$AIRI

AIR INDUSTRIES GROUP

CIK:0001009891|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net Sales	$ 11,995,000	$ 12,659,000	$ 23,601,000	$ 24,802,000
Cost of Sales	9,512,000	10,631,000	18,516,000	20,740,000
Gross Profit	2,483,000	2,028,000	5,085,000	4,062,000
Operating Expenses	2,849,000	2,020,000	6,016,000	4,800,000
(Loss) Income from Operations	(366,000)	8,000	(931,000)	(738,000)
Interest Expense	(414,000)	(360,000)	(822,000)	(705,000)
Interest Expense - Related Parties	(86,000)	(86,000)	(172,000)	(185,000)
Other Income, Net	38,000	16,000	77,000	218,000
Loss before Income Taxes	(828,000)	(422,000)	(1,848,000)	(1,410,000)
Provision for Income Taxes	18,000		18,000
Net Loss	$ (846,000)	$ (422,000)	$ (1,866,000)	$ (1,410,000)
Loss per share - Basic (in Dollars per share)	$ (0.18)	$ (0.11)	$ (0.39)	$ (0.38)
Loss per share - Diluted (in Dollars per share)	$ (0.18)	$ (0.11)	$ (0.39)	$ (0.38)
Weighted Average Shares Outstanding - Basic (in Shares)	4,809,394	3,731,335	4,807,335	3,699,084
Weighted Average Shares Outstanding - Diluted (in Shares)	4,809,394	3,731,335	4,807,335	3,699,084

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (1,866,000)	$ (1,410,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation of property and equipment	1,427,000	1,187,000
Stock-based compensation	1,023,000	670,000
Stock-Based Compensation forfeiture adjustment	(125,000)
Amortization of Finance Lease Right-of-Use Assets	98,000	98,000
Amortization of Operating Lease Right-of-Use Assets	341,000	357,000
Deferred gain on sale	(19,000)	(19,000)
Allowance for credit losses	89,000	28,000
Amortization of deferred financing costs	1,000	34,000
(Increase) Decrease in Operating Assets:
Accounts receivable	(182,000)	1,897,000
Inventory	(2,438,000)	(1,376,000)
Prepaid expenses and other current assets	312,000	(17,000)
Contract costs receivable		296,000
Prepaid taxes	(19,000)	(20,000)
Deposits and other assets	(17,000)	17,000
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses	(1,010,000)	1,249,000
Operating lease liabilities	(463,000)	(448,000)
Customer deposits	3,073,000	(673,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	225,000	1,870,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(485,000)	(2,113,000)
NET CASH USED IN INVESTING ACTIVITIES	(485,000)	(2,113,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver - net - Current Credit Facility	1,065,000	(811,000)
Proceeds from term loan - Current Credit Facility		1,640,000
Proceeds from Common Stock issued for cash		1,185,000
Payments for taxes related to net share settlement of equity awards	(131,000)	(127,000)
Payments of Subordinated Notes - related party		(1,291,000)
Payments of term loan - Current Credit Facility	(524,000)	(485,000)
Payments of Solar Credit Facility	(14,000)
Payments of finance lease obligations	(118,000)	(109,000)
Payments of loan payable - financed asset	(4,000)	(5,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	274,000	(3,000)
NET INCREASE (DECREASE) IN CASH	14,000	(246,000)
CASH AT BEGINNING OF PERIOD	4,610,000	753,000
CASH AT END OF PERIOD	4,624,000	507,000
Supplemental cash flow information:
Cash paid during the period for interest	994,000	861,000
Cash paid during the period for taxes	$ 41,000	$ 19,000

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash	$ 694,000	$ 680,000
Restricted cash	3,930,000	3,930,000
Accounts Receivable, Net of Allowance for Credit Losses of $554,000 and $464,000	7,164,000	7,071,000
Inventory	36,699,000	34,261,000
Prepaid Expenses and Other Current Assets	454,000	766,000
Prepaid Taxes	95,000	76,000
Total Current Assets	49,036,000	46,784,000
Property and Equipment, Net	8,559,000	9,501,000
Finance Lease Right-Of-Use-Assets	818,000	916,000
Operating Lease Right-Of-Use-Assets	173,000	514,000
Deferred Financing Costs, Net, Deposits and Other Assets	630,000	614,000
TOTAL ASSETS	59,216,000	58,329,000
Current Liabilities
Debt	24,217,000	23,721,000
Accounts Payable and Accrued Expenses	6,893,000	7,903,000
Operating Lease Liabilities	239,000	702,000
Deferred Gain on Sale	9,000	28,000
Customer Deposits	3,464,000	391,000
Total Current Liabilities	39,693,000	37,616,000
Long Term Liabilities
Debt	1,421,000	1,512,000
TOTAL LIABILITIES	41,114,000	39,128,000
Commitments and Contingencies (see Note 8)
Stockholders’ Equity
Preferred Stock - par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both June 30, 2026 and December 31, 2025.
Common Stock - Par Value $.001 - Authorized 6,000,000 shares, 4,850,658 and 4,776,454 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5,000	5,000
Additional Paid-In Capital	90,375,000	89,608,000
Accumulated Deficit	(72,278,000)	(70,412,000)
TOTAL STOCKHOLDERS’ EQUITY	18,102,000	19,201,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	59,216,000	58,329,000
Related Party
Current Liabilities
Subordinated Notes - Related Party	$ 4,871,000	$ 4,871,000