Techprecision Corp 2024年度报告

FORM10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscalyear endedMarch31,2025☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________________ to __________________Commission File Number:001-41698 TechPrecision Corporation (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule12b-2of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). ☐Yes☒No The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of September30, 2024,the last business day ofthe registrant’s most recently completed second fiscal quarter, was approximately $25.1million. The number of shares outstanding of the registrant’s common stock as of July 15, 2025 was9,777,536. TABLE OF CONTENTS PagePART IItem 1. Business3Item 1A. Risk Factors8Item 1B. Unresolved Staff Comments20Item 1C. Cybersecurity20Item 2. Properties21Item 3. Legal Proceedings21Item 4. Mine Safety Disclosures22Item 4A. Executive Officers of the Registrant22PART IIItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities23Item 6. Reserved23Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 7A. Quantitative and Qualitative Disclosure About Market Risk35Item 8. Financial Statements and Supplementary Data36Report of Independent Registered Public Accounting Firm(PCAOB ID199)36Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure63Item 9A. Controls and Procedures63Item 9B. Other Information66Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections66PART IIIItem 10. Directors, Executive Officers, and Corporate Governance67Item 11. Executive Compensation70Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters76Item 13. Certain Relationships and Related Transactions and Director Independence77Item 14. Principal Accountant Fees and Services79PART IVItem 15. Exhibits and Financial Statement Schedules80Item 16. Form 10-K Summary85 PARTI Item1.Business. Our Business We are a manufacturer of precision, large-scale fabricated and machined metal structural components andsystems. We offer a full range of services required to transform raw materials into precision finished products. Wesell these finished products to customers in two main indust