SYPRHIGH SIGNALFINANCIAL10-K

SYPR experienced severe financial deterioration with operating income swinging from $2.9M profit to $6.6M loss while cash position collapsed by over 50%.

The company's fundamental profitability has completely reversed, moving from positive operating income to significant losses, indicating serious operational challenges. The dramatic cash burn and negative operating cash flow of $5.7M suggests potential liquidity concerns that investors should monitor closely.

Comparing 2026-03-26 vs 2025-03-27View on EDGAR →
FINANCIAL ANALYSIS

SYPR's financial performance deteriorated dramatically across all key metrics, with operating income swinging $9.5M negative from profit to loss, gross profit declining 53%, and operating cash flow turning negative by $7.7M. The company's cash position was cut in half to $5.1M while burning cash operationally, though this was partially offset by reductions in inventory and current liabilities. The overall picture signals a company in financial distress with significant operational challenges and potential liquidity concerns requiring immediate attention.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-386%
$2.0M→-$5.7M

Operating cash flow fell 386% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-325.7%
$2.9M→-$6.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-277.3%
-$1.7M→-$6.3M

Net income declined 277.3% — review whether driven by operations, interest costs, or non-recurring items.

Gross Profit
P&L
-52.8%
$19.9M→$9.4M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Cash & Equivalents
Balance Sheet
-52.4%
$10.7M→$5.1M

Cash declined 52.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
-30.2%
$1.1M→$756K

Capex reduced 30.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
-30%
$1.1M→$777K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Liabilities
Balance Sheet
-21.5%
$79.5M→$62.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Inventory
Balance Sheet
-21.3%
$66.7M→$52.5M

Inventory reduced 21.3% — lean inventory management or demand outpacing supply.

Current Assets
Balance Sheet
-18.5%
$98.0M→$79.9M

Current assets declined 18.5% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-27
ADDED
There were 23,029,970 shares of the registrant s common stock outstanding as of March 10, 2026.
and/or the imposition of retaliatory tariffs by foreign countries; our reliance on a few key customers, third party vendors and sub-suppliers; significant delays or reductions due to a prolonged continuing resolution or U.S.
We provide products and engineering, design, and manufacturing services for a variety of critical infrastructure sectors, including energy, space, communications, defense, transport, chemical, and water.
Sypris serves its customers globally through its operations located in North America.
Sypris Technologies represented approximately 43% of our net revenues in 2025.
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REMOVED
There were 23,020,010 shares of the registrant s common stock outstanding as of March 10, 2025.
and/or the imposition of retaliatory tariffs by foreign countries; the termination or non-renewal of existing contracts by customers; dependence on, retention or recruitment of key employees and highly skilled personnel and distribution of our human capital; risks of foreign operations, including foreign currency exchange rate risk exposure, which could impact our operating results; our reliance on a few key customers, third party vendors and sub-suppliers; significant delays or reductions due to a prolonged continuing resolution or U.S.
We are a diversified provider of truck components, oil and gas and water pipeline components and aerospace and defense electronics.
Sypris Technologies represented approximately 54% of our net revenues in 2024.
Our customers include large aerospace and defense companies such as Northrop Grumman Corporation (Northrop Grumman), Lockheed Martin (Lockheed), L3Harris Technologies (L3Harris), Raytheon Technologies including Collins Aerospace Systems (Raytheon), BAE Systems (BAE) and Analog Devices, Inc.
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