10-K · June 25, 2026
TechPrecision Corporation reported a revenue decrease to $31.644 million for FY2026, down from $34.031 million in FY2025, alongside a slight reduction in net loss to $1.664 million from $2.748 million the previous year.…
Earnings analysis · 10-Q
TPCS earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Fiscal Q1 2027 operating results improved: revenue rose 23% year over year to $9.096 million, gross margin expanded to 15.4%, and the operating loss narrowed to $45,000, with growth at both Ranor and Stadco. Operating…
Read full summary
Fiscal Q1 2027 operating results improved: revenue rose 23% year over year to $9.096 million, gross margin expanded to 15.4%, and the operating loss narrowed to $45,000, with growth at both Ranor and Stadco. Operating cash flow increased to $1.898 million, but liquidity remains severely constrained by $279,000 of cash, negative $46,000 of working capital and a $5.017 million covenant-affected debt balance. The lender has not waived the covenant default, financing must be renewed or replaced by September 15, 2026, and management continues to report substantial doubt about going-concern status.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
-
Revenue grew 23% year over year
Consolidated revenue increased to $9.096 million from $7.379 million, up $1.717 million or 23% year over year, and was approximately $1.096 million above the prior quarter's $8.0 million.
-
Gross margin expanded year over year
Gross profit increased 36% to $1.400 million from $1.030 million, while gross margin improved to 15.4% from 14.0% year over year. Margin was below the prior quarter's 13.7% only on a reported-history basis? Actually 15.4% exceeded the prior quarter's 13.7%.
-
Ranor benefited from project mix
Ranor revenue rose 27% to $5.461 million, with gross profit of $1.560 million versus $1.493 million and backlog of $31.548 million. Management cited favorable project mix among prime defense customers.
-
Stadco losses narrowed
Stadco revenue increased 22% to $4.064 million, while its operating loss narrowed to $836,000 from $1.200 million. Management attributed the improvement to higher revenue, improved throughput and better gross margin.
-
Losses improved materially
Operating loss narrowed to $45,000 from $463,000 year over year, improving operating margin to approximately negative 0.5% from negative 6.3%. Net loss improved to $153,000, or $0.02 per diluted share, from $597,000, or $0.06 per share.
-
Operating cash flow improved
Operating cash flow was $1.898 million versus $646,000 a year earlier. The company purchased $2.436 million of fixed assets and received $2.420 million of supplier-development reimbursements, resulting in $16,000 of net investing cash use.
What to watch
-
Debt covenant default
The company reported an Event of Default from covenant noncompliance as of June 30, 2026, with $5.017 million outstanding under the Loan Agreement. The lender has not granted a waiver and may demand repayment or accelerate the debt.
-
Near-term liquidity shortfall
Available liquidity was only $2.067 million, consisting of $279,000 of cash and $1.788 million of undrawn revolver capacity, while working capital was negative $46,000. The company must renew its revolver or obtain alternative financing by September 15, 2026.
-
Going-concern uncertainty
Management stated that recurring Stadco operating losses, the revolver renewal, alternative financing needs and future covenant compliance create substantial doubt about the company's ability to continue as a going concern for at least one year. Stadco still recorded an operating loss of $836,000 in the quarter.
-
Four unresolved control weaknesses
Disclosure controls and procedures were not effective as of June 30, 2026, and management identified four material weaknesses, including Stadco accounting, purchase accounting, long-lived-asset impairment accounting and segregation of duties. Remediation has not been completed.
-
Material cost and execution pressure
Ranor cost of revenue increased 54% year over year to $4.315 million, primarily due to higher material costs and overhead underabsorption. Management also noted that actual manufacturing costs exceeded estimates on certain projects.
-
Significant contractual commitments
The company has $3.378 million of unconditional supplier commitments due within twelve months and $14.463 million of machinery and equipment purchase obligations, although the latter are expected to be reimbursed in full by a customer.
Management's outlook
The quantitative outlook discussed in the related earnings disclosure was maintained at fiscal 2027 revenue of $35.0 million-$37.0 million and EBITDA of $3.0 million-$4.0 million. No EPS guidance was provided.
Earlier filings 4
10-Q · February 17, 2026
TechPrecision Corporation reported a decrease in revenue and a significant increase in losses for the quarter ending December 31, 2025. Revenue fell to $7.1 million, a 7% decline year-over-year, primarily driven by…
10-Q · November 13, 2025
TechPrecision Corporation reported a slight increase in quarterly revenue of $9.1 million for Q2 2025, up 2% from the prior year, with EPS at $0.08 compared to a loss last year. Improved gross margins were noted at…
10-Q · August 21, 2025
For the fiscal quarter ending June 30, 2025, TechPrecision Corporation reported revenues of $7.379 million, a decrease of 8% compared to $7.986 million in the same quarter last year. The company achieved a gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.