Air Industries Group Files 2023 Annual Report on Form 10-K

TL;DR

<b>Air Industries Group has filed its 2023 10-K, detailing its financial performance and corporate information.</b>

AI Summary

AIR INDUSTRIES GROUP (AIRI) filed a Annual Report (10-K) with the SEC on April 15, 2024. Air Industries Group filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Bay Shore, New York. Common stock of Air Industries Group, par value $0.001, is traded under the symbol AIRI on the NYSE-American exchange. The filing indicates the company is not a well-known seasoned issuer and is not required to file reports pursuant to Section 13 or 15(d) of the Act. The company has submitted all required reports for the past 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking AIR INDUSTRIES GROUP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Air Industries Group's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The disclosure of its stock trading on NYSE-American and its corporate structure in Nevada is important for understanding its market presence and regulatory standing.

Risk Assessment

Risk Level: low — AIR INDUSTRIES GROUP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable reporting status.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to form an informed opinion on Air Industries Group's current standing and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 2024-04-15 — Filing Date (Date the 10-K was filed)
• 001-35927 — Commission File Number (SEC file number for the registrant)
• 0001009891 — Central Index Key (Company's unique identifier)

Key Players & Entities

• AIR INDUSTRIES GROUP (company) — Filer name
• AIRI (company) — Trading Symbol
• NYSE-American (company) — Exchange where common stock is registered
• Nevada (company) — State of incorporation
• Bay Shore (company) — City of Principal Executive Offices
• 2023 (date) — Fiscal year end
• 20240415 (date) — Filing date

FAQ

Industry Context

Air Industries Group operates in the aircraft parts and auxiliary equipment sector.

Regulatory Implications

The company is subject to SEC reporting requirements under the 1934 Act, including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and operational disclosures.
2. Analyze the risk factors section for potential business challenges.
3. Compare current year performance with previous filings to identify trends.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, following previous filings required by the SEC.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 AIRI NYSE-American Securities registe
• $3.55 — held by non-affiliates, and a price of $3.55 per share, which was the last reported
• $51.5 million — ing for growth. We finished 2023 with $51.5 million of net sales. Our backlog, which repres
• $98.3 million — of all funded orders received, stood at $98.3 million an increase of 14.7% as compared to our
• $2.1 million — bottom-line, we reported a net loss of $2.1 million. As we enter fiscal 2024, we believe ou
• $191.9 million — l unfilled contract values amounting to $191.9 million (including our $98.3 million in backlog
• $700,000 — icant results, as we secured an initial $700,000 order from a foreign-based defense and
• $62,262,000 — l period. In fiscal 2023, bookings were $62,262,000 or a 55% increase compared to $40,166,0
• $40,166,000 — 2,262,000 or a 55% increase compared to $40,166,000 in 2022. Our "book-to-bill" ratio, whic
• $85.7 million — 2023, marking a 14.7% increase from the $85.7 million on December 31, 2022. It represents the
• $191.1 m — rded to us as of December 31, 2023, was $191.1 million, including the value of our exist
• $2,119,000 — e, in fiscal 2023 and 2022, we invested $2,119,000 and $2,361,000 in new property and equi
• $2,361,000 — 23 and 2022, we invested $2,119,000 and $2,361,000 in new property and equipment to suppor
• $2,000,000 — and anticipate investing approximately $2,000,000 in 2024 for new or upgraded equipment.

Filing Documents

• ea0202428-10k_air.htm (10-K) — 1064KB
• ea020242801ex19-1_air.htm (EX-19.1) — 24KB
• ea020242801ex23-1_air.htm (EX-23.1) — 2KB
• ea020242801ex31-1_air.htm (EX-31.1) — 8KB
• ea020242801ex31-2_air.htm (EX-31.2) — 8KB
• ea020242801ex32-1_air.htm (EX-32.1) — 4KB
• ea020242801ex32-2_air.htm (EX-32.2) — 4KB
• ea020242801ex97-1_air.htm (EX-97.1) — 20KB
• 0001213900-24-033018.txt (&nbsp;) — 6796KB
• airi-20231231.xsd (EX-101.SCH) — 76KB
• airi-20231231_cal.xml (EX-101.CAL) — 62KB
• airi-20231231_def.xml (EX-101.DEF) — 328KB
• airi-20231231_lab.xml (EX-101.LAB) — 629KB
• airi-20231231_pre.xml (EX-101.PRE) — 325KB
• ea0202428-10k_air_htm.xml (XML) — 817KB

Business

Business 1 Item 1A. Risk Factors 7 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3. Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 20 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation 21 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 27 Item 8. Financial 27 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27 Item 9A. Controls and Procedures 27 Item 9B. Other Information 28 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 28 PART III Item 10. Directors, Executive Officers, and Corporate Governance 29 Item 11. Executive Compensation 29 Item 12. Security 29 Item 13. Certain Relationships and Related Transactions and Director Independence 29 Item 14. Principal Accountant Fees and Services 29 PART IV Item 15. Exhibits and Financial Statement Schedules 30 Consolidated

Financial Statements

Financial Statements F-1 i Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K filed by Air Industries Group (herein referred to as "Air Industries", the "company". "we", "us", or "our") contains forward-looking statements. Certain of the matters discussed herein concerning, among other items, our operations, cash flows, financial position and economic performance including, in particular, future sales, product demand, competition and the effect of economic conditions, include forward-looking statements. Forward-looking and generally include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions. Although we believe that these statements are based upon reasonable assumptions, including projections of orders, sales, operating margins, earnings, cash flow, research and development costs, working capital, capital expenditures, distribution channels, profitability, new products, adequacy of funds from operations, and general economic conditions, these statements and other projections contained herein expressing opinions about future outcomes and non-historical information, are subject to uncertainties and, therefore, there is no assurance that the outcomes expressed in these statements will be achieved. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in forward-looking statements contained herein. Given these uncertainties, you should not place any reliance on these forward-looking statements which speak only as of the date hereof. See "Risk factors" for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. We do not intend to up

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View this 10-K filing on SEC EDGAR