TechPrecision names Alexander Shen as interim principal financial officer
Leadership Changes at TechPrecision: Alexander Shen has been appointed as the interim principal financial officer and principal accounting officer following the resignation of Richard Roomberg, while the company searches for a replacement.
Delay in Quarterly Report Filing: TechPrecision announced it will file its Quarterly Report on Form 10-Q late, targeting March 7, 2025, due to resource drains from acquisition activities impacting timely SEC filings.
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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.
