Backlog and Funded Grants Provide Multi-Year Visibility
Company reports a $46.0M backlog (funded portions only) expected to be delivered over the next 1–3 fiscal years. Ranor was awarded a new grant just over $3.2M, bringing total completely funded grant money to over $24M, which the company noted represents more than 50% of TechPrecision's market capitalization (~$45.5M).
Ranor Segment Profitability and Stability
Ranor Q3 revenue was $4.4M with an operating profit of $1.5M, up ~1% year-over-year for the quarter. Ranor delivered $1.5M in gross profit in Q3 and is executing sustained procurement, delivery and installation activity supporting submarine programs.
Improved Nine‑Month Margins and Operating Performance
For the nine months ended Dec 31, 2025 consolidated cost of revenue fell by $2.6M and favorable customer mix/productivity gains increased gross profit by $1.6M (≈ +7 percentage points). Consolidated operating loss for the nine-month period decreased by 65% (improved by ~$1.6M) year-over-year.
Active Cash Management and Debt Reduction
Net cash provided by operating and investing activities was $0.6M for the nine months. The company paid down debt (total debt $6.7M at Dec 31, 2025 vs $7.4M at Mar 31, 2025, a reduction of ~$0.7M, ≈9.5%) and reported lower interest expense on term loans and revolver borrowings.
Customer Confidence and New Quoting Opportunities
Management stated strong customer confidence across both subsidiaries, with on‑time delivery of quality components generating new quoting opportunities in air defense and submarine defense sectors and meaningful new business captures contributing to the backlog.
Controlled SG&A and Expense Discipline
Consolidated SG&A remained controlled with only a 3% increase to $1.7M (driven primarily by higher stock‑based compensation) while the company emphasized aggressive daily cash management, control of capex, progress billings and final invoicing at shipment.