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Sypris Solutions Inc. (SYPR+1.27%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in net revenue to $140.2 million from $136.2 million in the previous year. Sypris Technologies saw a decrease in revenue to $75.2 million, while Sypris Electronics reported an increase to $65.0 million.
Cost of sales for the year was $120.3 million, representing 85.8% of net revenue, compared to 87.3% in the previous year. The company reported a gross profit of $19.9 million, up from $17.2 million in the previous year.
Selling, general, and administrative expenses increased to $17.0 million from $16.3 million, primarily due to higher employee medical insurance claim expenses and increased insurance costs.
Net loss for the year was $1.7 million, compared to a net loss of $1.6 million in the previous year. Interest expense increased to $1.7 million from $0.8 million due to higher weighted average debt and interest rates.
The company reported cash provided by operating activities of $2.0 million, compared to cash used of $11.1 million in the previous year. This was primarily due to a decrease in inventory and accounts payable.
Sypris Technologies accounted for 54% of net revenue, with a focus on the commercial vehicle market and energy products. Sypris Electronics accounted for 46% of net revenue, serving the aerospace and defense markets.
The filing details the company's strategy to focus on core markets, pursue strategic acquisitions, and grow through new manufacturing capabilities. Sypris Technologies is exploring new product developments in the energy market.
The company identified risks related to customer concentration, supply chain disruptions, and competitive pressures. Sypris Solutions remains dependent on a few key customers, which accounted for 70% of net revenue.
Sypris Solutions reported a working capital of $18.6 million as of December 31, 2024. The company continues to manage its liquidity through loans from Gill Family Capital Management and other financing activities.
Sypris Solutions does not anticipate cash dividend payments to common stockholders in the near future. The company is focused on improving its financial position and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sypris Solutions Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.