TechPrecision Corporation

Greetings, and welcome to the Tech Precision Corporation Fiscal 2026 Third Quarter Financial Results. At this time, all participants are placed on a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Brett Maas, Managing Director of Hayden IR. Thank you, sir. You may begin.

Thank you. On the call today is Alex Shen, Chief Executive Officer, and Philip Podgorski, Chief Financial Officer. Before we begin, I'd like to remind our listeners that management's remarks may contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements as contained in the Private Securities Delegation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's financial filings with the SEC. In addition, projections as to the company's future performance represents management's estimates as of today, February 17th, 2026. Tech Precision assumes no obligation to revise or update these forward-looking statements. With that out of the way, I'd like to turn the call over to Alex Shen, Chief Executive Officer, to provide opening remarks. Alex?

Thank you, Brett. Good afternoon to everyone, and thank you for joining us. For the third quarter, STATCO revenue decreased and operating losses increased. This was due to four factors. One, delay in receiving customer furnished materials, which delays revenue and dropped revenue. Two, unfavorable project mix. Three, higher provisions for projected contract losses. And four, some, not a lot, but some equipment downtime. Third quarter revenue at STADCO was $2.9 million with operating loss of $1.2 million. Compared to the same period a year ago, STADCO losses were higher by $0.6 million. Overall, fiscal 2026 third quarter consolidated revenue was $7.1 million or 7% lower when compared to $7.6 million in the fiscal 2025 third quarter. Consolidated gross profit totaled $0.4 million or $0.6 million lower when compared to the third quarter of fiscal 2025. Fiscal 2026 third quarter Raynor revenue was $4.4 million with operating profit of $1.5 million in line with the prior year third quarter results. We remain highly focused on aggressive daily cash management, a critical piece of risk mitigation. We continue to manage and control expenses, capital expenditures, customer advances, progress billings, and final invoicing at shipment. Our tactical execution focus and success enables us to continuously re-secure strategic customer confidence at both segments. Our Raynor segment was very recently awarded a new grant of just over $3.2 million. This brings the total of completely funded grant money to over $24 million from our U.S. Navy submarine programs related customers. Raynor continues to execute a cadence of sustained procurement delivery, and installation of new equipment, which enables a reliable, robust, and resilient manufacturing capacity dedicated to submarine programs. This over $24 million represents more than 50% of Tech Precision's market cap of $45.5 million. Customer confidence remains high. At both STADCO and Raynor, our customers have expressed their strong confidence as we continue to maintain on-time delivery of quality components. This delivery performance is leading both STADCO and Raynor to new quoting opportunities in air defense and submarine defense sectors with the same customers that already know and trust our capabilities. Both subsidiaries are continuing to experience meaningful new capture of business awards from these same customers, adding to our strong $46 million backlog. This backlog only includes the funded portions of customer purchase orders. We expect to deliver this $46 million backlog over the course of the next one to three fiscal years with gross margin expansion. And now I will turn the call over to our Chief Financial Officer, Phil Podgorski, to continue with the review of our third quarter and nine months ended fiscal 2026 results. Phil?