Techprecision Corp (NASDAQ: TPCS)

TechPrecision Corporation is a manufacturer of precision large scale fabricated and machined metal structural components and systems. It offers a full range of services to transform raw materials into precision finished products for defense and precision industrial customers. The company operates through its wholly owned subsidiaries Ranor and Stadco to provide custom fabrication machining assembly integration inspection non destructive evaluation and testing according to customer drawings and specifications.

Revenue is generated by selling these finished products and associated services to customers in the defense and aerospace sectors and to a lesser extent the precision industrial market. The firm earns income from contracts that require custom metal fabrication heavy machining assembly and quality inspection all performed to client specifications. Its customer base consists primarily of prime defense contractors and aerospace original equipment manufacturers.

The company operates through the following segments: Ranor and Stadco.

• Ranor: Provides a full range of custom solutions to transform material into precision welded and machined components up to 100 tons including engineering materials management heavy fabrication cutting press and roll forming welding heat treating assembly blasting and painting heavy high precision machining CNC programming finishing and assembly QC inspection with portable CMM non destructive testing and final packaging operates from a 145,000 square foot facility on 65 acres in Westminster Massachusetts holds ISO 9001:2015 certification derives over 95% of its revenue from defense work and is ITAR compliant.

• Stadco: Manufactures large mission critical components for military aircraft helicopters and space programs providing engineering materials management fabrication waterjet cutting press forming welding and assembly machining CNC programming finishing and assembly QC inspection with fixed and portable CMM non destructive testing and packaging also produces tooling molds fixtures jigs and dies for defense centric aircraft components features an electron beam welding cell and two non destructive testing work cells located in an 183,000 square foot facility in Los Angeles California holds AS 9100 D and ISO 9001:2015 certifications and NADCAP non destructive testing certification derives almost all of its revenue from defense work and is ITAR compliant.

The company operates in a fragmented market with many domestic and foreign competitors ranging from larger to smaller firms. Its competitive advantages stem from recognized quality strong reputation proven ability to meet delivery schedules and competitive pricing. Being a domestic manufacturer provides an edge for defense contracts where foreign competition is limited. As a result TechPrecision Corporation is considered one of a select group capable of delivering the complex high precision metal components required by defense and aerospace programs.

The company serves primarily prime defense contractors and aerospace original equipment manufacturers with a secondary focus on precision industrial clients. Its defense customers include those involved in the U. S. Navy’s Virginia class fast attack submarine program and the U. S. Navy’s Columbia class ballistic missile submarine program as well as manufacturers of military helicopters and other high profile aircraft. The ten largest customers accounted for 96% of revenue in fiscal 2025 and 93% in fiscal 2024 with the single largest customer representing 23% and 32% of revenue in those years.