CPI Aerostructures Files Q2 2024 10-Q Report

TL;DR

CPI Aero Q2 24 10-Q filed. Financials for H1 2024 detailed.

AI Summary

CPI Aerostructures Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company's financial performance for the quarter and the first half of the year is detailed in this 10-Q filing. Specific revenue, profit, and balance sheet figures for the periods ending June 30, 2024, March 31, 2024, and December 31, 2023, are presented.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for CPI Aerostructures, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant performance trends or issues.

Key Numbers

• Q2 2024 — Reporting Period (Quarterly results ending June 30, 2024)
• H1 2024 — Year-to-Date Period (First half of 2024 financial performance)

Key Players & Entities

• CPI AEROSTRUCTURES INC (company) — Filer
• 0001999371-24-010057 (filing_id) — Accession Number
• 20240630 (date) — Conformed Period of Report
• 20240813 (date) — Filed as of Date
• 0000889348 (cik) — Central Index Key

FAQ

Key Financial Figures

• $0.001 — e on which registered Common stock, $0.001 par value per share CVU NYSE American

Filing Documents

• cpi-10q_063024.htm (10-Q) — 656KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 12KB
• cpi10q001.jpg (GRAPHIC) — 7KB
• 0001999371-24-010057.txt ( ) — 3690KB
• cvu-20240630.xsd (EX-101.SCH) — 31KB
• cvu-20240630_cal.xml (EX-101.CAL) — 54KB
• cvu-20240630_def.xml (EX-101.DEF) — 102KB
• cvu-20240630_lab.xml (EX-101.LAB) — 240KB
• cvu-20240630_pre.xml (EX-101.PRE) — 202KB
• cpi-10q_063024_htm.xml (XML) — 468KB

- Financial Information

Part I - Financial Information 1

– Consolidated Financial Statements (Unaudited)

Item 1 – Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 12

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 18

– Controls and Procedures

Item 4 – Controls and Procedures 18

- Other Information

Part II - Other Information 19

– Legal Proceedings

Item 1 – Legal Proceedings 19

– Risk Factors

Item 1A – Risk Factors 19

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 19

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 19

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 19

– Other Information

Item 5 – Other Information 19

– Exhibits

Item 6 – Exhibits 20

Signatures

Signatures 21 Part I - Financial Information Item 1 - Consolidated Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current Assets: Cash $ 1,936,697 $ 5,094,794 Accounts receivable, net of allowance for credit losses 6,228,639 4,352,196 Contract assets, net 34,183,988 35,312,068 Inventory 1,132,520 1,436,647 Refundable income taxes 40,000 40,000 Prepaid expenses and other current assets 563,147 678,026 Total Current Assets 44,084,991 46,913,731 Operating lease right-of-use assets 3,808,903 4,740,193 Property and equipment, net 793,664 794,056 Deferred tax asset 19,582,905 19,938,124 Goodwill 1,784,254 1,784,254 Other assets 162,803 189,774 Total Assets $ 70,217,520 $ 74,360,132 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 14,528,893 $ 10,487,012 Accrued expenses 5,994,894 10,275,695 Contract liabilities 2,482,535 5,937,629 Loss reserve 59,922 337,351 Current portion of line of credit 2,640,000 2,400,000 Current portion of long-term debt 30,663 44,498 Operating lease liabilities, current 2,076,851 1,999,058 Income taxes payable 31,734 30,107 Total Current Liabilities 27,845,492 31,511,350 Line of credit, net of current portion 16,200,000 17,640,000 Long-term operating lease liabilities 2,044,237 3,100,571 Long-term debt, net of current portion 10,821 26,483 Total Liabilities 46,100,550 52,278,404 Commitments and Contingencies (see note 11) Shareholders' Equity: Common stock - $ .001 par value; authorized 50,000,000 shares, 12,962,863 and 12,771,434 shares, respectively, issued and outstanding 12,963 12,771 Additional paid-in capital 74,329,545 73,872,679 Accumulated deficit ( 50,225,538 ) ( 51,803,722 ) Total Shareholders' Equity 24,116,970 22,081,728 Total Liab

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View this 10-Q filing on SEC EDGAR