TechPrecision Announces Preliminary Fourth Quarter 2024 Financial Results and Filing of Form 12b-25 to Extend Deadline for Filing of Fiscal 2024 Annual Report

WESTMINSTER, MA / ACCESSWIRE / July 1, 2024 / TechPrecision Corporation (Nasdaq: TPCS) (“TechPrecision” or the “Company,” “we,” “us,” or “our”) today announced preliminary unaudited financial information for the fourth quarter of 2024 and disclosed that it has filed a 15-day extension on Form 12b-25 to timely file its Form 10K for the year ended March 31, 2024.

Q4 FY2024 Preliminary Unaudited Financial Information

Preliminary unaudited financial information for the three months ended March 31, 2024 is as follows. Ranor, Inc. had net sales of $4,529,227 with net income of $246,822. STADCO had net sales of $5,015,478 with net income of $379,446. TechPrecision had no revenue and approximately $400,000 in recurring expenses as well as approximately $1,000,000 in one-time cash expenses arising from the terminated acquisition of Votaw Precision Technologies, Inc. (“Votaw”).¹

¹ The expenses do not include the one-time non-cash expense from the issuance of shares previously reported to Doerfer Corporation in connection with the termination fee payable on the Company’s common stock for the failure of the Votaw acquisition.

All financial results for the quarter ended March 31, 2024 above are preliminary, have not been reviewed or audited, are based on the Company’s estimates and were prepared prior to the completion of the financial statement closing process of the society. The preliminary financial results should not be considered a substitute for the Company’s complete fourth quarter results, do not present all of the information necessary to understand the Company’s financial performance as of March 31, 2024 and for the three months ended March 31, 2024 and should not be considered final until the Company files its annual report on Form 10-K for the fiscal year ended March 31, 2024. During the preparation of the Company’s financial statements as of March 31 2024 and for the year ended March 31, 2024, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information presented above. Undue reliance should therefore not be placed on these preliminary data.

Extension of the deadline for filing the annual report for the 2024 financial year.

The Company filed Form 12b-25 informing the Securities and Exchange Commission that it was unable to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “FY 2024 10-K”) within the required time frame because the Company had not received the necessary information from Stadco to complete the financial statement closing process in a timely manner, due to ongoing issues integrating Stadco’s financial reporting processes and procedures into the Company’s broader financial reporting structure.

The Company intends to file Fiscal 2024 Form 10-K on or before the fifteenth calendar day following the due date of Fiscal 2024 Form 10-K, as prescribed by Form 12b-25 . Although the Company is working diligently to resolve issues related to the integration of Stadco’s financial reporting processes and procedures, there can be no assurance that such issues will not affect future financial reporting periods.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly-owned subsidiaries, Ranor, Inc. and STADCO, manufactures large-scale precision metal fabricated and machined components and equipment. These products are primarily used in the defense, aerospace and precision industrial markets. TechPrecision’s goal is to be an end-to-end service provider to its customers by providing customized solutions for end products requiring custom manufacturing and machining, assembly, inspection and testing. For more information about the Company, please visit the Company’s website at www.techprecision.com. Information on the Company’s website or any other website does not constitute a part of this press release.

Safe Harbor Statement

This press release contains certain “forward-looking statements” relating to the activities of the Company and its subsidiaries. All statements other than statements of current or historical facts contained in this press release, including statements about our preliminary financial results for the three months ended March 31, 2024, filing of Form 10-K for fiscal year 2024 and the Company’s efforts to resolve issues related to the integration of Stadco’s financial reporting procedures and processes and other statements that express our intentions, plans, objectives, beliefs, expectations, strategies, forecasts or any other statements relating to about our future activities or other future events or conditions are forward-looking statements. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “plan”, “predict”, “project”, “ want”, “must”, “want” and other similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on management’s current expectations, estimates and projections regarding our business, industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from what is expressed or anticipated in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause these results and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue ; our ability to balance our revenue mix and effectively control operating expenses; external factors that may be beyond our control, including health emergencies, such as epidemics or pandemics, the Russia-Ukraine and Israel-Hamas conflicts, price inflation, interest rate increases and inefficiencies supply chain; the availability of suitable financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; Our ability to maintain standards that enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions into our business; our failure to maintain effective internal controls over financial reporting; general industry and market conditions and growth rates; general economic conditions; and other risks discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements we make in light of these important factors.

Company contact:
Mrs. Barbara Lilley
Financial director
TechPrecision Company
Tel: 978-883-5102
Email: [email protected]
www.techprecision.com

Investor Relations Contact:
Hayden IR
Brett Maas
Phone: 646-536-7331
Email: [email protected]

SOURCE: Company TechPrecision

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