CPI AEROSTRUCTURES INC
CVU · Aircraft Parts & Auxiliary Equipment, NEC · 13.2M shares · +2%/yr ↑ shares · EDGAR filings ↗
Reference price $2.88 · est. market cap ~$38M — last insider purchase, 2025-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D49Sub-scale aerostructures supplier with a loss year, declining revenue, thin margins and customer concentration.
Strengths
- Long-standing Tier-1/prime relationships on defense programs (Raytheon, Sikorsky, Lockheed, USAF) with backlog
- Refinanced into a new Western Alliance facility, removing the prior covenant overhang
Risks
- Revenue down 14.6% (11th pct), gross margin 15.2% (14th pct), negative net margin and FCF -$5.3M (28th pct)
- Top-four customers ≈80% of revenue; working-capital-intensive contracts create recurring liquidity strain
- Net income growth -125% (12th pct) — earnings swung to a loss
Notable findings
- RestatementIn connection with entering into the Loan and Security Agreement, the Company used a portion of the proceeds of the Credit Facilities, including the full amount of the Term Loan and borrowings under t 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -1.2%)
- Cash burnNegative free cash flow (-5.3M)
- Revenue declineRevenue -10.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
15.2%
Operating margin
-0.3%
Net margin
-1.2%
Return on equity
-3.3%
Return on assets
-1.1%
ROIC
-0.4%
Revenue growth (QoQ)
-10.6%
Net-income growth
-125.6%
Debt / equity
0.4×
Current ratio
1.9×
Free cash flow
-$5M
EBITDA
$244K
Tangible book value
$24M
Stock comp / revenue
1.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Hakim Dorith | Grant | 2.9K | — |
| 2026-06-08 | Mannix Robert | Grant | 33K | — |
| 2026-06-08 | Hakim Dorith | Grant | 75K | — |
| 2026-06-08 | Hakim Dorith | Disposition | 40K | — |
| 2026-06-08 | Hakim Dorith | Tax withheld | 13K | $3.48 |
| 2026-01-15 | STINSON TERRY DEAN | Grant | 25K | — |
| 2026-01-15 | Levesque Pamela | Grant | 15K | — |
| 2026-01-15 | Carey Bond E | Grant | 30K | — |
| 2026-01-15 | Rosenjack Richard C | Grant | 15K | — |
| 2026-01-15 | Faber Michael | Grant | 18K | — |
| 2026-01-15 | Caswell Richard S | Grant | 21K | — |
| 2026-01-08 | Levesque Pamela | Grant | 4.4K | — |
| 2025-12-17 | Levesque Pamela | Grant | 13K | — |
| 2025-12-02 | Levesque Pamela | Grant | 16K | — |
| 2025-07-22 | Levesque Pamela | Disposition | 3.7K | — |
| 2025-06-12 | Carey Bond E | Buy | 10K | $2.88 |
| 2025-01-10 | Carey Bond E | Grant | 30K | — |
| 2025-01-10 | STINSON TERRY DEAN | Grant | 24K | — |
| 2025-01-10 | Rosenjack Richard C | Grant | 15K | — |
| 2025-01-10 | Levesque Pamela | Grant | 15K | — |
| 2025-01-10 | Faber Michael | Grant | 18K | — |
| 2025-01-10 | Caswell Richard S | Grant | 21K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (4)
- Raytheon 38% of rev
- Sikorsky 20% of rev
- Lockheed Martin 11% of rev
- United States Air Force 11% of rev
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Exec/director changeExhibits | filing ↗ |
| 2026-05-18 | ResultsExhibits | filing ↗ |
| 2026-03-31 | ResultsExhibits | filing ↗ |
| 2025-12-12 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2025-12-09 | Material agreementExec/director changeExhibits | filing ↗ |
| 2025-11-14 | ResultsExhibits | filing ↗ |
| 2025-10-30 | OtherExhibits | filing ↗ |
| 2025-08-19 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-08 | 0001999371-26-012645 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001999371-26-010939 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001999371-26-010877 ↗ |
| 10-K/A | 2026-04-29 | 2025-12-31 | 0001999371-26-009384 ↗ |
| 10-K/A | 2026-04-07 | 2025-12-31 | 0001999371-26-007731 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001999371-26-007364 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001999371-26-007357 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0001999371-25-020225 ↗ |
| 8-K | 2025-12-09 | 2025-12-08 | 0001999371-25-019911 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001999371-25-017728 ↗ |
| 8-K | 2025-11-14 | 2025-11-13 | 0001999371-25-017755 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001999371-25-016567 ↗ |