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 ...

Financial Data and Key Metrics Changes - For the full year 2023, the company reported revenue of $872 million and adjusted EBITDA of $40 million, which was in line with expectations. Excluding EV expenses, adjusted EBITDA was $73 million, or 8.3% of sales [11][12] - In Q4 2023, revenue was $202.3 million, down 33% from $302 million in the prior year. The net loss was $4.4 million, or a loss of $0.13 per share, compared to net income of $17.8 million, or $0.50 per share, in the previous year [61][12] - Adjusted EBITDA for Q4 was $2.3 million, or 1.1% of sales, down from $30.7 million, or 10.2% of sales in Q4 2022 [12][11] Business Line Data and Key Metrics Changes - Specialty Vehicles (SV) achieved a strong year with a 20% adjusted EBITDA margin, reflecting solid growth and operational improvements despite market weakness in motorhome chassis [13][95] - Fleet Vehicles and Services (FVS) reported sales of $119 million in Q4, down 44.1% from $212.9 million a year ago, impacted by softness in last-mile delivery markets [96] - The FVS backlog was $325 million at the end of the year, down 15% from the prior quarter [76] Market Data and Key Metrics Changes - The company anticipates continued softness in demand for both parcel and motorhome volume through mid-2024, reflecting ongoing challenges in the operating environment [57][88] - The company noted that order activity improved in the second half of 2023 but remains relatively soft, particularly in the FES side of the business [18][19] Company Strategy and Development Direction - The company is focusing on operational rigor and financial growth, with an emphasis on team alignment and cross-selling opportunities [68][70] - The Blue Arc EV program is a strategic priority, with plans for production to start in late 2024 after resolving battery quality issues [92][91] - The company is exploring M&A opportunities to expand its scale while maintaining focus on core business performance [132][133] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious view on near-term demand, expecting softness to persist through mid-2024, while emphasizing the importance of cash generation and working capital management [57][88] - The company is committed to improving performance and leveraging internal strengths to navigate the current challenges [36][88] Other Important Information - The company generated approximately $100 million of free cash flow over the last four years, despite challenging market conditions [35] - The adjusted EPS for Q1 is expected to be in the range of $0.28 to $0.51 per share, with free cash flow projected at $25 million to $35 million [98] Q&A Session Summary Question: What is the outlook for demand in the first half of the year? - Management expects demand softness to continue through the first half of the year, consistent with previous discussions [18] Question: Can you provide an update on chassis supply for vocational and specialty vehicles? - Chassis supply is improving, and the company is monitoring customer engagement closely [23][42] Question: Is there a desire to expand through M&A given the strong free cash flow and low debt? - The company is considering M&A opportunities but emphasizes the need to focus on core business performance first [24][132] Question: What are the expectations for adjusted EBITDA in Q1 and the full year? - Adjusted EBITDA for Q1 is anticipated to be approximately breakeven, with a step-up expected in Q2 and improved performance in the second half of the year [102][51] Question: What challenges are being faced with the Blue Arc program? - The primary challenge has been battery quality issues, but there is enthusiasm for the vehicle's potential once these issues are resolved [111][112]

© THE SHYFT GROUP, INC. | Proprietary & Confidential This presentation contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2024 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 Jurisd ...

Exhibit 99.1 The Shyft Group Reports Fourth Quarter and Full-Year 2023 Results Novi, Mich., February 22, 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 fourth quarter and full-year ending December 31, 2023. Fourth Quarter 2023 Financial Highlights For the fourth quarter of 2023 compared to the four ...

The Shyft Group, Inc. (NASDAQ:SHYF) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET Company Participants Randy Wilson - VP, IR and Treasury John Dunn - Incoming President and CEO Daryl Adams - Outgoing President and CEO Jon Douyard - CFO Conference Call Participants Matt Koranda - ROTH Capital Greg Lewis - BTIG Mike Shlisky - D.A. Davidson Operator Good morning and welcome to the Shyft Group's Third Quarter 2023 Conference Call and Webcast. All participants will be in a listen-only mode until t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023. 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 Incorporat ...

SHYFTGROUP Business Segment End Market Dynamics Backlog (June 30, 2023) $438M Specialty Vehicles 2021 2022 2023 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 POC Builds Production Design Prototype Builds DV Testing Pilot Builds Production Ramp-Up Customer Deliveries COMPLETED ON TRACK Production Dealer and Service Entering final stages of agreements with additional dealers and national fleet service provider Dealers working with key customers on vehicle configurations and orders Solid year-over-year margin expansion 7 $136.9 ...

The Shyft Group, Inc. (NASDAQ:SHYF) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Company Participants Randy Wilson - Vice President, Investor Relations and Treasury Daryl Adams - President & Chief Executive Officer Jon Douyard - Chief Financial Officer Conference Call Participants Ray Guiso - BTIG Mike Shlisky - D.A. Davidson Matt Koranda - Roth MKM Ryan Sigdahl - Craig-Hallum Capital Group Operator Good morning, Welcome to the Shyft Group's Second Quarter 2023 Conference Call and Webcast. All ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023. 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 o ...