T
TECHPRECISION CORP
TPCSCIK 0001328792NasdaqNon-AcceleratedSmaller ReportingFabricated Structural Metal ProductsDelawareFY ends Mar 31
Period
FY 2025
Revenue
$34.03M
Net Income
—
Total Assets
$33.53M
Equity
$8.74M
Shares Out
10.01M
Op. Cash Flow
$-599.0K
Business
TechPrecision Corp is a manufacturer of precision, large-scale fabricated and machined metal structural components and systems. It offers a full range of services to transform raw materials into precision finished products, including manufacturing engineering, materials management, high‑precision fabrication and machining, assembly, integration, inspection, non‑destructive testing, and final testing and packaging. The company operates through two reportable subsidiaries, Ranor and Stadco, each focused on manufacture and assembly of specific components for defense and precision industrial customers. All of its operations and customers are located in the United States and it sells primarily to defense and aerospace prime contractors through negotiated contracts and competitive bids as a subcontractor.
Summary from filing dated 2025-07-30
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Revenue | 34 | 32 | 31 | 22 | 16 | |
| Cost of revenue | 30 | 27 | — | — | — | |
| Gross profit | 4 | 4 | 5 | 3 | 3 | |
| Selling, general and administrative | 6 | 9 | 6 | 5 | 3 | |
| Loss from operations | −2 | −5 | −1 | −2 | 623,248 | |
| Other (expense) income, net | −51,000 | 43,000 | — | −28,385 | 4,600 | |
| Interest expense | −541,000 | −521,000 | −355,608 | — | — | |
| Total other (expense) income, net | −592,000 | −478,000 | 321,798 | 1 | −197,737 | |
| Loss before income taxes | −3 | −5 | −800,000 | −542,189 | 425,511 | |
| Income tax (benefit) expense | −2,000 | 2 | 195,584 | −192,355 | 104,880 | |
| Net loss | −3 | −7 | −979,006 | −349,834 | 320,631 | |
| Net loss per share - basic (in dollars per share) | −0.29 | −0.81 | −0.11 | −0.04 | 0.01 | |
| Net loss per share - diluted (in dollars per share) | −0.29 | −0.81 | −0.11 | −0.04 | 0.01 | |
| Weighted average number of shares outstanding - basic (in shares) | 9 | 9 | 9 | 8 | 29 | |
| Weighted average number of shares outstanding - diluted (in shares) | 9 | 9 | 9 | 8 | 31 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 195,000 | 138,000 | 500,000 | 1 | 2 | |
| Accounts receivable, less allowances of $53 and $22 on March 31, 2025 and 2024 | 2 | 2 | 2 | 3 | 608,059 | |
| Contract assets | 10 | 9 | 9 | 8 | 6 | |
| Raw materials | 2 | 2 | 2 | 874,538 | 503,636 | |
| Work-in-process | 1 | 1 | 719,736 | 1 | 767,520 | |
| Other current assets | 490,000 | 564,000 | 348,983 | 1 | 379,437 | |
| Total current assets | 15 | 15 | 15 | 16 | 10 | |
| Property, plant and equipment, net | 14 | 15 | 14 | 13 | 4 | |
| Right of use asset, net | 4 | 5 | — | — | — | |
| Other noncurrent assets | 122,000 | 122,000 | 121,256 | 121,256 | 84,624 | |
| Total assets | 34 | 35 | 36 | 38 | 16 | |
| Accounts payable | 2 | 1 | 2 | 3 | 500,848 | |
| Accrued expenses | 4 | 4 | 3 | 3 | 2 | |
| Contract liabilities | 1 | 2 | 1 | 2 | 218,152 | |
| Customer deposits | 2 | 2 | — | — | — | |
| Current portion of long-term lease liability | 770,000 | 736,000 | 711,727 | 593,808 | — | |
| Current portion of long-term debt, net | 7 | 8 | 1 | 4 | 2 | |
| Total current liabilities | 17 | 18 | 9 | 13 | 5 | |
| Long-term equipment financing | 3,000 | — | 5 | 3 | 1 | |
| Long-term lease liability | 4 | 4 | 5 | 6 | — | |
| Other noncurrent liability | 4 | 5 | 3 | 305,071 | — | |
| Total liabilities | 25 | 27 | 22 | 23 | 6 | |
| Commitments and contingent liabilities (see Note 15) | — | — | — | — | — | |
| Common stock - par value $.0001 per share, 50,000,000 shares authorized: Shares issued and outstanding: March 31, 2025 - 9,761,825 and 9,751,825, respectively. Shares issued and outstanding March 31, 2024 - 8,777,432 | 1,000 | 1,000 | 861 | 858 | 2,949 | |
| Additional paid in capital | 19 | 15 | 15 | 15 | 9 | |
| Accumulated deficit | −10 | −7 | −356,439 | 622,567 | 972,401 | |
| Total stockholders' equity | 9 | 8 | 15 | 15 | 10 | |
| Total liabilities and stockholders' equity | 34 | 35 | 36 | 38 | 16 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-03-31 |
|---|---|---|---|---|---|---|
| Net loss | −3 | −7 | −979,006 | −349,834 | — | |
| Depreciation and amortization | 3 | 2 | 2 | 1 | 704,049 | |
| Amortization of debt issue costs | 103,000 | 107,000 | 59,916 | 48,251 | 51,399 | |
| Loss (gain) on disposal of equipment | 1,000 | −39,000 | −468 | — | −1,425 | |
| Stock based compensation | 103,000 | 285,000 | 253,079 | 190,754 | 179,917 | |
| Change in contract loss provision | 170,000 | 190,000 | −237,318 | −223,111 | −121,316 | |
| Change in allowance for doubtful accounts | 31,000 | 0 | — | — | — | |
| Deferred income taxes | — | 2 | 195,584 | −192,355 | 181,065 | |
| Stock based acquisition termination fee | 419,000 | 1 | — | — | — | |
| Accounts receivable | 210,000 | −35,000 | 672,768 | −842,943 | 382,241 | |
| Contract assets | −1 | 421,000 | −597,580 | 1 | −1 | |
| Work-in-process and raw materials | 368,000 | −837,000 | −177,914 | −42,491 | −53,542 | |
| Other current assets | 74,000 | −214,000 | 1 | 354,993 | 226,714 | |
| Accounts payable | 1 | −816,000 | −1 | 245,743 | 315,783 | |
| Accrued expenses | −364,000 | 388,000 | −1 | −1 | 65,018 | |
| Contract liabilities and customer deposits | −1 | 1 | — | — | — | |
| Other noncurrent liabilities | −552,000 | 1 | 2 | −50,633 | — | |
| Net cash (used in) provided by operating activities | −599,000 | 728,000 | 3 | 257,839 | 635,850 | |
| Purchases of property, plant, and equipment | −4 | −3 | −2 | −939,004 | −546,890 | |
| Proceeds from fixed assets insurance settlement | — | 62,000 | — | — | — | |
| Reimbursements for purchases of fixed assets | 3 | 577,000 | — | — | — | |
| Net cash used in investing activities | −1 | −3 | −2 | −9 | −607,931 | |
| Proceeds from revolver loan | 14 | 7 | 11 | 4 | — | |
| Repayment of revolver loan | −14 | −5 | −12 | −3 | −1 | |
| Proceeds from private placement | 2 | — | — | — | — | |
| Private placement fees | −247,000 | — | — | — | — | |
| Proceeds from equipment financing | 65,000 | — | — | — | — | |
| Debt issuance costs | −82,000 | −51,000 | −57,723 | −169,884 | −24,610 | |
| Principal payments for leases | −9,000 | −17,000 | −36,572 | −508,806 | — | |
| Repayment of long-term debt | −654,000 | −600,000 | −605,905 | −397,490 | −120,441 | |
| Net cash provided by financing activities | 2 | 1 | −1 | 7 | 1 | |
| Net increase (decrease) in cash and cash equivalents | 57,000 | −396,000 | −517,665 | −1 | 1 | |
| Cash paid during the year for interest (net of interest capitalized) | 438,000 | 414,000 | 288,085 | 236,575 | 135,320 |
Filings
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