Techprecision extends maturity date on $4.5 million revolving loan with Beacon Bank

Techprecision Corporation (NASDAQ:TPCS) announced an amendment to its existing credit agreement, extending the maturity date of its $4.5 million revolving line of credit with Beacon Bank & Trust. According to a statement filed with the Securities and Exchange Commission, the amendment was executed on Friday and became effective as of October 16.

The revolving loan, which was previously set to mature on October 16, 2026, will now mature on November 30, 2026. The loan is held by Ranor, Inc., a wholly owned subsidiary of Techprecision, along with certain affiliates of the company. Despite the credit extension, shares have surged 27% over the past six months, though the stock appears overvalued based on InvestingPro’s Fair Value assessment.

Techprecision and its affiliates have maintained a borrowing relationship with Beacon Bank & Trust, which is the successor by merger to Berkshire Bank, since at least August 2021. The credit facility has a maximum principal amount of $4.5 million.

The company stated there are no other material relationships between Techprecision, its affiliates, and Beacon Bank & Trust outside of the amended loan agreement and related documents.

This information is based on a press release statement included in the company’s recent SEC filing.

In other recent news, TechPrecision Corp. reported significant growth in its fiscal first quarter, with revenue climbing 23% year over year to $9.1 million. This marks the second consecutive quarter where revenue surpassed $9 million. The company also improved its gross profit by 36%, reaching $1.4 million. Despite these gains, TechPrecision recorded a net loss of approximately $153,000, or $0.02 per share. Investors responded positively to signs of stronger execution, reduced debt, and a growing backlog, leading to a notable increase in after-hours trading. These developments reflect the company’s ongoing efforts to enhance its financial performance.