Wed, May 15, 3:05 PM (72 days ago)
Sypris Solutions, Inc. reported a net revenue increase of 10.1% to $35.6 million for Q1 2024, driven by a 34.5% rise in Sypris Electronics' revenue, offset by a 5.9% decline in Sypris Technologies' revenue. Gross profit decreased by 30.7% to $2.9 million due to higher costs and unfavorable sales mix. Operating loss was $1.4 million, compared to a $416,000 income in Q1 2023, impacted by increased selling, general, and administrative expenses. Net loss widened to $2.2 million from $175,000. Cash flow from operations was negative $1.7 million, influenced by higher accounts receivable and inventory adjustments. The company secured additional liquidity through a $5 million loan from Gill Family Capital Management. Despite challenges, management anticipates sufficient liquidity for the next 12 months but remains prepared to implement contingency measures if necessary.