Air Industries Group, a leading Tier 1 manufacturer specializing in precision assemblies and components for critical aerospace and defense applications, and a key contractor to the U.S. Department of Defense, has announced significant developments. The company’s subsidiary, Sterling Engineering Corporation (Sterling), has successfully secured two contracts with a combined value of approximately $3.2 million.
These contracts are specifically for the production of engine components crucial to the F-135 jet engine, which powers the Lockheed Martin F-35 Lightning II. The commencement of deliveries against these contracts is slated for early 2024, contributing to a noteworthy boost in near-term revenues for Air Industries Group.
Lou Melluzzo, the CEO of Air Industries, expressed enthusiasm about these achievements, stating, “These awards mark a continuation of the remarkable growth in business at Sterling Engineering. Over the two months ending on November 30th, Sterling’s firm 18-month Backlog surged by nearly $5.1 million, representing a remarkable 43% increase from its backlog on September 30th. Sterling recently concluded its first quarter in several years with revenues exceeding $2.0 million. The substantial growth in backlog, coupled with these new contracts, validates Sterling’s capacity to enhance revenue and achieve profitability once again.
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors and original equipment manufacturers. The Company is a Tier 1 supplier to aircraft Original Equipment Manufacturers, a Tier 2 subcontractor to major Tier 1 manufacturers, and a Prime Contractor to the U.S. Department of Defense, and is highly regarded for its expertise in designing and manufacturing parts and assemblies that are vital for flight safety and performance.
Additional information about the Company can be found in its filings with the SEC.