Exhibit 99.1

FOR IMMEDIATE RELEASE

TechPrecision Corporation Reports Second Quarter Fiscal 2023 Financial Results

Net Sales increase 78% year-over-year to $8.5 million

Westminster, MA – November 17, 2022 – TechPrecision Corporation (OTCQB: TPCS) (“TechPrecision” or “the Company”), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today reported financial results for the second quarter of fiscal year 2023 ended September 30, 2022.

“Second quarter consolidated net sales were $8.5 million or 78% higher when compared to $4.8 million in same quarter a year ago,” stated Alexander Shen, TechPrecision’s Chief Executive Officer. “Our Ranor segment reported a strong second quarter with net sales of $4.9 million and gross profit of $2.0 million. Our second quarter net sales also included $3.6 million from our Stadco subsidiary, which was acquired on August 25, 2021.”

“We continue to rebuild Stadco manufacturing and throughput,” Mr. Shen continued. “We recorded an operating loss at our Stadco segment for the second quarter of fiscal 2023. We will continue to focus on shepherding cash, rebuilding customer and supplier relationships, establishing operational discipline, improving gross margins, and growing the backlog. Total backlog remained strong at $49.4 million on September 30, 2022, an increase of $23.0 million since September 30, 2021, the end of the initial quarter that included Stadco. We expect to deliver that backlog over the course of the next one to three fiscal years with improved gross margins in future quarters.”

Furthermore, Mr. Shen noted, “The Company is working on an application to have its common stock listed on the Nasdaq Stock Market. As the stock exchange processes our application, the Board will determine whether we need to utilize the authority granted to us by the stockholders to effect a reverse split of our stock and the timing thereof.”

The following summary compares second quarter fiscal 2023 and the six months ended September 30, 2022, to the same prior-year periods:

Fiscal 2023 Second Quarter Consolidated Financial Results 

Fiscal 2023 Six Months Ended September 30, 2022, Consolidated Financial Results

Financial Position

On September 30, 2022, TechPrecision had $0.2 million in cash and cash equivalents, a decrease since March 31, 2022. Working capital was $3.3 million at March 31, 2022 compared to $2.8 million at March 31, 2022. Total debt at September 30, 2022 and March 31, 2022 was $6.0 million and $7.4 million, respectively. In December 2022, the Ranor term loan will mature, and the revolver loan will be up for renewal. The Company intends to renew the revolver loan and refinance the Ranor term loan, however, there can be no assurance that we will be successful in completing the renewal and refinance in a timely manner, or at all.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Stadco, manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, industrial, and medical. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “prospects,” “will,” “should,” “would” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to change the composition of our revenues and effectively control operating expenses; external factors that may be outside our control, including the Russia-Ukraine conflict, price inflation, interest rates and supply chain inefficiencies; the impacts of the COVID-19 pandemic and government-imposed lockdowns in response thereto; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; general industry and market conditions and growth rates; unexpected costs, charges or expenses resulting from the recently completed acquisition of Stadco; and other risks discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). The results presented in this release are preliminary and subject to revision until the Company files its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022. Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.

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  TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(unaudited)

TECHPRECISION CORPORATION

NET SALES, COST OF SALES, GROSS PROFIT BY SEGMENT

(unaudited)

  

		Three months ended September 30, 2022								Three months ended September 30, 2021								Changes
(dollars in thousands)		Amount				Percent of Net sales				Amount				Percent of Net sales				Amount				Percent of Net sales
Ranor		$	4,934				58	%		$	3,538				74	%		$	1,396				39	%
Stadco			3,589				42	%			1,259				26	%			2,330				185	%
Net sales		$	8,523				100	%		$	4,797				100	%		$	3,726				78	%
Ranor		$	2,907				34	%		$	2,806				59	%		$	101				4	%
Stadco			3,876				46	%			1,060				22	%			2,816				266	%
Cost of sales		$	6,783				80	%		$	3,866				81	%		$	2,917				75	%
Ranor		$	2,027				23	%		$	733				17	%		$	1,294				177	%
Stadco			(287	)			(3	)%			198				2	%			(485	)			(245	)%
Gross profit		$	1,740				20	%		$	931				19	%		$	809				87	%

TECHPRECISION CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

TECHPRECISION CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of EBITDA to Net Income (Loss)

The following table provides a reconciliation of EBITDA to net income (loss), the most directly comparable U.S. GAAP measure reported in our condensed consolidated financial statements for the following periods:

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