Air Industries Group Receives Two Contracts Totaling $5.2 Million for US Navy E-2D Aircraft and F-35 Joint Strike Fighter Components

Air Industries Group (the Company) (NYSE:AIRI), an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense, today announced that it has been awarded two new contracts valued at a total of $5.2 million to produce components for the U.S. Navy E-2D aircraft and F-35 Joint Strike Fighter.

The first order is valued at $2.0 million for E-2D arresting gear components. The order originates from a long-time customer of Air Industries Group, which has manufactured these flight safety components for many years. Deliveries under this new order are expected to begin in 2025.

The second order is valued at $3.2 million for F-35 arresting gear components for the CV and CTOL versions of the aircraft. This order is from a new, non-U.S. customer for Air Industries Group. Deliveries under this order are expected to begin in the fourth quarter of 2023.

Mr. Lou Melluzzo, CEO of Air Industries, commented: "We are very pleased to have received two sizeable orders for mission-critical components. The E-2D aircraft is essential to controlling the airspace above U.S. Navy carrier battlegroups. Air Industries has supported the E-2D for many years and is proud to continue to do so.

"The new order for the F-35 aircraft is particularly gratifying as it is from a non-U.S. customer. Our business development strategy has focused on broadening our customer base and expanding our geographic reach. This contract from a European manufacturer is a positive step in both regards."

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ABOUT AIR INDUSTRIES GROUP

Air Industries Group (NYSE:AIRI) is an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors and original equipment manufacturers. The Company is a Tier 1 supplier to aircraft Original Equipment Manufacturers, a Tier 2 subcontractor to major Tier 1 manufacturers, and a Prime Contractor to the U.S. Department of Defense, and is highly regarded for its expertise in designing and manufacturing parts and assemblies that are vital for flight safety and performance.

Additional information about the Company can be found in its filings with the SEC.

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