$CVU

CPI AEROSTRUCTURES INC

CIK:0000889348|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 17,581,532	$ 15,179,108	$ 34,941,472	$ 30,579,716
Cost of sales	13,709,795	14,515,726	26,589,844	28,266,859
Gross profit	3,871,737	663,382	8,351,628	2,312,857
Selling, general and administrative expenses	2,675,952	2,654,024	5,326,215	5,489,801
Income (loss) from operations	1,195,785	(1,990,642)	3,025,413	(3,176,944)
Other income		5,480	30,373	6,980
Interest expense	(312,939)	(287,546)	(604,874)	(775,637)
Income (loss) before provision for income taxes	882,846	(2,272,708)	2,450,912	(3,945,601)
Provision (benefit) for income taxes	197,231	(947,749)	528,579	(1,296,718)
Net income (loss)	$ 685,615	$ (1,324,959)	$ 1,922,333	$ (2,648,883)
Income per common share, basic	$ 0.05	$ (0.10)	$ 0.15	$ (0.21)
Income per common share, diluted	$ 0.05	$ (0.10)	$ 0.15	$ (0.21)
Shares used in computing income per common share:
Basic	12,908,141	12,748,869	12,885,785	12,728,209
Diluted	13,042,595	12,748,869	13,056,924	12,728,209

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 1,922,333	$ (2,648,883)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	66,136	187,365
Amortization of debt issuance cost	24,322	10,661
Stock-based compensation	381,496	488,812
Deferred income taxes	421,808	(1,315,528)
Provision for credit losses	84,363	(86,814)
Amortization of lease right-of-use assets	737,791	826,431
Changes in operating assets and liabilities:
Increase in accounts receivable	(4,159,175)	(2,250,823)
(Increase) decrease in contract assets	(608,158)	1,805,268
Decrease (increase) in inventory	180,555	(106,884)
Decrease in prepaid expenses and other assets	169,673	93,450
(Decrease) increase in accounts payable and accrued expenses	(364,967)	1,057,552
Increase (decrease) in contract liabilities	1,342,196	(533,727)
Decrease in operating lease liabilities	(700,099)	(836,199)
(Decrease) increase in loss reserve	(11,750)	47,305
Increase (decrease) in income taxes payable	87,771	(55,861)
Net cash used in operating activities	(425,705)	(3,317,875)
Cash flows from investing activities:
Purchase of property and equipment	(60,539)	(62,937)
Net cash used in investing activities	(60,539)	(62,937)
Cash flows from financing activities:
Principal payments on line of credit		(1,250,000)
Principal payments on long-term debt	(62,500)	(15,661)
Proceeds from line of credit	800,000
Repayments of insurance financing obligation	(191,359)	(170,009)
Equity issuance costs	(123,221)
Net cash provided by (used in) financing activities	422,920	(1,435,670)
Net decrease in cash	(63,324)	(4,816,482)
Cash at beginning of period	899,199	5,490,963
Cash at end of period	835,875	674,481
Cash paid during the period for:
Interest	479,659	864,820
Income Taxes	19,000	19,996
Non Cash item Investing and Financing Activities:
Increase to operating right-of-use asset and operating lease liability from lease amendment		8,190,636
Increase to financing right-of-use asset and operating lease liability	105,606
Deferred equity issuance costs incurred but not yet paid	$ 145,627

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash	$ 835,875	$ 899,199
Accounts receivable, net	9,839,740	5,764,928
Contract assets	34,278,512	33,670,354
Inventory	620,268	800,823
Prepaid expenses and other current assets	2,103,024	2,272,696
Total Current Assets	47,677,419	43,408,000
Operating lease right-of-use assets	8,777,416	9,515,207
Property and equipment, net	512,562	412,553
Deferred tax asset, net	19,472,988	19,894,796
Goodwill	1,784,254	1,784,254
Other assets	486,377	229,691
Total Assets	78,711,016	75,244,501
Current Liabilities:
Accounts payable	16,035,856	14,724,293
Accrued expenses	3,041,457	4,763,719
Contract liabilities	2,970,578	1,628,382
Loss reserve	126,676	138,426
Current portion of long-term debt	250,000	187,500
Financing lease liabilities, current	18,613
Operating lease liabilities, current	1,515,379	1,434,385
Income taxes payable	230,311	142,540
Total Current Liabilities	24,188,870	23,019,245
Line of credit	9,173,672	8,373,672
Long-term financing lease liabilities	86,993
Long-term operating lease liabilities	7,572,027	8,353,120
Long-term debt, net of current portion	9,578,051	9,690,890
Total Liabilities	50,599,613	49,436,927
Commitments and Contingencies (see note 11)
Shareholders’ Equity:
Preferred stock- $.001 par value; authorized 5,000,000 shares, 0 shares issued and outstanding
Common stock - $.001 par value; authorized 50,000,000 shares, 13,227,806 and 13,155,061 shares, respectively, issued and outstanding	13,228	13,155
Additional paid-in capital	75,523,591	75,142,168
Accumulated deficit	(47,425,416)	(49,347,749)
Total Shareholders’ Equity	28,111,403	25,807,574
Total Liabilities and Shareholders’ Equity	$ 78,711,016	$ 75,244,501