Revenue growth remains contracting with a 14.7% year-over-year decline in 2026Q4, while gross margins have struggled to stabilize, hitting a low of 5.4% in 2026Q3.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Sales/Revenue | 31.64M | 34.03M | 31.59M | 31.43M | 22.28M | 15.6M | 16.01M | 16.7M | 18.73M | 18.55M | 16.85M | 18.23M | 21.07M | 32.47M | 33.27M | 32.28M | 28.35M | 38.09M | 31.81M | 19.09M | 20.27M |
| Revenue Growth % | -7.01% | 7.72% | 0.51% | 41.06% | 42.88% | -2.57% | -4.16% | -10.82% | 0.97% | 10.07% | -7.56% | -13.46% | -35.12% | -2.39% | 3.04% | 13.89% | -25.58% | 19.75% | 66.64% | -5.82% | - |
| Cost of Goods Sold | 26.67M | 29.7M | 27.47M | 26.53M | 18.91M | 12.13M | 12.87M | 12.12M | 14.75M | 12.45M | 11.36M | 15.93M | 21.8M | 25.91M | 28.18M | 22.37M | 22.25M | 25.97M | 23.47M | 15.54M | 17.63M |
| COGS % of Revenue | 84.28% | 87.28% | 86.96% | 84.4% | 84.85% | 77.79% | 80.39% | 72.55% | 78.77% | 67.14% | 67.4% | 87.34% | 103.47% | 79.8% | 84.72% | 69.29% | 78.48% | 68.19% | 73.8% | 81.44% | 87% |
| Gross Profit | 4.97M | 4.33M | 4.12M | 4.9M | 3.38M | 3.46M | 3.14M | 4.58M | 3.98M | 6.1M | 5.49M | 2.31M | -731.79K | 6.56M | 5.08M | 9.92M | 6.1M | 12.12M | 8.33M | 3.54M | 2.63M |
| Gross Margin % | 15.72% | 12.72% | 13.04% | 15.6% | 15.15% | 22.21% | 19.61% | 27.45% | 21.23% | 32.86% | 32.6% | 12.66% | -3.47% | 20.2% | 15.28% | 30.71% | 21.52% | 31.81% | 26.2% | 18.56% | 13% |
| Gross Profit Growth % | 14.92% | 5.12% | -16.02% | 45.23% | -2.53% | 10.36% | -31.52% | 15.29% | -34.77% | 10.96% | 138.09% | 415.32% | -111.16% | 29% | -48.73% | 62.52% | -49.65% | 45.42% | 135.16% | 34.52% | - |
| Operating Expenses | 6.04M | 6.49M | 8.75M | 6.01M | 4.94M | 2.84M | 3.28M | 2.75M | 3.01M | 4.34M | 3.39M | 4.53M | 6.11M | 8.16M | 8.45M | 5.17M | 3.35M | 2.46M | 1.93M | 2.1M | 1.91M |
| OpEx % of Revenue | 19.09% | 19.06% | 27.7% | 19.12% | 22.16% | 18.22% | 20.49% | 16.44% | 16.07% | 23.38% | 20.08% | 24.86% | 29.02% | 25.13% | 25.39% | 16.02% | 11.81% | 6.46% | 6.07% | 10.99% | 9.41% |
| Selling, General & Admin | 6.04M | 6.49M | 8.75M | 6.01M | 4.62M | 2.84M | 2.79M | 2.75M | 3.01M | 4.34M | 3.39M | 4.53M | 6.11M | 8.16M | 8.45M | 5.17M | 3.35M | 2.46M | 1.93M | 2.1M | 1.91M |
| SG&A % of Revenue | 19.09% | 19.06% | 27.7% | 19.12% | 20.73% | 18.22% | 17.4% | 16.44% | 16.07% | 23.38% | 20.08% | 24.86% | 29.02% | 25.13% | 25.39% | 16.02% | 11.81% | 6.46% | 6.07% | 10.99% | 9.41% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 320K | 4.6K | 495K | 0 | 4.27K | 8.44K | 1.2K | -4.63K | 874 | -29.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.07M | -2.16M | -4.63M | -1.11M | -1.56M | 623.25K | -141.28K | 1.84M | 967.3K | 2.88M | 2.11M | -2.23M | -6.84M | -1.6M | -3.36M | 4.74M | 2.75M | 9.66M | 6.4M | 1.45M | 726.08K |
| Operating Margin % | -3.37% | -6.34% | -14.66% | -3.52% | -7.01% | 4% | -0.88% | 11% | 5.16% | 15.53% | 12.51% | -12.21% | -32.49% | -4.93% | -10.11% | 14.7% | 9.72% | 25.35% | 20.13% | 7.57% | 3.58% |
| Operating Income Growth % | 50.56% | 53.41% | -319.12% | 29.22% | -350.55% | 541.13% | -107.69% | 90% | -66.43% | 36.64% | 194.74% | 67.48% | -327.15% | 52.36% | -170.89% | 72.27% | -71.48% | 50.84% | 342.84% | 99.1% | - |
| EBITDA | -1.07M | 638K | -2.2M | 1.11M | -464.3K | 1.33M | 576.29K | 2.59M | 1.67M | 3.57M | 2.86M | -1.39M | -5.89M | -756.4K | -2.68M | 5.12M | 3.18M | 10.22M | 6.89M | 2.32M | 1.18M |
| EBITDA Margin % | -3.37% | 1.87% | -6.97% | 3.54% | -2.08% | 8.51% | 3.6% | 15.49% | 8.92% | 19.25% | 16.95% | -7.6% | -27.96% | -2.33% | -8.06% | 15.85% | 11.22% | 26.84% | 21.65% | 12.15% | 5.83% |
| EBITDA Growth % | -267.24% | 128.96% | -298.05% | 339.56% | -134.98% | 130.32% | -77.73% | 54.8% | -53.19% | 25.01% | 306.05% | 76.47% | -678.86% | 71.8% | -152.41% | 60.97% | -68.9% | 48.48% | 196.91% | 96.11% | - |
| D&A (Non-Cash Add-back) | 0 | 2.8M | 2.43M | 2.22M | 1.1M | 704.05K | 717.58K | 749.75K | 704.28K | 689.29K | 747.55K | 839.51K | 953.43K | 846.01K | 681.43K | 372.76K | 424.89K | 566.84K | 483.36K | 873.32K | 456.38K |
| EBIT | -1.07M | -2.21M | -4.59M | -427.81K | -1.24M | 627.85K | -118.53K | 1.88M | 971.57K | 2.89M | 2.11M | -2.23M | -6.84M | -1.63M | -3.32M | 4.82M | 2.78M | 9.66M | 6.4M | 1.45M | 726.08K |
| Net Interest Income | 485K | -541K | -521.11K | -355.61K | -269.38K | -202.34K | -296.08K | -354.82K | -412.99K | -644.02K | -752.28K | -1.51M | -437.04K | -307.61K | -247.54K | -531.58K | -423.25K | -472.03K | -528.16K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121 | 3.6K | 2.19K | 20.04K | 10.46K | 15.85K | 0 | 479K | 0 | 0 |
| Interest Expense | -485K | 541K | 521.11K | 355.61K | 269.38K | 202.34K | 296.08K | 354.82K | 412.99K | 644.02K | 752.28K | 1.51M | 440.63K | 309.8K | 267.58K | 542.03K | 439.1K | 472.03K | 528.64K | 0 | 0 |
| Other Income/Expense | -566K | -592K | -477.75K | 321.8K | 1.02M | -197.74K | -273.33K | -313.79K | -408.72K | -635.58K | -751.05K | -1.52M | -436.16K | -337.2K | -228.72K | -468.86K | -411.25K | -467.14K | -528.16K | -915.27K | -1.11M |
| Pretax Income | -1.63M | -2.75M | -5.11M | -783.42K | -542.19K | 425.51K | -414.61K | 1.52M | 558.58K | 2.25M | 1.36M | -3.74M | -7.28M | -1.94M | -3.59M | 4.28M | 2.34M | 9.19M | 5.87M | 530.33K | -385.96K |
| Pretax Margin % | -5.16% | -8.08% | -16.18% | -2.49% | -2.43% | 2.73% | -2.59% | 9.12% | 2.98% | 12.11% | 8.06% | -20.54% | -34.56% | -5.97% | -10.8% | 13.24% | 8.27% | 24.13% | 18.47% | 2.78% | -1.9% |
| Income Tax | 31K | -2K | 1.93M | 195.58K | -192.35K | 104.88K | -73.04K | 423.36K | 824.49K | -2.83M | -768 | -160.5K | -185.47K | 472.33K | -1.47M | 1.59M | 298.33K | 3.26M | 2.36M | 240.1K | 42.19K |
| Effective Tax Rate % | -1.9% | 0.07% | -37.81% | -24.97% | 35.48% | 24.65% | 17.62% | 27.78% | 147.6% | -126.2% | -0.06% | 4.29% | 2.55% | -24.35% | 40.9% | 37.16% | 12.73% | 35.48% | 40.14% | 45.27% | -10.93% |
| Net Income | -1.66M | -2.75M | -7.04M | -979.01K | -349.83K | 320.63K | -341.57K | 1.1M | -265.91K | 5.08M | 1.36M | -3.58M | -7.1M | -2.41M | -2.12M | 2.69M | 2.04M | 5.93M | 3.52M | 290.23K | -428.15K |
| Net Margin % | -5.26% | -8.08% | -22.29% | -3.11% | -1.57% | 2.06% | -2.13% | 6.59% | -1.42% | 27.39% | 8.06% | -19.66% | -33.68% | -7.43% | -6.38% | 8.32% | 7.21% | 15.57% | 11.05% | 1.52% | -2.11% |
| Net Income Growth % | 39.45% | 60.98% | -619.32% | -179.85% | -209.11% | 193.87% | -131.03% | 513.93% | -105.23% | 273.97% | 137.9% | 49.49% | -194.18% | -13.6% | -179.01% | 31.41% | -65.51% | 68.63% | 1111.45% | 167.79% | - |
| Net Income (Continuing) | -1.66M | -2.75M | -7.04M | -979.01K | -349.83K | 320.63K | -341.57K | 1.1M | -265.91K | 5.08M | 1.36M | -3.58M | -7.1M | -2.41M | -2.12M | 2.69M | 2.04M | 5.93M | 3.52M | 290.23K | -428.15K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.17 | -0.29 | -0.81 | -0.11 | -0.04 | 0.04 | -0.05 | 0.15 | -0.04 | 0.72 | 0.20 | -0.59 | -1.37 | -0.51 | -0.51 | 0.48 | 0.40 | 0.92 | 0.48 | -0.16 | -0.21 |
| EPS Growth % | 41.38% | 64.2% | -636.36% | -154.63% | -204.6% | 188.44% | -131.13% | 506.5% | -105.13% | 260% | 133.9% | 56.93% | -168.63% | 0% | -206.25% | 20% | -56.52% | 91.67% | 400% | 23.81% | - |
| EPS (Basic) | -0.17 | -0.29 | -0.81 | -0.11 | -0.04 | 0.04 | -0.05 | 0.15 | -0.04 | 0.72 | 0.20 | -0.59 | -1.37 | -0.51 | -0.51 | 0.76 | 0.60 | 1.72 | 1.28 | -0.16 | -0.21 |
| Diluted Shares Outstanding | 9.91M | 9.46M | 8.72M | 8.6M | 8.1M | 7.76M | 7.31M | 7.57M | 7.21M | 7.15M | 6.64M | 6.03M | 5.19M | 4.75M | 4.18M | 5.72M | 5.21M | 6.44M | 7.1M | 2.5M | 2.07M |
| Basic Shares Outstanding | 9.91M | 9.46M | 8.72M | 8.6M | 8.1M | 7.36M | 7.31M | 7.22M | 7.21M | 6.98M | 6.6M | 6.03M | 5.19M | 4.75M | 4.18M | 3.62M | 3.52M | 3.41M | 2.72M | 2.5M | 2.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49.36% | 9.1% | 3.16% | - | - | - |
Liquidity and execution risk
As reported in recent financial filings, TPCS experienced a 7.01% year-over-year revenue decline, reflecting the inherent instability of its project-based model where long-lead-time defense contracts often face unpredictable milestone recognition cycles that hinder consistent top-line growth and complicate long-term forecasting for the firm's specialized manufacturing operations.
The revenue trajectory appears highly sensitive to the timing of defense procurement milestones, which creates significant quarter-to-quarter variance. This lack of recurring revenue streams suggests that the company remains vulnerable to contract delays or shifts in federal spending priorities.
Based on the company's reported figures, gross margins have fluctuated significantly, reaching a low of 5.4% in 2026Q3, which highlights the difficulty of maintaining profitability in a high-fixed-cost manufacturing environment where throughput is inconsistent and operational inefficiencies frequently erode the value of specialized defense fabrication work.
The inability to sustain gross margins above 15% suggests that the company may be struggling with under-absorption of its specialized labor and facility costs. Investors should monitor whether future contract pricing can better account for inflationary pressures on raw materials and skilled labor.
According to the income statement data, TPCS consistently fails to achieve positive operating income, with margins remaining negative at -3.37% in the most recent period, indicating that the current revenue scale is insufficient to cover the substantial corporate overhead and fixed costs inherent in its dual-site structure.
The persistent negative operating margin implies that the company lacks the necessary scale to leverage its fixed cost base effectively. Without a significant increase in throughput or a reduction in SG&A intensity, the company may continue to struggle with achieving sustainable operating profitability.
As indicated by the provided financial statements, stock-based compensation remains a recurring expense, reaching as high as $453,000 in 2026Q3, which further exacerbates the company's net losses and raises concerns regarding the alignment of management incentives with the creation of shareholder value during periods of negative earnings.
The presence of significant non-cash expenses like stock-based compensation in a loss-making environment warrants further investigation into the company's cash burn rate. Investors should be wary of how these items impact the overall quality of earnings and the potential for future shareholder dilution.
Based on the reported cash balance of $431,000, the company faces an existential liquidity risk, as the current financial data suggests that any further delay in project payments or unexpected cost overruns could necessitate dilutive financing to maintain operations and meet critical defense-grade manufacturing obligations.
The combination of negative net margins and a razor-thin cash position suggests that the company has very little margin for error. While the specialized nature of its certifications provides a potential strategic moat, the current financial reality indicates that the company is highly vulnerable to short-term operational disruptions.
Quick answers to the most common questions about buying TPCS stock.
For fiscal year 2026, TechPrecision Corporation (TPCS) reported total revenue of $31.6M. This represents a 56.1% increase compared to $20.3M in 2006.
TechPrecision Corporation (TPCS) reported a net loss of $1.7M for the fiscal year ending 2026.
TechPrecision Corporation (TPCS) reported an operating income of $-1.1M, resulting in an operating profit margin of -3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
TechPrecision Corporation (TPCS) generated $5.0M in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.