AIRI
AIR INDUSTRIES GROUP
Next earnings Aug 12, 2026 · consensus $-0.07 EPS, $12.8M rev
Last earnings -1.3% on 2026-02-17
$2.98
▼ -1.32%$2.98▼ -11.31%
over 1Y
L $2.71H $3.78
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-1.3%
1W-1.3%
1M-1.0%
3M-7.7%
YTD-4.2%
1Y-11.3%
Avoid
Conviction
Horizon
Short (<3mo)
Street · 7 analysts
Buy
Going-concern auditor flag, a $23.5M credit line the lender won't renew maturing Sep 2026, and shrinking sales — uninvestable binary.
Revenue $47.9M · FY2025
Air Industries makes real, hard-to-source precision components for marquee defense platforms (F-35, Black Hawk, E-2, F-18) with $136.8M backlog and $270.1M in total unfilled contract value — the operating business has a franchise. But the balance sheet has run out of runway. Total indebtedness grew from $20.1M to $25.2M in FY2025, and the auditor has attached an explanatory going-concern paragraph. The $23.5M Webster Bank credit facility matures September 30, 2026 and management flatly states Webster 'does not want to renew' it, while $4.87M of related-party notes come due October 1, 2026. Management concedes 'it is not likely that we will be able to pay this debt.' Current portion of debt ($23.7M) dwarfs cash ($4.61M), and working capital collapsed 55% to $5.2M.
The fundamentals are moving the wrong way into this wall. Revenue fell 13% to $47.9M — the fourth straight year of no growth (down from $58.9M in FY2021) — and the company booked its fourth consecutive annual net loss (-$1.30M). Operating income swung to -$338K and operating cash flow was -$1.35M even as capex rose 44% to $3.32M, meaning the business is consuming cash it does not have while trying to refinance. Equity grew 28% only because of dilutive stock sales (shares +29.4%), not earnings; retained deficit stands at -$70.4M.
Is AIRI a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~30d expiry
- Long put 3 @ ~0.09 est
- Short put 2.5 @ ~0.00 est
debit $9max +$41max −$9BE 2.91
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $58.9M | $53.2M | $51.5M | $55.1M | $47.9M |
| Gross profit | $10.3M | $7.45M | $7.43M | $8.93M | $8.19M |
| Operating income | $2.49M | -$194K | -$295K | $459K | -$338K |
| Net income | $1.63M | -$1.08M | -$2.13M | -$1.37M | -$1.30M |
| Diluted EPS | $0.45 | -$0.33 | -$0.65 | -$0.41 | -$0.31 |
| Net margin | 2.8% | -2.0% | -4.1% | -2.5% | -2.7% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$35.1M
EV / EBITDA20.2
EV / Sales0.7
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-9.0%
FCF yield-32.3%
Quality & risk
ROIC (est.)-0.6%
Free cash flow-$4.67M
Total debt$25.2M
Net cash-$20.6M
Altman Z-Score-0.48 distress
Piotroski F-Score3/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+29.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Material agreement2026-06-12
Entered a new material agreement, likely debt refinancing or Tenax merger amendment
- 10-Q Quarterly report2026-05-13
Q1'26 filed; going-concern doubt and Sept/Oct 2026 debt maturities persist
- 10-K Annual report2026-03-27
Going-concern warning; debt grew to $25.2M, Webster won't renew facility maturing 9/30/26
- 8-K Officer / director change2026-03-20
Officer/director change (Item 5.02) amid going-concern and merger process
- 8-K Officer / director change2026-03-16
Officer/director appointment or departure (Item 5.02)
- 8-K Material agreement2026-02-27
Signed Tenax Aerospace merger agreement — path to recapitalize and refinance debt
- 8-K Material agreement2026-02-17
FY2025 results: revenue -13% to $47.9M, net loss $1.3M
- 8-K Earnings results2026-02-17
FY2025 results: revenue -13% to $47.9M, net loss $1.3M
- 10-Q Quarterly report2025-11-14
Q3'25 interim results; continued losses and tightening liquidity
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-082026-06-12open ↗SDFiling2026-06-01open ↗SCHEDULE 13D/AFiling2026-05-28open ↗10-QPeriod ending 2026-03-312026-05-13open ↗PREM14APeriod ending 2026-05-052026-05-05open ↗4Period ending 2026-04-272026-04-28open ↗4Period ending 2026-04-102026-04-13open ↗10-KPeriod ending 2025-12-312026-03-27open ↗SCHEDULE 13DFiling2026-03-23open ↗8-KPeriod ending 2026-03-182026-03-20open ↗8-KPeriod ending 2026-03-112026-03-16open ↗8-KPeriod ending 2026-02-262026-02-27open ↗
Frequently asked
- Is AIR INDUSTRIES GROUP (AIRI) a buy?
- AIRI currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Going-concern auditor flag, a $23.5M credit line the lender won't renew maturing Sep 2026, and shrinking sales — uninvestable binary.
- What is AIR INDUSTRIES GROUP's quality score?
- AIRI scores 47.93419054692497/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001009891, latest 10-Q filed 2026-05-13) · EODHD · Proprietary analysis · as of 7/4/2026, 5:16:31 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 1:16 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.