sypr20250930

sypr20250930_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 September 28, 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 November 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 Nine Months Ended September 28, 2025 and September 29, 2024	2

	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 28, 2025 and September 29, 2024	3

	Consolidated Balance Sheets at September 28, 2025 and December 31, 2024	4

	Consolidated Cash Flow Statements for the Nine Months Ended September 28, 2025 and September 29, 2024	5

	Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 28, 2025 and September 29, 2024	6

	Notes to Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	27

Item 4.	Controls and Procedures	27

Part II. Other Information

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Defaults Upon Senior Securities	28

Item 4.	Mine Safety Disclosures	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

Signatures		30

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					Nine Months Ended
	September 28,			September 29,		September 28,			September 29,
	2025			2024		2025			2024
	(Unaudited)					(Unaudited)

Net revenue	$	28,672		$	35,657	$	89,606		$	106,731
Cost of sales		26,621			29,678		81,605			92,227
Gross profit		2,051			5,979		8,001			14,504
Selling, general and administrative		3,789			4,250		11,310			12,876
Operating (expense) income		(1,738	)		1,729		(3,309	)		1,628

Interest expense, net		385			546		1,068			1,468
Other (income) expense, net		(2,474	)		246		(2,085	)		781

Income (loss) before taxes		351			937		(2,292	)		(621	)
Income tax (benefit) expense		(166	)		547		141			1,194
Net income (loss)	$	517		$	390	$	(2,433	)	$	(1,815	)

Income (loss) per share:
Basic	$	0.02		$	0.02	$	(0.11	)	$	(0.08	)
Diluted	$	0.02		$	0.02	$	(0.11	)	$	(0.08	)

Weighted average shares outstanding:
Basic		22,325			22,088		22,251			22,011
Diluted		22,863			22,415		22,251			22,011

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 Income (Loss)

(in thousands)

	Three Months Ended					Nine Months Ended
	September 28,		September 29,			September 28,			September 29,
	2025		2024			2025			2024
	(Unaudited)					(Unaudited)

Net income (loss)	$	517	$	390		$	(2,433	)	$	(1,815	)

Other comprehensive income (loss)
Foreign currency translation adjustments		484		(1,335	)		2,069			(3,016	)

Comprehensive income (loss)	$	1,001	$	(945	)	$	(364	)	$	(4,831	)

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

Sypris Solutions, Inc.

Consolidated Balance Sheets

(in thousands, except for share data)

	September 28,		December 31,
	2025		2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	8,443	$	9,675
Accounts receivable, net		9,015		10,593
Inventory, net		57,270		66,680
Other current assets		9,658		11,070
Total current assets		84,386		98,018

Property, plant and equipment, net		15,811

SEC Form 10-Q filed by Sypris Solutions Inc.