AIR INDUSTRIES GROUP(AIRI) has announced its consoli dated financial results for the year ending December 31, 2022. Despite recording a decrease in revenue, the company's net loss was particularly notable, signaling a challenging period for the aerospace and defense conglomerate.
AIR INDUSTRIES GROUP faced a challenging fiscal year in 2022, with the company reporting a net loss of $1.08 million. This loss was in stark contrast to the previous year's net income of $1.63 million. The net loss was driven by a combination of factors, including increased operating expenses and financing costs. The company's operating expenses for the year amounted to $7.65 million, slightly higher than the $7.77 million recorded in 2021. Interest and financing costs were also elevated, contributing to the overall negative financial performance.
Despite the company's efforts, revenue for 2022 dropped to $53.24 million from the previous year's $58.94 million. This decline in net sales is a result of the challenges faced by the aerospace and defense industry due to global economic uncertainties and supply chain disruptions. The decrease in revenue was reflected in the company's gross profit, which totaled $7.45 million, down from $10.25 million in 2021.
Operating Efficiency and Profitability
AIR INDUSTRIES GROUP continued to maintain a significant presence in the industry, bolstered by its consolidated balance sheets. The company's current assets, including cash, accounts receivable, inventory, and prepaid expenses, totaled $42.22 million as of December 31, 2022. Property and equipment, along with operating lease right-of-use assets, accounted for $11.07 million, reflecting the company's commitment to infrastructure and operations.
Despite the challenges posed by the global economic landscape, AIR INDUSTRIES GROUP remains focused on its strategic initiatives to navigate these turbulent times. The company's consolidated financial statements for 2022 reveal the impact of external pressures on revenue and profitability. By addressing operating efficiency and optimizing its resources, AIR INDUSTRIES GROUP aims to overcome industry challenges and position itself for sustainable growth in the future.