Air Industries

Auditor included a going-concern explanatory paragraph in the 2025 10-K.

For 2025, cash from operations was negative 1.35 million dollars and capex 3.32 million dollars; H1 2026 CFO was 0.23 million dollars with capex of 0.49 million dollars, implying TTM free cash flow around negative 4.7 million dollars through Q2 2026. Debt totaled about 25.6 million dollars as of June 30, 2026, with near-term maturities recently extended to November 30 and December 1, 2026. Liquidity hinges on backlog conversion, working-capital release, and/or merger completion.