SYPRHIGH SIGNALFINANCIAL10-K

SYPR experienced a substantial decline in profitability with gross profit margins compressed severely while revenue declined modestly and cash position weakened materially.

The dramatic compression in gross margins from approximately 22% to 11% suggests either significant pricing pressure, cost inflation, or operational inefficiencies that management has not yet addressed. The concurrent decline in cash reserves by over half while debt increased indicates potential liquidity stress and reduced financial flexibility for strategic investments or weathering further operational challenges.

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

SYPR's financial performance deteriorated meaningfully year-over-year, with revenue declining 10% to $82.3M while gross profit fell substantially more, indicating severe margin compression. The balance sheet shows signs of cash management challenges with cash reserves declining significantly to $5.1M and total debt increasing to $19.3M, though working capital benefited from reductions in both inventory and current liabilities. The overall financial picture suggests operational stress and potential liquidity concerns that require close monitoring.

FINANCIAL STATEMENT CHANGES
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.

Total Debt
Balance Sheet
+13.8%
$17.0M→$19.3M

Debt rose 13.8% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
-10.4%
$91.8M→$82.3M

Revenue softened 10.4% — monitor whether this is cyclical or structural.

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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