AIR INDUSTRIES GROUP Reports Net Loss of $1.08 Million for 2022
Revenue Drops to $53.24 Million, Marking a Decline in Net Sales
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.
Net Loss Reflects Industry Struggles
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.
