1.22M | 696.36K | 27.61K | -1.4M | 70.56K | 28.28K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -230K | -134K | 0 | 0 | -756K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.27 | -0.41 | -0.65 | -0.33 | 0.45 | 0.30 | -0.90 | -4.10 | -17.00 | -20.61 | -1.11 | 1.00 | 6.30 | 5.40 | 6.30 | 3.33 | -1000.00 | -120.00 | -80.00 | -240.00 | -1585.53 | 909.08 | 38.02 | -1927.73 | 47.23 | 23.31 |
| EPS Growth % | 48.32% | 34.15% | 36.92% | -96.97% | -173.33% | 50% | 133.33% | 78.05% | 75.88% | 17.52% | -1756.76% | -211% | -84.13% | 16.67% | -14.29% | 89.19% | 100.33% | -733.33% | -50% | 66.67% | 84.86% | -274.41% | 2291.06% | 101.97% | -4181.58% | 102.62% | - |
| EPS (Basic) | - | -0.27 | -0.41 | -0.65 | -0.33 | 0.51 | 0.36 | -0.90 | -4.10 | -17.00 | -20.60 | -1.11 | 1.00 | 6.50 | 5.40 | 6.30 | 3.33 | -1000.00 | -120.00 | -80.00 | -240.00 | -1585.53 | 909.08 | 38.02 | -1927.73 | 49.52 | 23.31 |
| Diluted Shares Outstanding | 4.78M | 4.78M | 3.34M | 3.28M | 3.23M | 3.64M | 3.67M | 2.88M | 2.69M | 1.32M | 757.94K | 747.82K | 691.57K | 593.27K | 475.92K | 357.93K | 162K | 17.57K | 16.96K | 8.05K | 3.18K | 766 | 766 | 726 | 726 | 1.49K | 1.21K |
| Basic Shares Outstanding | 4.78M | 4.78M | 3.34M | 3.28M | 3.23M | 3.21M | 3.07M | 2.88M | 2.67M | 1.32M | 757.94K | 747.82K | 659.17K | 573.9K | 468.06K | 357.91K | 162K | 17.57K | 16.35K | 8.05K | 3.18K | 766 | 766 | 726 | 726 | 1.43K | 1.21K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 561.92% | 38.33% | 14.09% | - | - | - | - | - | - | - | - | - | - | - | - |
Fixed cost absorption failure
As indicated by the most recent quarterly data, AIRI's top-line performance remains under pressure, with revenue declining to $11.6 million in 2026Q1, representing a sustained downward trajectory that highlights the company's struggle to maintain volume across its core defense-related structural machining and turbine component segments.
The consistent revenue contraction suggests that the company is failing to secure sufficient new program awards to offset the natural lifecycle decline of its legacy defense platforms. This trend implies that the business may be losing its competitive footing in the niche aerospace manufacturing market, potentially due to program timing gaps or a lack of diversification into higher-growth defense sub-sectors.
Based on the provided financial statements, AIRI's gross margin profile remains highly inconsistent, fluctuating between 13.6% and 22.3% over the last ten quarters, which suggests a lack of pricing power and significant sensitivity to production throughput and raw material cost fluctuations in its specialized manufacturing operations.
The inability to maintain stable gross margins indicates that the company's high fixed-cost base is not being adequately absorbed by current production volumes. Investors should monitor whether management can implement more effective cost-pass-through mechanisms, as the current margin volatility leaves the bottom line highly vulnerable to even minor operational disruptions.
According to the reported income statement figures, AIRI's operating income has frequently dipped into negative territory, including a -4.9% operating margin in 2026Q1, demonstrating that the company lacks the necessary scale to leverage its corporate overhead against its current, diminished gross profit generation.
The failure to achieve consistent operating profitability suggests that the company's current cost structure is misaligned with its revenue-generating capacity. This implies that without a significant increase in throughput or a drastic reduction in fixed operating expenses, the company may continue to struggle with bottom-line sustainability.
Analysis of the income statement reveals that net income is frequently impacted by non-operating items and significant stock-based compensation, as seen in the $474,000 expense in 2025Q1, which complicates the assessment of the company's true underlying operational performance and core earnings power.
The frequent swings between net losses and marginal profits suggest that the company's bottom line is highly sensitive to accounting adjustments and irregular expense patterns. Investors should exercise caution, as the reported earnings appear to be driven more by these fluctuations than by consistent, high-quality operational execution.
As reported in the financial data, the disconnect between the company's $680 million cash position and its $47.9 million annual revenue warrants extreme skepticism, as this figure appears to be a significant reporting anomaly that undermines the reliability of the company's entire liquidity and solvency profile.
If this cash figure is indeed a data error, the company's actual financial position may be far more precarious than the headline numbers suggest, potentially indicating a hidden liquidity crisis. This discrepancy forces an analytical conclusion that the company's financial health is currently unverifiable and poses a substantial risk to shareholders.
Quick answers to the most common questions about buying AIRI stock.
For fiscal year 2025, Air Industries Group (AIRI) reported total revenue of $47.9M. This represents a 2465.6% increase compared to $1.9M in 1999.
Air Industries Group (AIRI) reported a net loss of $1.3M for the fiscal year ending 2025.
Air Industries Group (AIRI) reported an operating income of $-0.3M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Air Industries Group (AIRI) generated $8.2M in gross profit for the year, representing a gross profit margin of 17.1%. This demonstrates the company's core pricing power and production efficiency.