Sypris Solutions, Inc. reported a net revenue of $140.2 million for the fiscal year ending December 31, 2024, reflecting a 2.9% increase from $136.2 million in 2023. The company's two primary segments, Sypris Technologies and Sypris Electronics, contributed to this growth, with Sypris Technologies generating $75.2 million, down from $77.9 million in the previous year, while Sypris Electronics saw an increase to $65.0 million from $58.3 million. Despite the overall revenue growth, the company recorded a net loss of $1.7 million, slightly higher than the $1.6 million loss reported in 2023.
The financial performance of Sypris Technologies was impacted by decreased sales volumes in the commercial vehicle and automotive markets, which fell by $2.4 million and $1.1 million, respectively. However, this was partially offset by a $0.8 million increase in energy product sales. In contrast, Sypris Electronics benefited from ramped production and new program shipments, which contributed to an 11.4% increase in revenue. The gross profit for the company increased by 15.3% to $19.9 million, driven primarily by improved margins in Sypris Technologies, which saw gross profit rise to $12.8 million from $9.2 million.
Operationally, Sypris Solutions has focused on enhancing its manufacturing capabilities and expanding its customer base. The company reported a total employee count of 713 as of December 31, 2024, with approximately 50% of its workforce covered by collective bargaining agreements. The company has also been actively managing its supply chain and working capital, particularly in response to liquidity challenges that arose from delayed shipments and increased inventory levels in 2023. In 2024, Sypris secured additional loans totaling $5 million from Gill Family Capital Management to bolster its liquidity.
Looking ahead, Sypris Solutions anticipates continued challenges in the commercial vehicle market, with expectations of a slight revenue decline in 2025. However, the company is optimistic about growth in its electronics segment, supported by a strong order backlog and ongoing demand in the defense sector. The company is also exploring new business opportunities across various markets, including automotive and energy-related products, to diversify its revenue streams and mitigate risks associated with customer concentration. The outlook remains cautious, with management acknowledging the potential impacts of geopolitical factors and inflation on future performance.
About SYPRIS SOLUTIONS INC
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.