Air Industries backs FY24 revenue view $50M

The company said, “While the predictability of performance on large contracts and product deliveries remains difficult, Air Industries (AIRI) reaffirms its target of achieving at least $50.0 million in net sales for fiscal 2024, with Adjusted EBITDA expected to significantly surpass 2023 levels. The Company’s backlog of undelivered, fully-funded customer orders surpassed $105 million as of September 30, 2024, marking a 4% increase since June 30, 2024, and a 22% rise since January 1, 2023. The Company’s book-to-bill ratio, which is bookings of new business divided by net sales increased to nearly 1.40x for the trailing twelve months ended September 30, 2024. As of September 30, 2024, total debt was $24,976,000, up $1,666,000 or 7.1% from December 31, 2023. The Company is in compliance with its loan covenants and expects to remain in compliance for the balance of the year.”