Air Industries Group Reports Net Loss of $1.08 Million for 2022
Company's Revenue Declines to $53.24 Million in 2022
Air Industries Group, Inc.(AIRI) a prominent aerospace and defense company, has released its consolidated financial statements for the year ended December 31, 2022. The report reveals a net loss of $1.08 million for the year, representing a significant decline compared to the net income of $1.63 million in 2021. Additionally, the company's revenue decreased to $53.24 million in 2022, down from $58.94 million in the previous year. Let's take a closer look at the company's financial performance and key highlights.
Current Assets:
The consolidated balance sheet shows that Air Industries Group's current assets as of December 31, 2022, amounted to $42.22 million. Cash reserves stood at $281,000, reflecting a decrease from $627,000 in 2021. Accounts receivable, after accounting for an allowance for doubtful accounts, amounted to $9.48 million. Inventory saw an increase, reaching $31.82 million, while prepaid expenses and other current assets totaled $307,000.
Property and Equipment:
