TechPrecision Corporation Announces Second Quarter Financial Results

TechPrecision Corporation (NASDAQ: TPCS) recently released its financial results for the second quarter, ending September 30, 2024. The company’s consolidated revenue for the period stood at $8.9 million, marking a 12% increase from $8.0 million during the same period in fiscal 2024. This rise was fueled by a favorable project mix at both Ranor and Stadco.

Alexander Shen, the Chief Executive Officer of TechPrecision, highlighted that despite Stadco experiencing an operating loss of $0.8 million due to higher manufacturing costs on specific projects and other issues, customer confidence remains robust with a backlog of $48.6 million as of September 30, 2024. The company aims to fulfill this backlog over the next one to three fiscal years, focusing on gross margin expansion.

In the three and six months ended September 30, 2024, the company reported the following key financial outcomes:

– Three-Month Financial Highlights:
– Revenue: $8.9 million, up by 12% with a favorable project mix.
– Cost of revenue: $7.9 million, a 14% increase due to higher production costs.
– Gross profit: $1.0 million, 2% lower than the same period last year.

– Six-Month Financial Highlights:
– Revenue: $16.9 million, a 10% increase driven by a favorable project mix.
– Cost of revenue: $15.7 million, up by 15% primarily from higher production costs.
– Gross profit: $1.3 million, a 28% decrease mainly due to delayed repair and maintenance.

On the financial front, as of September 30, 2024, TechPrecision had around $132,000 in cash and cash equivalents, a slight decrease from the previous quarter. The company’s working capital was negative $1.5 million, and its total debt amounted to $7.2 million.

Investors and stakeholders are encouraged to join TechPrecision’s conference call scheduled for January 21, 2025, at 4:30 p.m. Eastern Time to further discuss these financial results. Participants can access the call by dialing 1-888-506-0062 or 1-973-528-0011 for international callers with the reference code 801510.

TechPrecision Corporation, through its subsidiaries Ranor and Stadco, specializes in manufacturing precision, large-scale fabrication components and machined metal structural components primarily for defense and precision industrial markets. The company provided details about its operations and services in the attached exhibit to the 8-K SEC Filing.

For more details, interested individuals can visit TechPrecision’s website or refer to the 8-K SEC Filing and Exhibit 99.1 for comprehensive financial information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TechPrecision’s 8K filing here.

About TechPrecision

TechPrecision Corporation, together with its subsidiaries, manufactures and sells precision, fabricated, and machined metal structural components and systems in the United States. The company operates through two segments, Ranor and Stadco. It provides custom components for ships, submarines, military helicopters, aerospace equipment, components for nuclear power plants, and components for medical systems.