Sypris Solutions(SYPR) - 2023 Q4 - Annual Results

Revenue Growth - Consolidated revenue for Q4 2023 increased by 16.9% to $34.7 million compared to $29.7 million in Q4 2022[8] - Full-year revenue for 2023 reached $136.2 million, a 23.7% increase from $110.1 million in 2022[9] - Sypris Electronics revenue grew by 25.2% in Q4 2023 and 42.7% for the full year, driven by demand in Electronic Warfare and Avionics markets[4] - Sypris Technologies revenue increased by 10.8% in Q4 2023 and 12.5% for the full year, supported by demand in Commercial Vehicle and Energy markets[4] - Total net revenue for Q4 2023 was $34.735 million, a 16.8% increase from $29.712 million in Q4 2022[21] - Sypris Technologies generated $19.025 million in revenue, up 10.8% from $17.163 million year-over-year[21] - Sypris Electronics reported revenue of $15.710 million, a 25.4% increase from $12.549 million in the same quarter last year[21] Profitability and Loss - The company reported a net loss of $1.1 million in Q4 2023, compared to a net income of $0.1 million in Q4 2022[8] - The net loss for the year ended December 31, 2023, was $1.596 million, an improvement from a net loss of $2.494 million in 2022[25] - The company reported a basic loss per share of $0.07 for the year ended December 31, 2023, compared to a loss of $0.11 in 2022[21] - Operating loss for the year was $969,000, compared to an operating income of $364,000 in 2022[21] - Total gross profit decreased to $4.377 million in Q4 2023 from $4.593 million in Q4 2022, reflecting a gross margin of 12.6%[21] Future Outlook - The outlook for 2024 anticipates a revenue increase of 10-15% year-over-year, with gross profit expected to rise by 20-25%[4] - Gross margin is forecasted to expand by 150-175 basis points year-over-year in 2024[4] - The backlog for Sypris Electronics exceeded $110 million, expected to support revenue growth through 2024[6] Cash and Assets - Cash and cash equivalents decreased to $7.881 million at the end of 2023 from $21.648 million at the end of 2022[23] - Total current assets increased to $103.867 million in 2023, up from $79.978 million in 2022[23] - Total liabilities rose to $106.875 million in 2023, compared to $84.569 million in 2022[23] Strategic Initiatives - Sypris Electronics secured multimillion-dollar contracts for advanced electronic warfare systems, with production expected to continue into mid-2025[4] - The company is actively pursuing new projects in the energy sector to capitalize on increasing LNG demand[8]