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Tuesday, November 29, 2022

TechPrecision Corp (OTCMKTS: TPCS) Getting Noticed by Investors as Ranor, Stadco Report Significant Growth

TechPrecision Corp (OTCMKTS: TPCS) has been seeing an increase in action ever since the Company reported record revenues of $7.1 million in Q1, 2022 or 107% higher when compared to $3.4 million in same quarter a year ago. The stock has been one of the best long term holds on the OTC over the years running from well under a dime in 2015 to highs over $2 per share last year. 

TPCS has a favorable stock structure with just 34,307,450 shares outstanding and about 25,809,357 shares in the float. While TechPrecision recorded an operating loss at Stadco for the first quarter of fiscal 2023 it continues to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. The Company aggressively grew its total backlog to a strong $45.9 million on June 30, 2022, an increase of $19.5 million since September 30, 2021, the first quarter that included Stadco.  


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TechPrecision Corp (OTCMKTS: TPCS) through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, industrial, and medical. TechPrecision’s goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing.  

The manufacturing operations of the Company’s Ranor subsidiary are situated on approximately 65 acres in North Central Massachusetts. The 145,000 square foot facility houses state-of-the-art equipment which gives TechPrecision  the capability to manufacture products as large as 100 tons. The Company offers a full range of services required to transform raw material into precision finished products. Manufacturing capabilities include: fabrication operations (cutting, press and roll forming, assembly, welding, heat treating, blasting and painting) and machining operations including CNC (computer numerical controlled) horizontal and vertical milling centers. The Company also provides support services to its manufacturing capabilities: manufacturing engineering (planning, fixture and tooling development, and manufacturing), quality control (inspection and testing), materials procurement, production control (scheduling, project management and expediting), and final assembly. 

All manufacturing at Ranor’s facility is done in accordance with the Company’s written quality assurance program, which meets specific national codes, and international codes, standards, and specifications. The standards used for each customer project are specific to that customer’s needs, and TechPrecision has implemented such standards into its manufacturing operations. 

The manufacturing operations of the Stadco subsidiary are situated in an industrial warehouse and office location comprised of approximately 183,000 square feet in Los Angeles, California. At this site, Stadco manufactures large flight-critical components on several high-profile commercial and military aircraft programs, including military helicopters. It has been a critical supplier to a blue-chip customer base that includes some of the largest OEMs and prime contractors in the defense and aerospace industries. Stadco also provides tooling, customized molds, fixtures, jigs and dies used in the production of aircraft components and has one of the largest electron beam welding machines set up in the United States, allowing it to weld thick pieces of titanium and other metals. 

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TPCS

The Company’s subsidiary Ranor, Inc. provides clients with end-to-end precision solutions for their most demanding, large-scale manufacturing challenges. Our complete program management and integrated manufacturing capabilities allow us to control and monitor the entire process—from manufacturing engineering to fabrication, machining, assembly, and testing—ensuring you cost-effective, turnkey manufacturing solutions that meet your specifications and schedule requirements. Ranor has a reputation for quality, precision, efficiency, and technical expertise that is unmatched. Working to solve the complex challenges of the nuclear, alternative energy, medical, defense, and aerospace sectors, we are committed to developing advanced manufacturing solutions on which our clients can rely. 

STADCO is a leader in the technology and expertise of design, manufacturing, problem-solving, engineering support and large-scale machining. The Company has built an international reputation for applying leading-edge technology and world-class expertise to the design, engineering, fabricating and machining of complex, high-precision, close-tolerance parts, assemblies and tooling. Our clients come from the domestic and international aerospace, defense, high-tech research and commercial sectors. Stadco finds solutions that exceed customers’ expectations by hiring, training and promoting talented people and encouraging teamwork, prudent experimentation and continuous quality improvement. The Company currently employs over 120 skilled personnel in technology engineering, documentation and manufacturing fields. 

On August 22 TPCS reported financial results for the first quarter of fiscal year 2023 or the three months ended June 30, 2022. First quarter consolidated net sales were $7.1 million or 107% higher when compared to $3.4 million in same quarter a year ago. TechPrecision’s Ranor segment reported a strong first quarter with net sales of $4.7 million and gross profit of $1.8 million. First quarter net sales also included $2.4 million from our Stadco subsidiary, which was acquired on August 25, 2021. 

While TechPrecision recorded an operating loss at Stadco for the first quarter of fiscal 2023 it  continues to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. The Company aggressively grew its total backlog to a strong $45.9 million on June 30, 2022, an increase of $19.5 million since September 30, 2021, the first quarter that included Stadco. TechPrecision expects to deliver that backlog over the course of the next one to three fiscal years with improved gross margins in future quarters. 

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Currently trading at a $55 million market valuation TPCS has a favorable stock structure with just 34,307,450 shares outstanding and about 25,809,357 shares in the float. While TechPrecision recorded an operating loss at Stadco for the first quarter of fiscal 2023 it continues to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. The Company aggressively grew its total backlog to a strong $45.9 million on June 30, 2022, an increase of $19.5 million since September 30, 2021, the first quarter that included Stadco. The stock has been seeing an increase in action ever since the Company reported record revenues of $7.1 million in Q1, 2022 or 107% higher when compared to $3.4 million in same quarter a year ago. TPCS has been one of the best long term holds on the OTC over the years running from well under a dime in 2015 to highs over $2 per share last year. We will be updating on TPCS when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in TPCS either long or short and we have not been compensated for this article.

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