TechPrecision reported QQ2 2025 consolidated revenue of $8.946 million, up 12% year over year and 12% quarter over quarter, driven by Ranor (approximately $4.8 million) and Stadco (approximately $4.2 million). Gross profit was $1.014 million, yielding a gross margin of about 11.3%. The company recorded an operating loss of $0.488 million and a net loss of $0.601 million for the quarter, translating to an EPS of −$0.06. Management attributes the Stadco shortfall to non-recurring cost pressures—including high manufacturing costs on one-off projects, legacy pricing on core work, machine breakdowns, and under-absorbed overhead—while Ranor generated a positive operating profit of about $1.0 million on favorable project mix. The six-month period ended September 30, 2024 (as presented for context) shows revenue of $16.9 million (+10% YoY) with continued profitability pressure from Stadco; net loss for the period was $2.1 million as Stadco bears recurring losses. The quarterly and semi-annual cash flow picture remains negative: CFO about −$0.532 million, capex about −$1.421 million, and free cash flow roughly −$1.953 million, with cash at period-end of $132 thousand and revolver availability of $1.1 million. Backlog stood at $48.6 million as of September 30, 2024, providing multi-year revenue visibility and an avenue for margin expansion as the programs mature. A series of governance and leadership changes—most notably the CFO transition in February 2025—and liquidity initiatives (a July private placement adding about $1.8 million) frame a challenging near term but improving long‑term trajectory. Management contends that backlog execution and gross-margin expansion can unlock improved profitability over the next 1–3 fiscal years, supported by government-funded capacity upgrades and supplier-development programs aimed at alleviating Ranor bottlenecks and expanding Stadco’s execution framework.