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AIRI customer relationships

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AIRI customer relationship map

AIRI: A concise customer map and what it means for investors

Air Industries Group (AIRI) manufactures precision structural parts and assemblies for major aerospace and defense prime contractors and monetizes by selling components under a mix of Long‑Term Agreements (LTAs) and spot purchase orders, booking revenue as performance obligations are met and converting backlog into cash flow. The company is a Tier‑1/Tier‑2 supplier to large primes and to U.S. defense buyers; revenue is concentrated and largely U.S.‑earned, with backlog that reflects both recurring LTAs and one‑off orders. For a high‑level look at AIRI’s customer footprint and risk profile, visit the Null Exposure homepage: https://nullexposure.com/.

How AIRI operates and where the cash comes from

Air Industries is a manufacturing business that sells high‑precision assemblies and components into aircraft, helicopter and engine platforms. Revenue streams are derived from contractual production for primes (Collins, Pratt & Whitney, Lockheed, Northrop, Boeing, Airbus) and direct government orders through agencies such as the Defense Logistics Agency. Gross margins benefit from tooling and scale on program work, while profitability is sensitive to production cadence, contract awards and program mix—factors that underpinned AIRI’s $50.0M revenue TTM and its reliance on a small set of large customers. Backlog is explicitly composed of LTA‑based and spot orders, which drives short‑ to mid‑term revenue visibility.

Visit https://nullexposure.com/ for the full customer intelligence view.

Customer map: every relationship in the filings and press

Below are all customer relationships surfaced in the company materials and public press, presented one‑by‑one with source context.

RTX Corporation (including Collins Aerospace and Pratt & Whitney)

Air Industries sells to multiple RTX business units, notably Collins Aerospace (Landing Systems and Aerostructures) and Pratt & Whitney, delivering components across engine and airframe programs. This relationship is documented in AIRI’s FY2024 10‑K filing, which lists RTX among its long‑standing customers.

GE Verona

AIRI supplies precision components used in ground‑based turbines manufactured by GE Verona for power generation, a non‑airframe revenue stream noted in the FY2024 10‑K.

Lockheed Martin Corporation (via Sikorsky)

Air Industries sells directly to Sikorsky Aircraft Corporation, a Lockheed Martin subsidiary, supplying assemblies used on rotary‑wing and other platforms; this direct subsidiary relationship is stated in the FY2024 10‑K.

General Electric Aerospace (GE Aerospace)

AIRI supplies high‑precision components for jet turbine aircraft engines used on commercial aircraft platforms, per the FY2024 10‑K disclosure.

US Navy

Air Industries’ Long Island subsidiary secured contracts to produce landing gear and ancillary components for the US Navy’s E‑2D Advanced Hawkeye, as reported in NavalToday in 2022.

US Air Force

In July 2025 AIRI announced a $5.4 million contract for landing gear steering collar components for the USAF B‑52 program, underscoring direct program work for U.S. military platforms (ASDNews, 2025).

Airbus

AIRI’s products are deployed on several commercial aircraft manufactured by Airbus, indicating commercial OEM exposure as described in market coverage (Finviz summary, March 2026).

Boeing

Similarly, Boeing commercial platforms incorporate AIRI components, per the same market profile citing deployed products on Boeing aircraft (Finviz, March 2026).

Lockheed Martin (market profile)

In addition to the FY2024 10‑K note, market coverage lists Lockheed Martin platforms (e.g., F‑35, F‑16) among programs that utilize AIRI‑supplied parts, reinforcing prime exposure (Finviz, March 2026).

Northrop Grumman

AIRI supplies products used on the E‑2D Hawkeye airborne warning and control aircraft, confirmed in the FY2024 10‑K and reinforced by market summaries referencing program deployments.

Sikorsky (explicit program linkage)

Beyond the parent citation, Sikorsky is repeatedly identified as a direct recipient of AIRI assemblies—Black Hawk platform relevance is highlighted in program summaries and the FY2024 filing.

U.S. Department of Defense (DoD)

Air Industries functions as a prime contractor to the U.S. Department of Defense, supplying mission‑critical assemblies and receiving orders through DoD channels, as noted in market reporting (Finviz, 2026).

Pratt & Whitney (program exposure)

Pratt & Whitney is cited across filings and later market reports as a platform partner for engine and airframe related components, with program mentions including the Geared Turbofan and other engines (FY2024 10‑K; MarketScreener/Marketscreener news items, 2026).

The U.S. Government (Defense Logistics Agency and other agencies)

AIRI supplies components directly to the Defense Logistics Agency (DLA) and other government buyers, with the FY2024 10‑K explicitly noting direct sales to U.S. government agencies.

Operating constraints and what they imply for customers and investors

Air Industries’ filings and public communications reveal a set of company‑level operating characteristics that drive revenue stability and concentration:

  • Contracting posture: a mix of LTAs and spot orders. The company explicitly reports LTAs as a source of backlog alongside spot purchase orders, which creates a blend of predictable program revenue and one‑off order volatility.
  • Customer type: dominated by large primes and government buyers. The company positions itself as a Tier‑1/Tier‑2 supplier; the counterparty mix is skewed to large aerospace primes and the U.S. Government.
  • Geography: U.S.‑centric revenue. All revenues are reported as earned in the United States, though end‑users include international governments and global airlines.
  • Concentration and criticality: revenue dependence is high. AIRI reports that four customers accounted for ~73.4% of net sales in FY2024, signaling material concentration and program dependency that creates asymmetric downside if one prime reduces awards.
  • Role and maturity: established manufacturer with long‑standing relationships. The company states it has cultivated long‑standing customer relationships and operates as a mature supplier across its installed base.
  • Segment focus: manufacturing of precision aerospace and defense components. This is AIRI’s core competency and revenue driver.

These constraints combine to create high program leverage—strong cash conversion when program ramps persist, but material revenue risk if prime award patterns shift.

For deeper analytics on customer concentration and program exposure, see Null Exposure’s research portal: https://nullexposure.com/.

Investment implications and risk posture

Air Industries is a small‑cap, niche manufacturer whose value proposition is concentrated technical revenue tied to prime defense and commercial aircraft programs. Key investment takeaways:

  • Upside: Secured contracts with DoD and primes (E‑2D, B‑52, engine platforms) provide near‑term revenue visibility and backlog convertibility; LTAs inject program stability.
  • Downside: High customer concentration (top four customers >70% of sales) and U.S. revenue focus raise program and geopolitical concentration risk; margins are sensitive to cadence and fixed cost absorption.
  • Operational risk: Supplier performance and certification on critical systems (landing gear, engine components) are binary—loss of approval or a program cancellation materially impacts cash flow.

If you evaluate supplier risk or program concentration for portfolio due diligence, review AIRI’s FY2024 10‑K and subsequent contract announcements alongside our customer intelligence at https://nullexposure.com/ for the most actionable picture.

Investors should treat AIRI as a program‑dependent industrial supplier: upside from contract awards and program life cycles, and concentrated downside tied to a small set of large buyers.