Full Year 2023 Revenue of $81.1 million compared to $86.5 million;Gross profit of $17.2 million compared to $17.1 million;Gross margin of 21.3% compared to 19.7%;Net income of $3.3 million ($3.7 million excluding deferred tax asset valuation impact) compared to $17.2 million ($3.0 million excluding deferred tax asset valuation impact);Earnings per share of $0.26 ($0.29 excluding deferred tax asset valuation impact) compared to $1.40 ($0.25 excluding deferred tax asset valuation impact);Adjusted EBITDA(1) of $7.8 million compared to $7.5 million;Cash flow from operations of $3.6 million compared to $3.9 million;Debt as of December 31, 2024 of $17.4 million compared to $20.1 million as of December 31, 2023.EDGEWOOD, N.Y., March 31, 2025 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc.("CPI Aero” or the "Company”) (NYSE American: CVU) today announced financial results for the twelve month period ended December 31, 2024.
Fourth Quarter 2023 Revenue of $21.8 million compared to $23.5 million;Gross profit of $4.3 million compared to $4.1 million;Gross margin of 20.0% compared to 17.4%;Net income of $1.0 million ($1.4 million excluding deferred tax asset valuation impact) compared to net income of $14.8 million ($0.6 million excluding deferred tax asset valuation impact);Earnings per share of $0.08 ($0.11 excluding deferred tax asset valuation impact) compared to earnings per share of $1.20 ($0.05 excluding deferred tax asset valuation impact);Adjusted EBITDA(1) of $2.3 million compared to $1.8 million;Cash flow from operations of $4.4 million compared to $3.1 million.Full Year 2024 vs.
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31,2024 December 31,2023 ASSETS Current Assets: Cash $5,490,963 $5,094,794 Accounts receivable, net 3,716,378 4,352,196 Contract assets, net 32,832,290 35,312,068 Inventory, net 918,288 1,436,647 Prepaid expenses and other current assets 634,534 718,026 Total Current Assets 43,592,453 46,913,731 Operating lease right-of-use assets 2,856,200 4,740,193 Property and equipment, net 767,904 794,056 Deferred tax asset 18,837,576 19,938,124 Goodwill 1,784,254 1,784,254 Other assets 143,615 189,774 Total Assets $67,982,002 $74,360,132 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $11,097,685 $10,487,012 Accrued expenses 7,922,316 10,275,695 Contract liabilities 2,430,663 5,937,629 Loss reserve 22,832 337,351 Current portion of line of credit 2,750,000 2,400,000 Current portion of long-term debt 26,483 44,498 Operating lease liabilities 2,162,154 1,999,058 Income taxes payable 58,209 30,107 Total Current Liabilities 26,470,342 31,511,350 Line of credit, net of current portion 14,640,000 17,640,000 Long-term operating lease liabilities 938,418 3,100,571 Long-term debt, net of current portion — 26,483 Total Liabilities 42,048,760 52,278,404 Commitments and Contingencies (see note 16) Shareholders’ Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 12,978,741 and 12,771,434 shares, respectively, issued and outstanding 12,979 12,771 Additional paid-in capital 74,424,651 73,872,679 Accumulated deficit (48,504,388) (51,803,722)Total Shareholders’ Equity 25,933,242 22,081,728 Total Liabilities and Shareholders’ Equity $67,982,002 $74,360,132 CPI AEROSTRUCTURES, INC.
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