Financial Performance - The company's gross profit for Q4 2024 increased by 23.1% year-over-year, with gross margin expanding by 350 basis points[5] - For the full year 2024, the company's gross profit rose by 15.3%, and gross margin increased by 150 basis points[5] - Sypris Technologies' gross profit surged by 41.6% in Q4 2024, reflecting an 8.6% increase in orders for energy products year-to-date[5] - The company reported Q4 2024 revenue of $33.4 million, a decrease from $34.7 million in the prior year, but net income improved to $0.1 million from a net loss of $1.1 million[6] - For the full year 2024, revenue was $140.2 million, compared to $136.2 million in 2023, with a net loss of $1.7 million[7] - Sypris Technologies generated $19.5 million in revenue for Q4 2024, up from $19.0 million in the prior year, while Sypris Electronics revenue was $13.9 million, down from $15.7 million[8][9] Future Projections - The company projects 2025 revenue between $125 million and $135 million, with gross profit expected to increase by 10-15%[5] - The company expects gross margin expansion of 150 to 175 basis points in 2025[11] Backlog and Demand - The backlog at Sypris Electronics exceeds $90 million, supporting growth through 2025 and beyond[6] - Demand for products in electronic warfare, aircraft avionics, and energy markets remains robust, despite anticipated declines in the commercial vehicle market[10][11] Assets and Liabilities - Total current assets decreased from $103,867 million in 2023 to $98,018 million in 2024, a decline of approximately 5.6%[21] - Cash and cash equivalents increased from $7,881 million in 2023 to $9,675 million in 2024, representing a growth of about 22.7%[21] - Total liabilities decreased from $106,875 million in 2023 to $99,795 million in 2024, a decline of about 6.4%[21] - Total stockholders' equity decreased from $22,467 million in 2023 to $19,581 million in 2024, a drop of approximately 12.9%[21] Cash Flow and Inventory - Net loss for 2024 was $1,680 million, compared to a net loss of $1,596 million in 2023, indicating a slight increase in losses[23] - Net cash provided by operating activities improved to $2,004 million in 2024 from a net cash used of $11,089 million in 2023[23] - Inventory decreased significantly from $77,314 million in 2023 to $66,680 million in 2024, a reduction of approximately 13.7%[21] - Capital expenditures for 2024 were $1,083 million, down from $2,139 million in 2023, reflecting a decrease of about 49.3%[23] - The cash flow from financing activities showed a net cash provided of $820 million in 2024, compared to a net cash used of $614 million in 2023[23]
Sypris Solutions(SYPR) - 2024 Q4 - Annual Results