X0202 SCHEDULE 13D/A 0001915673 XXXXXXXX LIVE 1 Common Stock, par value $0.001 per share 05/26/2026 false 0001009891 00912N205 AIR INDUSTRIES GROUP 1460 FIFTH AVENUE BAY SHORE NY 11706 STAR EQUITY FUND, LP 203-489-9500 53 Forest Ave Suite 101 Old Greenwich CT 06870 0001210708 N STAR EQUITY HOLDINGS, INC. a AF OO N DE 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 CO 0000707388 N STAR OPERATING COMPANIES, INC. a AF OO N DE 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 CO 0001915673 N STAR EQUITY FUND, LP a WC N DE 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 PN 0001956411 N STAR EQUITY FUND GP, LLC a AF N DE 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 OO 0001956409 N STAR INVESTMENT MANAGEMENT, LLC a AF N CT 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 OO Y STAR VALUE INVESTMENTS, LLC a AF N DE 85000.00 0.00 85000.00 0.00 85000.00 N 1.8 OO 0001548312 N JEFFREY E. EBERWEIN a AF PF N X1 345000.00 0.00 345000.00 0.00 345000.00 N 7.1 IN The following constitutes Amendment No. 1 ("Amendment No.1") to the Schedule 13D filed by the undersigned on January 27, 2026 (as previously amended, the "Schedule 13D"). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein. Common Stock, par value $0.001 per share AIR INDUSTRIES GROUP 1460 FIFTH AVENUE BAY SHORE NY 11706 The Shares purchased by Star Equity Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 85,000 Shares beneficially owned by Star Equity Fund is approximately $278,523, excluding brokerage commissions.The aggregate purchase price of the 260,000 Shares beneficially owned by Mr. Eberwein is approximately $810,209, excluding brokerage commissions. The aggregate percentage of the Shares reported owned by each person named herein is based upon 4,850,658 Shares outstanding as of May 12, 2026 ("Shares Outstanding"), which is the total number of Shares reported outstanding in the Issuer's Annual Report on Form 10-Q, filed with the Securities and Exchange Commission on May 13, 2026. A. Star Equity Star Equity, as the parent of Star Operating Companies, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% B. Star Operating Companies Star Operating Companies, as the parent of Star Value Investments, sole member of Star Management, and limited partner of Star Equity Fund may be deemed the beneficial owner of the 85,000 Shares beneficially owned by Star Equity Fund. Percentage: Approximately 1.75% C. Star Equity Fund As of the close of business on May 28, 2026, Star Equity Fund beneficially owned 85,000 Shares. Percentage: Approximately 1.75% D. Star Equity GP Star Equity GP, as the general partner of Star Equity Fund, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% E. Star Investment Management Star Investment Management, as the investment manager of Star Equity Fund, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% F. Star Value Investments Star Value Investments, as the sole member of Star Equity GP and wholly owned subsidiary of Star Equity may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% G. Mr. Eberwein Mr. Eberwein, as of the close of business on May 28, 2026, holds 260,000 Shares, and as the manager of Star Equity GP and Star Equity Management, Mr. Eberwein may be deemed the beneficial owner of the 85,000 Shares held by Star Equity Fund. In total Mr. Eberwein may be deemed the beneficial owner of an aggregate 345,000 Shares. Percentage: Approximately 7.11% A. Star Equity 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 B. Star Operating Companies 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 C. Star Equity Fund 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 D. Star Equity GP 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 E. Star Investment Management 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 F. Star Value Investments 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 G. Mr. Eberwein 1. Sole power to vote or direct vote: 345,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 345,000 4. Shared power to dispose or direct the disposition: 0 A. Star Equity Star Equity has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. B. Star Operating Companies Star Operating Companies has not entered into any transactions in the Shares in the last 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. C. Star Equity Fund Star Equity Fund has not entered into any transactions in the Shares during the past 60 days. D. Star Equity GP Star Equity GP has not entered into any transactions in the Shares in the last 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. E. Star Investment Management Star Equity has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. F. Star Value Investments Star Value has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. G. Mr. Eberwein The transactions in the Shares by Mr. Eberwein and Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. Each Reporting Person, may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Exchange Act, and such group may be deemed to beneficially own the Shares beneficially owned in aggregate by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of the Shares that he, she, or it does not directly own. Exhibit 99.1 - Schedule A. STAR EQUITY HOLDINGS, INC. /s/ Jeffrey E. Eberwein Jeffrey E. Eberwein, Chief Executive Officer 05/28/2026 STAR OPERATING COMPANIES, INC. /s/ Richard K. Coleman, Jr. Richard K. Coleman, Jr., Chief Executive Officer 05/28/2026 STAR EQUITY FUND, LP /s/ Jeffrey E. Eberwein Jeffrey E. Eberwein, Manager of Star Equity Fund GP, LLC, the general partner of Star Equity Fund LP 05/28/2026 STAR EQUITY FUND GP, LLC /s/ Jeffrey E. Eberwein Jeffrey E. Eberwein, Manager 05/28/2026 STAR INVESTMENT MANAGEMENT, LLC /s/ Jeffrey E. Eberwein Jeffrey E. Eberwein, Manager 05/28/2026 STAR VALUE INVESTMENTS, LLC /s/ Richard K. Coleman, Jr. Richard K. Coleman, Jr., CEO of Star Operating Companies, Inc., the sole member of Star Value Investments, LLC 05/28/2026 JEFFREY E. EBERWEIN /s/ Jeffrey E. Eberwein Jeffrey E. Eberwein 05/28/2026