TechPrecision Extends Loan and Revamps Leadership Team
Loan Extension and Leadership Changes: TechPrecision Corporation has extended the maturity date of its Revolver Loan with Berkshire Bank to April 30, 2025, and elected three new directors during its annual meeting, including General Victor E. Renuart Jr. as Chair.
Company Overview: TechPrecision operates in the defense sector through its subsidiaries, providing precision manufacturing services primarily for the US defense industry, with a current market cap of $36.74 million and a year-to-date price performance of -26.25%.
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Virtus InfraCap U.S. Preferred Stock ETF announces monthly payout of $0.1700
Virtus InfraCap U.S. Preferred Stock ETF (PFFA): The ETF has declared a distribution of $0.1700 with a 30-Day SEC Yield of 9.19% as of July 31.
Distribution Details: The payment is scheduled for August 26, with shareholders of record on August 20 and an ex-dividend date also on August 20.
Earnings Calls: EnWave Corporation (NWVCF) and TechPrecision Corporation (TPCS) have upcoming earnings call transcripts for Q3 2025 and Q1 2026, respectively.
Market Updates: European indexes are showing cautious gains as markets assess the EU-U.S. trade deal, while Visa has decided to discontinue its U.S. open banking operations due to regulatory uncertainties.
TechPrecision Reports 14% Margin for Q1
Gross Margin Improvement: TechPrecision's gross margin increased significantly to 14% in Q1 fiscal 2026, up from 3% the previous year, despite an 8% decline in revenue to $7.4 million.
Narrowed Operating Loss: The company reduced its operating loss by 65% year-over-year to $0.5 million, aided by cost management and the absence of prior acquisition-related expenses.
Record Backlog: TechPrecision reported a record backlog of $50.1 million, indicating strong customer confidence and expectations for further gross margin expansion over the next few years.
Customer Concentration Risk: The company remains heavily reliant on a small number of customers, with the top ten accounting for 96% of revenue in FY2025, highlighting the need for diversification in its client base.
