AIR INDUSTRIES GROUP

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

AIRI$3.00+6.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

	September 30, 2025	December 31, 2024
(unaudited)
ASSETS
Current Assets
Cash	$126,000	$753,000
Restricted Cash	3,930,000	-
Accounts Receivable, Net of Allowance for Credit Losses of $376,000 and $396,000	6,745,000	8,900,000
Inventory	34,427,000	28,811,000
Prepaid Expenses and Other Current Assets	509,000	371,000
Contract Costs Receivable	-	296,000
Prepaid Taxes	76,000	56,000
Total Current Assets	45,813,000	39,187,000
Property and Equipment, Net	9,882,000	8,809,000
Finance Lease Right-Of-Use-Assets	966,000	1,113,000
Operating Lease Right-Of-Use-Assets	676,000	1,190,000
Deferred Financing Costs, Net, Deposits and Other Assets	614,000	712,000
TOTAL ASSETS	$57,951,000	$51,011,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Debt	$22,227,000	$18,362,000
Subordinated Notes - Related Party	4,871,000	-
Accounts Payable and Accrued Expenses	9,058,000	7,015,000
Operating Lease Liabilities	925,000	881,000
Deferred Gain on Sale	38,000	38,000
Customer Deposits	442,000	1,115,000
Total Current Liabilities	37,561,000	27,411,000
Long Term Liabilities
Debt	1,547,000	1,759,000
Subordinated Notes - Related Party	-	6,162,000
Operating Lease Liabilities	-	702,000
Deferred Gain on Sale	-	29,000
TOTAL LIABILITIES	39,108,000	36,063,000
Commitments and Contingencies (see Note 8)
Stockholders’ Equity
Preferred Stock - par value $.001 - Authorized 3,000,000 shares, 0 shares outstanding, at both September 30, 2025 and December 31, 2024.	-	-
Common Stock - Par Value $.001 - Authorized 20,000,000 shares, 4,771,954 and 3,474,970 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	5,000	3,000
Additional Paid-In Capital	89,399,000	84,052,000
Accumulated Deficit	(70,561,000)	(69,107,000)
TOTAL STOCKHOLDERS’ EQUITY	18,843,000	14,948,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$57,951,000	$51,011,000

**AIR INDUSTRIES GROUP

Condensed Consolidated Statements of Operations

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net Sales	$10,309,000	$12,555,000	$35,111,000	$40,188,000
Cost of Sales	8,014,000	10,614,000	28,754,000	33,697,000
Gross Profit	2,295,000	1,941,000	6,357,000	6,491,000
Operating Expenses	1,979,000	1,874,000	6,779,000	5,931,000
Income (Loss) from Operations	316,000	67,000	(422,000)	560,000
Interest Expense	(380,000)	(364,000)	(1,083,000)	(1,064,000)
Interest Expense - Related Parties	(86,000)	(118,000)	(271,000)	(354,000)
Other Income, Net	106,000	11,000	322,000	46,000
Loss before Income Taxes	(44,000)	(404,000)	(1,454,000)	(812,000)
Provision for Income Taxes	-	-	-	-
Net Loss	$(44,000)	$(404,000)	$(1,454,000)	$(812,000)
Loss per share - Basic	$(0.01)	$(0.12)	$(0.36)	$(0.24)
Loss per share - Diluted	$(0.01)	$(0.12)	$(0.36)	$(0.24)
Weighted Average Shares Outstanding - Basic	4,146,724	3,338,705	4,028,696	3,326,245
Weighted Average Shares Outstanding - Diluted	4,146,724	3,338,705	4,028,696	3,326,245

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Nine Months Ended September 30, 2025 and 2024

(Unaudited)

Common Stock · Additional Paid-in · Accumulated · Total Stockholders’
	Shares	Amount	Capital	Deficit	Equity
Balance January 1, 2025	3,474,970	$3,000	$84,052,000	$(69,107,000)	14,948,000
Common Stock issued to directors	9,185	-	39,000	-	39,000
Stock-Based Compensation	-	-	435,000	-	435,000
Common Stock issued for cash	209,940	1,000	854,000	-	855,000
Net Loss	-	-	-	(988,000)	(988,000)
Balance, March 31, 2025	3,694,095	$4,000	$85,380,000	$(70,095,000)	$15,289,000
Common Stock issued to directors	12,950	-	39,000	-	39,000
Stock-Based Compensation	-	-	157,000	-	157,000
Common Stock issued for cash	97,866	-	330,000	-	330,000
Common Stock issued upon settlement of restricted stock units, net	57,192	-	(127,000)		(127,000)
Net Loss	-	-	-	(422,000)	(422,000)
Balance, June 30, 2025	3,862,103	$4,000	$85,779,000	$(70,517,000)	$15,266,000
Common Stock issued to directors	4,064	-	14,000	-	14,000
Stock-Based Compensation	-	-	152,000	-	152,000
Common Stock issued for cash	905,787	1,000	3,454,000	-	3,455,000
Net Loss	-	-	-	(44,000)	(44,000)
Balance, September 30, 2025	4,771,954	$5,000	$89,399,000	$(70,561,000)	$18,843,000
Balance January 1, 2024	3,303,045	$3,000	$82,928,000	$(67,741,000)	$15,190,000
Common Stock issued to directors	12,323	-	38,000	-	38,000
Stock-Based Compensation	-	-	24,000	-	24,000
Net Loss	-	-	-	(706,000)	(706,000)
Balance, March 31, 2024	3,315,368	$3,000	$82,990,000	$(68,447,000)	$14,546,000
Common Stock issued to directors	7,942	-	38,000	-	38,000
Stock-Based Compensation	-	-	12,000	-	12,000
Exercise of Stock Options	1,475	-	-	-	-
Net Income	-	-	-	298,000	298,000
Balance, June 30, 2024	3,324,785	$3,000	$83,040,000	$(68,149,000)	$14,894,000
Common Stock issued to directors	12,252	-	40,000	-	40,000
Stock-Based Compensation	-	-	150,000	-	150,000
Exercise of Stock Options	13,754	-	-	-	-
Net Loss	-	-	-	(404,000)	(404,000)
Balance, September 30, 2024	3,350,791	$3,000	$83,230,000	$(68,553,000)	$14,680,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.