CPI Aerostructures, Inc. reported a decrease in revenue, gross profit, and net income in the second quarter of 2025 compared to the same period in 2024. The company took a $2.3 million write-off on the terminated A-10 Program, resulting in a net loss of $1.3 million for the quarter.

For the first six months of 2025, CPI Aerostructures, Inc. also saw a decline in revenue, gross profit, and net income compared to the same period in 2024. The company reported a net loss of $2.6 million for the first half of the year, with debt decreasing to $16.2 million as of June 30, 2025.

Despite challenges with the terminated A-10 Program, CPI Aerostructures, Inc. achieved key development milestones and improved its balance sheet during the second quarter. The company ended the quarter with a strong backlog of $506 million, including new program awards, and is focused on transitioning to programs of the future.

Management identified a material weakness in internal control over financial reporting but believes it has no impact on the financial results for the second quarter. The company is taking steps to address the matter and remains committed to optimizing its portfolio and leveraging growth opportunities.

Adjusted EBITDA, a non-GAAP financial measure, was $(1.7) million for the second quarter and $(2.5) million for the first six months of 2025. Excluding the A-10 Program impact, Adjusted EBITDA was $0.6 million for the quarter and $2.0 million for the first half of the year.

Read more at GlobeNewswire: CPI Aerostructures Reports Second Quarter and Six Month