TECHPRECISION CORP
For the period ended Dec 31, 2024. Filed Apr 8, 2025.
View on SEC.govAbout 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.
Dec 31, 2024 · Filed Apr 8, 2025
TPCS$4.90-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2025-01-21.
0001410578-25-000033
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-04-08.
0001410578-25-000659
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 154 current paragraphs.
85 unchanged; 50 reworded; 18 added; 16 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 33 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
Private Placement
Current report
On February 11. 2025, the Company received $498 in proceeds from the sale of the remaining shares of the Company’s common stock, and common stock purchase warrants in a private placement pursuant to a Securities Purchase Agreement with certain accredited investors which closed on July 8, 2024.
Current report
Gross profit and gross margin in the defense segments are driven by changes in volume, performance or contract mix. Performance refers to changes in profitability based on adjustments to estimates at completion on individual contracts. These adjustments can result from increases or decreases to the estimated value of the contract, the estimated costs to complete the contract or both.
Current report
Ranor – Revenue was $4,310 for the three months ended December 31, 2024, an increase of $14, or a percentage change of less than 1%. Our customer project mix was different when compared to the three months ended December 31, 2023, with a favorable change in volume which resulted in slightly higher revenue.
Current report
*Stadco –*Revenue was $3,312 for the three months ended December 31, 2024, a decrease of $58 or 2%. Compared to the same period a year ago, work on a different project mix resulted in lower relative contract values which more than offset a favorable change in volume. The result was slightly lower revenue for the three months ended December 31, 2024.
Current report
Gross profit (loss)
Current report
Ranor – The cost of revenue decreased by $121, due to better throughput and higher absorbed overhead added to our work - in - progress. As a result, gross profit increased by $135 or 10% when compared with the same period a year ago.
Current report
Stadco – The cost of revenue increased by $247 on higher production costs as factory overhead was under absorbed and work on projects executed during the quarter used more direct labor hours when compared to the same period a year ago. As a result, gross profit was negative and increased by $305 or 141% when compared to the same period a year ago.
Current report
*Stadco –*Operating loss increased by $340 or 66% as certain production issues continue to impact throughput.
Current report
Nine Months Ended December 31, 2024 and 2023
Current report
Ranor – Revenue was $13,481 for the nine months ended December 31, 2024, an increase of $191 or 1% higher when compared to the same period a year ago. For the nine months ended December 31, 2024 we executed on a different project mix with a favorable change to relative contract values when compared to the same period a year ago.
Current report
*Stadco –*Revenue was $11,139 for the nine months ended December 31, 2024, compared with revenue of $9,943 for the nine months ended December 31, 2023, an increase of $1,196, or 12%. We executed on a different project mix with favorable changes to volume and relative contract values when compared with the nine months ended December 31, 2023.
Current report
Gross profit (loss)
Current report
*Consolidated –*Total selling, general and administrative expenses decreased by $295, or 6%, primarily due to the absence of due diligence work on acquisitions. We also accrued $419 in connection with a breakup fee for the terminated Votaw acquisition in the first quarter of fiscal 2025. Other corporate expenses increased by $202 during the nine months ended December 31, 2024. We incurred corporate expenses of $1,000 for due diligence work during the nine months ended December 31, 2023 in connection with the terminated Votaw acquisition.
Current report
Ranor – SG&A expense increased by $22 or 2% due primarily to an increase in compensation which slightly offset a decrease in travel expense.
Current report
Stadco – SG&A expense increased by $62 or 7%, due primarily to an increase for outside advisory and office costs.
Current report
Corporate and unallocated – SG&A decreased by $379 primarily due to the absence of due diligence work on acquisitions. We also accrued $419 in connection with a breakup fee for the terminated Votaw acquisition in the first quarter of fiscal 2025. Other corporate expenses increased by $202 during the nine months ended December 31, 2024. We incurred corporate expenses of $1,000 for due diligence work were recorded during the nine months ended December 31, 2023 in connection with the terminated Votaw acquisition.
Current report
*Corporate and unallocated –*Operating loss decreased by $379 or 13%, due primarily to the absence of due diligence work on acquisitions. We accrued $419 in connection with a breakup fee for the terminated Votaw acquisition in the first quarter of fiscal 2025, and other corporate expenses increased by $202 during the nine months ended December 31, 2024. We incurred corporate expenses of $1,000 during the nine months ended December 31, 2023 in connection with the terminated Votaw acquisition.
Removed paragraphs (16)
Previous report
July Private Placement
Previous report
*Ranor –*Revenue was $4,790 for the three months ended September 30, 2024, an increase of $295 or 7%, on a favorable project mix.
Previous report
*Stadco –*Revenue was $4,223 for the three months ended September 30, 2024, an increase of $617, or 17%, driven by an favorable project mix when compared the same period prior year.
Previous report
Gross Profit and Gross Margin
Previous report
*Ranor –*Gross profit increased by $474, when compared to the same period a year ago. Cost of revenue was $179 lower, due to efficient production with higher absorbed overhead added to our work-in-progress when compared with the same period a year ago. Gross margin increased to 17% from 13% for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Previous report
*Stadco –*Gross profit was negative $504 for the three months ended September 30, 2024, as our losses increased by $495 when compared to the same period a year ago. Production issues remain as factory overhead was under absorbed, and repairs and maintenance and certain project losses increased year-over-year. Gross margin decreased to (6)% for the three months ended September 30, 2024 compared to 0% for the three months ended September 30, 2023. The Stadco projects executed had overall relatively higher contract values as compared with the same period a year ago. However, higher relative contracts prices do not necessarily have higher gross profit or gross margin.
Previous report
Stadco – Operating loss increased by $502 as certain projects with production issues disrupted throughput for the three month period.
Previous report
Six Months Ended September 30, 2024 and 2023
Previous report
Ranor – Revenue was $9,172 for the six months ended September 30, 2024, an increase of $177 or 2% higher when compared to the same period a year ago. We realized fewer direct labor hours during the first six months period of fiscal 2025, however, projects executed had overall relatively higher contract values when compared with the same period a year ago.
Previous report
*Stadco –*Revenue was $7,827 for the six months ended September 30, 2024, compared with revenue of $6,573 for the six months ended September 30, 2023, an increase of $1,254, or 19%. Our project mix was favorable for the six month period, as projects executed on had overall relatively higher contract values during the first six months of fiscal 2025 as compared with the same period a year ago.
Previous report
Gross Profit and Gross Margin
Previous report
*Consolidated –*Total selling, general and administrative expenses increased by $176, or 6%, primarily due to a $419 change in fair value to the accrual for the breakup fee in connection with the terminated Votaw acquisition, which more than offset a decrease in compensation and other outside advisory costs.
Previous report
Ranor – SG&A expense decreased by $77 because of reduced compensation due to staff reductions and lower spending on travel.
Previous report
Stadco – SG&A expense increased by $26. The SG&A expenses for outside advisory fees increased by $55 which offset a decrease in compensation and payroll taxes due to staff reductions.
Previous report
Corporate and unallocated – SG&A increased by approximately $226, as a change in fair value to the accrual for the breakup fee in connection with the terminated Votaw acquisition offset reductions in compensation and outside advisory services.
Previous report
*Corporate and unallocated –*Operating loss increased by $226, due primarily for a change in the fair value for the breakup fee in connection with the terminated Votaw acquisition.
Reworded paragraphs (50)
Previous wording
We primarily target repeating custom programs with relatively mature and stable designs in order to provide long-term solutions for our customers. The multi-unit work is repeat work or a single product with multiple quantity releases. Secondarily, our activities include a variety of both multi-unit and one-off requirements. The one-off work is typically either a prototype or a unique, one-of-a-kind component.
Current wording
We primarily target repeating custom programs with relatively mature and stable designs in order to provide long-term solutions for our customers. The multi-unit work is repeat work or a single product with multiple quantity releases. Secondarily, our activities include a
Previous wording
We primarily serve customers in the defense and aerospace; secondarily in the nuclear, and precision industrial sectors. Within these sectors, we have manufactured custom components for US Navy submarines and aircraft carriers, USMC military helicopters, US defense and civilian aerospace programs, and components for nuclear power plants.
Current wording
We primarily serve customers in the defense and aerospace; secondarily in the precision industrial sectors. Within these sectors, we have manufactured custom components for US Navy submarines and aircraft carriers, USMC military helicopters, US defense and civilian aerospace programs.
Previous wording
Since the Seller validly terminated the Purchase Agreement pursuant to Section 7.01(f), the Company was required to pay to the Seller the Stock Termination Fee. Under the Purchase Agreement, the Stock Termination Fee can increase by 48,000 additional shares of the Company’s common stock under certain conditions, including if the Company fails to use commercially reasonable efforts to cause a registration statement to effect the resale of the shares of common stock composing the Stock Termination Fee to be declared effective by the Securities and Exchange Commission as soon as practicable. Such registration was filed with the Securities and Exchange Commission on May 2, 2024, but cannot be declared effective until we have filed all of the required financial statements with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024.
Current wording
Since the Seller validly terminated the Purchase Agreement pursuant to Section 7.01(f), the Company was required to pay to the Seller the Stock Termination Fee. Under the Purchase Agreement, the Stock Termination Fee can increase by 48,000 additional shares of the Company’s common stock under certain conditions, including if the Company fails to use commercially reasonable efforts to cause a registration statement to effect the resale of the shares of common stock composing the Stock Termination Fee to be declared effective by the Securities and Exchange Commission as soon as practicable. Such registration statement was filed with the Securities and Exchange Commission on May 2, 2024, and declared by the Securities and Exchange Commission, on January 31, 2025.
Previous wording
Pursuant to the PIPE Agreement, we have agreed to have a registration statement registering for resale the PIPE Shares and the shares underlying the PIPE Warrants declared effective with 60 days of the PIPE Closing Date. If such registration statement is not declared effective in a timely manner, we will be subject to liquidated damages as described in the PIPE Agreement.
Current wording
Pursuant to the agreement, we agreed to have a registration statement registering for resale the shares and the shares underlying the warrants declared effective with 60 days of the closing date. The registration statement was declared effective by the Securities and Exchange Commission on January 31, 2025. Since the registration statement was not declared effective in a timely manner, and the Company is now obligated to pay approximately $108 as liquidated damages under the agreement which is included in accrued expenses on the balance sheet.
Previous wording
Percentages in the following tables and throughout this “Results of Operations” section may reflect rounding adjustments.
Current wording
Percentages in the following tables and throughout this “Results of Operations” section may reflect rounding adjustments. All dollars are in thousands except per share data.
Previous wording
*Consolidated –*Revenue was $8,946 for the three months ended September 30, 2024, or 12% higher when compared to revenue of $7,970 for the three months ended September 30, 2023. Revenue increased at Stadco and Ranor by $617 and $295, respectively.
Current wording
*Consolidated –*Revenue was $7,622 for the three months ended December 31, 2024, a decrease of $28 or less than 1% when compared to revenue of $7,650 for the three months ended December 31, 2023. Revenue decreased at Stadco by $58, but increased at Ranor by $14.
Previous wording
*Consolidated –*Cost of revenue consists primarily of raw materials, parts, labor, overhead and subcontracting costs. Our cost of revenue for the three months ended September 30, 2024, was $7,932, or 14% higher when compared to the three months ended September 30, 2023. The increase in cost of revenue was primarily the result of higher production costs and under-absorbed overhead at Stadco. As a result, gross profit decreased by $21, or 2% when compared to the same period a year ago. Gross margin for the three months ended September 30, 2024 was 11% compared to 13% in the same period a year ago.
Current wording
*Consolidated –*Cost of revenue consists primarily of raw materials, parts, labor, overhead and subcontracting costs. Our cost of revenue for the three months ended December 31, 2024, was $6,631, or 2% higher when compared to the three months ended December 31, 2023. The increase in cost of revenue was primarily the result of higher production costs and under - absorbed overhead at Stadco. As a result, gross profit decreased by $170 when compared to the same period a year ago. Consolidated gross margin for the three months ended December 31, 2024 was 13% compared to 15% in the same period a year ago.
Previous wording
*Consolidated –*Total selling, general and administrative expenses decreased by $130, or 8%, primarily due to a decrease in spending for outside advisory services in connection with due diligence for the terminated Votaw acquisition a year ago.
Current wording
*Consolidated –*Total selling, general and administrative expenses decreased by $470, or 22%, primarily due to the absence of due diligence work on acquisitions. Corporate expenses were higher in the same period a year ago because of due diligence work in connection with the terminated Votaw acquisition.
Previous wording
Ranor – SG&A expense increased by $6 as an increase in compensation slightly offset a decrease in office costs when compared with the same period a year ago.
Current wording
Ranor – SG&A expense increased by $101 as an increase in compensation more than offset a decrease in office costs.
Previous wording
Stadco – SG&A expense increased by $7 due primarily to a slight increase in compensation when compared with the same period a year ago.
Current wording
Stadco – SG&A expense increased by $35 due primarily to a slight increase in compensation when compared with the same period a year ago.
Previous wording
Corporate and unallocated – SG&A decreased by approximately $143, primarily on a reduction for outside advisory services in connection with due diligence for the terminated Votaw acquisition which was evident in the same period of the prior year.
Current wording
Corporate and unallocated – SG&A decreased by $606 or 40%, due primarily to the absence of due diligence work on acquisitions. Other corporate expenses increased by $100. Expenses of $700 were recorded for due diligence work in the same period a year ago in connection with the terminated Votaw acquisition.
Previous wording
Consolidated – For the six months ended September 30, 2024, we reported an operating loss of $1,829, or 55% higher than the operating loss for the six months ended September 30, 2023. The change was primarily due to operating losses at Stadco and the change in fair value to the breakup fee in connection with the terminated Votaw acquisition.
Current wording
Consolidated – For the three months ended December 31, 2024, we recorded an operating loss of $696 compared with the operating loss of $996 for the three months ended December 31, 2023. The change was primarily due to lower corporate expenses because of the absence of due diligence work for acquisitions, which more than offset an operating loss at Stadco. Corporate expenses were higher in the same period a year ago for due diligence work in connection with the terminated Votaw acquisition.
Previous wording
Ranor – Operating income increased by 70% due to a favorable three month period of operating execution and throughput.
Current wording
*Ranor –*Operating income increased by $34 or 3% due to a favorable period of operating execution and throughput.
Previous wording
Corporate and unallocated – Operating loss decreased by $109, primarily on a reduction for outside advisory services in connection with due diligence for the terminated Votaw acquisition which was evident in the same period of the prior year.
Current wording
Corporate and unallocated – Expenses decreased by $606 or 40%, primarily on the absence of due diligence work for acquisitions. We recorded $700 in the same period of the prior year in connection with due diligence for the terminated Votaw acquisition.
Previous wording
Interest expense increased by $2 when compared with the six months ended September 30, 2023, due primarily to a slightly increase in interest expense for borrowings under the revolver loan.
Current wording
Interest expense increased by $26 when compared with the three months ended December 31, 2023, due primarily to an increase in borrowings under the revolver loan.
Previous wording
Amortization of debt issue costs for the six months ended September 30, 2024, was slightly higher when compared to three months ended September 30, 2023.
Current wording
Amortization of debt issue costs for the three months ended December 31, 2024 increase by $11 when compared to three months ended December 31, 2023, on higher debt issue costs incurred for extending the revolver loan maturity dates.
Previous wording
Other income, net for the three months ended September 30, 2023 includes a gain from the disposal of fixed assets.
Current wording
Other income, net for the three months ended December 31, 2024 includes a payment for non - operating filming activities.
Previous wording
For the three months ended September 30, 2024, there has been no change in our judgment about the realizability of deferred tax assets in future years, and, therefore, no expense or benefit provided for income taxes. For the three months ended September 30, 2023, the Company recorded a tax benefit of $177.
Current wording
For the three months ended December 31, 2024, there has been no change in our judgment about the realizability of deferred tax assets in future years, and, therefore, no expense or benefit provided for income taxes. For the three months ended December 31, 2023, the Company recorded a tax benefit of $241.
Previous wording
As a result of the foregoing, for the three months ended September 30, 2024, we recorded a net loss of $601, or $0.06 per share basic and fully diluted, compared with a net loss of $528, or $0.06 per share basic and fully diluted for the three months ended September 30, 2023.
Current wording
As a result of the foregoing, for the three months ended December 31, 2024, we recorded a net loss of $799, or $0.08 per share basic and fully diluted, compared with a net loss of $865, or $0.10 per share basic and fully diluted for the three months ended December 31, 2023.
Previous wording
*Consolidated –*Revenue was $16,932 for the six months ended September 30, 2024, or 10% higher when compared to revenue of $15,341 for the six months ended September 30, 2023. Revenue increased by $1,254 at Stadco and by $177 at Ranor. As explained below, we realized less direct labor hours at Stadco and Ranor on projects executed during the first six months of fiscal 2025 as compared with the same period a year ago, however, projects executed had overall relatively higher contract values. As described in the gross profit and gross margin section, higher relative contracts prices do not necessarily have higher gross profit or gross margin. Consolidated backlog was $48,641 as of September 30, 2024. Our project order flow from prime defense contactors remains strong.
Current wording
*Consolidated -*Revenue was $24,553 for the nine months ended December 31, 2024, or 7% higher when compared to revenue of $22,991 for the nine months ended December 31, 2023. Revenue increased by $1,196 at Stadco and $191 at Ranor. A different project mix delivered a favorable change on relative contract values year-over-year. However, as described in the gross profit and gross margin section below, higher or lower relative contracts prices may not necessarily result in higher or lower gross profit or gross margin. Consolidated backlog was $45,522 as of December 31, 2024. Our project order flow from prime defense contactors remains strong.
Previous wording
The backlog at Ranor remains strong as new orders continue to flow to us from our existing customer base of prime defense contractors. The backlog at Ranor on September 30, 2024 and 2023 was $21,714 and $19,125, respectively.
Current wording
The backlog at Ranor remains strong as new orders continue to flow to us from our existing customer base of prime defense contractors. The backlog at Ranor on December 31, 2024 and 2023 was $20,344 and $18,497, respectively.
Previous wording
The backlog remains strong as new orders for components related to a variety of programs, including the U.S. Marine Corps heavy lift helicopter programs, continue to flow to us from our existing customer base of prime defense contractors. Stadco’s backlog was $26,927 and $25,543 as of September 30, 2024 and 2023, respectively.
Current wording
The backlog remains strong as new orders for components related to a variety of programs, including the U.S. Marine Corps heavy lift helicopter programs, continue to flow to us from our existing customer base of prime defense contractors. Stadco’s backlog was $25,178 and $32,424 as of December 31, 2024 and 2023, respectively.
Previous wording
*Consolidated –*Cost of revenue consists primarily of raw materials, parts, labor, overhead and subcontracting costs. Our cost of revenue for the six months ended September 30, 2024, was $15,679, or 15% higher when compared to the six months ended September 30, 2023. The increase in cost of revenue was primarily the result of higher production costs and under - absorbed overhead at Stadco. As a result, gross profit decreased by $476, or 28% when compared to the same period a year ago. Gross margin for the six months ended September 30, 2024 was 7% compared to 11% in the same period a year ago.
Current wording
*Consolidated –*Cost of revenue consists primarily of raw materials, parts, labor, overhead and subcontracting costs. Our cost of revenue for the nine months ended December 31, 2024, was $22,309, or 11% higher when compared to the nine months ended December 31, 2023. The increase in cost of revenue was primarily the result of higher production costs and under - absorbed overhead at Stadco. As a result, gross profit decreased by $646, or 22% when compared to the same period a year ago. Gross margin for the nine months ended December 31, 2024 was 9% compared to 13% in the same period a year ago.
Previous wording
Ranor – Gross profit increased by $430, when compared to the same period a year ago. Cost of revenue decreased by $252, as an increase in material costs was more than offset by higher absorbed overhead added to our work - in - progress when compared with the same six - month period in the prior - year. Gross margin increased to 16% from 15% for the six months ended September 30, 2024 compared to the six months ended September 30, 2023.
Current wording
Ranor – Cost of revenue decreased by $167 or 2% when compared with the same period a year ago. Higher absorbed overhead was added to our work - in - progress which more than offset an increase in material costs. As a result, gross profit increased by $563 or 15% when compared with the same period a year ago.
Previous wording
Stadco – Gross profit was negative $1,502 for the six months ended September 30, 2024, as our losses increased when compared to the same period a year ago. Direct labor hours charged to projects were lower compared with the same prior year period a year ago. Factory overhead was under absorbed, and other production costs, repairs and maintenance and certain project losses increased year - over - year. Gross margin decreased to (9)% from (4)% for the six months ended September 30, 2024 compared to the six months ended September 30, 2023.
Current wording
Stadco – Cost of revenue increased by $2,199 or 20%. Factory overhead was under absorbed, and other production costs, repairs and maintenance, and certain project losses increased year-over-year. Gross profit was negative $2,022 or a 149% increase for the nine months ended December 31, 2024, as our losses widened when compared to the same period a year ago.
Previous wording
*Consolidated –*For the three months ended September 30, 2024, we reported an operating loss of $488, or $109 lower than the operating loss for the three months ended September 30, 2023. The change was primarily due to operating income at Ranor and lower corporate expenses which offset an operating loss at Stadco.
Current wording
Consolidated – For the nine months ended December 31, 2024, we reported an operating loss of $2,525, or 16% higher when compared with the operating loss for the nine months ended December 31, 2023. The change was primarily due to operating losses at Stadco which more than offset income at Ranor, and lower corporate expenses.
Previous wording
Ranor – Operating income was higher by 33% when compared to the same period a year ago, due primarily to a favorable six-month period of execution and efficient throughput.
Current wording
Ranor – Operating income increased by $541 or 21% when compared to the same period a year ago, due primarily to a favorable nine-month period of execution and efficient throughput.
Previous wording
Stadco – Operating loss increased by $932 as certain projects with production issues disrupted throughput for the six months ended September 30, 2024.
Current wording
Stadco – Operating loss increased by $1,272 or 73% as certain production issues disrupted throughput for the nine months ended December 31, 2024.
Previous wording
The following table presents other income (expense) for the six months ended:
Current wording
The following table presents other income (expense) for the nine months ended:
Previous wording
Interest expense decreased by $38 when compared with the three months ended September 30, 2023, due primarily to a decrease in borrowings under the revolver loan. We also paid lower amounts of interest in connection with the term loans.
Current wording
Interest expense increased by $28 when compared with the nine months ended December 31, 2023, due primarily to an increase in borrowings under the revolver loan.
Previous wording
Amortization of debt issue costs for the three months ended September 30, 2024, was slightly higher when compared to three months ended September 30, 2023, according to the term loan periods.
Current wording
Amortization of debt issue costs for the nine months ended December 31, 2024, was higher when compared to three months ended December 31, 2023 due to an increase in issue costs for extending the revolver loan maturity dates.
Previous wording
Other income, net, in the table above, for the six months ended September 30, 2024, includes a vendor rebate for $11. Other income, net for the three months ended September 30, 2023 includes a gain from the disposal of fixed assets.
Current wording
Other income, net, in the table above, for the nine months ended December 31, 2024, includes a payment for non - operating filming activities and a vendor rebate for $11. Other income, net for the three months ended December 31, 2023 includes a gain from the disposal of fixed assets.
Previous wording
For the six months ended September 30, 2024, there has been no change in our judgment about the realizability of deferred tax assets in future years, and, therefore, no expense or benefit provided for income taxes. For the six months ended September 30, 2023, the Company recorded a tax benefit $323.
Current wording
For the nine months ended December 31, 2024, there has been no change in our judgment about the realizability of deferred tax assets in future years, and, therefore, no expense or benefit provided for income taxes. For the nine months ended December 30, 2023, the Company recorded a tax benefit $563.
Previous wording
As a result of the foregoing, for the six months ended September 30, 2024, we recorded a net loss of $2,061, or $0.22 per share basic and fully diluted, compared with a net loss of $1,056, or $0.12 per share basic and fully diluted for the six months ended September 30, 2023.
Current wording
As a result of the foregoing, for the nine months ended December 31, 2024, we recorded a net loss of $2,860, or $0.30 per share basic and fully diluted, compared with a net loss of $1,921, or $0.22 per share basic and fully diluted for the nine months ended December 31, 2023.
Previous wording
As of September 30, 2024, we had approximately $1,275 in total available liquidity, consisting primarily of approximately $1,143 in undrawn capacity under our Revolver Loan and $132 of available cash. As of March 31, 2024, we had $677 in total available liquidity, consisting of $138 in cash and cash equivalents, and approximately $539 in undrawn capacity under our Revolver Loan.
Current wording
As of December 31, 2024, we had approximately $330 in total available liquidity, consisting primarily of approximately $165 in undrawn capacity under our Revolver Loan and $165 of available cash. As of March 31, 2024, we had $677 in total available liquidity, consisting of $138 in cash and cash equivalents, and approximately $539 in undrawn capacity under our Revolver Loan.
Previous wording
There was $2,600 and $2,800 outstanding under the Revolver Loan at September 30, 2024 and March 31, 2024, respectively. The Company pays interest at an adjusted SOFR-based rate. Interest-only payments on advances made under the Revolver Loan will continue to be payable monthly in arrears. Interest paid and accrued on advances made under the Revolver Loan during the six months ended September 30, 2024, and 2023 totaled $90 and $84, respectively. The weighted average interest rate at September 30, 2024 and March 31, 2024 was 7.81% and 7.60%, respectively. The weighted average amount outstanding during the period ending September 30, 2024 was $2,286. Unused borrowing capacity as of September 30, 2024 and March 31, 2024 was approximately $1,143 and $539, respectively.
Current wording
There was $2,930 and $2,800 outstanding under the Revolver Loan on December 31, 2024 and March 31, 2024, respectively. The Company pays interest at an adjusted SOFR - based rate. Interest - only payments on advances made under the Revolver Loan will continue to be payable monthly in arrears. Interest paid and accrued on advances made under the Revolver Loan during the nine months ended December 31, 2024, and 2023 totaled $146 and $117, respectively. The weighted average interest rate on December 31, 2024 and March 31, 2024 was 7.65% and 7.60%, respectively. The weighted average amount outstanding during the period ending December 31, 2024 was $2,534. Unused borrowing capacity as of December 31, 2024 and March 31, 2024 was approximately $165 and $539, respectively.
Previous wording
The next table summarizes changes in cash by primary component in the cash flows statements for the six months ended:
Current wording
The next table summarizes changes in cash by primary component in the cash flows statements for the nine months ended:
Previous wording
Cash used in operating activities for the six months ended September 30, 2024, was $425. Our net loss adjusted by our non-cash adjustments provided $28 of cash during the six months ended September 30, 2024, as compared to cash used of $288 to the same period a year ago. Working capital changes to our balance sheet used $453 of cash during the six months ended September 30, 2024, as compared to $1,546 used in the same period a year ago.
Current wording
Cash used in operating activities for the nine months ended December 31, 2024, was $995. Our net loss adjusted by our non - cash adjustments used $54 of cash during the nine months ended December 31, 2024, as compared to cash used of $360 to the same period a year ago. Working capital changes to our balance sheet used $941 of cash during the nine months ended December 31, 2024, as compared to $1,539 of cash provided in the same period a year ago.
Previous wording
For the six months ended September 30, 2024, we invested $1,622 in new factory machinery and equipment and were reimbursed for $1,000 of certain purchases under a supplier development fund.
Current wording
For the nine months ended December 31, 2024, we invested $2,796 in new factory machinery and equipment and were reimbursed for $2,566 of certain purchases under a supplier development fund.
Previous wording
We are subject to certain financial debt covenants and may not spend more than $1,500 for new machinery and equipment during any single fiscal year, excluding supplier development funding, tested on an annual basis at the end of each fiscal year. We estimate that our spending on new machinery and equipment in fiscal 2025 will not exceed the spending limitation.
Current wording
We are subject to certain financial debt covenants and may not spend more than $1,500 for new machinery and equipment during any single fiscal year, excluding supplier development funding, tested on an annual basis at the end of each fiscal year. We estimate that our spending on new machinery and equipment in fiscal 2025 will not exceed that spending limitation.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
variety of both multi-unit and one-off requirements. The one-off work is typically either a prototype or a unique, one-of-a-kind component.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Payments for the original Ranor Term Loan began on January 20, 2017, and until the facility was amended in December 2022, the Company paid monthly installments of $19 each, inclusive of interest at a fixed rate of 5.21% per annum.
Previous report — wording carried elsewhere
remedies or to forbear from taking any action authorized by the Loan Documents, the Collateral Documents, or by applicable law while discussions continue.
Previous report — wording carried elsewhere
On March 31, 2023, the Company was in violation of the Loan Agreement as it exceeded the capital expenditure limit of $1,500 as defined in the agreement. On June 12, 2023, the Company and Berkshire Bank executed a waiver under which Berkshire Bank waived the Company’s noncompliance with the capital expenditure limit on March 31, 2023. The waiver document also contains an agreement by the parties to exclude from the calculation of capital expenditures for purposes of the Loan Agreement during the year ending March 31, 2024, any such expenditures made by the Company to the extent they are made using funds provided by customers of the Company for the purpose of making such capital expenditures.