Sypris Solutions Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sypris Solutions Inc. has filed its 2023 10-K report detailing financial performance and operations.</b>

AI Summary

SYPRIS SOLUTIONS INC (SYPR) filed a Annual Report (10-K) with the SEC on April 1, 2024. Sypris Solutions Inc. filed its annual report for the fiscal year ended December 31, 2023. The report details the company's financial performance and business operations. Key financial data and segment information are included in the filing. The company previously operated under the name Group Technologies Corp. The filing includes information on various financial and operational segments.

Why It Matters

For investors and stakeholders tracking SYPRIS SOLUTIONS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sypris Solutions' financial health and strategic direction for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed segment reporting and financial data within the 10-K allow stakeholders to understand the performance drivers and potential risks across different business units.

Risk Assessment

Risk Level: medium — SYPRIS SOLUTIONS INC shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various market and operational risks detailed within the 10-K, which could impact its ability to achieve its strategic objectives.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Sypris Solutions' performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-01 — Filing Date (Date of submission)
• 1994-03-14 — Name Change Date (Date of former name change)
• 3823 — SIC Code (Industrial Instruments for Measurement, Display, and Control)

Key Players & Entities

• SYPRIS SOLUTIONS INC (company) — Filer name
• GROUP TECHNOLOGIES CORP (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-01 (date) — Filing date
• 101 BULLITT LN STE 450 (address) — Business and mailing address
• LOUISVILLE, KY 40222 (address) — Business and mailing address
• 5023292000 (phone) — Business phone number
• 3823 (sic_code) — Standard Industrial Classification code

FAQ

Industry Context

Sypris Solutions Inc. operates within the industrial instruments sector, focusing on measurement, display, and control systems.

Regulatory Implications

The filing adheres to SEC regulations for annual reporting, specifically the requirements of Form 10-K under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze segment performance data to understand revenue drivers and profitability.
3. Assess the risk factors section for potential challenges and uncertainties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Sypris Solutions Inc.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K.)

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the company's previous operations.

Key Financial Figures

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Filing Documents

• sypr20231231_10k.htm (10-K) — 1811KB
• ex_643570.htm (EX-21) — 5KB
• ex_643571.htm (EX-23) — 5KB
• ex_643572.htm (EX-31.1) — 14KB
• ex_643573.htm (EX-31.2) — 14KB
• ex_643574.htm (EX-32) — 13KB
• ex_643584.htm (EX-97.1) — 16KB
• 0001437749-24-010216.txt (&nbsp;) — 10400KB
• sypr-20231231.xsd (EX-101.SCH) — 88KB
• sypr-20231231_def.xml (EX-101.DEF) — 646KB
• sypr-20231231_lab.xml (EX-101.LAB) — 533KB
• sypr-20231231_pre.xml (EX-101.PRE) — 701KB
• sypr-20231231_cal.xml (EX-101.CAL) — 97KB
• sypr20231231_10k_htm.xml (XML) — 1816KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13. Certain Relationships and Related Transactions and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 Part IV Item 15. Exhibits and Financial Statement Schedules 66 Item 16. Form 10-K Summary 69 Signature Page 70 In this Annual Report on Form 10-K, "Sypris," "the Company," "we," "us" and "our" refer to Sypris Solutions, Inc. and its subsidiaries and predecessors, collectively. "Sypris Solutions" and "Sypris" are our trademarks. All other trademarks, servicemarks or trade names referred to in this Annual Report on Form 10-K are the property of their respective owners.

Forward-Looking Statements

Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements made by or on behalf of Sypris Solutions, Inc. ("Sypris", the "Company", "we", "our", or "us"). These statements are based on management's beliefs, as well as assumptions made by and information currently available to management. Forward-looking statements may be identified by words like "expect," "anticipate," "believe," "plan," "project," "could," "estimate," "intend," "may," "will", "in our view" and similar expressions, or the negative of such terms, or other comparable terminology. All forward-looking statements involve risks and uncertainties that are difficult to predict. In particular, any statement contained in this Annual Report on Form 10-K or in other documents filed with the Securities and Exchange Commission, in press releases, or in the Company's communications and discussions with investors and analysts in the normal course of business through meetings, phone calls, or conference calls regarding, among other things, the consummation and benefits of transactions, joint ventures, business combinations, divestitures and acquisitions, expectations with respect to future sales, financial performance, operating efficiencies, or product expansion, are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the control of the Company. Various factors may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements expressed or implied by forward-looking statements. Briefly, we currently believe that such risks also include the following: the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our failure to achieve profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue

Business

Business General We were formed as a Delaware corporation in 1997. We are a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. We produce a wide range of manufactured products, often under multi-year, sole-source contracts. We focus on those markets where we believe we have the expertise, qualifications and leadership position to sustain a competitive advantage. We target our resources to support the needs of industry participants that embrace technological innovation and flexibility, coupled with multi-year contractual relationships, as a strategic component of their supply chain management. These contracts, many of which are sole-source by part number, have historically created opportunities to invest in leading-edge processes or technologies to help our customers remain competitive. The productivity and innovation that can result from such investments helps to differentiate us from our competition when it comes to cost, quality, reliability and customer service. Our manufacturing processes frequently involve the fabrication or assembly of a product or subassembly according to specifications provided by our customers. We strive to enhance our manufacturing capabilities by advanced quality and manufacturing techniques, lean manufacturing, continuous flow manufacturing, six sigma, total quality management, stringent and real-time engineering change control routines and total cycle time reduction techniques. At the same time, we are working to develop new designs and product innovations by re-engineering traditional solutions to eliminate cost without reducing durability or quality. Business Division Summary We are organized into two business segments, Sypris Technologies and Sypris Electronics. Sypris Technologies, which is comprised of Sypris Technologies, Inc. and its subsidiaries, generates revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily

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View this 10-K filing on SEC EDGAR