Georgia-based Boeing contractor Aero-Structures Technologies – Cyclone reported revenue of $12.8 million in 2025, up $3.4 million year-on-year. However, expenses continued to exceed revenue, resulting in a $5.1 million loss for the year.
Cyclone is a joint venture of the Georgia Development Fund and Israeli technology company Elbit, established in 2015. Its plant opened in 2018 and began selling components in 2019. The company manufactures components for Boeing 787 and Boeing 737 MAX aircraft and is therefore dependent on the volume of orders from the manufacturer.
Cyclone’s accumulated losses reached $79 million by the end of 2025. BDO Audit issued a qualified opinion on the company’s financial statements, citing insufficient confirmation of details concerning Cyclone’s liabilities to its main partner and shareholder, Elbit Systems – Cyclone.
The company’s financial position remains significantly dependent on shareholder support. Cyclone owed $17.5 million to Elbit Systems Cyclone, $11.2 million to the Georgia Development Fund and $4.5 million to Georgian commercial banks. In 2025, shareholders extended the repayment period for outstanding loans until 2027, while the Development Fund decided in July 2026 to extend its loan term from five to 10 years. Cyclone supplied Boeing with 240 composite aviation components in 2025 and employs 165 people.
