CVUHIGH SIGNALFINANCIAL10-K

CVU experienced a dramatic operational collapse with revenue declining 15% while swinging from $3.3M profit to $843K loss and burning through cash at an alarming rate.

The company's fundamental business performance deteriorated severely, moving from profitable operations generating positive cash flow to loss-making operations that consumed $5.2M in operating cash flow. The 14,000% increase in total debt to $10M suggests potential liquidity pressures, while the sharp decline in gross profit margins indicates either pricing pressure or operational inefficiencies that management has not yet addressed.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

CVU's financial performance collapsed across all key metrics, with revenue falling 15% to $69.3M while gross profit plummeted 39% and the company swung from $3.3M net income to an $843K loss. Operating cash flow turned dramatically negative at -$5.2M compared to positive $3.6M in the prior year, while total debt exploded from $71K to $10M, indicating severe liquidity strain. The combination of declining revenues, compressed margins, negative cash generation, and massive debt increase signals a company in serious financial distress.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+13988.3%
$71K→$10.0M

Debt increased 13988.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
-246.1%
$3.6M→-$5.2M

Operating cash flow fell 246.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Income
P&L
-125.6%
$3.3M→-$843K

Net income declined 125.6% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-102.6%
$6.7M→-$176K

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Capital Expenditure
Cash Flow
-83.9%
$404K→$65K

Capex reduced 83.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
+55.1%
$3.7M→$5.8M

Receivables surged 55.1% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Provision for Credit Losses
P&L
-43.4%
$127K→$72K

Provisions reduced 43.4% — improving credit quality or reserve release boosting reported earnings.

Gross Profit
P&L
-38.8%
$17.2M→$10.6M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Liabilities
Balance Sheet
+17.6%
$42.0M→$49.4M

Liabilities increased 17.6% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
-14.6%
$81.1M→$69.3M

Revenue softened 14.6% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
As of March 26, 2026, the registrant had 13,209,669 shares of common stock, $.001 par value, outstanding.
When used in this Annual Report on Form 10-K and in future filings by us with the Securities and Exchange Commission ( SEC ), the words or phrases believe , expect, anticipate, intend , plan , may, will , should, could , estimate, or similar expressions are intended to identify forward-looking statements.
We assume no obligation to revise or update any forward-looking statements for any reason except as required by law.
Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events, changed circumstances, or changes in expectations.
( WMI ) and Compac Development Corporation, a wholly owned subsidiary of WMI (collectively, CPI Aero , the Company , us , or we ) manufactures structural assemblies, integrated systems, and kitting services for the domestic and international aerospace and defense ( A D ) markets.
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REMOVED
Employer incorporation or organization) Identification No.) 91 Heartland Blvd.
As of March 28, 2025, the registrant had 13,031,223 shares of common stock, $.001 par value, outstanding.
FORM 10-K SUMMARY 28 INDEX TO FINANCIAL STATEMENTS F-1 2 FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
When used in this Annual Report on Form 10-K and in future filings by us with the Securities and Exchange Commission ( SEC ), the words or phrases believe , intend , plan , will , will likely result , we expect , could , will continue , anticipated , estimated or similar expressions are intended to identify forward-looking statements.
We assume no obligation to revise or update any forward looking statements for any reason except as required by law.
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