CPI AEROSTRUCTURES INC

CPI Aerostructures, Inc. announced it has secured a fully definitized contract worth $13.6 million from L3Harris Technologies. This contract is for the delivery of airborne pod structures, specifically the Next Generation Jammer Low Band (NGJ-LB) pods, which will be used on the EA-18G Growler aircraft for the U.S. Naval Air Systems Command. The new contract supersedes a previous undefinitized contract action of $12.1 million, and CPI Aero has already delivered the first test article and provided engineering support since late 2024. The company's total backlog now stands at $495 million.

CPI Aerostructures, Inc. announced it received multiple purchase orders totaling $8.3 million from the U.S. Air Force. These orders fall under a previously announced Indefinite Delivery/Indefinite Quantity (IDIQ) contract for structural modification kits and sustainment services for the T-38C Pacer Classic III and TRIM programs. With these new awards, the total funded value of the contract has increased to $69 million, with deliveries scheduled through 2028. The programs are crucial for extending the operational life of the T-38 fleet into the 2030s.

CPI Aerostructures, Inc. announced that its Compensation and Human Resources Committee approved increases to the annual base salaries of its Chief Executive Officer and Chief Financial Officer. Dorith Hakim, CEO and President, will now receive an annual base salary of $425,000, effective May 1, 2026. Robert Mannix, CFO and Secretary, will receive an annual base salary of $325,000, effective July 1, 2026.

CPI Aerostructures, Inc. announced it has been awarded a life-of-program supply agreement by Embraer to manufacture engine inlet assemblies for the Embraer Phenom 100EX business jets. This new program builds on CPI Aero's existing relationship with Embraer, supplementing the current Phenom 300E inlet program, for which over 1900 inlets have been delivered. The first assemblies for the Phenom 100EX were delivered in May 2026, contributing to CPI Aero's total backlog of $495 million.

CPI Aerostructures, Inc. announced that its wholly owned subsidiary, Welding Metallurgy, Inc. (WMI), has secured follow-on orders from Northrop Grumman Corporation. These orders are for more than 20 different complex welded assemblies for the E-2D Advanced Hawkeye aircraft, with deliveries extending through 2028. The company highlighted its NADCAP certification and long history of supporting the E-2D program, with its total backlog now reaching $495 million.

CPI Aerostructures reported strong financial results for the first quarter ended March 31, 2026, with significant year-over-year improvements across all major metrics. Revenue increased to $17.4 million, net income reached $1.2 million, and EPS turned positive at $0.10. The company attributed this performance to a favorable product mix, operational efficiencies, and continued execution on key Aerospace & Defense programs, alongside a robust backlog of $495 million.

CPI Aerostructures reported a significant financial turnaround for the first quarter of 2026, moving from a net loss to a net income. Revenue increased by 12.7% year-over-year, driven by strong gross profit growth. The company also saw an improvement in its operating cash flow and an increase in total assets and shareholders' equity.

CPI Aerostructures Inc. filed an amendment to its 2025 Form 10-K to update Part III information, including Directors, Executive Officers, Corporate Governance, Executive Compensation, and Security Ownership. This amendment was necessary due to the delayed filing of the 2026 Annual Meeting of Shareholders proxy statement. Key updates include the appointment of Robert Mannix as Chief Financial Officer and Secretary in December 2025, and detailed compensation for named executive officers and non-executive directors for 2025.

CPI Aerostructures Inc. filed a 10-K/A to amend Part III of its Form 10-K, providing updated information on directors, executive officers, corporate governance, executive compensation, and security ownership. This amendment was necessary due to the definitive proxy statement for the 2026 Annual Meeting not being filed within 120 days after the fiscal year ended December 31, 2025. The filing details executive compensation for 2024 and 2025, outlines director compensation, and notes minor Section 16(a) reporting non-compliance for two executives.

CPI Aerostructures Inc. filed an amendment to its 2025 Form 10-K, updating Part III to include corporate governance, executive compensation, and security ownership details. Robert Mannix was appointed Chief Financial Officer and Secretary in December 2025, succeeding Philip Passarello, who departed in July 2025. The company also reported the departure of Paula Castellano, former Senior Vice President of Operations, and detailed 2025 compensation for its named executive officers and directors. The amendment was necessary due to a delay in filing the definitive proxy statement for the 2026 Annual Meeting of Shareholders.