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Holley Inc. (HLLY+2.71%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in net sales to $602.2 million from $659.7 million in the previous year, attributed to lower sales volume and strategic product rationalization.
Cost of goods sold decreased to $363.7 million from $403.6 million, with a gross profit of $238.5 million, down from $256.1 million.
Selling, general, and administrative expenses increased to $132.2 million, primarily due to increased marketing and advisory service costs.
The company reported a goodwill impairment charge of $40.9 million and an indefinite-lived intangible asset impairment of $7.7 million.
Net loss for the year was $23.2 million, compared to a net income of $19.2 million in the previous year.
Cash provided by operating activities was $46.9 million, while cash used in investing and financing activities was $2.0 million and $34.6 million, respectively.
Holley had a working capital of $202.2 million as of December 31, 2024.
The filing also discusses the sale of Detroit Speed Engineering, resulting in a $9.2 million loss.
Holley continues to focus on expanding its market share through strategic acquisitions and new product development.
The company identified a material weakness in its internal controls over financial reporting and is implementing a remediation plan.
Holley does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Holley Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.