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What factors drove the changes in TechPrecision's revenue and profit?

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What does TechPrecision do and what are its main business segments?

- **Revenue Growth**: 2% YoY to $9.1M, driven by improved customer mix and productivity
- **Margin Expansion**: 16% gross margin improvement, $2.5M gross profit
- **Segment Performance**: Ranor profitable, Stadco operating loss down 87% YoY
- **Backlog Strength**: $48M backlog with 1-3 year visibility
- **Government Support**: $21M+ Navy grants enhancing submarine component production
- **Risk Mitigation**: Reduced first article costs, disciplined cash management
- **Defense Focus**: Virginia/Columbia class submarines dominate pipeline
- **Profitability Goal**: Building trend of consistent Stadco profitability

**【CEO Opening Remarks】**
- Q2 2026 revenue: $9.1 million (2% YoY increase from $8.9 million)
- Consolidated gross profit: $2.5 million (16% YoY margin improvement)
- Segment performance:
  - Ranor: $4.4M revenue, $1.6M operating profit
  - Stadco: $4.8M revenue, $0.5M operating loss (87% YoY improvement)
- Key drivers:
  - Improved customer mix at both segments
  - Better throughput at Stadco
  - Lower provisions for one-off contracts
- Backlog: $48 million (to be delivered over 1-3 years)
- Strategic focus: On-time delivery, quality components, and new quoting opportunities in air and submarine defense sectors

**【CFO Financial Commentary】**
- Cost of revenue decreased 16% ($1.3M) due to productivity gains
- SG&A expenses: $1.5M (1% YoY increase)
- Net income: $0.8M ($0.08 EPS)
- Financial position:
  - Debt: $7.3M (down $0.1M QoQ)
  - Cash: $220K (up $25K QoQ)
- Segment details:
  - Ranor: 7% margin improvement, $2.2M gross profit
  - Stadco: 9% margin improvement, $0.8M gross profit
- Challenges: Legacy contracts and underpriced one-off work

**【Q&A Highlights】**
1. **Stadco Profitability**
   - One-off contracts: Expecting profitability as they run through
   - First article costs: $873K YoY improvement, ongoing risk mitigation
   - Remaining challenges: Customer collaboration on first article activities

2. **Government Grants**
   - $21M+ Navy grants used for submarine components
   - Assets can be used for non-Navy work if not restricted
   - Balance sheet treatment: Segregated cash, offsetting liabilities, and depreciation

3. **Strategic Opportunities**
   - Focus on Virginia and Columbia class submarines
   - Expanding into unmanned underwater vehicles contingent on customer demand
   - Sole-source position for defense components

4. **Financial Discipline**
   - Aggressive daily cash management
   - Controlled capex and progress billings
   - Targeting consistent Stadco profitability


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