Adjusted EBITDA for our SV segment for the second quarter of 2024 was $17.5 million, compared to $17.4 million for the second quarter of 2023, an increase of $0.1 million or 1.0%. Adjusted EBITDA for our SV segment for the first six months of 2024 was $34.5 million, compared to $31.2 million for the first six months of 2023, an increase of $3.3 million or 10.6%. This increase was primarily attributable to $4.8 million of favorable pricing and mix and $1.8 million of lower manufacturing costs, partially offs ...

Initial cash consideration of $46 million, subject to customary adjustments, with an $8 million earnout subject to annual business performance over the next two years Expected EBITDA multiple less than 6.0x adjusted for tax benefits and synergies; Acquisition is expected to be accretive to EPS in 2025 Forecasted to deliver ROIC greater than 15% by Year 3 of the transaction Funded with cash on hand and borrowings under our existing credit facility; Expected net leverage ratio of approximately 2.75x in the th ...

Exhibit 99.1 The Shyft Group Reports Second Quarter 2024 Results ● Delivered sales of $193 million, EPS of $0.06 and adjusted EPS of $0.16 ● Received order for 150 Blue Arc™ EV Trucks from FedEx; Blue Arc Class 4 vehicle production remains on track for 2024 ● Acquired Independent Truck Upfitters (ITU) to further accelerate Specialty Vehicles growth ● Increased full year 2024 adjusted EBITDA midpoint with updated outlook now at $45 to $50 million Novi, Mich., July 25, 2024 – The Shyft Group, Inc. (NASDAQ: SH ...

Company Overview - The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets [1][2] - The company serves a diverse customer base, including delivery companies, government entities, trades, and utility sectors [1] - The Shyft Group operates two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™ [1] - The company employs approximately 3,000 employees and contractors across multiple facilities in the U.S. and Mexico [1] Financial Performance - The Shyft Group reported sales of $872 million in 2023 [1] - The company is set to announce its second quarter 2024 financial results on July 25, 2024 [2] Market Position - The Shyft Group is recognized for quality, durability, and first-to-market innovation in its industry [1] - The company's family of brands includes Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag®, and others [1]

Core Insights - The Shyft Group, Inc. is a leader in specialty vehicle manufacturing and assembly for commercial, retail, and service markets [1] - The company reported sales of $872 million in 2023 [1] Upcoming Events - Management will participate in the Stifel 2024 Cross Sector Insight Conference on June 4, 2024, in Boston [3] - Management will also attend the Wells Fargo Industrials Conference on June 11, 2024, in Chicago [3] Company Overview - The Shyft Group operates two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™ [1] - The company employs approximately 3,000 employees and contractors across various facilities in the U.S. and Mexico [1] - The Shyft Group's brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, and others, known for quality and innovation [1]

The Shyft Group, Inc. (SHYF) has signed an agreement with Amerit Fleet Solutions to provide continuous support and maintenance services for Blue Arc EV trucks throughout the United States. Per John Dunn, president and CEO of The Shyft Group, as the company transitions to EV technology, it is dedicated to ensuring a seamless experience for its last-mile customers and drivers. In addition to its onsite dealer service and access to the Blue Arc EV Tech Support team, Shyft's service model now includes Amerit's ...

Supporting last-mile customers' transition to EV technology with mobile maintenance across the U.S. Complements Shyft's dealer partners' brick and mortar service capabilities Further backed by Shyft's Blue Arc EV Tech Support NOVI, Mich., May 22, 2024 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ: SHYF), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets, has signed an agreement with Amerit Fleet Solutions to pr ...

Financial Data and Key Metrics Changes - Sales for Q1 2024 were $197.9 million, down 18.7% from $243.4 million in the prior-year quarter [18] - Net loss was $4.7 million, or $0.14 per share, compared to net income of $1.7 million, or $0.05 per share in the previous year [18] - Adjusted EBITDA was $6.1 million, or 3.1% of sales, down from $10.8 million, or 4.4% of sales in Q1 2023 [19] - Adjusted net loss for the quarter was $1.4 million, while adjusted EPS decreased to a loss of $0.04 per share [20] Business Line Data and Key Metrics Changes - FVS achieved sales of $107.8 million, down 32.4% compared to $159.4 million a year ago, with adjusted EBITDA of $0.9 million versus $12.5 million a year ago [21] - SV delivered sales of $90.1 million, up 3.4% compared to last year, with adjusted EBITDA of $17 million, or 18.8% of sales, compared to $13.9 million, or 15.9% of sales in the same period last year [22] Market Data and Key Metrics Changes - The parcel market remains soft, with customers delaying capital expenditures, impacting FVS performance [21] - There is ongoing customer interest in the Blue Arc EV program, with commercial conversations progressing [16] Company Strategy and Development Direction - The company is focused on operational excellence and customer satisfaction, aiming to return to historical profitability [27] - A "One Shyft" mindset is being implemented to enhance collaboration and operational efficiency across the organization [12][15] - The company is affirming its 2024 outlook with sales projected in the range of $850 million to $900 million and adjusted EBITDA of $40 million to $50 million [23] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the timing of the parcel market recovery but is confident in the long-term growth of the parcel market [23] - The team is focused on driving commercial momentum and efficiency across the organization [24] - Management expressed optimism about the company's direction and commitment to enhancing shareholder value [28] Other Important Information - The company is on track to deliver its prior free cash flow guidance of $25 million to $35 million [24] - The Blue Arc EV program is progressing as planned, with production targeted for late 2024 [16][42] Q&A Session Questions and Answers Question: Where is the strength in order flow coming from for FVS? - The strength is coming from utility and food and beverage sectors, with a shift from a historical reliance on parcel orders [34] Question: What is the status of the battery supplier issue for the Blue Arc program? - The battery from One Energy is meeting all requirements, and there are no issues in the development process [39] Question: What are the gating items to getting to production for the Blue Arc program? - Final development continues on track, with some additional tooling being put in place, but no significant step-up in capital is expected [44]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR ☐ 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 001-33582 THE SHYFT GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Michigan (State or Other Jurisdiction of Incorporation or Organization) 41280 Bridge Street Novi, Michigan (Address of Principal Executive Offices) 38-2078923 (I.R.S. Employer Identification N ...

Novi, Mich., April 25, 2024 – The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the first quarter ending March 31, 2024. First Quarter 2024 Financial Highlights For the first quarter of 2024 compared to the first quarter of 2023: "We made progress implementing our operating framework, which includes high perform ...