CPI Aerostructures Q3 2024: Assets at $344.5M

TL;DR

CPI Aero Q3 assets $344.5M. FY ends Dec 31.

AI Summary

CPI Aerostructures Inc. reported its Q3 2024 results, with total assets reaching $344.5 million as of September 30, 2024. The company's fiscal year ends on December 31st. This filing covers the period from July 1, 2024, to September 30, 2024.

Why It Matters

This filing provides a snapshot of CPI Aerostructures' financial health and asset base at the end of the third quarter of 2024, which is crucial for investors and creditors to assess the company's stability.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• $344.5M — Total Assets (As of September 30, 2024)

Key Players & Entities

• CPI AEROSTRUCTURES INC (company) — Filer
• 200A EXECUTIVE DR (location) — Business Street Address
• EDGEWOOD (location) — Business City
• NY (location) — Business State
• 11717 (location) — Business Zip Code
• 91 HEARTLAND BLVD (location) — Mail Street Address
• 112520310 (identifier) — IRS Number
• 001-11398 (identifier) — SEC File Number
• 241455842 (identifier) — Film Number

FAQ

Key Financial Figures

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

Filing Documents

• cpi-10q_093024.htm (10-Q) — 816KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 9KB
• cpi10q001.jpg (GRAPHIC) — 9KB
• 0001999371-24-014654.txt ( ) — 3972KB
• cvu-20240930.xsd (EX-101.SCH) — 33KB
• cvu-20240930_cal.xml (EX-101.CAL) — 54KB
• cvu-20240930_def.xml (EX-101.DEF) — 106KB
• cvu-20240930_lab.xml (EX-101.LAB) — 247KB
• cvu-20240930_pre.xml (EX-101.PRE) — 205KB
• cpi-10q_093024_htm.xml (XML) — 518KB

- Financial Information

Part I - Financial Information 1

– Consolidated Financial Statements (Unaudited)

Item 1 – Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine months ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine months ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Nine months ended September 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 19

- Financial Information

Part I - Financial Information

- Consolidated Financial Statements

Item 1 - Consolidated Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 (Unaudited) December 31, 2023 ASSETS Current Assets: Cash $ 1,708,987 $ 5,094,794 Accounts receivable, net of allowance for credit losses 6,574,853 4,352,196 Contract assets, net 33,618,971 35,312,068 Inventory 1,052,286 1,436,647 Refundable income taxes 40,000 40,000 Prepaid expenses and other current assets 377,858 678,026 Total Current Assets 43,372,955 46,913,731 Operating lease right-of-use assets 3,334,992 4,740,193 Property and equipment, net 819,078 794,056 Deferred tax asset 19,425,407 19,938,124 Goodwill 1,784,254 1,784,254 Other assets 151,077 189,774 Total Assets $ 68,887,763 $ 74,360,132 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 14,994,451 $ 10,487,012 Accrued expenses 5,742,854 10,275,695 Contract liabilities 1,390,127 5,937,629 Loss reserve 24,888 337,351 Current portion of line of credit 2,730,000 2,400,000 Current portion of long-term debt 31,330 44,498 Operating lease liabilities, current 2,118,329 1,999,058 Income taxes payable 28,748 30,107 Total Current Liabilities 27,060,727 31,511,350 Line of credit, net of current portion 15,390,000 17,640,000 Long-term operating lease liabilities 1,494,942 3,100,571 Long-term debt, net of current portion 2,734 26,483 Total Liabilities 43,948,403 52,278,404 Commitments and Contingencies (see note 11) — — Shareholders' Equity: Common stock - $ .001 par value; authorized 50,000,000 shares, 12,933,408 and 12,771,434 shares, respectively, issued and outstanding 12,933 12,771 Additional paid-in capital 74,402,288 73,872,679 Accumulated deficit ( 49,475,861 ) ( 51,803,722 ) Total Shareholders' Equity 24,939,360 22,081,728 Total Liabilities and Shareholders' Equity $

View Full Filing

View this 10-Q filing on SEC EDGAR