Financial Performance - Sales for Q1 2025 were $204.6 million, an increase of 3.4% from $197.9 million in Q1 2024[83] - Gross margin improved to 19.7% in Q1 2025, up from 17.2% in Q1 2024[83] - Operating income for Q1 2025 was $1.7 million, compared to an operating loss of $1.9 million in Q1 2024[83] - Net loss decreased to $1.4 million in Q1 2025 from a net loss of $4.7 million in Q1 2024[93] - Adjusted EBITDA for Q1 2025 was $12.3 million, an increase of 101.6% from $6.1 million in Q1 2024[94] Order Backlog - Order backlog as of March 31, 2025, was $335.3 million, a decrease of 23.7% from $439.4 million a year earlier[83] - The consolidated backlog as of March 31, 2025, totaled $335.3 million, a decrease of $104.1 million, or 23.7%, from $439.4 million at March 31, 2024[95] - The Fleet Vehicles and Services (FVS) backlog decreased by $110.8 million, or 31.1%, primarily due to vehicle sales and softer demand in delivery vans[96] Segment Performance - Sales in the FVS segment were $96.1 million for Q1 2025, a decrease of $11.7 million or 10.8% compared to $107.8 million in Q1 2024[107] - Adjusted EBITDA for the FVS segment increased to $3.6 million in Q1 2025 from $0.9 million in Q1 2024, an increase of $2.7 million[108] - Sales in the Specialty Vehicles (SV) segment were $82.2 million in Q1 2025, down $7.9 million or 8.8% from $90.1 million in Q1 2024[109] - Adjusted EBITDA for the SV segment decreased to $14.3 million in Q1 2025 from $17.0 million in Q1 2024, a decrease of $2.7 million[110] Cash Flow and Debt - Cash and cash equivalents increased by $0.4 million to $16.2 million as of March 31, 2025[111] - Cash used in operating activities was $4.5 million in Q1 2025, an increase of $0.5 million from $4.0 million in Q1 2024[112] - The company generated $9.9 million of cash through financing activities in Q1 2025, a decrease of $3.0 million from $12.9 million in Q1 2024[114] - As of March 31, 2025, the company had $110.0 million in outstanding debt under its revolving credit facility[124] - The revolving credit facility allows borrowing up to $300.0 million, with available borrowings totaling $76.9 million as of March 31, 2025[118] Market Risks and Commodity Exposure - A hypothetical increase of 100 basis points in interest rates would lead to an additional $1.1 million in annual interest expense[124] - The company does not utilize derivative instruments to manage exposure to fluctuations in steel and aluminum prices[125] - The company engages in pre-buys of components affected by commodity price changes to mitigate exposure to price increases[125] - There has been no material change in the nature or categories of primary market risk exposures as of the report date[126] - The company does not anticipate any significant changes in its primary market risk exposure in the near term, defined as one year from the most recent balance sheet[126] - Prevailing interest rates and commodity costs are influenced by market factors beyond the company's control[127] Strategic Initiatives - The acquisition of Independent Truck Upfitters was completed for $49.9 million, with an additional earn-out of up to $8.0 million[83] - The company introduced the Blue Arc™ Electric Vehicle Solutions, with the Class 4 all-electric truck now in production[83] - The Rapid Driver Cooling System was deployed in 5,860 walk-in vans, enhancing driver comfort and vehicle efficiency[83] - The merger with Aebi Schmidt is expected to close in mid-2025, with Shyft shareholders owning approximately 48% of the combined company[79]

Financial Performance - Sales for Q1 2025 were $204.6 million, an increase of $6.7 million or 3.4% from $197.9 million in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $12.3 million, representing 6.0% of sales, up from $6.1 million or 3.1% of sales in Q1 2024[4] - The net loss for Q1 2025 was $1.4 million, or ($0.04) per share, compared to a loss of $4.7 million, or ($0.14) per share in Q1 2024[4] - Adjusted net income for Q1 2025 was $2.4 million, or $0.07 per share, compared to a loss of $1.4 million, or ($0.04) per share in Q1 2024[4] - Gross profit increased to $40,302,000 in Q1 2025, up from $34,062,000 in Q1 2024, reflecting a gross margin improvement[17] - The net loss for Q1 2025 was $1,436,000, a significant reduction from a net loss of $4,669,000 in Q1 2024, indicating improved financial performance[17] - Basic loss per share improved to $(0.04) in Q1 2025 from $(0.14) in Q1 2024, reflecting better operational efficiency[17] Backlog and Future Sales - Consolidated backlog as of March 31, 2025, was $335.3 million, down $104.1 million or 23.7% from $439.4 million as of March 31, 2024[4] - The company reported a total backlog of $335,334,000 as of March 31, 2025, compared to $313,244,000 at the end of Q1 2024, indicating growth in future sales potential[25] - The company expects full-year 2025 sales to be between $870 million and $970 million, with adjusted EBITDA projected at $62 million to $72 million[5] Operational Efficiency and Investment - The company is focused on operational efficiency and commercial growth initiatives to capture market share[3] - The company incurred $3,887,000 in research and development expenses in Q1 2025, up from $3,719,000 in Q1 2024, highlighting ongoing investment in innovation[17] - Total operating expenses increased to $38,553,000 in Q1 2025 from $35,992,000 in Q1 2024, primarily driven by higher selling, general, and administrative costs[17] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $4,519,000 in Q1 2025, compared to $3,957,000 in Q1 2024[37] - The company generated $9,874,000 in net cash from financing activities in Q1 2025, down from $12,895,000 in Q1 2024, indicating a shift in financing strategy[19] Strategic Developments - The merger with Aebi Schmidt is on track to close by mid-2025, which is expected to enhance scale and product offerings[4] - Blue Arc sales in Q1 2025 were $26.3 million[4]

Core Insights - The Shyft Group reported a 3.4% increase in sales for Q1 2025, reaching $204.6 million compared to $197.9 million in Q1 2024, with improved profitability and operational efficiency [2][5][4] - The company anticipates a strong financial outlook for the full year 2025, with adjusted EBITDA projected between $62 million and $72 million, and adjusted earnings per share expected to be between $0.69 and $0.92 [6] - The pending merger with Aebi Schmidt is expected to enhance the company's market position, product offerings, and operational scale, creating opportunities for growth and shareholder value [2][4] Financial Performance - Sales for Q1 2025 were $204.6 million, an increase of $6.7 million or 3.4% from Q1 2024 [5] - The net loss for Q1 2025 was $1.4 million, or ($0.04) per share, an improvement from a loss of $4.7 million, or ($0.14) per share in Q1 2024 [5][29] - Adjusted EBITDA for Q1 2025 was $12.3 million, representing 6.0% of sales, up from $6.1 million or 3.1% of sales in the same period last year [5][29] Operational Highlights - The consolidated backlog as of March 31, 2025, was $335.3 million, down $104.1 million or 23.7% from $439.4 million as of March 31, 2024, but improved by $22.1 million or 7.1% compared to year-end 2024 [5][20] - The company maintained a strong balance sheet with a net leverage ratio of less than 2.0x [4] - The merger integration planning with Aebi Schmidt is underway, with the transaction expected to close by mid-2025 [4][2] Business Segments - Fleet Vehicles and Services segment sales were $96.1 million, while Specialty Vehicles segment sales were $82.2 million, contributing to the total sales of $204.6 million [18] - Blue Arc sales for the quarter were $26.3 million, indicating a growing presence in the electric vehicle solutions market [5]

NOVI, Mich., April 18, 2025 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly, and upfit for ecommerce-driven parcel delivery, as well as the broader commercial, retail, and service specialty vehicle markets, will announce its first quarter 2025 financial results prior to the market opening on Thursday, April 24, 2025. A conference call and webcast will begin at 8:30 A.M. Eastern Time.  Teleconference and w ...

Company Overview - Vantage Mobility is a leading manufacturer of wheelchair accessible vehicles (WAVs) built on Toyota, Honda, and Stellantis chassis, with over 30 years of experience in the mobility industry [4] - The company has a robust portfolio of minivan conversions and platform lifts, and has been recognized with the Toyota Gold Certificate for Quality for the last two years [4] Leadership Appointment - Daryl Adams has been appointed as the new Chief Executive Officer of Vantage Mobility, bringing over 35 years of experience in the automotive industry [1][2] - Adams has a proven track record of driving transformational growth and operational improvements in global automotive companies [2] Strategic Vision - The leadership at Wingspire Capital expressed full confidence in Adams' expertise and vision, anticipating that he will strengthen the company's product output and drive significant scale [3] - Adams aims to accelerate the company's growth, expand customer offerings, and enhance operational processes in collaboration with Vantage Mobility management and employees [3] Previous Experience of CEO - Prior to joining Vantage Mobility, Adams served as President and CEO of The Shyft Group, where he doubled the company's earnings and led the development of new products [2] - He also held the position of CEO at Midway Products Group and has experience at Lear Corporation, progressing to Vice President of Global Engineering and R&D [2]

Company Overview - The Shyft Group (SHYF) shares increased by 15.1% to close at $8.82, following a notable trading volume that exceeded typical levels, contrasting with an 11.9% loss over the past four weeks [1][2] - The company specializes in manufacturing chassis for Last Mile Delivery, RVs, and other vehicles [3] Financial Performance - The Shyft Group is expected to report a quarterly loss of $0.10 per share, reflecting a year-over-year decline of 150% [3] - Revenue projections for the upcoming quarter are estimated at $201.9 million, which indicates a 2% increase compared to the same quarter last year [3] Market Context - The stock's surge is attributed to a broader market rebound following the Trump administration's announcement of a temporary halt on reciprocal tariffs, aimed at alleviating fears of a recession due to market declines [2] - The consensus EPS estimate for The Shyft Group has remained unchanged over the last 30 days, suggesting that stock price movements may not sustain without earnings estimate revisions [5] Industry Comparison - The Shyft Group operates within the Zacks Automotive - Original Equipment industry, where another company, Ferrari (RACE), saw an 8.6% increase in its stock price, closing at $432 [5] - Ferrari's consensus EPS estimate has increased by 3.9% over the past month to $2.36, representing an 11.3% year-over-year change [6]

Company Overview - The Shyft Group, Inc. is a leader in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service specialty vehicle markets in North America [4] - Shyft operates two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™ [4] - The company reported sales of $786 million in 2024 and employs approximately 2,900 people across various facilities [4] Merger Announcement - Aebi Schmidt Group has filed a registration statement on Form S-4 with the SEC regarding a proposed merger with Shyft [1][2] - The merger is expected to close in mid-2025, subject to SEC approval and shareholder approval from Shyft [2] - Upon completion, the combined company will be named Aebi Schmidt Group and will trade on Nasdaq under the ticker symbol "AEBI" [3][7] Financial Projections - The registration statement includes pro forma U.S. GAAP financial results for 2024, projecting combined revenues of $1.9 billion and adjusted EBITDA of $148 million [2][7] Aebi Schmidt Group Overview - Aebi Schmidt is a global leader in intelligent solutions for infrastructure maintenance, generating over 1 billion EUR in net sales in 2024 [5] - The company employs around 3,000 people and operates in 16 sales organizations and over a dozen production facilities worldwide [5]

Company Overview - The Shyft Group, Inc. is the North American leader in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service specialty vehicle markets [2] - The company serves a diverse customer base including delivery companies, government entities, trades, and utility sectors [2] - The Shyft Group operates two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™ [2] - The company employs approximately 2,900 employees and contractors across multiple facilities in the U.S. and Mexico [2] Financial Performance - The Shyft Group reported sales of $786 million in 2024 [2] Recent Events - Management will attend the 37th Annual ROTH Conference in Dana Point, California on March 17, 2025, and will host one-on-one meetings with institutional investors [1]

Core Insights - Utilimaster, a brand of The Shyft Group, is reintroducing the Trademaster Service Body and debuting the Marketplace Dry Freight Truck to meet evolving service and delivery needs in the commercial vehicle market [1][3] Product Overview - The Utilimaster Trademaster Service Body features enhanced durability, smart storage, and integrated safety features, designed specifically for tradespeople to improve efficiency on the job [2][3] - The Marketplace Dry Freight Truck is engineered to maximize payload capacity while being 900 pounds lighter than comparable models, optimizing efficiency for service and delivery fleets [4][5] Strategic Focus - The introduction of these vehicles reflects the company's commitment to innovation driven by customer needs, particularly in response to challenges such as electrification and increasing delivery demands [5] - The recent merger agreement with Aebi Schmidt aims to expand product offerings and improve efficiencies, enhancing competitive growth in the specialty vehicle market [5] Company Background - The Shyft Group is recognized as the North American leader in specialty vehicle manufacturing, with a diverse portfolio that includes brands like Utilimaster and Blue Arc EV Solutions [8][9] - The company reported sales of $786 million in 2024 and employs approximately 2,900 individuals across multiple facilities in North America [9]

Core Insights - The Shyft Group, Inc. celebrates its 50th anniversary and showcases innovations at NTEA Work Truck Week 2025, emphasizing its legacy in specialty vehicle manufacturing and commitment to performance, durability, and sustainability [1][3][4] Company Overview - The Shyft Group is a leader in specialty vehicle manufacturing, assembly, and upfit for commercial, retail, and service markets, with a diverse portfolio of trusted brands [5][10] - The company reported sales of $786 million in 2024 and employs approximately 2,900 individuals across various facilities in North America and Mexico [10] Recent Developments - A merger agreement with Aebi Schmidt has been announced, aimed at enhancing product offerings and operational efficiencies, ultimately providing tailored solutions for customers [3] - The company is focused on expanding capabilities to better serve customers and drive growth [3] Innovations and Product Offerings - The Shyft Group's booth at NTEA Work Truck Week will feature advancements in electrification, fleet technology, and upfit solutions, including the Blue Arc Class 4 EV with a range of over 200 miles [2][9] - Featured vehicles include the Utilimaster Trademaster, Marketplace Dry Freight, Aeromaster Walk-In-Van, and various lightweight and durable solutions designed for different industries [6][7] Event Highlights - A press conference is scheduled for March 5, where leadership will discuss the company's advancements and vision for fleet mobility [8] - Attendees can participate in Ride & Drive sessions to experience the Blue Arc Class 4 EV firsthand [9]