Air Industries Group Files Q3 2024 10-Q Report

TL;DR

**AIR INDUSTRIES GROUP (AIR) files Q3 10-Q. Financials and operations update.**

AI Summary

Air Industries Group filed its 10-Q for the quarterly period ended September 30, 2024. The report details the company's financial performance and operational status. Key financial figures and business activities for the period are outlined within the filing.

Why It Matters

This filing provides investors and stakeholders with an update on Air Industries Group's financial health and operational progress for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing and does not inherently present new risks.

Key Numbers

• 20240930 — Quarter End Date (The report covers the period ending on this date.)
• 20241114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• AIR INDUSTRIES GROUP (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 1460 Fifth Avenue, Bay Shore, New York 11706 (address) — Principal executive offices
• 001-35927 (company_id) — Commission File Number

FAQ

Filing Documents

• ea0220612-10q_airindus.htm (10-Q) — 727KB
• ea022061201ex31-1_airindus.htm (EX-31.1) — 10KB
• ea022061201ex31-2_airindus.htm (EX-31.2) — 10KB
• ea022061201ex32-1_airindus.htm (EX-32.1) — 4KB
• ea022061201ex32-2_airindus.htm (EX-32.2) — 5KB
• 0001213900-24-098038.txt ( ) — 5319KB
• airi-20240930.xsd (EX-101.SCH) — 46KB
• airi-20240930_cal.xml (EX-101.CAL) — 47KB
• airi-20240930_def.xml (EX-101.DEF) — 273KB
• airi-20240930_lab.xml (EX-101.LAB) — 509KB
• airi-20240930_pre.xml (EX-101.PRE) — 293KB
• ea0220612-10q_airindus_htm.xml (XML) — 660KB

Financial Statements

Financial Statements 2 Item 2.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II. OTHER INFORMATION 30 Item 1A.

Risk Factors

Risk Factors 30 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. Forward-looking statements are predictive in nature and can be identified by the fact that they do not relate strictly to historical or current facts and generally include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions. 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. 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 in forward-looking statements contained herein. Given these uncertainties, you should not place any reliance on these forward-looking the forward-looking statements include, but are not limited to, those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and elsewhere in this report and the risks discussed in our other filings with the Securities Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result

Financial statements

Item 1. Financial statements 2 Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 7 1

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AIR INDUSTRIES GROUP Condensed Consolidated Balance Sheets September 30, December 31, 2024 2023 (unaudited) ASSETS Current Assets Cash $ 186,000 $ 346,000 Accounts Receivable, Net of Allowance for Credit Losses of $ 237,000 and $ 344,000 7,259,000 7,892,000 Inventory 30,509,000 29,851,000 Prepaid Expenses and Other Current Assets 314,000 297,000 Contract Costs Receivable 296,000 296,000 Prepaid Taxes 55,000 37,000 Total Current Assets 38,619,000 38,719,000 Property and Equipment, Net 8,521,000 8,048,000 Finance Lease Right-Of-Use-Assets 1,161,000 970,000 Operating Lease Right-Of-Use-Assets 1,366,000 1,866,000 Deferred Financing Costs, Net, Deposits and Other Assets 698,000 1,112,000 TOTAL ASSETS $ 50,365,000 $ 50,715,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Debt $ 17,066,000 $ 16,036,000 Accounts Payable and Accrued Expenses 7,101,000 6,091,000 Operating Lease Liabilities 890,000 880,000 Deferred Gain on Sale - Leaseback 38,000 38,000 Customer Deposits 1,717,000 3,557,000 Total Current Liabilities 26,812,000 26,602,000 Long Term Liabilities Debt 1,748,000 1,112,000 Subordinated Notes - Related Party 6,162,000 6,162,000 Operating Lease Liabilities 925,000 1,582,000 Deferred Gain on Sale - Leaseback 38,000 67,000 TOTAL LIABILITIES 35,685,000 35,525,000 Commitments and Contingencies (see Note 8) Stockholders' Equity Preferred Stock - par value $ .001 - Authorized 3,000,000 shares, 0 shares outstanding, at both September 30, 2024 and December 31, 2023. - - Common Stock - Par Value $ .001 - Authorized 6,000,000 shares, 3,350,791 and 3,303,045 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 3,000 3,000 Additional Paid-In Capital 83,230,000 82,928,000 Accumulated Deficit ( 68,553,000 ) ( 67,741,000 ) TOTAL STOCKHOLDERS' EQUITY 14,680,000 15,190,000

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View this 10-Q filing on SEC EDGAR