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Air Industries cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.5M in Q2 2026 · −$4.7M over twelve months

Operating cash flow$1.5M
Capital spending−$60K
Free cash flow+$1.5M

Analysis

In Q2 2026, Air Industries generated $1.5M of operating cash flow and spent $60K on capital projects, leaving free cash flow of $1.5M. That is $2.0M more than in Q2 2025 (−$551K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$3.0M; the largest uses were operating cash flow ($3.0M), capital spending ($1.7M), net borrowing (+) / repaid (−) ($1.3M); besides operations, cash came from other financing ($10.0M), other investing ($200K); the cash balance rose by $4.1M.

Operating cash flow was $1.5M against net income of −$846K. The largest differences: deferred revenue +$2.5M, inventory −$1.4M, depreciation & amortization +$715K.

Free cash flow

Air Industries: free cash flow by quarterAir Industries: free cash flow by quarter−$95KQ3 2024−$985KQ4 2024$308KQ1 2025−$551KQ2 2025−$3.5MQ3 2025−$902KQ4 2025−$1.7MQ1 2026$1.5MQ2 2026
Operating cash flow less capital spending.
Air Industries: operating cash flow against capital spendingAir Industries: operating cash flow against capital spendingOperating cash flowCapital spending$174K$269KQ3 2024−$184K$801KQ4 2024$1.5M$1.2MQ1 2025$345K$896KQ2 2025−$2.6M$905KQ3 2025−$598K$304KQ4 2025−$1.3M$425KQ1 2026$1.5M$60KQ2 2026
Latest (Q2 2026): Operating cash flow $1.5M, Capital spending $60K.

Capital allocation, year by year

Air Industries: where the cash came from (up) and went (down), by fiscal yearAir Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $4.1MFY2021: Net borrowing −$268KFY2021: Capital spending −$1.4M$4.1MFY2021FY2022: Operating cash flow $448KFY2022: Net borrowing −$568KFY2022: Capital spending −$2.4M$448KFY2022FY2023: Operating cash flow $4.9MFY2023: Net borrowing −$852KFY2023: Asset sales $7KFY2023: Capital spending −$2.1M$4.9MFY2023FY2024: Operating cash flow $324KFY2024: Net borrowing −$1.1MFY2024: Shares issued $327KFY2024: Asset sales $16KFY2024: Capital spending −$2.3M$667KFY2024FY2025: Operating cash flow −$1.4MFY2025: Net borrowing $398KFY2025: Shares issued $4.6MFY2025: Asset sales $200KFY2025: Capital spending −$3.3M$5.2MFY2025
Over these 5 years operating cash flow totalled $8.3M; the largest uses were capital spending ($11.5M) and net borrowing ($2.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$694K
Debt$5.6M
Net debt$4.9M
Due within a year$24.2M
Cash runway2 months

Air Industries is burning cash: its operations consume cash, a free cash flow of −$4.7M a year at the current rate against $694K of cash and investments: a runway of about 2 months; $24.2M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Air Industries: sources (+) and uses (−) of cash, Q2 2026Air Industries: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$1.5MOther financing−$731KCash drawn (+) / kept (−)−$408KNet borrowing (+) / repaid (−)−$324KCapital spending−$60K
Air Industries: sources (+) and uses (−) of cash, TTM to Q2 2026Air Industries: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$10.0MCash drawn (+) / kept (−)−$4.1MOperating cash flow−$3.0MCapital spending−$1.7MNet borrowing (+) / repaid (−)−$1.3MOther investing$200KTaxes on employees’ shares−$131K

From profit to cash

Air Industries: net income to operating cash flow, Q2 2026Air Industries: net income to operating cash flow, Q2 2026Net income−$846KDepreciation & amortization$715KStock-based pay$59KReceivables$397KInventory−$1.4MPayables−$285KDeferred revenue$2.5MPrepaid and other assets$686KOperating cash flow$1.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20254925363239
Q1 20255825760255

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$1.5M−$60K−$324K—−$408K$1.5M
Q1 2026−$1.3M−$425K−$322K—$394K−$1.7M
Q4 2025−$598K−$304K−$322K−$2K−$554K−$902K
Q3 2025−$2.6M−$905K−$321K$3.5M−$3.5M−$3.5M
Q2 2025$345K−$896K−$320K$330K−$222K−$551K
Q1 2025$1.5M−$1.2M$1.4M$855K$468K$308K
Q4 2024−$184K−$801K−$1.3M—−$567K−$985K
Q3 2024$174K−$269K−$256K—$61K−$95K

Air Industries: income statement and cash flow

Air Industries, Q2 2026: revenue $12.0M (-5% year over year), operating margin -3.1%. The chart follows the revenue to costs, profit and cash.

Air Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.