TechPrecision Corp (NASDAQ:TPCS), a $32 million market cap company specializing in fabricated structural metal products and currently facing profitability challenges with negative EBITDA, announced on Monday that Chief Financial Officer Richard D. Roomberg will resign from his position, effective February 14, 2025.
The announcement was made public today, following Roomberg's notification to the company last Wednesday. TechPrecision, headquartered in Westminster, Massachusetts, stated that the search for Roomberg's successor is underway and an announcement regarding the new CFO will be made once the appointment is finalized.
Roomberg has been serving as CFO of TechPrecision, and his resignation marks a significant change in the company's executive team. The company has not disclosed further details about the reasons behind Roomberg's decision to step down or any information about potential candidates for the CFO position.
Investors and stakeholders of TechPrecision are awaiting further announcements as the company navigates this transition in its financial leadership. The company's stock, listed on the Nasdaq Capital Market under the ticker TPCS, may see reactions from the market following this executive change.
The stock has already experienced a challenging period, down 15.3% over the past year, with InvestingPro analysis suggesting the stock is currently trading near its Fair Value. For deeper insights into TechPrecision's financial health and future prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, TechPrecision Corporation has experienced significant changes in its board composition and faced challenges in its financial performance. The company elected three new directors, John A. Moore, General Victor E. Renuart Jr., and Robert D. Straus, with General Renuart appointed as Chair of the Board and Straus as Vice-Chair.
These appointments follow the Annual Meeting of Stockholders, where shareholders rejected a proposed amendment to the company's 2016 Long-Term Incentive Plan and expressed disapproval of the executive compensation structure.
TechPrecision's Q1 2025 financial results showed mixed outcomes. The company reported an operating loss of $1.3 million, primarily due to equipment issues at its Stadco subsidiary and a one-time non-cash charge related to a terminated acquisition. However, an 8% increase in consolidated revenue was observed compared to the same period last year, and the company maintains a strong backlog of $41.2 million, indicating potential for future growth.
Institutional Shareholder Services Inc. (ISS) endorsed two board nominees proposed by the Wynnefield Group, following criticism of TechPrecision's board for its handling of the failed Votaw transaction. Despite facing challenges, TechPrecision has maintained two sequential quarters of positive operating cash flow.
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