sypr20250706

sypr20250706_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
For the quarterly period ended June 29, 2025

☐ Transition Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
For the transition period from _____ to _____

Commission file number: 0-24020

SYPRIS SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware		61-1321992
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

101 Bullitt Lane, Suite 450
Louisville, Kentucky 40222		(502) 329-2000
(Address of principal executive		(Registrant’s telephone number,
offices) (Zip code)		including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	SYPR	Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer	☐ Accelerated filer	☒ Non-accelerated filer	☒ Smaller reporting company
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of August 5, 2025, the Registrant had 23,029,970 shares of common stock outstanding.

Table of Contents

Part I. Financial Information

	Item 1.	Financial Statements

		Consolidated Statements of Operations for the Three and Six Months Ended June 29, 2025 and June 30, 2024	2

		Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 29, 2025 and June 30, 2024	3

		Consolidated Balance Sheets at June 29, 2025 and December 31, 2024	4

		Consolidated Cash Flow Statements for the Six Months Ended June 29, 2025 and June 30, 2024	5

		Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 29, 2025 and June 30, 2024	6

		Notes to Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25

	Item 4.	Controls and Procedures	25

Part II. Other Information

	Item 1.	Legal Proceedings	26

	Item 1A.	Risk Factors	26

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

	Item 3.	Defaults Upon Senior Securities	26

	Item 4.	Mine Safety Disclosures	27

	Item 5.	Other Information	27

	Item 6.	Exhibits	28

Signatures			29

Part I. Financial Information

Item 1. Financial Statements

Sypris Solutions, Inc.

Consolidated Statements of Operations

(in thousands, except for per share data)

	Three Months Ended					Six Months Ended
	June 29,			June 30,		June 29,			June 30,
	2025			2024		2025			2024
	(Unaudited)					(Unaudited)

Net revenue	$	31,426		$	35,521	$	60,934		$	71,074
Cost of sales		28,842			29,880		54,984			62,549
Gross profit		2,584			5,641		5,950			8,525
Selling, general and administrative		4,025			4,368		7,521			8,626
Operating (loss) income		(1,441	)		1,273		(1,571	)		(101	)
Interest expense, net		381			604		683			922
Other expense, net		224			194		389			535
(Loss) income before taxes		(2,046	)		475		(2,643	)		(1,558	)
Income tax expense		5			459		307			647
Net (loss) income	$	(2,051	)	$	16	$	(2,950	)	$	(2,205	)
(Loss) income per share:
Basic	$	(0.09	)	$	0.00	$	(0.13	)	$	(0.10	)
Diluted	$	(0.09	)	$	0.00	$	(0.13	)	$	(0.10	)

Weighted average shares outstanding:
Basic		22,285			21,989		22,214			21,973
Diluted		22,285			22,288		22,214			21,973
Dividends declared per common share	$	0.00		$	0.00	$	0.00		$	0.00

The accompanying notes are an integral part of the consolidated financial statements.

Sypris Solutions, Inc.

Consolidated Statements of Comprehensive Loss

(in thousands)

	Three Months Ended						Six Months Ended
	June 29,			June 30,			June 29,			June 30,
	2025			2024			2025			2024
	(Unaudited)						(Unaudited)

Net (loss) income	$	(2,051	)	$	16		$	(2,950	)	$	(2,205	)
Other comprehensive income (loss)
Foreign currency translation adjustments		1,591			(2,086	)		1,585			(1,681	)
Comprehensive loss	$	(460	)	$	(2,070	)	$	(1,365	)	$	(3,886	)

The accompanying notes are an integral part of the consolidated financial statements.

Sypris Solutions, Inc.

Consolidated Balance Sheets

(in thousands, except for share data)

	June 29,		December 31,
	2025		2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	6,352	$	9,675
Accounts receivable, net		10,430		10,593
Inventory, net		58,582		66,680
Other current assets		9,958		11,070
Total current assets		85,322		98,018
Property, plant and equipment, net		12,891		13,299
Operating lease right-of-use assets		3,266		3,749
Other assets		4,358		4,310
Total assets	$	105,837	$	119,376
Liabilities and Stockholders’ Equity
Current liabilities:

SEC Form 10-Q filed by Sypris Solutions Inc.