Air Industries Group

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Market Data: Yahoo Finance, Bloomberg, SEC Filings

Report Link: Updated Research Report (Dated April 1, 2022)

Symbol: AIRI
Analyst: John Nobile
Taglich Rating: Speculative Buy
Price Target: $2.00
Time Horizon: 12 Months
Rating Established: July 28, 2017
Price When Established: $1.38
Most Recent Report: November 17, 2021
Price When Issued: $0.83

What’s New

Air Industries Group Announces Closing on Expansion of Term Loan and a New Capital Expenditure Line of Credit Totaling a Combined $7 Million

On May 18, 2022, Air Industries Group (NYSE American: AIRI) announced that Webster Bank (formerly Sterling National Bank) has agreed to expand the size of its existing term loan and establish a capital expenditure line of credit to finance future purchases of machinery and equipment. The transaction closed on May 17, 2022.

The new Webster Bank Term Loan has an initial principal amount of $5 million which will be used to retire the existing term loan of approximately $3.1 million, retire a capital lease of approximately $250,000, and purchase two CNC milling centers for an aggregate of $870,000. In addition to the term loan, Webster Bank has extended a new $2 million capital expenditure line of credit to be used to purchase new machinery and equipment.

All advances under the term loan and the capital expenditure line of credit are amortizable over seven years, mature on December 31, 2026, and bear interest at the greater of 3.5% per annum, or 30-day LIBOR plus 250 basis points, or Prime Rate less 65 basis points. The current interest rate is 3.5%.

Air Industries Reports 1Q22 Results

On May 2, 2022, Air Industries Group (NYSE AMEX: AIRI) reported results for its first quarter ended March 31, 2022.

For 1Q22, the company reported revenue decreased 12% to $12.1 million from $13.7 million in 1Q21. Air Industries reported a net loss of $28,000 versus a loss of $152,000 in 1Q21.

Taglich Brothers projected 1Q22 revenue of $12 million and a net loss of $535,000.

Air Industries Group Wins Two Long-Term Agreements for Flight Critical Components for Blackhawk Helicopters with a Combined Value of $8.3 Million

On April 28, 2022, Air Industries Group (NYSE American: AIRI) announced that it has been awarded two separate long-term agreements (LTAs) to manufacture flight-critical assemblies for the Blackhawk helicopter. The estimated value of the two LTAs is approximately $8.3 million over their five-year terms.

These two LTAs along with orders that were previously announced in January and February 2022 total an estimated $28.9 million in components for Blackhawk helicopters over the life of the agreements.

Company Description

Air Industries Group, headquartered in Bay Shore, New York, operates primarily in the aerospace and defense industry. The company designs and manufactures structural parts and assemblies, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants, components for jet engines, and other aerospace components.