0001437749-24-026231 | 10-Q | XBRL Viewer

Lessee, Operating and Finance Leases [Text Block]

(4)

Leases

The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate. These leases have initial terms which range from 10 years to 11 years, and often include one or more options to renew. These renewal terms can extend the lease term by 5 years, and will be included in the lease term when it is reasonably certain that the Company will exercise the option. The Company’s existing leases do not contain significant restrictive provisions; however, certain leases contain provisions for payment of real estate taxes, insurance and maintenance costs by the Company. The lease agreements do not contain any residual value guarantees. Some of the real estate lease agreements include periods of rent holidays and payments that escalate over the lease term by specified amounts. All operating lease expenses are recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the right-of-use asset is amortized over the lease term.

Some leases may require variable lease payments based on factors specific to the individual agreements. Variable lease payments for which we are typically responsible include real estate taxes, insurance and common area maintenance expenses based on the Company’s pro-rata share, which are excluded from the measurement of the lease liability. Additionally, one of the Company’s real estate leases has lease payments that adjust based on annual changes in the Consumer Price Index (“CPI”). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Incremental payments due to changes in the index are treated as variable lease costs and expensed as incurred.

These operating leases are included in “Operating lease right-of-use assets” on the Company’s consolidated balance sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” on the Company’s consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As of June 30, 2024, total right-of-use assets and operating lease liabilities were approximately $4,300,000 and $4,706,000, respectively. As of December 31, 2023, total right-of-use assets and operating lease liabilities were approximately $3,309,000 and $3,710,000, respectively.

We primarily use our incremental borrowing rate, which is updated quarterly, based on the information available at commencement date, in determining the present value of lease payments. If readily available, we would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component.

The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of twelve months or less. Lease payments associated with short-term leases are expensed as incurred and are not recorded on the Company’s balance sheet. The related lease expense for short-term leases was not material for the three and six months ended June 30, 2024 and July 2, 2023.

The following table presents information related to lease expense for the three and six months ended June 30, 2024 and July 2, 2023 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	194	$	189	$	401	$	366
Interest expense		62		73		129		149
Operating lease expense		315		351		666		701
Variable lease expense		83		85		172		171
Total lease expense	$	654	$	698	$	1,368	$	1,387

The following table presents supplemental cash flow information related to leases (in thousands):

	Six Months Ended
	June 30,		July 2,
	2024		2023
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	850	$	885
Operating cash flows from finance leases		129		149
Financing cash flows from finance leases		659		556

The annual future minimum lease payments as of June 30, 2024 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,478		$	1,643
12 to 24 months		1,047			1,250
24 to 36 months		1,101			247
36 to 48 months		695			121
48 to 60 months		280			2
Thereafter		1,186			0
Total lease payments		5,787			3,263
Less imputed interest		(1,081	)		(314	)
Total	$	4,706		$	2,949

The following table presents certain information related to lease terms and discount rates for leases as of June 30, 2024 and December 31, 2023:

	June 30,		December 31,
	2024		2023
		(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.5		3.6
Finance leases		2.0		2.2
Weighted-average discount rate (percentage):
Operating leases		8.4		8.0
Finance leases		8.8		8.8

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-24020
Entity Registrant Name	SYPRIS SOLUTIONS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1321992
Entity Address, Address Line One	101 Bullitt Lane, Suite 450
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	329-2000
Title of 12(b) Security	Common Stock
Trading Symbol	SYPR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		22,973,863
Entity Central Index Key	0000864240
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Net revenue	$ 35,521	$ 35,615	$ 71,074	$ 67,907
Sypris Technologies [Member]
Net revenue	17,841	20,058	36,191	39,558
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	17,841	20,058	36,191	39,558
Sypris Electronics [Member]
Net revenue	17,680	15,557	34,883	28,349
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	3,578	4,844	7,360	9,333
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 14,102	$ 10,713	$ 27,523	$ 19,016

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Note 5 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Percentage	46.00%

Note 6 - Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Text Block]

(6)

Earnings (Loss) Per Common Share

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were 1,017,000 potential common shares excluded from diluted earnings per share for the three months ended June 30, 2024. For the six months ended June 30, 2024, diluted weighted average common shares do not include the impact of any outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive. There were 663,000 potential common shares excluded from diluted earnings per share for the three and six months ended July 2, 2023.

A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted income (loss) per common share is as follows (in thousands):

	Three Months Ended					Six Months Ended
	June 30,		July 2,			June 30,			July 2,
	2024		2023			2024			2023
	(Unaudited)					(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) income as reported	$	16	$	213		$	(2,205	)	$	38
Less distributed and undistributed earnings allocable to restricted award holders		0		(5	)		0			(1	)
Less dividends declared attributable to restricted award holders		0		0			0			0
Net income (loss) allocable to common stockholders	$	16	$	208		$	(2,205	)	$	37
Income (loss) per common share attributable to stockholders:
Basic	$	0.00	$	0.01		$	(0.10	)	$	0.00
Diluted	$	0.00	$	0.01		$	(0.10	)	$	0.00
Weighted average shares outstanding – basic		21,989		21,852			21,973			21,824
Weighted average additional shares assuming conversion of potential common shares		299		594			0			633
Weighted average shares outstanding – diluted		22,288		22,446			21,973			22,457

Note 9 - Debt

6 Months Ended

Jun. 30, 2024

Long-Term Debt [Text Block]

(9)

Debt

Debt outstanding consists of the following (in thousands):

	June 30,			December 31,
	2024			2023
		(Unaudited)
Current:
Finance lease obligation, current portion	$	1,447		$	1,327
Equipment financing obligations, current portion		564			618
Working capital line of credit		500			500
Note payable – related party, current portion		2,000			0
Current portion of long-term debt and finance lease obligations	$	4,511		$	2,445
Long Term:
Finance lease obligation	$	1,502		$	1,852
Equipment financing obligations		1,068			1,333
Note payable – related party		7,000			6,500
Less unamortized debt issuance and modification costs		(18	)		(16	)
Long-term debt and finance lease obligations net of unamortized debt costs	$	9,552		$	9,669

Note Payable – Related Party

The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling $9,000,000 in principal as of June 30, 2024 and $6,500,000 as of December 31, 2023 (the “Note”). GFCM is an entity controlled by the Company’s Chairman, President and Chief Executive Officer, Jeffrey T. Gill, and one of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. As of June 30, 2024, our principal commitment under the Note was $2,000,000 due on April 1, 2025, $2,000,000 on April 1, 2026 and the balance of $5,000,000 due on April 1, 2027. Interest on the Note is reset on April 1 of each year, at the greater of 8.0% or 500 basis points above the five-year Treasury note average during the preceding 90-day period, in each case, payable quarterly, which was 9.12% as of June 30, 2024. The Note allows for a deferral of payment for up to 60% of the interest due on the Note to April 1, 2025.

During the first quarter of 2024, the Company amended the Note to increase the principal amount due on April 1, 2027 by $2,500,000. The amendment increased the aggregate amount previously loaned by GFCM to the Company from $6,500,000 to $9,000,000. This additional amount loaned to the Company in the first quarter of 2024 was approved by the Audit Committee and provided the Company necessary liquidity.

Obligations under the Note are guaranteed by all of the subsidiaries and are secured by a first priority lien on substantially all assets of the Company, including those in Mexico.

Finance Lease Obligations

As of June 30, 2024, the Company had $2,949,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2028 and a weighted average interest rate of 8.8%.

Equipment Financing Obligations

As of June 30, 2024, the Company had $1,632,000 outstanding under equipment financing facilities, with a weighted average interest rate of 6.8% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):

Next 12 months	$	658
12 to 24 months		495
24 to 36 months		402
36 to 48 months		261
48 to 60 months		12
Thereafter		0
Total payments		1,828
Less imputed interest		(196	)
Total equipment financing obligations	$	1,632

Note 3 - Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Text Block]

(3)

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending December 31, 2024 and subsequent interim periods. We are currently assessing the impact of this guidance on our disclosures.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending December 31, 2025. We are currently assessing the impact of this guidance on our disclosures.

No other new accounting pronouncement issued or effective during the fiscal year had, or is expected to have, a material impact on our Consolidated Financial Statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Note 16 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(16)

Fair Value of Financial Instruments

Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at June 30, 2024 approximates fair value, and is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments (Level 2).

Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Service cost	$ 0	$ 0	$ 0	$ 1
Interest cost on projected benefit obligation	239	408	548	618
Net amortizations, deferrals and other costs	88	123	220	263
Expected return on plan assets	(184)	(149)	(361)	(353)
Net periodic benefit cost	$ 143	$ 382	$ 407	$ 529

Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Operating leases (Year)	5 years 6 months	3 years 7 months 6 days
Finance leases (Year)	2 years	2 years 2 months 12 days
Operating leases	8.40%	8.00%
Finance leases	8.80%	8.80%

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	975,150	975,150
Preferred Stock, Shares Issued (in shares)	0	0
Treasury Stock, Common, Shares (in shares)	43,856	5,835
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	24,850	24,850
Preferred Stock, Shares Issued (in shares)	0	0
Nonvoting Common Stock [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Common Stock, Shares, Issued (in shares)	0	0
Common Stock, Shares, Issued (in shares)	0	0
Common Stock [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	30,000,000	30,000,000
Common Stock, Shares, Issued (in shares)	23,067,984	22,465,485
Common Stock, Shares, Issued (in shares)	23,067,984	22,465,485
Common Stock, Shares, Outstanding (in shares)	23,024,128	22,459,649

Note 14 - Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,			July 2,			June 30,			July 2,
	2024			2023			2024			2023
	(Unaudited)						(Unaudited)

Service cost	$	0		$	0		$	0		$	1
Interest cost on projected benefit obligation		239			408			548			618
Net amortizations, deferrals and other costs		88			123			220			263
Expected return on plan assets		(184	)		(149	)		(361	)		(353	)
Net periodic benefit cost	$	143		$	382		$	407		$	529

Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Amount	$ 94,303,000		$ 94,303,000
Contract with Customer, Liability	52,849,000		52,849,000		$ 53,537,000
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities	9,562,000	$ 5,963,000	16,718,000	$ 10,168,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current	4,149,000		4,149,000		4,638,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	43,360,000		43,360,000		49,738,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 9,489,000		$ 9,489,000		$ 3,799,000

Note 9 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finance lease obligations, current portion	$ 1,447	$ 1,327
Equipment financing obligations, current portion	564	618
Working capital line of credit	500	500
Note payable – related party, current portion	2,000	0
Current portion of long-term debt and finance lease obligations	4,511	2,445
Finance lease obligations, net of current portion	1,502	1,852
Equipment financing obligations	1,068	1,333
Less unamortized debt issuance and modification costs	(18)	(16)
Long-term debt and finance lease obligations, net of unamortized debt costs	9,552	9,669
Related Party [Member]
Note payable – related party, current portion	2,000	0
Note payable – related party	$ 7,000	$ 6,500

Note 1 - Nature of Business

6 Months Ended

Jun. 30, 2024

Nature of Operations [Text Block]

(1)

Nature of Business

All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”) (See Note 11).

Note 13 - Income Taxes (Details Textual) - USD ($)			3 Months Ended	6 Months Ended
Note 13 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2024	Feb. 23, 2023	Jun. 30, 2024	Jun. 30, 2024	Jul. 02, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	21.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent				30.00%	30.00%
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount				$ 124,000
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount			$ 124,000
Foreign Tax Jurisdiction [Member] \| Mexican Tax Authority [Member]
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount	$ 124,000
Tax Assessment of the Company		$ 1,150,000
Tax Assessment, Payment	$ 191,000

Note 11 - Segment Data

6 Months Ended

Jun. 30, 2024

Segment Reporting Disclosure [Text Block]

(11)

Segment Data

The Company is organized into two business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies, and workforce skills of the segments. Sypris Technologies generates revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for the heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics provides circuit card and box build manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work to customers in the market for aerospace and defense electronics. There was no intersegment net revenue recognized for any period presented.

The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are not allocated to our reportable segments. The unallocated assets include cash and cash equivalents maintained in its domestic treasury accounts and the net book value of corporate facilities and related information systems. The unallocated liabilities consist primarily of the related party notes payable. Domestic income taxes are calculated at an entity level and are not allocated to our reportable segments. Corporate capital expenditures and depreciation and amortization include items attributable to the unallocated fixed assets of the corporate office and related information systems.

The following table presents financial information for the reportable segments of the Company (in thousands):

	Three Months Ended						Six Months Ended
	June 30,			July 2,			June 30,			July 2,
	2024			2023			2024			2023
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	17,841		$	20,058		$	36,191		$	39,558
Sypris Electronics		17,680			15,557			34,883			28,349
	$	35,521		$	35,615		$	71,074		$	67,907

Gross profit:
Sypris Technologies	$	2,719		$	2,007		$	4,770		$	4,646
Sypris Electronics		2,922			2,663			3,755			4,185
	$	5,641		$	4,670		$	8,525		$	8,831

Operating income (loss):
Sypris Technologies	$	1,389		$	538		$	1,895		$	1,699
Sypris Electronics		1,665			1,584			1,102			2,146
General, corporate and other		(1,781	)		(1,156	)		(3,098	)		(2,463	)
	$	1,273		$	966		$	(101	)	$	1,382
Income (loss) before taxes:
Sypris Technologies	$	1,188		$	(48	)	$	1,338		$	975
Sypris Electronics		1,339			1,543			711			2,075
General, corporate and other		(2,052	)		(1,220	)		(3,607	)		(2,656	)
	$	475		$	275		$	(1,558	)	$	394

	June 30,		December 31,
	2024		2023
		(Unaudited)
Total assets:
Sypris Technologies	$	37,918	$	41,143
Sypris Electronics		73,417		84,576
General, corporate and other		12,910		3,623
	$	124,245	$	129,342

Total liabilities:
Sypris Technologies	$	21,443	$	21,309
Sypris Electronics		71,143		77,272
General, corporate and other		12,639		8,294
	$	105,225	$	106,875

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 13,760,000	$ 7,881,000
Accounts receivable, net	11,510,000	8,929,000
Inventory, net	64,843,000	77,314,000
Other current assets	10,191,000	9,743,000
Total current assets	100,304,000	103,867,000
Property, plant and equipment, net	15,107,000	17,133,000
Operating lease right-of-use assets	4,300,000	3,309,000
Other assets	4,534,000	5,033,000
Total assets	124,245,000	129,342,000
Accounts payable	22,519,000	26,737,000
Accrued liabilities	50,410,000	56,232,000
Operating lease liabilities, current portion	1,133,000	1,068,000
Finance lease obligations, current portion	1,447,000	1,327,000
Equipment financing obligations, current portion	564,000	618,000
Working capital line of credit	500,000	500,000
Note payable – related party, current portion	2,000,000	0
Total current liabilities	78,573,000	86,482,000
Operating lease liabilities, net of current portion	3,573,000	2,642,000
Finance lease obligations, net of current portion	1,502,000	1,852,000
Equipment financing obligations, net of current portion	1,068,000	1,333,000
Note payable – related party, net of current portion	6,982,000	6,484,000
Other liabilities	13,527,000	8,082,000
Total liabilities	105,225,000	106,875,000
Preferred stock	0	0
Additional paid-in capital	156,675,000	156,242,000
Accumulated deficit	(119,137,000)	(116,932,000)
Accumulated other comprehensive loss	(18,748,000)	(17,067,000)
Treasury stock, 19 shares in 2023 and 2022	0	0
Total stockholders’ equity	19,020,000	22,467,000
Total liabilities and stockholders’ equity	124,245,000	129,342,000
Series A Preferred Stock [Member]
Preferred stock	0	0
Nonvoting Common Stock [Member]
Common stock	0	0
Common Stock [Member]
Common stock	$ 230,000	$ 224,000

Note 4 - Leases (Details Textual) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Renewal Term	5 years
Operating Lease, Right-of-Use Asset	$ 4,300,000	$ 3,309,000
Operating Lease, Liability, Total	$ 4,706,000	$ 3,710,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract	11 years

Note 7 - Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Text Block]

(7)

Inventory

Inventory consists of the following (in thousands):

	June 30,			December 31,
	2024			2023
		(Unaudited)
Raw materials	$	57,592		$	67,962
Work in process		7,164			9,027
Finished goods		2,233			1,974
Reserve for excess and obsolete inventory		(2,146	)		(1,649	)
Total	$	64,843		$	77,314

Note 10 - Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivatives and Fair Value [Text Block]

(10)

Derivative Financial Instruments

During the quarter ended June 30, 2024, the Company’s Sypris Technologies segment entered into Mexican Peso (“MXP”) put option contracts to manage a portion of the foreign currency exchange risk on forecasted expenses denominated in MXP. The contracts meet the definition of a derivate subject to the guidance of ASC 815, do not qualify for hedge accounting, and accordingly are recognized at fair value, with changes in fair value recognized in earnings in other income (expense). The contracts have a notional amount of $10,600,000 as of June 30, 2024 and expire at various dates through December 2024. The Company does not use hedging arrangements for speculative purposes. There can be no assurance the hedges will fully offset the financial impact resulting from movements in foreign currency exchange rates.

The fair value of these derivative financial instruments are determined using level 2 inputs (inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability) in the fair value hierarchy as the fair value is based on publicly available foreign exchange and interest rates at each financial reporting date. The fair value of the non-designated foreign exchange contracts as of June 30, 2024 was $195,000 and is include in other current assets in the Consolidated Balance Sheet. There were no foreign exchange contracts as of December 31, 2023.

Note 9 - Debt (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Long-Term Debt Instruments [Table Text Block]

	June 30,			December 31,
	2024			2023
		(Unaudited)
Current:
Finance lease obligation, current portion	$	1,447		$	1,327
Equipment financing obligations, current portion		564			618
Working capital line of credit		500			500
Note payable – related party, current portion		2,000			0
Current portion of long-term debt and finance lease obligations	$	4,511		$	2,445
Long Term:
Finance lease obligation	$	1,502		$	1,852
Equipment financing obligations		1,068			1,333
Note payable – related party		7,000			6,500
Less unamortized debt issuance and modification costs		(18	)		(16	)
Long-term debt and finance lease obligations net of unamortized debt costs	$	9,552		$	9,669

Finance Lease, Liability, to be Paid, Maturity [Table Text Block]

Next 12 months	$	658
12 to 24 months		495
24 to 36 months		402
36 to 48 months		261
48 to 60 months		12
Thereafter		0
Total payments		1,828
Less imputed interest		(196	)
Total equipment financing obligations	$	1,632

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Note 4 - Leases (Tables)

6 Months Ended

Jun. 30, 2024

Lease, Cost [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	194	$	189	$	401	$	366
Interest expense		62		73		129		149
Operating lease expense		315		351		666		701
Variable lease expense		83		85		172		171
Total lease expense	$	654	$	698	$	1,368	$	1,387

Supplemental Cash Flow Information Related to Leases [Table Text Block]

	Six Months Ended
	June 30,		July 2,
	2024		2023
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	850	$	885
Operating cash flows from finance leases		129		149
Financing cash flows from finance leases		659		556

Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,478		$	1,643
12 to 24 months		1,047			1,250
24 to 36 months		1,101			247
36 to 48 months		695			121
48 to 60 months		280			2
Thereafter		1,186			0
Total lease payments		5,787			3,263
Less imputed interest		(1,081	)		(314	)
Total	$	4,706		$	2,949

Lease Terms and Discount Rates for Leases [Table Text Block]

	June 30,		December 31,
	2024		2023
		(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.5		3.6
Finance leases		2.0		2.2
Weighted-average discount rate (percentage):
Operating leases		8.4		8.0
Finance leases		8.8		8.8

Note 11 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023	Dec. 31, 2023
Total gross profit	$ 35,521	$ 35,615	$ 71,074	$ 67,907
Total assets	124,245		124,245		$ 129,342
Assets	124,245		124,245		129,342
Total liabilities	105,225		105,225		106,875
Total gross profit	5,641	4,670	8,525	8,831
Liabilities	105,225		105,225		106,875
Total operating income	1,273	966	(101)	1,382
Total income (loss) before income taxes	475	275	(1,558)	394
Sypris Technologies [Member]
Total gross profit	17,841	20,058	36,191	39,558
Total assets	37,918		37,918		41,143
Assets	37,918		37,918		41,143
Total liabilities	21,443		21,443		21,309
Total gross profit	2,719	2,007	4,770	4,646
Liabilities	21,443		21,443		21,309
Total operating income	1,389	538	1,895	1,699
Total income (loss) before income taxes	1,188	(48)	1,338	975
Sypris Electronics [Member]
Total gross profit	17,680	15,557	34,883	28,349
Total assets	73,417		73,417		84,576
Assets	73,417		73,417		84,576
Total liabilities	71,143		71,143		77,272
Total gross profit	2,922	2,663	3,755	4,185
Liabilities	71,143		71,143		77,272
Total operating income	1,665	1,584	1,102	2,146
Total income (loss) before income taxes	1,339	1,543	711	2,075
Corporate Segment and Other Operating Segment [Member]
Total assets	12,910		12,910		3,623
Assets	12,910		12,910		3,623
Total liabilities	12,639		12,639		8,294
Liabilities	12,639		12,639		$ 8,294
Total operating income	(1,781)	(1,156)	(3,098)	(2,463)
Total income (loss) before income taxes	$ (2,052)	$ (1,220)	$ (3,607)	$ (2,656)

Amount of asset recognized for present right to economic benefit.

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Note 6 - Earnings (Loss) Per Common Share (Details Textual) - shares	3 Months Ended	6 Months Ended
	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	663,000	1,017,000	663,000

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023
Operating cash flows from operating leases	$ 850	$ 885
Operating cash flows from finance leases	129	149
Financing cash flows from finance leases	$ 659	$ 556

Note 11 - Segment Data (Details Textual)	6 Months Ended
Note 11 - Segment Data (Details Textual)	Jun. 30, 2024
Number of Operating Segments	2
Intersegment Eliminations [Member]
Number of Operating Segments	2

Note 5 - Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	17,841	$	20,058	$	36,191	$	39,558
Sypris Electronics – transferred point in time		3,578		4,844		7,360		9,333
Sypris Electronics – transferred over time		14,102		10,713		27,523		19,016
	$	35,521	$	35,615	$	71,074	$	67,907

Note 9 - Debt - Maturities of Equipment Financing Obligations (Details) - Equipment Financing Obligations [Member]	Jun. 30, 2024 USD ($)
Next 12 months	$ 658,000
12 to 24 months	495,000
24 to 36 months	402,000
36 to 48 months	261,000
48 to 60 months	12,000
Thereafter	0
Total lease payments, finance leases	1,828,000
Less imputed interest, finance leases	(196,000)
Total, finance leases	$ 1,632,000

Note 8 - Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Table Text Block]

	June 30,			December 31,
	2024			2023
		(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		8,241			8,507
Machinery, equipment, furniture and fixtures		71,950			74,588
Construction in progress		707			863
		80,941			84,001
Accumulated depreciation		(65,834	)		(66,868	)
	$	15,107		$	17,133

Note 15 - Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Stockholders Equity [Table Text Block]

	June 30,			December 31,
	2024			2023
	(Unaudited)
Foreign currency translation adjustments	$	(9,550	)	$	(7,869	)
Employee benefit related adjustments – U.S., net of tax		(9,281	)		(9,281	)
Employee benefit related adjustments – Mexico, net of tax		83			83
Accumulated other comprehensive loss	$	(18,748	)	$	(17,067	)

Note 6 - Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended					Six Months Ended
	June 30,		July 2,			June 30,			July 2,
	2024		2023			2024			2023
	(Unaudited)					(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) income as reported	$	16	$	213		$	(2,205	)	$	38
Less distributed and undistributed earnings allocable to restricted award holders		0		(5	)		0			(1	)
Less dividends declared attributable to restricted award holders		0		0			0			0
Net income (loss) allocable to common stockholders	$	16	$	208		$	(2,205	)	$	37
Income (loss) per common share attributable to stockholders:
Basic	$	0.00	$	0.01		$	(0.10	)	$	0.00
Diluted	$	0.00	$	0.01		$	(0.10	)	$	0.00
Weighted average shares outstanding – basic		21,989		21,852			21,973			21,824
Weighted average additional shares assuming conversion of potential common shares		299		594			0			633
Weighted average shares outstanding – diluted		22,288		22,446			21,973			22,457

Note 15 - Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Comprehensive Income (Loss) Note [Text Block]

(15)

Accumulated Other Comprehensive Loss

The Company’s accumulated other comprehensive loss consists of employee benefit-related adjustments and foreign currency translation adjustments.

Accumulated other comprehensive loss consisted of the following (in thousands):

	June 30,			December 31,
	2024			2023
	(Unaudited)
Foreign currency translation adjustments	$	(9,550	)	$	(7,869	)
Employee benefit related adjustments – U.S., net of tax		(9,281	)		(9,281	)
Employee benefit related adjustments – Mexico, net of tax		83			83
Accumulated other comprehensive loss	$	(18,748	)	$	(17,067	)

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information During the quarter ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023
Cash flows from operating activities:
Net income (loss)	$ (2,205)	$ 38
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,676	1,553
Deferred income taxes	39	(121)
Stock-based compensation expense	438	409
Deferred loan costs recognized	4	3
Provision for excess and obsolete inventory	508	(29)
Non-cash lease expense	610	386
Other noncash items	234	(68)
Contributions to pension plans	(108)	(10)
Accounts receivable	(2,743)	(2,747)
Inventory	11,563	(21,267)
Other current assets	(743)	(1,443)
Accounts payable	(4,144)	4,688
Accrued and other liabilities	(674)	22,296
Net cash provided by operating activities	4,455	3,688
Capital expenditures	(508)	(1,526)
Net cash used in investing activities	(508)	(1,526)
Proceeds from equipment financing obligations	430	210
Proceeds from Note payable – related party	2,500	0
Principal payments on finance lease obligations	(659)	(556)
Principal payments on equipment financing obligations	(319)	(234)
Principal payments on Note payable – related party	0	(2,500)
Indirect repurchase of shares for minimum statutory tax withholdings	(1)	(83)
Net cash provided by (used in) financing activities	1,951	(3,163)
Effect of exchange rate changes on cash balances	(19)	(67)
Net decrease in cash and cash equivalents	5,879	(1,068)
Cash and cash equivalents at beginning of period	7,881	21,648
Cash and cash equivalents at end of period	13,760	20,580
Capital expenditures purchased through equipment financing obligations	$ 0	$ 882

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Net income (loss)	$ 16	$ 213	$ (2,205)	$ 38
Other comprehensive (loss) income
Foreign currency translation adjustments	(2,086)	1,049	(1,681)	2,422
Comprehensive income (loss)	$ (2,070)	$ 1,262	$ (3,886)	$ 2,460

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Note 12 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

(12)

Commitments and Contingencies

The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of June 30, 2024 and December 31, 2023 was $849,000 and $805,000, respectively. The Company’s warranty expense for the three and six months ended June 30, 2024 and July 2, 2023 was not material.

The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third-party plan administrators, historical claims experience, expected costs of claims incurred but not paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated results of operations and financial condition.

The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. Additionally, the Company believes its product liability insurance is adequate to cover all potential liability claims.

The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is within a wide range or undeterminable. If the Company deems an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued.

The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. Additionally, certain property previously sold by the Company has been designated as a Brownfield Site and has been approved for development by the purchaser. As of June 30, 2024 and December 31, 2023, no amounts were accrued for any environmental matters.

On December 27, 2017, the U.S. Department of Labor (the “DOL”) filed a lawsuit alleging that the Company had misinterpreted the language of the Company’s 401(k) Plans (collectively, the “Plan”). The DOL does not dispute that the Company reached such interpretation in good faith and after the Company consulted with independent ERISA counsel. Although the Company maintains that it had affirmative defenses against the DOL’s claims, in an effort to avoid further litigation the Company engaged in settlement discussions in the second half of 2022 with the DOL. On March 14, 2023, the parties jointly delivered to the court a proposed consent order and judgment containing the terms of a settlement agreement, which was entered into the court record on September 28, 2023. The settlement, among other terms, required the Company to pay a restoration payment of $575,000 to the Plan, which was deposited into the Plan’s unallocated asset account during the fourth quarter of 2023 and distributed among affected participants of the Plan in February 2024. The settlement agreement also assessed a 10% penalty under section 502(l) of ERISA, for which the Company requested a good faith waiver in March 2024, which was approved by the DOL in June 2024.

On February 17, 2017, several employees (“Lucas Plaintiffs”) of KapStone Charleston Kraft, LLC filed a lawsuit in South Carolina alleging that they had been seriously burned when they opened a hinged closure and a hot tar-like material spilled out. Among other claims, the Lucas Plaintiffs allege that Sypris Technologies designed and manufactured the closure, that the closure was defective and that those defects had caused or contributed to their injuries. Sypris Technologies’ motion to dismiss for lack of jurisdiction was denied on February 28, 2020. On November 21, 2022, the Company received a demand for settlement presented by the Lucas Plaintiffs, which was rejected. On January 12, 2024, a hearing took place for oral arguments in support of Sypris Technologies’ motion for summary judgement previously filed in September 2023. The trial had been set for May 20, 2024, and a mediation of the parties was required to take place prior to the trial under South Carolina law. The Company entered into a settlement agreement on April 18, 2024 with the Lucas Plaintiffs at the pre-trial mediation. The settlement payment is being funded entirely by insurance, and the Company does not expect to pay any amount under the terms of the settlement agreement. Additionally, the Company’s general liability insurer has accepted the defense costs.

In order to reduce manufacturing lead times, the Company enters into agreements with certain suppliers to produce inventory based on the Company’s requirements. A significant portion of the Company’s purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totaled $38,072,000 as of June 30, 2024, of which $25,326,000 is due in 2024, $12,175,000 is due in 2025 and the balance in 2026.

Note 8 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment Disclosure [Text Block]

(8)

Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):

	June 30,			December 31,
	2024			2023
		(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		8,241			8,507
Machinery, equipment, furniture and fixtures		71,950			74,588
Construction in progress		707			863
		80,941			84,001
Accumulated depreciation		(65,834	)		(66,868	)
	$	15,107		$	17,133

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Net revenue	$ 35,521	$ 35,615	$ 71,074	$ 67,907
Cost of sales	29,880	30,945	62,549	59,076
Gross profit	5,641	4,670	8,525	8,831
Selling, general and administrative	4,368	3,704	8,626	7,449
Operating (loss) income	1,273	966	(101)	1,382
Interest expense, net	604	178	922	404
Other expense, net	194	513	535	584
Income (loss) before taxes	475	275	(1,558)	394
Income tax expense	459	62	647	356
Loss per share:
Net income (loss)	$ 16	$ 213	$ (2,205)	$ 38
Basic (in dollars per share)	$ 0	$ 0.01	$ (0.1)	$ 0
Diluted (in dollars per share)	$ 0	$ 0.01	$ (0.1)	$ 0
Weighted average shares outstanding:
Basic (in shares)	21,989	21,852	21,973	21,824
Diluted (in shares)	22,288	22,446	21,973	22,457
Dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Note 10 - Derivative Financial Instruments (Details Textual)	Jun. 30, 2024 USD ($)
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	$ 195,000
Foreign Exchange Contract [Member]
Derivative, Notional Amount	$ 10,600,000

Note 15 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Foreign currency translation adjustments	$ (9,550)	$ (7,869)
Accumulated other comprehensive loss	(18,748)	(17,067)
UNITED STATES
Employee benefit related adjustments – U.S., net of tax	(9,281)	(9,281)
Foreign Plan [Member]
Employee benefit related adjustments – U.S., net of tax	$ 83	$ 83

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Gross property, plant and equipment	$ 80,941	$ 84,001
Accumulated depreciation	(65,834)	(66,868)
Property, Plant and Equipment, Net	15,107	17,133
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	8,241	8,507
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	71,950	74,588
Construction in Progress [Member]
Gross property, plant and equipment	$ 707	$ 863

Note 5 - Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Text Block]

(5)

Revenue from Contracts with Customers

The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company’s transaction price in its contracts with customers is generally fixed; no payment discounts, rebates or refunds are included within its contracts. The Company also does not provide service-type warranties nor does it allow customer returns. In connection with the sale of various parts to customers, the Company is subject to typical assurance warranty obligations covering the compliance of the electronics parts produced to agreed-upon specifications. Customer returns, when they occur, relate to quality rework issues and are not connected to any repurchase obligation of the Company.

A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC 606. When a contract contains multiple performance obligations, we allocate the transaction price to the individual performance obligations using the price at which the promised goods or services would be sold to customers on a standalone basis. For most sales within our Sypris Technologies segment and a portion of sales within Sypris Electronics, control transfers to the customer at a point in time. Indicators that control has transferred to the customer include the Company having a present right to payment, the customer obtaining legal title and the customer having the significant risks and rewards of ownership. The Company’s principal terms of sale are FOB Shipping Point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment.

For contracts where Sypris Electronics serves as a contractor for aerospace and defense companies under federally funded programs, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Because control is transferred over time, revenue and gross profit is recognized based on the extent of progress towards completion of the performance obligation. We use labor hours incurred as a measure of progress for these contracts because it best depicts the Company’s performance of the obligation to the customer, which occurs as we incur labor on our contracts. Under this measure of progress, the extent of progress towards completion is measured based on the ratio of labor hours incurred to date to the total estimated labor hours at completion of the performance obligation.

Some of Sypris Electronics’ contractual arrangements with customers are for one year or less. For the remaining population of non-cancellable contracts greater than one year we had $94,303,000 of remaining performance obligations as of June 30, 2024, all of which were long-term Sypris Electronics’ contracts. We expect to recognize approximately 46% of our remaining performance obligations as revenue in 2024, 50% in 2025 and the balance in 2026.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2024 and July 2, 2023:

	Three Months Ended				Six Months Ended
	June 30,		July 2,		June 30,		July 2,
	2024		2023		2024		2023
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	17,841	$	20,058	$	36,191	$	39,558
Sypris Electronics – transferred point in time		3,578		4,844		7,360		9,333
Sypris Electronics – transferred over time		14,102		10,713		27,523		19,016
	$	35,521	$	35,615	$	71,074	$	67,907

Contract Balances

Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets.

Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts where revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and the right to payment is subject to conditions other than the passage of time. Contract assets are generally classified as current assets in the consolidated balance sheet. The balance of contract assets as of June 30, 2024 and December 31, 2023 were $4,149,000 and $4,638,000, respectively, and are included within other current assets in the accompanying consolidated balance sheets.

Contract liabilities – Some of the Company’s contracts within Sypris Electronics are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring prior to revenue recognition resulting in contract liabilities. Additionally, the Company occasionally receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. As of June 30, 2024, the contract liabilities balance was $52,849,000, of which $43,360,000, was included within accrued liabilities and $9,489,000 was included within other liabilities in the accompanying consolidated balance sheets. As of December 31, 2023, the contract liabilities balance was $53,537,000, of which $49,738,000 was included within accrued liabilities and $3,799,000 was included within other liabilities in the accompanying consolidated balance sheets. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract.

The Company recognized revenue from contract liabilities of $9,562,000 and $16,718,000 during the three and six months ended June 30, 2024, respectively. The Company recognized revenue from contract liabilities of $5,963,000 and $10,168,000 during the three and six months ended July 2, 2023, respectively.

Practical expedients and exemptions

Sales commissions are expensed when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expense in the consolidated statements of operations.

We do not disclose the value of unsatisfied performance obligations for contracts with original expected lengths of one year or less.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

Note 2 - Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

(2)

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2023 consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The Company’s operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated.

These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates. Actual results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2023 as presented in the Company’s Annual Report on Form 10-K.

Note 14 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Text Block]

(14)

Employee Benefit Plans

Pension expense (benefit) consisted of the following (in thousands):

	Three Months Ended						Six Months Ended
	June 30,			July 2,			June 30,			July 2,
	2024			2023			2024			2023
	(Unaudited)						(Unaudited)

Service cost	$	0		$	0		$	0		$	1
Interest cost on projected benefit obligation		239			408			548			618
Net amortizations, deferrals and other costs		88			123			220			263
Expected return on plan assets		(184	)		(149	)		(361	)		(353	)
Net periodic benefit cost	$	143		$	382		$	407		$	529

The net periodic benefit cost of the defined benefit pension plans incurred during the three and six month periods ended June 30, 2024 and July 2, 2023 is included in other (income) expense, net in the accompanying consolidated statements of operations.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Note 6 - Earnings (Loss) Per Common Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Net income (loss) income as reported	$ 16	$ 213	$ (2,205)	$ 38
Less distributed and undistributed earnings allocable to restricted award holders	0	(5)	0	(1)
Net income (loss) allocable to common stockholders	$ 16	$ 208	$ (2,205)	$ 37
Basic (in dollars per share)	$ 0	$ 0.01	$ (0.1)	$ 0
Diluted (in dollars per share)	$ 0	$ 0.01	$ (0.1)	$ 0
Basic (in shares)	21,989	21,852	21,973	21,824
Weighted average additional shares assuming conversion of potential common shares (in shares)	299	594	0	633
Weighted average shares outstanding – diluted (in shares)	22,288	22,446	21,973	22,457

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Note 9 - Debt (Details Textual) - USD ($)	6 Months Ended
Note 9 - Debt (Details Textual) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability	$ 2,949,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate	8.80%
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 9,000,000	$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage	9.12%
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] \| Gill Family Capital Management [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Promissory Notes with Maturity on April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 2,000,000
Promissory Note [Member] \| Gill Family Capital Management [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 9,000,000	$ 6,500,000
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent	60.00%
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Equipment Financing Obligations [Member]
Finance Lease, Liability	1,632,000
Long-Term Debt	$ 1,632,000
Debt Instrument, Interest Rate, Effective Percentage	6.80%

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221	$ 155,535	$ (115,336)	$ (20,845)	$ 0
Net income (loss)	0	0	38	0	0	$ 38
Foreign currency translation adjustment	$ 0	0	0	2,422	0
Issuance of restricted common stock (in shares)	160,000
Issuance of restricted common stock	$ 2	(2)	0	0	0
Exercise of stock options (in shares)	81,465
Exercise of stock options	$ 1	(83)	0	0	0
Noncash compensation (in shares)	30,000
Noncash compensation	$ 0	409	0	0	0
Treasury stock (in shares)	32,500
Treasury stock	$ 0		0	0	0
Treasury stock		(1)
Balance (in shares) at Jul. 02, 2023	22,414,610
Balance at Jul. 02, 2023	$ 224	155,860	(115,298)	(18,423)	0
Net income (loss)	$ 0	0	38	0	0	38
Treasury stock (in shares)	(32,500)
Treasury stock	$ 0		0	0	0
Stock Repurchased During Period, Value		1
Balance (in shares) at Apr. 01, 2023	22,395,843,000
Balance at Apr. 01, 2023	$ 224	155,748	(115,511)	(19,472)	0
Net income (loss)	0	0	213	0	0	213
Foreign currency translation adjustment	$ 0	0	0	1,049	0
Exercise of stock options (in shares)	36,267,000
Exercise of stock options	$ 0	(35)	0	0	0
Noncash compensation (in shares)	15,000,000
Noncash compensation	$ 0	146	0	0	0
Treasury stock (in shares)	(32,500,000)
Treasury stock	$ 0		0	0	0
Treasury stock		1
Balance (in shares) at Jul. 02, 2023	22,414,610
Balance at Jul. 02, 2023	$ 224	155,860	(115,298)	(18,423)	0
Net income (loss)	$ 0	0	213	0	0	213
Treasury stock (in shares)	32,500,000
Treasury stock	$ (0)		(0)	(0)	(0)
Stock Repurchased During Period, Value		(1)
Balance (in shares) at Dec. 31, 2023	22,459,649
Balance at Dec. 31, 2023	$ 224	156,242	(116,932)	(17,067)	0	22,467
Net income (loss)	0	0	(2,205)	0	0	(2,205)
Foreign currency translation adjustment	$ 0	0	0	(1,681)	0
Issuance of restricted common stock (in shares)	602,500
Issuance of restricted common stock	$ 5	(5)	0	0	0
Exercise of stock options (in shares)	26,979
Exercise of stock options	$ 1	(1)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	438	0	0	0
Treasury stock (in shares)	80,000
Treasury stock	$ 0		0	0	0
Treasury stock		(1)
Balance (in shares) at Jun. 30, 2024	23,024,128
Balance at Jun. 30, 2024	$ 230	156,675	(119,137)	(18,748)	0	19,020
Net income (loss)	$ 0	0	(2,205)	0	0	(2,205)
Treasury stock (in shares)	(80,000)
Treasury stock	$ 0		0	0	0
Stock Repurchased During Period, Value		1
Balance (in shares) at Mar. 31, 2024	22,430,092
Balance at Mar. 31, 2024	$ 225	156,439	(119,153)	(16,662)	0
Net income (loss)	0	0	16	0	0	16
Foreign currency translation adjustment	$ 0	0	0	(2,086)	0
Issuance of restricted common stock (in shares)	592,500
Issuance of restricted common stock	$ 5	(5)	0	0	0
Exercise of stock options (in shares)	1,536
Exercise of stock options	$ 0	0	0	0	0
Noncash compensation (in shares)	0
Noncash compensation	$ 0	241	0	0	0
Balance (in shares) at Jun. 30, 2024	23,024,128
Balance at Jun. 30, 2024	$ 230	156,675	(119,137)	(18,748)	0	19,020
Net income (loss)	$ 0	$ 0	$ 16	$ 0	$ 0	$ 16

Note 11 - Segment Data (Tables)

6 Months Ended

Jun. 30, 2024

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,			July 2,			June 30,			July 2,
	2024			2023			2024			2023
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	17,841		$	20,058		$	36,191		$	39,558
Sypris Electronics		17,680			15,557			34,883			28,349
	$	35,521		$	35,615		$	71,074		$	67,907

Gross profit:
Sypris Technologies	$	2,719		$	2,007		$	4,770		$	4,646
Sypris Electronics		2,922			2,663			3,755			4,185
	$	5,641		$	4,670		$	8,525		$	8,831

Operating income (loss):
Sypris Technologies	$	1,389		$	538		$	1,895		$	1,699
Sypris Electronics		1,665			1,584			1,102			2,146
General, corporate and other		(1,781	)		(1,156	)		(3,098	)		(2,463	)
	$	1,273		$	966		$	(101	)	$	1,382
Income (loss) before taxes:
Sypris Technologies	$	1,188		$	(48	)	$	1,338		$	975
Sypris Electronics		1,339			1,543			711			2,075
General, corporate and other		(2,052	)		(1,220	)		(3,607	)		(2,656	)
	$	475		$	275		$	(1,558	)	$	394

	June 30,		December 31,
	2024		2023
		(Unaudited)
Total assets:
Sypris Technologies	$	37,918	$	41,143
Sypris Electronics		73,417		84,576
General, corporate and other		12,910		3,623
	$	124,245	$	129,342

Total liabilities:
Sypris Technologies	$	21,443	$	21,309
Sypris Electronics		71,143		77,272
General, corporate and other		12,639		8,294
	$	105,225	$	106,875

Note 13 - Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Text Block]

(13)

Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 21% in 2024 and 2023 and for its foreign operations at a statutory rate of 30% in 2024 and 2023. Reconciling items between the federal statutory rate and the effective tax rate also include state income taxes, valuation allowances and certain other permanent differences. Additionally, a deferred tax adjustment was recorded in 2024 related to the fixed asset valuation utilized by the Company’s foreign operation which increased the effective tax rate. Furthermore, as noted below, the Company’s income tax expense for the three and six months ended June 30, 2024 includes an expense of $124,000 to settle with Mexico’s Federal Tax Administration Service, Servicio de Administracion Tributaria’s (the “SAT”) for the 2016 tax audit.

The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, Income Taxes (ASC 740). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed.

Based on the Company’s consideration of all positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations, the Company has established a valuation allowance against all U.S. deferred tax assets. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. tax benefits.

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. During July 2024, the Company was notified by the Internal Revenue Service (“IRS”) that it is examining the Company’s 2021 federal income tax return.

During the first quarter of 2023, the Company’s wholly-owned subsidiary in Mexico received a formal tax assessment notice from Mexico’s Federal Tax Administration Service, Servicio de Administracion Tributaria’s (the “SAT”) pertaining to revenue variances and disallowed deductions related to an audit by the SAT of the 2016 tax year. The initial proposed tax liability for the variances approximated $1,150,000, which included annual adjustments for inflation, interest and penalties. The Company made a payment in June 2024 of $191,000 to settle the matter, of which $124,000 was recorded in income tax expense, net, and the remainder was recorded in other (income) expense, net in the consolidated statements of operations. In addition, open tax years related to state and foreign jurisdictions remain subject to examination.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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