Preliminary 2024 Results Highlight Divergent Paths in Aerospace, Biotech, and Staffing Sectors

The year-end 2024 financial results from Air Industries Group (AIRI), Mainz Biomed (MYNZ), and Empresaria Group plc reveal a landscape of stark contrasts. While aerospace and biotech firms leaned into operational improvements and strategic partnerships, the staffing sector faced headwinds from a slowing economy. Here’s what the numbers tell us—and what investors should watch next.

Air Industries: Backlog Boom Masks Near-Term Pain

Air Industries’ preliminary results underscore a company in transition. Full-year sales rose 7% to $55.1 million, with gross margins expanding to 16.2%—a sign of improved pricing power or cost discipline. The real story, however, is the record backlog of $250 million, up from $180 million in 2023. This funded/unfunded order book now represents more than four years of revenue at current run rates, suggesting strong demand for its defense and aerospace components.

But the Q4 results were softer: operating income turned negative due to $1.2 million in non-cash stock-based compensation. Excluding that, adjusted EBITDA rose 35% to $3.6 million. The Northrop Grumman Supplier Excellence Award—awarded to just 0.5% of its suppliers—hints at institutional credibility.

Key Takeaway: Investors should look past the quarterly volatility. The backlog is the key metric here. With defense spending stable and commercial aerospace rebounding, this company could be positioned for years of growth.

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Mainz Biomed: Biotech’s ‘Stick-to-the-Plan’ Play

Mainz Biomed’s 2024 results were a masterclass in discipline. The company slashed its net loss by 18%, cut operating expenses, and exited unprofitable direct-to-consumer sales to focus on its lab network. Revenue from labs jumped 33%, driven by adoption of its ColoAlert colorectal cancer test in Europe.

Strategic moves matter here: partnering with Thermo Fisher to develop next-gen screening tools and licensing pancreatic cancer tech to Liquid Biosciences positions Mainz as a player in the $15 billion cancer diagnostics market. The eAArly DETECT 2 trial—targeting FDA breakthrough status—could be a 2025 inflection point.

Key Takeaway: Mainz is betting on clinical execution. If trials deliver, the $8 million equity raise and Nasdaq compliance could be stepping stones to a breakout.

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Empresaria: Staffing Blues in a Slowing World

Empresaria’s numbers paint a grim picture of the global staffing sector. Revenue fell 2% to £246 million, though currency-neutral growth held at 5%. The real issue: net fee income dropped 12%, with permanent placements collapsing 21%. The Americas region bucked the trend with 5% growth, but Europe and Asia dragged down results.

The operating loss widened to £3.6 million, driven by higher costs and weaker margins. Staffing firms often act as economic barometers, and Empresaria’s struggles align with broader concerns about corporate hiring freezes and tech-sector layoffs.

Key Takeaway: Until the global economy stabilizes, Empresaria’s path to recovery is unclear. Its offshore and permanent placement divisions remain vulnerable.

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Conclusion: Backlogs, Breakthroughs, and Burnout

These results highlight three distinct narratives:
1. Air Industries is betting its future on a backlog that could insulate it from short-term market swings. The question is whether it can convert that into sustained profitability without over-leveraging.
2. Mainz Biomed has doubled down on R&D and strategic partnerships, positioning itself for a high-risk, high-reward payoff in 2025. Clinical trial results will be the ultimate test.
3. Empresaria faces a tougher battle. Unless corporate hiring rebounds sharply, its margins and revenue may stay under pressure.

Investors should prioritize companies with optionality—those with long-dated contracts (like Air Industries) or breakthrough technologies (like Mainz). Empresaria, meanwhile, needs a macroeconomic tailwind to turn the tide.

The 2024 results are a reminder: in uncertain times, the firms with the strongest fundamentals—and the most patient investors—will win out.