TechPrecision Corporation delivered QQ4 2024 revenue of approximately $8.60 million, up 14.6% year-over-year and 12.4% quarter-over-quarter, driven by stronger demand and product mix in select end markets within its Ranor and Stadco segments. Despite top-line growth, the quarter remained unprofitable, with net income of about -$5.12 million and an EPS of -$0.58. Gross profit rose to roughly $1.23 million, producing a gross margin of 14.28%, a material improvement year-over-year but insufficient to offset operating and non-operating costs. EBITDA ran negative at about -$1.79 million, and operating income was -$2.46 million, contributing to a net margin of -59.55%. These results reflect continued structural cost challenges and a heavy fixed-cost base within the current volume framework. Cash flow was weak despite modest operating cash generation: net cash from operating activities was $0.13 million, free cash flow was -$0.32 million, and the company ended the period with cash and equivalents of about $138k. The reported liquidity metrics show a tenuous short-term balance, with a current ratio of 0.84 and a quick ratio of 0.65, highlighting balance sheet fragility as the company works through its cost structure and working capital requirements. The FX translation effect reported in the cash flow line appears anomalous in the dataset and warrants careful verification in the company’s filings. Looking ahead, absent a material improvement in gross margin and a sustained reduction in operating expenses, TechPrecision faces a protracted path to sustained profitability. Management commentary is not available in the provided transcript, limiting insight into near-term guidance or strategic pivots. This analysis provides a disciplined view of the quarter’s fundamentals, liquidity posture, and strategic implications for investors.