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TechPrecision Corporation (TPCS+2.49%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $8,946,000 from $7,970,000 in the same quarter the previous year. The increase is attributed to a favorable project mix at Stadco and Ranor.
Cost of revenue for the quarter was $7,932,000, representing 89% of sales, compared to 87% in the same quarter of the previous year. The increase in cost ratio is due to higher production costs and under-absorbed overhead at Stadco.
The company reported a gross profit of $1,014,000 for the quarter, compared to $1,035,000 in the previous year, with the decline attributed to increased production costs.
Selling, general, and administrative expenses decreased to $1,502,000 from $1,632,000, primarily due to reduced spending on outside advisory services.
Net loss for the quarter was $601,000, compared to $528,000 in the previous year. The loss is attributed to operating losses at Stadco and lower corporate expenses.
Cash used in operating activities was $425,000, while cash used in investing and financing activities was $622,000 and $1,041,000, respectively.
TechPrecision had a working capital of negative $1,527,000 as of September 30, 2024. The company is exploring various means of strengthening its liquidity position.
The filing also details amendments to loan agreements with Berkshire Bank, extending the maturity date of the Revolver Loan to April 30, 2025.
TechPrecision does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting related to purchase accounting, tax accounting, and Stadco accounting.
TechPrecision continues to focus on improving its operations and financial performance, particularly at its Stadco subsidiary.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TechPrecision Corporation quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.