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olivLaw · US equity research

Air Industries Group AIRI

Aircraft Parts & Auxiliary Equipment, NEC · SIC 3728 · Vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)

2.57USD−0.39% · 1 dayClose 04 Nov 2026

Air Industries Group manufactures precision components and assemblies for large aerospace and defense prime contractors, with all production in the United States. Net sales were 47.9 million USD in fiscal 2025, while funded backlog of 136.8 million USD shows existing demand. With debt maturing in 2026, the company is negotiating a merger with Tenax Aerospace that could substantially change its business profile.

At the close of 04 Nov 2026, Air Industries Group (AIRI) stock was 2.57 USD (−0.39% on the day), with market capitalisation 12.5 m USD, beta 0.77, 52-week range 2.32–3.54 USD. Latest reported quarter (Q2 2026): revenue of 12.0 m USD (−5.2% YoY), net income of -846.0 k USD, diluted EPS -0.18 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
12.5 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.37 · TTM to 30 Jun 2026
E/P (TTM)
-14.35%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.77
Volatility (1y) 42%
52-week range
2.323.54

Price history

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Technical reading

RSI (14)
49.3
neutral
Bollinger (20, 2)
2.45 – 2.67
in the upper half of the band · %B 0.54 · band width 8.6%
SMA 50 / 200
2.60 / 2.93
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.00 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.0%−1.1%+5.1 pp—
3 months−3.7%−0.5%−3.3 pp—
6 months−15.5%+4.4%−19.9 pp—
Year to date−16.3%+12.3%−28.6 pp—
1 year−16.6%+13.5%−30.1 pp+14.7%
3 years−16.8%+76.4%−93.2 pp+83.9%
5 years−76.4%+63.7%−140.1 pp—
Max drawdown (1y)
−34.5%
04 Mar 2026 → 24 Aug 2026
Max drawdown (5y)
−78.3%
17 Nov 2021 → 24 Aug 2026
Compound annual growth (5y)
−25.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
12.0 m USD
−5.2% YoY
Net income
-846.0 k USD
unavailable YoY
Diluted EPS
-0.18
unavailable YoY
net / operating
-7.1% / -3.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue12.6 m14.9 m12.1 m12.7 m10.3 m12.8 m11.6 m12.0 m
Cost of revenue10.6 m12.5 m10.1 m10.6 m8.0 m11.0 m9.0 m9.5 m
Gross profit1.9 m2.4 m2.0 m2.0 m2.3 m1.8 m2.6 m2.5 m
Operating income67.0 k-101.0 k-746.0 k8.0 k316.0 k84.0 k-565.0 k-366.0 k
Depreciation & amortisation——580.0 k—————
Interest expense364.0 k357.0 k345.0 k360.0 k380.0 k402.0 k407.0 k414.0 k
Pre-tax income-404.0 k-554.0 k-988.0 k-422.0 k-44.0 k18.0 k-1.0 m-828.0 k
Income tax———————18.0 k
Net income-404.0 k-554.0 k-988.0 k-422.0 k-44.0 k149.0 k-1.0 m-846.0 k
Diluted EPS-0.12-0.16 ≈-0.27-0.11-0.010.03 ≈-0.21-0.18
Operating cash flow174.0 k ≈-184.0 k1.5 m345.0 k ≈-2.6 m ≈-598.0 k-1.3 m1.5 m ≈
Capex269.0 k ≈801.0 k1.2 m896.0 k ≈905.0 k ≈304.0 k425.0 k60.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue44.5 m54.6 m50.1 m58.9 m53.2 m51.5 m55.1 m47.9 m
Revenue YoY−10.7%+22.6%−8.2%+17.6%−9.7%−3.2%+7.0%−13.0%
Net income-11.0 m-2.7 m1.1 m1.6 m-1.1 m-2.1 m-1.4 m-1.3 m
Net income YoYunavailableunavailableunavailable+48.4%−166.1%unavailableunavailableunavailable
Diluted EPSunavailableunavailable0.050.45-0.33-0.65-0.41-0.31
Diluted EPS YoYunavailableunavailableunavailable+800.0%−173.3%unavailableunavailableunavailable
net %-24.7%-5.0%2.2%2.8%-2.0%-4.1%-2.5%-2.7%
Free cash flow-3.6 m-1.7 m-5.3 m2.7 m-1.9 m2.7 m-2.0 m-4.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.6 m USD
Financial debt
25.2 m USD
Net debt
20.6 m USD
Equity
19.2 m USD
Total assets
58.3 m USD
Debt / equity
1.31x
Current ratio
1.24x
ROE
-7.6%
ROA
-2.4%
FCF margin
-9.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
51.5 m
2024
55.1 m
2025
47.9 m

SEC (XBRL)· 27 Mar 2026verified

Cost of revenue
2023
44.1 m
2024
46.2 m
2025
39.7 m

SEC (XBRL)· 27 Mar 2026verified

Gross profit
2023
7.4 m
2024
8.9 m
2025
8.2 m

SEC (XBRL)· 27 Mar 2026verified

Operating income
2023
-295.0 k
2024
459.0 k
2025
-338.0 k

SEC (XBRL)· 27 Mar 2026verified

Depreciation & amortisation
2023
2.3 m
2024
2.1 m
2025
—

SEC (XBRL)· 15 Apr 2025verified

EBITDA
2023
2.0 m ≈
2024
2.5 m ≈
2025
—

SEC (XBRL)· 15 Apr 2025derived

Interest expense
2023
1.4 m
2024
1.4 m
2025
1.5 m

SEC (XBRL)· 27 Mar 2026verified

Pre-tax income
2023
-2.1 m
2024
-1.4 m
2025
-1.4 m

SEC (XBRL)· 27 Mar 2026verified

Income tax
2023
—
2024
—
2025
-131.0 k

SEC (XBRL)· 27 Mar 2026verified

Net income
2023
-2.1 m
2024
-1.4 m
2025
-1.3 m

SEC (XBRL)· 27 Mar 2026verified

Diluted EPS
2023
-0.65
2024
-0.41
2025
-0.31

SEC (XBRL)· 27 Mar 2026verified

Weighted average diluted shares
2023
3.3 m
2024
3.3 m
2025
4.2 m

SEC (XBRL)· 27 Mar 2026verified

Balance sheet · USD

Cash
2023
346.0 k
2024
753.0 k
2025
4.6 m

SEC (XBRL)· 27 Mar 2026verified

Receivables
2023
7.9 m
2024
8.9 m
2025
7.1 m

SEC (XBRL)· 27 Mar 2026verified

Inventories
2023
29.9 m
2024
28.8 m
2025
34.3 m

SEC (XBRL)· 27 Mar 2026verified

Current assets
2023
38.7 m
2024
39.2 m
2025
46.8 m

SEC (XBRL)· 27 Mar 2026verified

Property, plant & equipment, net
2023
8.0 m
2024
8.8 m
2025
9.5 m

SEC (XBRL)· 27 Mar 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Mar 2022verified

Total assets
2023
50.7 m
2024
51.0 m
2025
58.3 m

SEC (XBRL)· 27 Mar 2026verified

Accounts payable
2023
6.1 m
2024
7.0 m
2025
7.9 m

SEC (XBRL)· 27 Mar 2026verified

Short-term debt
2023
16.0 m
2024
18.4 m
2025
23.7 m

SEC (XBRL)· 27 Mar 2026verified

Long-term debt
2023
1.1 m
2024
1.8 m
2025
1.5 m

SEC (XBRL)· 27 Mar 2026verified

Current liabilities
2023
26.6 m
2024
27.4 m
2025
37.6 m

SEC (XBRL)· 27 Mar 2026verified

Total liabilities
2023
35.5 m
2024
36.1 m
2025
39.1 m

SEC (XBRL)· 27 Mar 2026verified

Equity
2023
15.2 m †
2024
14.9 m †
2025
19.2 m †

SEC (XBRL)· 27 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
4.9 m
2024
324.0 k
2025
-1.4 m

SEC (XBRL)· 27 Mar 2026verified

Capex
2023
2.1 m
2024
2.3 m
2025
3.3 m

SEC (XBRL)· 27 Mar 2026verified

Free cash flow
2023
2.7 m ≈
2024
-2.0 m ≈
2025
-4.7 m ≈

SEC (XBRL)· 27 Mar 2026derived

Investing cash flow
2023
-2.1 m
2024
-2.3 m
2025
-3.1 m

SEC (XBRL)· 27 Mar 2026verified

Financing cash flow
2023
-2.7 m
2024
2.4 m
2025
8.3 m

SEC (XBRL)· 27 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-13.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-0.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-173.6%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
19.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-1.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
-3.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-10.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-10.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-1.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
21.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.4x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-0.3x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-3.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.7 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-4.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
325 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
74 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
12.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
33.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.4%
computed by olivLawTTM to 30 Jun 2026
P/B
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
0.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-37.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-0.58
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.57 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 12.5 m USD

Key indicators

Market capitalisation
12.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-10.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-3.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-13.0%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 1908derived 149

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-1.2%33 (vs peers)24%
Net margin · Quality-3.8%20 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-3.4%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-0.3x0 (on a fixed band)14%
Current ratio · Balance sheet1.2x36 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-37.6%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet15/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality28/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AIR INDUSTRIES GROUP (AIRI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 47.9 m USD in 2025; YoY growth -13.0%; net margin -3.8%; ROE -10.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -3.8%
  • Revenue CAGR 3Y: -3.4%
  • Interest coverage: -0.3x
  • FCF yield: -37.6%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median 32.3x
EV/EBITDA
—
vertical median 29.0x
P/S
0.3x
vertical median 6.7x
below median (−96.0%)
P/B
0.7x
vertical median 4.4x
below median (−84.5%)
ROE
-10.6%
vertical median 9.5%
below median (−211.1%)
Net margin
-3.8%
vertical median 6.5%
below median (−157.8%)
EBIT margin
-1.1%
vertical median 10.9%
below median (−110.4%)
Revenue YoY
-13.0%
vertical median 11.8%
below median (−211.0%)
Net debt/EBITDA
—
vertical median 2.0x
Dividend yield
—
vertical median 2.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TDGTransDigm Group Incorporated67.3 bn34.1—21.3%+11.2%−11% / +26%
ESLTElbit Systems Ltd32.7 bn61.814.4%6.7%+16.3%+50% / +248%
LOARLoar Holdings Inc.6.5 bn0.55.8%11.6%+23.2%+2% / unavailable
KRMNKarman Holdings Inc.4.5 bn118.59.5%6.3%+36.6%−49% / unavailable
DCODucommun Incorporated2.4 bn—-3.0%-2.4%+4.9%+70% / +210%
ATROAstronics Corporation1.9 bn30.433.7%8.4%+8.4%+32% / +385%
PKEPark Aerospace Corp.544.8 m34.411.1%18.4%+18.2%+28% / +64%
CVUCpi Aerostructures, Inc.64.0 m17.014.4%5.1%−14.6%+72% / +104%
AIRIAir Industries Group12.5 m—-10.6%-3.8%−13.0%−17% / −17%
PRZOParaZero Technologies Ltd.9.8 m1.6-380.5%-517.1%+12.3%−66% / −34%
EHEHang Holdings Limited——-27.8%-66.0%−4.4%−71% / −77%

1- and 3-year price returns: for AIRI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Air Industries Group manufactures precision components and assemblies for large aerospace and defense prime contractors, with all production in the United States. Net sales were 47.9 million USD in fiscal 2025 1, while funded backlog of 136.8 million USD 1 shows existing demand. With debt maturing in 2026, the company is negotiating a merger with Tenax Aerospace that could substantially change its business profile 2.

    SWOT

    Strengths

    • A long history dating to 1941 and a reputation for reliability in mission-critical parts, with all factories located in the United States 1.
    • Sole or primary supplier status for many parts, reinforced by long-term agreements 1.
    • A book-to-bill ratio above one, indicating demand running ahead of current sales 1.

    Weaknesses

    • Heavy dependence on a few customers who account for most revenue 1.
    • High debt and repeated net losses, with financing that must be renewed in 2026 1.
    • Large fixed factory costs make margins very sensitive to lower volume 1.

    Opportunities

    • Rising GTF engine and maintenance demand could support sales over the medium term 1.
    • The Tenax merger could extend the business into special mission aviation services if it closes 2.
    • Diversifying the customer base through new contracts could reduce dependence on the largest customers 1.

    Threats

    • Cuts in defense budgets or a shift in platform mix could reduce demand for the company's parts 1.
    • If refinancing fails, the company could face more restrictive terms or a restructuring 1.
    • Large customers could decide to produce in-house or switch suppliers, affecting volumes 1.

    Risks

    • Doubt about going concernhigh

      The auditor included an explanatory paragraph on the company's ability to continue as a going concern, due to maturing debt and the lack of a credit facility renewal 1.

    • Dependence on the Tenax mergerhigh

      If the merger does not close, the company could struggle to meet its financial obligations, and its ownership structure could change significantly 12.

    • Customer concentrationhigh

      Losing a major customer or a reduction in its orders could seriously affect revenue 1.

    • Shareholder dilutionmedium

      Issuing shares to Tenax members and any future financing could reduce the current shareholders' stake 12.

    • Raw material price volatilitymedium

      Rising raw material prices may be absorbed in part by the company before being passed to customers, weighing on margins 1.

    Investment thesis

    What would need to be true (bull case)

    • If the Tenax merger closes and refinancing succeeds, the company could gain a more diversified business and a stronger financial base 2.
    • Rising funded backlog and a book-to-bill above one suggest demand exists for the company's parts 1.
    • Sole-source positions on major programs such as GTF could support revenue over the medium term if demand holds 1.

    What would break the thesis

    • The auditor flagged doubt about the going concern assumption, and debt could become hard to manage without new financing 1.
    • Dependence on a few customers and a small number of programs makes revenue highly volatile 1.
    • If the merger fails or is delayed, the company could be forced into restructuring or costly financing 12.

    What to watch

    • Closing of the Tenax merger and shareholder approval2026
    • Refinancing of the credit facility and related party notesSeptember 2026
    • Trends in funded backlog and sales from GTF and military programsQ3 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company makes landing gears, flight controls, engine mounts and components for jet engines and ground turbines, delivered mainly to defense prime contractors and commercial aviation. Its plants are in Long Island, New York, and Barkhamsted, Connecticut, and it operates as a Tier One or Tier Two supplier. Many contracts run under long-term agreements (LTAs), and in many cases the company is the sole or primary supplier of certain parts 1.

    Under the amended merger agreement with Tenax Aerospace, the company will issue a fixed number of shares to Tenax members, which would change its ownership structure if the transaction closes 2. Until then, operations continue as a precision component manufacturer 2.

    Segments

    Special mission aviation services via Tenax

    Tenax Aerospace, with which the company agreed to merge, offers special mission aviation solutions including aircraft sourcing, financing and modification, plus pilot and maintenance services for government customers 1. If the merger closes, these services would become part of the company 2.

    Market context

    The market is dominated by a few large prime contractors, including Airbus, Boeing, General Electric, Lockheed Martin, Northrop Grumman and RTX 1. Once a supplier is integrated into a platform it is hard to replace, so demand for spares and maintenance can continue for years or even decades after production ends 1. The 2025 book-to-bill ratio was 1.36x, suggesting demand running ahead of current sales 1.

    U.S. defense budgets and procurement policies directly set the pace of orders, and shifts in strategy could reduce demand for certain platforms 1. In 2026, debt and lender negotiations are central, and completing the Tenax merger could strongly influence the company's outlook 2.

    Trends

    • Air traffic growth and GTF engine demandtailwind

      Demand for GTF engines rose in 2025 and the company expects it to keep growing in the coming years, which could support commercial aviation sales 1.

    • Defense budgets and product mix shiftsheadwind

      Military programs depend on Congressional funding, and a cut in spending or a shift toward drones and rockets could reduce demand for helicopters and large aircraft 1.

    • Debt refinancing and liquidity pressureheadwind

      Significant debt matures in 2026 and the lender has said it will not renew the credit facility, which could force more expensive financing if the merger does not close 12.

    Competitive position

    Competition for contracts is intense, and the company competes with firms that have greater financial, physical and technical resources 1. Large customers may decide to produce in-house or seek other suppliers, and commercial manufacturers seeking to enter the defense supply chain add further pressure 1.

    • Collins Aerospace (part of RTX)RTX

      Major customer and competitor through its Collins Aerostructures unit, which can produce some components in-house 1.

    • Commercial manufacturers entering defense

      Civil aviation companies seeking to diversify revenue into the defense supply chain 1.

    • Tier One aerospace suppliers

      Rivals with greater financial and technical resources that can win contracts through competitive bidding 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report24 Aug 2026
      Material agreement · Financial statements and exhibits
    • Quarterly report12 Aug 2026
    • Current report03 Aug 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report09 Jul 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report12 Jun 2026
      Material agreement · Financial statements and exhibits
    • Quarterly report13 May 2026
    • Annual report27 Mar 2026
    • Current report20 Mar 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report16 Mar 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report27 Feb 2026
      Material agreement · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Air Industries Group · 27 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Air Industries Group · 12 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Air Industries Group · 17 Feb 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.