Air Industries appoints CBIZ CPAs as new auditor

Air Industries Group (NYSE American:AIRI), a Nevada-based manufacturer in the aircraft parts sector with annual revenues of $55.11 million, announced on Monday a change in its independent registered accounting firm. According to InvestingPro data, the company has been facing financial challenges, with negative earnings per share of -$0.41 over the last twelve months. The company was informed by Marcum LLP of their resignation on April 16, 2025, and subsequently appointed CBIZ (NYSE:CBZ) CPAs P.C. as their new auditor, effective immediately, following approval from the Audit Committee of the Company’s Board of Directors.

The transition comes after CBIZ CPAs acquired the attest business of Marcum on November 1, 2024. The engagement of CBIZ CPAs is for the fiscal year ending December 31, 2025. The company disclosed that during the two years ended December 31, 2024, and up until Marcum’s resignation, there were no consultations with CBIZ CPAs regarding accounting principles or auditing matters that would influence their financial statements.

Marcum’s reports on the financial statements for the years ended December 31, 2024, and 2023, did not contain any adverse opinion or disclaimer of opinion. However, both reports included an explanatory paragraph about the substantial doubt regarding the company’s ability to continue as a going concern. This concern aligns with InvestingPro’s analysis, which shows a weak overall Financial Health Score of 1.18, with the company operating under a moderate debt level with a debt-to-equity ratio of 1.82. InvestingPro subscribers have access to over 30 additional financial health indicators and expert analysis.

Furthermore, there were no disagreements or reportable events between the company and Marcum, except for material weaknesses in internal control over financial reporting as reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These weaknesses were related to user access controls and program change management systems over key IT systems, and the inability to verify the effectiveness of the vendor’s control procedures for IT system changes.

In compliance with regulatory requirements, Air Industries Group provided Marcum with a copy of the disclosures in the 8-K filing and requested a letter from Marcum to the Securities and Exchange Commission. Marcum’s letter, dated April 21, 2025, is attached as Exhibit 16.1 to this Report, confirming their agreement with the statements made by Air Industries Group. For investors seeking comprehensive analysis of AIRI’s financial position and future prospects, InvestingPro offers detailed research reports with expert insights and forward-looking metrics, including revenue forecasts and growth projections.

This change in the company’s certifying accountant is based on information provided in a recent SEC filing.

In other recent news, Air Industries Group reported a 7% increase in revenue for 2024, reaching $55.1 million, marking a significant improvement over the previous year. The company also turned its operating profit positive, achieving $459,000, compared to a loss in 2023. Despite a net loss of $1.366 million, this was an improvement from the $2.1 million loss reported in the prior year. Air Industries Group’s adjusted EBITDA rose by 35% to $3.641 million, reflecting enhanced operational efficiency. The company secured six new long-term agreements valued at nearly $60 million, which are expected to bolster future growth. CEO Lou Maluza expressed confidence in the company’s trajectory, emphasizing resilience against potential military spending cuts. Additionally, Air Industries Group improved its book-to-bill ratio to 1.29:1, surpassing the industry standard and indicating a healthy business outlook. The company plans to continue focusing on operational efficiency and strategic investments in 2025.

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