Financial Performance - Net sales for the year ended December 31, 2024, were $464.29 million, a decrease of 5.1% from $489.27 million in 2023[212] - The cost of sales for 2024 was $394.81 million, down from $419.18 million in 2023, resulting in a gross loss of $27.55 million[212] - Selling, general, and administrative expenses increased to $49.48 million in 2024 from $47.44 million in 2023, reflecting a rise of 4.3%[212] - The net loss for 2024 was $38.27 million, compared to a net loss of $50.15 million in 2023, indicating an improvement of 23.7%[212] - Comprehensive loss for 2024 was $48.69 million, compared to $50.79 million in 2023, showing a reduction of 4.1%[212] - The company reported a share of net income from joint ventures of $9.57 million in 2024, an increase from $5.81 million in 2023[212] - The company reported a loss before provision for income taxes of $45.434 million for the year ended December 31, 2024[329] - Basic and diluted net loss per common share for 2024 was $(1.11), compared to $(1.35) in 2023[348] Assets and Liabilities - Total assets decreased from $510,885,000 in 2023 to $456,893,000 in 2024, a decline of approximately 10.6%[216] - Total liabilities decreased from $308,084,000 in 2023 to $288,874,000 in 2024, a reduction of about 6.2%[216] - Stockholders' equity decreased significantly from $125,002,000 in 2023 to $74,522,000 in 2024, a decline of approximately 40.4%[216] - The total debt as of December 31, 2024, was $148.630 million, a decrease from $153.279 million in 2023, reflecting a reduction of approximately 3.9%[296] Cash Flow and Capital Expenditures - Cash and cash equivalents decreased from $21,903,000 in 2023 to $18,128,000 in 2024, a decline of approximately 17.7%[219] - Cash flows from operating activities provided $11,070,000 in 2024, down from $29,344,000 in 2023, a decrease of about 62.3%[219] - Capital expenditures totaled $18.314 million in 2024, a decrease from $20.496 million in 2023[263] Revenue Breakdown - Mobile Solutions segment reported sales of $283.944 million for the year ended December 31, 2024, a decrease of 6.4% from $303.335 million in 2023[261] - Power Solutions segment achieved sales of $180.545 million in 2024, up from $185.948 million in 2023, reflecting a slight decline of 2.4%[261] - Revenue from the automotive industry was $221.192 million in 2024, down from $247.541 million in 2023, a decrease of 10.7%[269] - The United States accounted for $265.020 million in revenue in 2024, down from $294.045 million in 2023, a decline of 9.9%[266] Interest and Financing - Interest expense for 2024 was $22.10 million, slightly up from $21.14 million in 2023[212] - The interest rate on outstanding borrowings under the ABL Facility was 5.94% as of December 31, 2024[192] - The Term Loan Facility bore interest at 12.332% as of December 31, 2024, including paid-in-kind interest[299] - The company recognized an interest benefit of $1.0 million from gains on the effective interest rate swap in 2024, down from $1.8 million in 2023[379] Restructuring and Divestitures - The company plans to close two manufacturing facilities, expecting to incur $13.6 million in charges, with anticipated annual benefits of approximately $5.4 million once fully implemented[384] - The company recognized $12.6 million in restructuring costs, with $5.0 million recognized in the "Cost of sales" line[386] - The company completed the sale of its Lubbock operations for $17.0 million, receiving net proceeds of $15.4 million after transaction costs[382] - The net gain recognized from the divestiture amounted to $7.154 million, with net assets disposed of valued at $8.281 million and direct costs to sell at $1.565 million[383] Taxation - Total current tax expense for 2024 was $3,331 million, a decrease from $3,447 million in 2023[330] - The effective tax rate for 2024 was (5.3)%, compared to (4.3)% in 2023 and (5.2)% in 2022, primarily due to foreign tax rate differences and valuation allowance changes[331] - As of December 31, 2024, the company had a $28.4 million U.S. federal net operating loss (NOL) carryover, with a full valuation allowance established against it[334] Stock and Compensation - In 2024, the company granted 660,000 shares of restricted stock with a weighted average grant-date fair value of $4.25 per share, compared to 3,782,000 shares in 2023 at $1.37 per share[354] - The total grant-date fair value of restricted stock that vested in 2024 was $2.0 million, down from $4.2 million in 2023[354] - As of December 31, 2024, the unrecognized compensation cost related to unvested awards was $7.4 million, to be recognized over a weighted-average period of 3.4 years[353] Impairments and Losses - The company recognized an impairment loss of $6.5 million for machinery and equipment in 2024, related to a plant closure scheduled for 2025[284] - The company incurred a $0.3 million loss on extinguishment related to the termination of the 2021 ABL Facility during the year ended December 31, 2024[305]

Business Wins - NN, Inc. announced new business wins for the year ended December 31, 2024[4]. Financial Reporting - The press release detailing the financial results was issued on January 14, 2025[4]. - The financial statements and exhibits related to the report are included as part of the filing[6]. - The report was signed by Christopher H. Bohnert, Senior Vice President and Chief Financial Officer[10]. Company Classification - The company is registered under the ticker symbol NNBR on The Nasdaq Stock Market LLC[2]. - The report indicates that NN, Inc. is classified as an emerging growth company[3].

Core Viewpoint - NN, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting the success of its transformation plan and outlining future growth strategies [1][2]. Financial Performance - Fourth quarter net sales were $106.5 million, a decrease of 5.3% compared to $112.5 million in Q4 2023, primarily due to the sale of Lubbock operations and lower volumes [4][5]. - Full-year net sales decreased by $25.0 million, or 5.1%, to $464.3 million, attributed to the sale of Lubbock operations and unfavorable foreign exchange effects [8]. - Adjusted EBITDA for Q4 2024 was $12.1 million, representing an increase of $2.1 million from Q4 2023 [4][11]. - The company reported a net loss of $21.0 million for Q4 2024, compared to a net loss of $20.5 million in Q4 2023 [7][10]. Transformation and Growth Strategy - The company successfully upgraded its leadership team and rationalized underperforming legacy businesses, securing $73 million in new business wins in 2024, surpassing the previous record of $63 million in 2023 [4][12]. - NN is on track to achieve its organic growth goal of reaching $600 million in sales, with over 70 new programs scheduled for production in 2025 [4][22]. - The company is focused on creating a stronger balance sheet and enhancing free cash flow, with a new business acquisition program in place [2][4]. Regional Performance - Sales growth in NN's China operations was notable, increasing by 15.6% in Q4 2024 and 20.6% for the full year compared to the prior year [4][24]. - The company continues to fund its growth in China through local cash flow generation [4]. Future Outlook - For 2025, NN expects revenues between $450 million and $480 million, with adjusted EBITDA projected between $53 million and $63 million [22]. - The company anticipates continued growth in its US electrical grid power business due to rising electrical demand from data centers and electric vehicles [4].

Company Announcement - NN, Inc. will release its fourth quarter and full-year 2024 financial results on March 5, 2025, after market close [1] - A conference call to discuss the results will be held on March 6, 2025, at 9:00 a.m. E.T. [1] - Participants are required to register five to ten minutes prior to the call [1] Webcast Information - The conference call will be webcast live through the NN, Inc. Investor Relations website [2] - A replay of the call will be available on the company's website until March 6, 2026 [2] Company Overview - NN, Inc. is a global diversified industrial company specializing in high-precision components and assemblies [3] - The company combines advanced engineering and production capabilities with materials science expertise [3] - NN, Inc. is headquartered in Charlotte, North Carolina, with facilities across North America, Europe, South America, and Asia [3]

Company Overview - NN (NASDAQ: NNBR) is described as a large, independent, old-fashioned, mega machine shop, which is rare in the US today [1] - The company operates large factory floors with rows of large machinery, indicating a significant scale of operations [1] Analyst's Perspective - The analyst has a beneficial long position in NNBR through stock ownership, options, or other derivatives [2] - The article reflects the analyst's personal opinions and is not influenced by compensation or business relationships with the mentioned companies [2] Portfolio Strategy - The analyst's portfolio consists of 50-75% deep value stocks, primarily small caps, indicating a focus on undervalued opportunities [1] - The analyst typically writes about stocks that are considered their best ideas and in which they hold a position [1] Performance and Background - The analyst's stock recommendations have averaged over 31% returns over a one-year period, showcasing a strong track record [1] - The analyst has a background as a Credit Manager for a mid-sized publicly traded bank and retired early in 2013 due to success in the stock market [1] - Despite no prior industry experience, the analyst passed the CFA Level 1 exam, demonstrating a commitment to financial expertise [1]

Core Viewpoint - NN, Inc. has announced a revised schedule for its executive management's virtual presentation at the Sidoti Micro Cap conference, now set for January 22, 2025, at 2:30 p.m. ET [1][2]. Company Overview - NN, Inc. is a global diversified industrial company that specializes in engineering and manufacturing high-precision components and assemblies for various markets worldwide [4]. - The company is headquartered in Charlotte, North Carolina, and operates facilities across North America, Europe, South America, and Asia [4]. Investor Engagement - In addition to the webcast presentation, NN, Inc.'s executive management will conduct one-on-one and group meetings with registered investors and analysts during the conference [3]. - Investors interested in the webcast can register to access the live event and will receive a link upon registration [2].

Core Insights - NN, Inc. released its 2023 Sustainability Report, highlighting its commitment to sustainable business practices and transparency [1] - The report aligns with major sustainability frameworks such as SASB and TCFD, and incorporates UN Sustainable Development Goals [2] Company Overview - NN, Inc. is a global diversified industrial company specializing in high-precision components and assemblies, with a strong focus on engineering and materials science [3] - The company is headquartered in Charlotte, North Carolina, and operates facilities across North America, Europe, South America, and Asia [3]

Core Insights - NN, Inc. released its 2023 Sustainability Report, highlighting its commitment to sustainable business practices and transparency [1] - The report aligns with major sustainability frameworks such as SASB and TCFD, and incorporates UN Sustainable Development Goals [2] Company Overview - NN, Inc. is a global diversified industrial company specializing in high-precision components and assemblies, with a strong focus on engineering and materials science [3] - The company is headquartered in Charlotte, North Carolina, and operates facilities across North America, Europe, South America, and Asia [3] Investor Relations - For investor inquiries, contact Joseph Caminiti or Stephen Poe at NNBR@alpha-ir.com or call 312-445-2870 [4]

Core Viewpoint - NN, Inc. will present at the Sidoti Micro Cap Conference on January 23, 2025, highlighting its position as a global diversified industrial company specializing in high-precision components and assemblies [1][2]. Company Overview - NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with materials science expertise to manufacture high-precision components and assemblies for various markets [4]. - The company is headquartered in Charlotte, North Carolina, and operates facilities across North America, Europe, South America, and Asia [4]. Event Details - The presentation at the Sidoti Micro Cap Conference is scheduled to begin at 10:45 a.m. ET on January 23, 2025 [2]. - Investors can register to access the live webcast presentation, and all registrants will receive a link to the event [2]. - In addition to the webcast, executive management will conduct one-on-one and group meetings with registered investors and analysts [3].

Core Insights - NN, Inc. achieved new business wins of $73 million in 2024, bringing the two-year total to $136 million [1][5] - The company aims to grow sales to $600 million and achieve 13% adjusted EBITDA rates over the next five years [3][7] Business Performance - New business wins in 2024 exceeded the high end of the company's guidance range, with 2023 wins at $63 million and 2022 at $38.5 million [5] - The company has a new business pipeline of over $720 million, which has grown more than 40% compared to the previous year [4][5] Strategic Focus - Key focus areas for new business in 2024 included vehicle control, energy efficiency, electrical grid devices, and medical components [5] - The company plans to launch 80 new programs in 2025, with 70 already won, and has over 50 new business programs underway for Q1 2025 [6][5] Market Positioning - NN, Inc. is positioning itself as an elite supplier in targeted high-value markets, leveraging its unique capabilities and technical advantages [4][3] - The company has been recognized with the Cummins Innovation Award for its work on new products [5]