Air Industries (AIRI)
Market Price (7/8/2026): $3.02 | Market Cap: $14.4 MilSector: Industrials | Industry: Aerospace & Defense
Air Industries (AIRI)
Market Price (7/8/2026): $3.02Market Cap: $14.4 MilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include Aerospace Component Manufacturing, and Advanced Air Mobility Components. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -85% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 217% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0%, Rev Chg QQuarterly Revenue Change % is -4.4% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksAIRI key risks include [1] substantial liquidity concerns, Show more. |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space. Themes include Aerospace Component Manufacturing, and Advanced Air Mobility Components. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -85% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 217% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0%, Rev Chg QQuarterly Revenue Change % is -4.4% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksAIRI key risks include [1] substantial liquidity concerns, Show more. |
Qualitative Assessment
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Air Industries (AIRI) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Significant Financial Distress and Going Concern Warning in Fiscal Q1 2026.
Air Industries Group reported a net loss of $1.02 million (loss per share of $0.21) on net sales of $11.61 million for fiscal Q1 2026, ending March 31, 2026. This represented a 4.4% decrease in revenue from fiscal Q1 2025. Critically, the company issued a "going concern" warning, indicating substantial doubt about its ability to continue operations due to a breach of its Fixed Charge Coverage Ratio (0.93x against a 1.10x covenant) and the non-renewal of its main credit facility expiring on September 30, 2026. The company also reported high leverage, with $26.56 million in third-party debt and $4.87 million in related-party notes, versus only $0.29 million in unrestricted cash.
2. Substantial Shareholder Dilution from the Proposed Tenax Aerospace Merger.
The stock trend was significantly impacted by the proposed merger with Tenax Aerospace Acquisition, announced on February 17, 2026, and expected to close before June 30, 2026. Under this agreement, approximately 122.6 million new shares of AIRI stock are anticipated to be issued, which would result in Tenax holders owning roughly 96% of the combined company. This substantial dilution of existing shareholder value is a major concern. Furthermore, the pro-forma combined company is projected to have significant net debt of around $380.0 million.
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Air Industries (AIRI) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Significant Financial Distress and Going Concern Warning in Fiscal Q1 2026.
Air Industries Group reported a net loss of $1.02 million (loss per share of $0.21) on net sales of $11.61 million for fiscal Q1 2026, ending March 31, 2026. This represented a 4.4% decrease in revenue from fiscal Q1 2025. Critically, the company issued a "going concern" warning, indicating substantial doubt about its ability to continue operations due to a breach of its Fixed Charge Coverage Ratio (0.93x against a 1.10x covenant) and the non-renewal of its main credit facility expiring on September 30, 2026. The company also reported high leverage, with $26.56 million in third-party debt and $4.87 million in related-party notes, versus only $0.29 million in unrestricted cash.
2. Substantial Shareholder Dilution from the Proposed Tenax Aerospace Merger.
The stock trend was significantly impacted by the proposed merger with Tenax Aerospace Acquisition, announced on February 17, 2026, and expected to close before June 30, 2026. Under this agreement, approximately 122.6 million new shares of AIRI stock are anticipated to be issued, which would result in Tenax holders owning roughly 96% of the combined company. This substantial dilution of existing shareholder value is a major concern. Furthermore, the pro-forma combined company is projected to have significant net debt of around $380.0 million.
3. Independent Auditor's Going Concern Explanatory Paragraph for Fiscal Year 2025.
On April 24, 2026, Air Industries Group disclosed that its fiscal year 2025 Form 10-K financial statements included an independent auditor's explanatory paragraph. This paragraph specifically highlighted the preparation of the financial statements under the "going concern" assumption, in compliance with NYSE American Rule 610(b). This disclosure reinforced the existing concerns about the company's financial stability and its ability to continue as an operating entity.
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Stock Movement Drivers
Fundamental Drivers
The -5.6% change in AIRI stock from 3/31/2026 to 7/7/2026 was primarily driven by a -4.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.23 | 3.05 | -5.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 47 | -1.1% |
| P/S Multiple | 0.3 | 0.3 | -4.5% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | -5.6% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| AIRI | -5.6% | |
| Market (SPY) | 15.0% | 11.5% |
| Sector (XLI) | 12.8% | 11.5% |
Fundamental Drivers
The -0.7% change in AIRI stock from 12/31/2025 to 7/7/2026 was primarily driven by a -13.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.07 | 3.05 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 47 | -5.3% |
| P/S Multiple | 0.3 | 0.3 | 20.9% |
| Shares Outstanding (Mil) | 4 | 5 | -13.3% |
| Cumulative Contribution | -0.7% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| AIRI | -0.7% | |
| Market (SPY) | 9.9% | 26.1% |
| Sector (XLI) | 17.9% | 20.6% |
Fundamental Drivers
The -9.2% change in AIRI stock from 6/30/2025 to 7/7/2026 was primarily driven by a -23.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.36 | 3.05 | -9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 47 | -10.9% |
| P/S Multiple | 0.2 | 0.3 | 33.8% |
| Shares Outstanding (Mil) | 4 | 5 | -23.9% |
| Cumulative Contribution | -9.2% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| AIRI | -9.2% | |
| Market (SPY) | 22.0% | 27.1% |
| Sector (XLI) | 24.9% | 24.2% |
Fundamental Drivers
The -14.1% change in AIRI stock from 6/30/2023 to 7/7/2026 was primarily driven by a -32.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.55 | 3.05 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 47 | -11.0% |
| P/S Multiple | 0.2 | 0.3 | 42.7% |
| Shares Outstanding (Mil) | 3 | 5 | -32.4% |
| Cumulative Contribution | -14.1% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| AIRI | -14.1% | |
| Market (SPY) | 74.6% | 10.2% |
| Sector (XLI) | 77.0% | 12.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIRI Return | -26% | -53% | -24% | 25% | -25% | -2% | -76% |
| Peers Return | -1% | 4% | 31% | 19% | 40% | 38% | 211% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| AIRI Win Rate | 25% | 17% | 33% | 67% | 42% | 29% | |
| Peers Win Rate | 48% | 50% | 60% | 62% | 65% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| AIRI Max Drawdown | -56% | -58% | -54% | -59% | -38% | -23% | |
| Peers Max Drawdown | -23% | -26% | -19% | -16% | -21% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDG, HEI, HXL, WWD, DCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | AIRI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 105 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.5% | -6.7% |
| % Gain to Breakeven | 60.0% | 7.1% |
| Time to Breakeven | 294 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.9% | -33.7% |
| % Gain to Breakeven | 149.2% | 50.9% |
| Time to Breakeven | 305 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.7% | -19.2% |
| % Gain to Breakeven | 102.8% | 23.8% |
| Time to Breakeven | 259 days | 105 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -50.0% | -15.4% |
| % Gain to Breakeven | 100.0% | 18.2% |
| Time to Breakeven | 1 days | 125 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -19.4% | -8.6% |
| % Gain to Breakeven | 24.0% | 9.5% |
| Time to Breakeven | 25 days | 47 days |
In The Past
Air Industries's stock fell -3.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.4% gain to breakeven.
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| Event | AIRI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 105 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.5% | -6.7% |
| % Gain to Breakeven | 60.0% | 7.1% |
| Time to Breakeven | 294 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.9% | -33.7% |
| % Gain to Breakeven | 149.2% | 50.9% |
| Time to Breakeven | 305 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.7% | -19.2% |
| % Gain to Breakeven | 102.8% | 23.8% |
| Time to Breakeven | 259 days | 105 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -50.0% | -15.4% |
| % Gain to Breakeven | 100.0% | 18.2% |
| Time to Breakeven | 1 days | 125 days |
In The Past
Air Industries's stock fell -3.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Air Industries (AIRI)
Air Industries Group (AIRI) is an aerospace and defense company that specializes in designing, manufacturing, and selling structural parts and assemblies for mission-critical aerospace and defense applications. The company also operates as a prime contractor to the U.S. Department of Defense.
The company's operations are divided into two main segments. The Complex Machining segment produces essential components such as aircraft landing and arresting gears, engine mounts, flight controls, and throttle quadrants. These parts are deployed on a wide array of military and commercial aircraft, including the F-35 Joint Strike Fighter, UH-60 Blackhawk, and F-18. Its Turbine and Engine Component segment focuses on manufacturing components and providing services for aircraft jet engines, used in planes like the Airbus A-330 and Boeing 777, as well as for ground-power turbines.
Air Industries Group's primary customers are original equipment manufacturers (OEMs) involved in the production of fixed-wing aircraft, helicopters, and jet turbine engines. Its products are integral to advanced aerospace and defense systems for the U.S. military and major commercial aircraft programs, positioning the company as a key supplier within both the defense and commercial aviation sectors.
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Air Industries (AIRI) is like the Intel inside many military and commercial aircraft parts, manufacturing specialized, mission-critical components that power larger aerospace systems.
Imagine a highly specialized segment of RTX (Raytheon Technologies) or Honeywell, but solely focused on manufacturing complex structural and engine components for aircraft.
They are the Bosch or Magna International of the aerospace and defense world, supplying vital, complex components to larger aircraft manufacturers and the U.S. Department of Defense.
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- Aircraft Structural Parts and Assemblies: Manufactures critical structural components such as landing gears, engine mounts, flight controls, and throttle quadrants for various military and commercial aircraft.
- Aircraft Jet Engine Components: Produces specialized components for aircraft jet engines used in military and commercial aviation.
- Ground-Power Turbine Components: Manufactures components specifically for ground-power turbine applications.
- Turbine and Engine Services: Provides services related to aircraft jet engines and ground-power turbines.
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Luciano (Lou) Melluzzo, President and Chief Executive Officer
Luciano (Lou) Melluzzo joined Air Industries Group in 2017 and has over 35 years of experience in the aerospace machining business. Prior to his current role, he served in various leadership positions, including Chief Operating Officer and Chief of Business Development for EDAC Technologies, a Nasdaq-listed developer and manufacturer of complex rotating parts for jet engine applications, where the market capitalization increased significantly during his tenure. He was also the General Manager of Polar Corporation, a privately-held company specializing in commercial and military aerospace components. Mr. Melluzzo has extensive experience in turnaround management, business restructuring, and achieving operational excellence.
Scott Glassman, Chief Financial Officer, Principal Accounting Officer and Secretary
Scott Glassman was promoted to his current position as Chief Financial Officer, Principal Accounting Officer and Secretary in 2023. He previously served as the Company's Chief Accounting Officer since 2019. Mr. Glassman has been with Air Industries in various senior financial roles from 2007 to 2015, and again from 2019 to the present. He holds a Bachelor of Science degree in Accounting from the State University of New York at Albany and has been a CPA licensed in New York since 2002.
Michael Recca, Director of Strategic Projects
Michael Recca has served Air Industries Group in various capacities for over 15 years, including as Chief Financial Officer until October 2023. His prior leadership roles include President and Chief Operating Officer of Sky Capital Holdings Ltd. Group, which was listed on the AIM division of the London Stock Exchange, and Chairman and Chief Executive Officer of Harvey Electronics, Inc., a Nasdaq-listed company.
Dario Peragallo, General Manager, Complex Machining Segment
Dario Peragallo has been associated with Air Industries Machining (AIM), a subsidiary of Air Industries Group, for over 25 years. He serves as the President of Air Industries Machining Corporation and General Manager of AIM, and previously held positions such as Corporate Secretary of Air Industries Group and Executive Vice President of Manufacturing & Engineering.
Michael Biancospino, President and General Manager, Air Industries Machining Corporation and Nassau Tool Works
Michael Biancospino was appointed to his current position as President and General Manager of Air Industries Machining Corporation and Nassau Tool Works in October 2022. He was instrumental in implementing the Company's ERP system and led the development efforts for the E-2D landing gear program. He previously served as Director of Engineering, responsible for Manufacturing Engineering, N/C Programming, and tool design. Mr. Biancospino holds a bachelor's degree in Mechanical and Aerospace Engineering from Cornell University and completed his Program Management Professional (PMP) certification in 2013.
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Key Risks to Air Industries Group (AIRI)
-
Financial Health and Going Concern Risk
Air Industries Group faces significant financial challenges, including recurring net losses, negative operating margins, and a high debt-to-equity ratio. Management has disclosed "substantial doubt about continuing as a going concern" pending successful refinancing or capital raises. The company failed its Fixed Charge Coverage Ratio and has upcoming maturities for its Webster Bank credit facility and term loan. This indicates a critical and immediate risk to the company's long-term viability. -
High Dependence on U.S. Government Defense Spending
Approximately 90% of Air Industries Group's revenue is derived from products for U.S. military aviation. This exposes the company to substantial risk from changes in government defense budgets, funding priorities, and specific military aircraft programs. While the company benefits from a substantial backlog, its realization is contingent upon the continuation and funding of these programs. -
Supply Chain Disruptions and Operational Inefficiencies
The company has experienced supply chain headwinds, which have led to lower sales volumes, tighter gross margins, and delays in customer orders. The aerospace and defense industry generally faces challenges such as long development and production cycles, large capital expenditures for R&D and retooling, and ongoing supply chain disruptions stemming from factors like material shortages and geopolitical instability. These issues can impede Air Industries Group's ability to maintain efficient operations and timely delivery.
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For Air Industries Group (AIRI), the addressable markets for their main products and services are as follows:
- Aerospace and Defense Components: The global aerospace and defense components market was valued at approximately USD 71.97 billion in 2025 and is projected to reach USD 111.52 billion by 2030.
- Aircraft Landing Gears: The global aircraft landing gears market was estimated to be worth USD 7.1 billion in 2023 and is poised to reach USD 9.1 billion by 2028. Another estimate places the global market at USD 14.98 billion in 2025, growing to USD 38.21 billion by 2034.
- Aircraft Flight Control Systems: The global aircraft flight control system market size was valued at USD 15.69 billion in 2024 and is projected to grow to USD 31.89 billion by 2033. Another source indicates a market size of USD 28.9 billion in 2023, expected to reach USD 47.4 billion by 2033.
- Aerospace Engine Mounts: The global aerospace engine mounts market is projected to reach USD 8.88 billion by 2025. The broader global aircraft mounts market size, which includes engine mounts, was valued at USD 771.2 million in 2025 and is projected to reach USD 1,230.9 million by 2034. Engine mounts constituted over 55% of the aircraft mount market share in 2021.
- Aircraft Jet Engine Components and Services (MRO): The global aircraft engine market was valued at USD 86.7 billion in 2025 and is expected to grow to USD 203.3 billion in 2035. Another estimate places the global aircraft engine market size at USD 118.53 billion in 2025 and approximately USD 251.79 billion by 2035. The global Aviation MRO (Maintenance, Repair, and Overhaul) market, which includes services for aircraft jet engines, was valued at USD 87.01 billion in 2021 and is expected to reach USD 133.69 billion by 2030. Another report states the global aircraft MRO market size at USD 120.3 billion in 2025, anticipated to reach around USD 172.73 billion by 2035.
- Ground-Power Turbines Components: The global gas turbine component market was valued at USD 8.2 billion in 2024 and is expected to reach USD 13.1 billion by 2034. The overall global turbines market size was estimated at USD 45.6 billion in 2025.
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Air Industries Group (AIRI) is positioned for future revenue growth over the next 2-3 years, driven by a strategic merger, a robust order backlog, sustained demand in the aerospace and defense sector, and enhanced operational efficiency.
Here are the key drivers:
- Strategic Merger with Tenax Aerospace: A significant driver of future revenue growth is the recently announced strategic merger with Tenax Aerospace. This combination is expected to create a diversified mid-cap company with projected pro-forma revenues exceeding $210 million and adjusted EBITDA in excess of $75.0 million in 2026. The merger aims to enhance capabilities in special mission aviation and precision aerospace manufacturing.
- Realization of Record Backlog: Air Industries Group has a substantial funded backlog, which provides a strong foundation for future revenue. As of December 31, 2024, the company reported $117.9 million in funded backlog and $271.3 million in total unfilled contract values. Management has consistently stated that this record backlog reflects sustained demand and should support revenue growth into fiscal year 2026 and beyond. Additionally, the book-to-bill ratio was a healthy 1.34 to 1.00 as of early 2025, indicating that new orders are outpacing shipments.
- Increased Demand and New Contract Wins in the Aerospace and Defense Sector: The company's core business revolves around supplying components for mission-critical aerospace and defense applications. Revenue growth in 2024 was primarily fueled by increased sales to the U.S. Government. This momentum continued into 2025 with major contract wins, such as a $5.4 million contract for landing gear components for the US Air Force B-52 Bomber. Continued securing of new contracts, particularly within the government and defense segments, is expected to fuel ongoing revenue expansion.
- Improved Operational Efficiency and Supply Chain Stability: While not a direct source of new revenue, improvements in operational efficiency and the stabilization of supply chain issues are critical for realizing existing and future revenue. Despite a revenue decline in fiscal year 2025, the company demonstrated meaningful margin improvement and a 59% increase in Adjusted EBITDA to $4.3 million. The third quarter of 2025 also showed that cost-cutting and operational focus were leading to improved net income. Overcoming past challenges like customer order delays and longer lead times from subcontractors, as noted in Q2 2025, will enable the company to fulfill its substantial backlog more effectively and timely, thus contributing to revenue growth.
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Share Issuance
- Air Industries Group will issue approximately 94.4 million shares of common stock, adjustable to about 112.5 million shares, to Tenax Aerospace Acquisition members as part of an all-stock merger announced in February 2026. This transaction requires stockholder approval to increase authorized shares from 20 million to 200 million.
- In early July 2025, the company completed an at-the-market offering, raising nearly $4 million by selling over 1 million shares at an average price of approximately $3.95 per share, which enhanced its balance sheet and reduced net debt.
- In February 2026, directors and 10% owners Michael N. Taglich and Robert Taglich each received equity awards of 12,159 restricted stock units (RSUs), which represent shares of common stock upon settlement.
Outbound Investments
- Air Industries Group is entering into a transformative all-stock merger with Tenax Aerospace Acquisition, a strategic combination aimed at enhancing capabilities in special mission aviation and precision aerospace manufacturing.
- After the merger, Tenax members are expected to own approximately 95% of the combined company, with current Air Industries shareholders retaining about 5%.
- The combined company, based on preliminary 2025 results, is projected to have generated approximately $183.3 million in revenue and Adjusted EBITDA of roughly $65.0 million, with expectations for 2026 revenue above $210.0 million and Adjusted EBITDA above $75.0 million.
Capital Expenditures
- Air Industries Group's capital expenditures were $2.11 million in Q4 2023, $1.25 million in Q1 2024, $1.95 million in Q2 2024, $1.74 million in Q3 2024, and $2.29 million in Q4 2024.
- For 2025, capital expenditures were $3.39 million in Q1, $3.17 million in Q2, and $3.61 million in Q3.
- In Q4 2024, the company installed two large machines in Connecticut and invested in solar initiatives, with expectations that 2025 capital expenditures would likely be lower, excluding certain commitments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Air Industries Earnings Notes | 12/16/2025 | |
| With Air Industries Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 268.99 |
| Mkt Cap | 15.9 |
| Rev LTM | 2,968 |
| Op Inc LTM | 391 |
| FCF LTM | 297 |
| FCF 3Y Avg | 262 |
| CFO LTM | 421 |
| CFO 3Y Avg | 367 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 10.8% |
| Rev Chg Q | 14.1% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | 20.7% |
| Op Inc Chg 3Y Avg | 21.5% |
| Op Mgn LTM | 12.2% |
| Op Mgn 3Y Avg | 11.8% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 14.2% |
| CFO/Rev 3Y Avg | 13.8% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 9.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Military | 28 | 38 | 42 | 44 | |
| Commercial | 20 | 17 | 9 | 9 | |
| COMPLEX MACHINING | 53 | ||||
| TURBINE ENGINE COMPONENTS | 6 | ||||
| Total | 48 | 55 | 52 | 53 | 59 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| COMPLEX MACHINING | 50 | 51 | 45 | 42 | 43 |
| TURBINE ENGINE COMPONENTS | 3 | 4 | 5 | 5 | 6 |
| CORPORATE | 0 | 3 | 1 | 0 | 0 |
| AEROSTRUCTURES & ELECTRONICS | 0 | 1 | |||
| Assets Held for Sale | 10 | ||||
| Total | 53 | 58 | 51 | 48 | 61 |
Price Behavior
| Market Price | $3.05 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 10/05/2000 | |
| Distance from 52W High | -19.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.03 | $3.14 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 0.8% | -2.9% |
| 3M | 1YR | |
| Volatility | 26.9% | 43.5% |
| Downside Capture | 19.69 | 113.05 |
| Upside Capture | -1.04 | 79.44 |
| Correlation (SPY) | 12.2% | 27.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.11 | -0.02 | 0.28 | 0.63 | 0.94 | 0.56 |
| Up Beta | 0.62 | 0.46 | 0.97 | 1.14 | 1.21 | 0.58 |
| Down Beta | -0.02 | -0.23 | -0.25 | 0.49 | 0.60 | 0.36 |
| Up Capture | -41% | -21% | -6% | 39% | 69% | 28% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 16 | 26 | 51 | 104 | 327 |
| Down Capture | -29% | 6% | 22% | 57% | 112% | 93% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 19 | 30 | 61 | 120 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRI | |
|---|---|---|---|---|
| AIRI | -6.2% | 43.5% | -0.03 | - |
| Sector ETF (XLI) | 23.4% | 16.6% | 1.09 | 24.1% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 26.8% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | 16.6% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -0.5% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 17.3% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 26.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRI | |
|---|---|---|---|---|
| AIRI | -24.0% | 72.8% | -0.11 | - |
| Sector ETF (XLI) | 14.0% | 17.6% | 0.63 | 14.5% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 11.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 2.0% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 3.2% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 10.9% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIRI | |
|---|---|---|---|---|
| AIRI | -23.4% | 75.1% | -0.05 | - |
| Sector ETF (XLI) | 14.8% | 20.0% | 0.65 | 16.7% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 14.2% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 1.9% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 6.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 13.2% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 4.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/17/2026 | -1.3% | 1.3% | 3.4% |
| 11/14/2025 | -0.3% | -4.1% | -3.1% |
| 8/14/2025 | -13.9% | -10.4% | -2.4% |
| 5/15/2025 | -7.7% | -2.4% | -2.6% |
| 11/14/2024 | -17.7% | -25.6% | -22.0% |
| 12/7/2023 | -0.2% | 2.7% | 7.4% |
| 8/8/2023 | 1.1% | -1.3% | -6.6% |
| 4/20/2023 | 2.1% | -2.1% | -6.3% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 6 | 6 | 6 |
| Median Positive | 1.6% | 2.0% | 5.4% |
| Median Negative | -4.5% | -3.3% | -4.7% |
| Max Positive | 2.1% | 2.7% | 7.4% |
| Max Negative | -17.7% | -25.6% | -22.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/17/2026 | -1.3% | 1.3% | 3.4% |
| 11/14/2025 | -0.3% | -4.1% | -3.1% |
| 8/14/2025 | -13.9% | -10.4% | -2.4% |
| 5/15/2025 | -7.7% | -2.4% | -2.6% |
| 11/14/2024 | -17.7% | -25.6% | -22.0% |
| 12/7/2023 | -0.2% | 2.7% | 7.4% |
| 8/8/2023 | 1.1% | -1.3% | -6.6% |
| 4/20/2023 | 2.1% | -2.1% | -6.3% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 6 | 6 | 6 |
| Median Positive | 1.6% | 2.0% | 5.4% |
| Median Negative | -4.5% | -3.3% | -4.7% |
| Max Positive | 2.1% | 2.7% | 7.4% |
| Max Negative | -17.7% | -25.6% | -22.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-K |
| 09/30/2023 | 12/06/2023 | 10-Q |
| 06/30/2023 | 08/18/2023 | 10-Q |
| 03/31/2023 | 08/11/2023 | 10-Q |
| 12/31/2022 | 05/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/22/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-K |
| 09/30/2023 | 12/06/2023 | 10-Q |
| 06/30/2023 | 08/18/2023 | 10-Q |
| 03/31/2023 | 08/11/2023 | 10-Q |
| 12/31/2022 | 05/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/22/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/25/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 03/29/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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