CPI Aerostructures Inc 2025年度报告

Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 Commission file number 1-11398 CPI AEROSTRUCTURES, INC. (Exact name of registrant as specified in its charter) 11-2520310(I.R.S. EmployerIdentification No.) New York(State or other jurisdiction ofincorporation or organization) 91 Heartland Blvd.,Edgewood, New York 11717(Address of principal executive offices) (631) 586-5200(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each ClassTrading Symbol(s)Name of each exchange on which registeredCommon Stock, $.001 par valueCVUNYSE American 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 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 SecuritiesExchange Act of 1934 during the preceding 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 the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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 smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Smallerreportingcompany☒ Accelerated filerEmerging growthcompany ☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial 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 audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect 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-basedcompensation received by any of 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 Rule 12-b-2 of the Exchange Act).Yes☐No☒ As of June 30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate marketvalue of the registrant’s common stock (based on its reported last sale price on NYSE American on June 30, 2025 of $3.50) held bynon-affiliates of the registrant was $41,170,073. As of March 26, 2026, the registrant had 13,209,669 shares of common stock, $.001 par value, outstanding. Documents Incorporated by Reference: Portions of the CPI Aerostructures, Inc. Proxy Statement to be filed with the Securities and Exchange Commission within 120 daysafter the year covered by this Annual Report on Form 10-K with respect to the registrant’s 2026 Annual Meeting of Stockholders areincorporated by reference into Part III hereof. CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES FORM 10-KANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS1PART I1Item 1.BUSINESS1Item 1A.RISK FACTORS11Item 1BUNRESOLVED STAFF COMMENTS18Item 1CCYBERSECURITY18Item 2.PROPERTIES19Item 3.LEGAL PROCEEDINGS19Item 4.MINE SAFETY DISCLOSURES19PART II20Item 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES20Item 6.[RESERVED]21Item 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS21Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK26Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA26Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE26Item 9ACONTROLS AND PROCEDURES26Item 9B.OTHER INFORMATION27Item 9CDISCLO