0001437749-22-012874 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 03, 2022	May 06, 2022
Document Information [Line Items]
Entity Central Index Key	0000864240
Entity Registrant Name	SYPRIS SOLUTIONS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 03, 2022
Document Transition Report	false
Entity File Number	0-24020
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		22,115,637

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net revenue	$ 26,166	$ 19,982
Cost of sales	21,657	18,166
Gross profit	4,509	1,816
Selling, general and administrative	3,389	2,882
Operating income (loss)	1,120	(1,066)
Interest expense, net	248	222
Other expense, net	169	221
Income (loss) before taxes	703	(1,509)
Income tax expense, net	466	121
Net income (loss)	$ 237	$ (1,630)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.01	$ (0.08)
Diluted (in dollars per share)	$ 0.01	$ (0.08)
Weighted average shares outstanding:
Basic (in shares)	21,681	21,394
Diluted (in shares)	22,675	21,394
Dividends declared per common share (in dollars per share)	$ 0.00	$ 0.00

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net income (loss)	$ 237	$ (1,630)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	583	(406)
Comprehensive income (loss)	$ 820	$ (2,036)

- Definition

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

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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Apr. 03, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 7,519,000	$ 11,620,000
Accounts receivable, net	13,107,000	8,467,000
Inventory, net	31,374,000	30,100,000
Other current assets	5,149,000	5,868,000
Total current assets	57,149,000	56,055,000
Property, plant and equipment, net	14,563,000	14,140,000
Operating lease right-of-use assets	4,954,000	5,140,000
Other assets	4,119,000	4,170,000
Total assets	80,785,000	79,505,000
Current liabilities:
Accounts payable	13,598,000	11,962,000
Accrued liabilities	18,801,000	19,646,000
Operating lease liabilities, current portion	1,088,000	1,063,000
Finance lease obligations, current portion	996,000	983,000
Equipment financing obligations, current portion	340,000	336,000
Note payable – related party, current portion	2,500,000	0
Total current liabilities	37,323,000	33,990,000
Operating lease liabilities, net of current portion	4,595,000	4,878,000
Finance lease obligations, net of current portion	3,219,000	3,469,000
Equipment financing obligations, net of current portion	782,000	868,000
Note payable – related party, net of current portion	3,985,000	6,484,000
Other liabilities	10,616,000	10,530,000
Total liabilities	60,520,000	60,219,000
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	155,061,000	154,904,000
Accumulated deficit	(112,605,000)	(112,842,000)
Accumulated other comprehensive loss	(22,411,000)	(22,994,000)
Treasury stock, 19 shares in 2022 and 2021	0	0
Total stockholders’ equity	20,265,000	19,286,000
Total liabilities and stockholders’ equity	80,785,000	79,505,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	0	0
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock	0	0
Common Stock [Member]
Stockholders’ equity:
Common stock	$ 220,000	$ 218,000

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Apr. 03, 2022	Dec. 31, 2021
Preferred stock, par value (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
Series A Preferred Stock [Member]
Preferred stock, par value (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 value (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 [Member]
Common stock, par value (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)	22,088,363	21,864,743
Common stock, shares outstanding (in shares)	22,088,344	21,864,724

Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Cash flows from operating activities:
Net income (loss)	$ 237	$ (1,630)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	763	621
Deferred income taxes	247	116
Non-cash compensation expense	176	61
Deferred loan costs recognized	2	2
Net loss on the disposal of assets	10	20
Provision for excess and obsolete inventory	64	2
Non-cash lease expense	186	217
Other noncash items	12	36
Contributions to pension plans	(22)	(120)
Changes in operating assets and liabilities:
Accounts receivable	(4,741)	(733)
Inventory	(1,166)	(2,431)
Prepaid expenses and other assets	653	(108)
Accounts payable	1,403	3,346
Accrued and other liabilities	(1,077)	(309)
Net cash used in operating activities	(3,253)	(910)
Cash flows from investing activities:
Capital expenditures, net	(901)	(790)
Net cash used in investing activities	(901)	(790)
Cash flows from financing activities:
Principal payments on finance lease obligations	(238)	(94)
Principal payments on equipment financing obligations	(82)	(22)
Indirect repurchase of shares of minimum statutory tax withholdings	(17)	(301)
Net cash used in financing activities	(337)	(417)
Effect of exchange rate changes on cash balances	390	(120)
Net decrease in cash and cash equivalents	(4,101)	(2,237)
Cash and cash equivalents at beginning of period	11,620	11,606
Cash and cash equivalents at end of period	7,519	9,369
Supplemental disclosure of cash flow information:
Fixed assets acquired with equipment financing loan	$ 0	$ 323

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2020	21,300,958
Balance at Dec. 31, 2020	$ 213,000	$ 155,025,000	$ (115,765,000)	$ (24,698,000)	$ 0
Net income (loss)	0	0	(1,630)	0	0	$ (1,630,000)
Foreign currency translation adjustment	$ 0	0	0	(406,000)	0
Exercise of stock options (in shares)	136,005
Exercise of stock options	$ 1,000	(303,000)	0	0	0
Noncash compensation (in shares)	0
Noncash compensation	$ 0	61,000	0	0	0
Balance (in shares) at Apr. 04, 2021	21,436,963
Balance at Apr. 04, 2021	$ 214,000	154,783,000	(117,395,000)	(25,104,000)	0
Balance (in shares) at Dec. 31, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218,000	154,904,000	(112,842,000)	(22,994,000)	0	19,286,000
Net income (loss)	0	0	237,000	0	0	237,000
Foreign currency translation adjustment	$ 0	0	0	583,000	0
Exercise of stock options (in shares)	11,120
Exercise of stock options	$ 0	(17,000)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	176,000	0	0	0
Issuance of restricted common stock (in shares)	197,500
Issuance of restricted common stock	$ 2,000	(2,000)	0	0	0
Balance (in shares) at Apr. 03, 2022	22,088,344
Balance at Apr. 03, 2022	$ 220,000	$ 155,061,000	$ (112,605,000)	$ (22,411,000)	$ 0	$ 20,265,000

Note 1 - Nature of Business

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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 10).

Note 2 - Basis of Presentation

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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, 2021 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, and the COVID-19 pandemic has increased the uncertainty with respect to developing these estimates and assumptions. The COVID-19 pandemic continues to rapidly evolve and the ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. 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 months ended April 3, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2021 as presented in the Company’s Annual Report on Form 10-K.

Note 3 - Recent Accounting Pronouncements

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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

(3)

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Credit Losses – Measurement of Credit Losses on Financial Instruments, new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance, which becomes effective January 1, 2023, is not expected to have a material impact on our consolidated financial statements.

- Definition

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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+ Details

Note 4 - Leases

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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 April 3, 2022, total right-of-use assets and operating lease liabilities were approximately $4,954,000 and $5,683,000, respectively. As of December 31, 2021, total right-of-use assets and operating lease liabilities were approximately $5,140,000 and $5,941,000, 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 months ended April 3, 2022 and April 4, 2021.

The following table presents information related to lease expense for the three months ended April 3, 2022 and April 4, 2021 (in thousands):

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Finance lease expense:
Amortization expense	$	149	$	86
Interest expense		91		58
Operating lease expense		351		351
Variable lease expense		85		78
Total lease expense	$	676	$	573

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

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	428	$	379
Operating cash flows from finance leases		103		58
Financing cash flows from finance leases		238		94

The annual future minimum lease payments as of April 3, 2022 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,496		$	1,315
12 to 24 months		1,514			1,309
24 to 36 months		1,244			1,220
36 to 48 months		1,164			1,047
48 to 60 months		828			77
Thereafter		631		0
Total lease payments		6,877			4,968
Less imputed interest		(1,194	)		(753	)
Total	$	5,683		$	4,215

The following table presents certain information related to lease terms and discount rates for leases as of April 3, 2022 and December 31, 2021:

	April 3,		December 31,
	2022		2021
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.0		5.3
Finance leases		3.7		4.0
Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.5		8.5

Note 5 - Revenue From Contracts With Customers

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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.

Many 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 $45,120,000 of remaining performance obligations as of April 3, 2022, all of which were long-term Sypris Electronics’ contracts. We expect to recognize approximately 49% of our remaining performance obligations as revenue in 2022 and the balance in 2023.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three months ended April 3, 2022 and April 4, 2021 (in thousands):

	April 3,		April 4,
	2022		2021
	(Unaudited)
Sypris Technologies – transferred point in time	$	17,155	$	13,190
Sypris Electronics – transferred point in time		1,953		615
Sypris Electronics – transferred over time		7,058		6,177
Net revenue	$	26,166	$	19,982

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 April 3, 2022 and December 31, 2021 were $1,418,000 and $1,913,000, 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 April 3, 2022, the contract liabilities balance was $19,066,000, of which $14,191,000 was included within accrued liabilities and $4,875,000 was included within other liabilities in the accompanying consolidated balance sheets. As of December 31, 2021, the contract liabilities balance was $19,888,000, of which $15,013,000 was included within accrued liabilities and $4,875,000 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 $3,317,000 and $2,255,000 during the three months ended April 3, 2022 and April 4, 2021, 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Note 6 - Income (Loss) Per Common Share

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

(6)

Income (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 252,839 shares excluded from earnings per share for the three months ended April 3, 2022. For the three months ended April 4, 2021, 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.

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
	April 3,			April 4,
	2022			2021
	(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	237		$	(1,630	)
Less distributed and undistributed earnings allocable to restricted awarded holders		(2	)		-
Net income (loss) allocable to common stockholders	$	235		$	(1,630	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.01		$	(0.08	)
Diluted	$	0.01		$	(0.08	)
Weighted average shares outstanding – basic		21,681			21,394
Weighted average additional shares assuming conversion of potential common shares		994			-
Weighted average shares outstanding – diluted		22,675			21,394

Note 7 - Inventory

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

(7)

Inventory

Inventory consists of the following (in thousands):

	April 3,			December 31,
	2022			2021
	(Unaudited)
Raw materials	$	24,864		$	23,694
Work in process		7,076			6,702
Finished goods		1,326			1,497
Reserve for excess and obsolete inventory		(1,892	)		(1,793	)
Total	$	31,374		$	30,100

Note 8 - Property, Plant and Equipment

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(8)

Property, Plant and Equipment

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

	April 3,			December 31,
	2022			2021
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,960			7,863
Machinery, equipment, furniture and fixtures		62,617			61,050
Construction in progress		1,124			858
		71,744			69,814
Accumulated depreciation		(57,181	)		(55,674	)
	$	14,563		$	14,140

Note 9 - Debt

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

(9)

Debt

Long-term obligations consists of the following (in thousands):

	April 3,			December 31,
	2022			2021
	(Unaudited)
Current:
Finance lease obligation, current portion	$	996		$	983
Equipment financing obligations, current portion		340			336
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	3,836		$	1,319
Long Term:
Finance lease obligation	$	3,219		$	3,469
Equipment financing obligations		782			868
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(15	)		(16	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	7,986		$	10,821

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 $6,500,000 in principal as of April 3, 2022 and December 31, 2021. 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 April 3, 2022, our principal commitment under the Note was $2,500,000 due on April 1, 2023, $2,000,000 on April 1, 2024 and the balance on April 1, 2026. Interest on the promissory 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. The note allows for up to an 18-month deferral of payment for up to 60% of the interest due on the portion of the notes maturing in April of 2023 and 2024.

Obligations under the promissory 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 April 3, 2022, the Company had $4.2 million outstanding under finance lease obligations for both property and machinery and equipment at its Sypris Technologies locations with maturities through 2026 and a weighted average interest rate of 8.5%.

Equipment Financing Obligations

As of April 3, 2022, the Company had $1.2 million outstanding under equipment financing facilities, with effective interest rates ranging from 4.4% to 8.1% and payments due through 2026. Payments on the Company’s equipment financing obligations are due as follows (in thousands):

Next 12 months	$	403
12 to 24 months		392
24 to 36 months		290
36 to 48 months		116
48 to 60 months		41
Thereafter		0
Total payments		1,242
Less imputed interest		(120	)
Total equipment financing obligations	$	1,122

Note 10 - Segment Data

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(10)

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
	April 3,		April 4,
	2022		2021
	(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	17,155	$	13,190
Sypris Electronics		9,011		6,792
	$	26,166	$	19,982
Gross profit:
Sypris Technologies	$	3,132	$	1,171
Sypris Electronics		1,377		645
	$	4,509	$	1,816

	Three Months Ended
	April 3,			April 4,
	2022			2021
	(Unaudited)
Operating income (loss):
Sypris Technologies	$	1,864		$	127
Sypris Electronics		501			(170	)
General, corporate and other		(1,245	)		(1,023	)
	$	1,120		$	(1,066	)
Income (loss) before taxes:
Sypris Technologies	$	1,619		$	(164	)
Sypris Electronics		461			(176	)
General, corporate and other		(1,377	)		(1,169	)
	$	703		$	(1,509	)

	April 3,		December 31,
	2022		2021
	(Unaudited)
Total assets:
Sypris Technologies	$	40,347	$	35,977
Sypris Electronics		35,588		35,599
General, corporate and other		4,850		7,929
	$	80,785	$	79,505
Total liabilities:
Sypris Technologies	$	22,890	$	20,666
Sypris Electronics		29,243		31,030
General, corporate and other		8,387		8,523
	$	60,520	$	60,219

- Definition

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.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Note 11 - Commitments and Contingencies

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(11)

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 April 3, 2022 and December 31, 2021 was $673,000 and $659,000, respectively. The Company’s warranty expense for the three months ended April 3, 2022 and April 4, 2021 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 April 3, 2022 and December 31, 2021, 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 its Company’s 401(k) Plans (collectively, the “Plan”). The DOL does not appear to dispute that the Company reached such interpretation in good faith and after consulting with independent ERISA counsel. On January 26, 2022, an opinion was issued by the judge indicating that certain of the Plan language in dispute is unambiguous and would therefore limit the Company’s right to interpret such language. On March 28, 2022, an opinion and order was issued by the judge that denied motions for summary judgement from the Company and the DOL and on April 28, 2022 the judge approved a revised schedule for the litigation proceedings. If the DOL’s allegations were upheld by a court, the Company could be required to make additional contributions into the accounts of its Plan participants and penalties payable to the DOL could be imposed. The Company believes that it has affirmative defenses and is continuing to vigorously defend the matter.

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. The Company regards these allegations to be without merit and any potential damages to be undeterminable at this time. The Company’s general liability insurer has accepted the defense costs. The Company is continuing to vigorously defend the matter.

As of April 3, 2022, the Company had outstanding purchase commitments of approximately $36,515,000, primarily for the acquisition of inventory and manufacturing equipment.

Note 12 - Income Taxes

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(12)

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 2021 and 2020 and for its foreign operations at a statutory rate of 30% in 2022 and 2021. Reconciling items between the federal statutory rate and the effective tax rate also include the expected usage of federal net operating loss carryforwards, state income taxes, valuation allowances and certain other permanent differences.

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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Note 13 - Employee Benefit Plans

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

(13)

Employee Benefit Plans

The following table details the components of pension (income) expense (in thousands):

	Three Months Ended
	April 3,			April 4,
	2022			2021
	(Unaudited)
Service cost	$	1		$	1
Interest cost on projected benefit obligation		194			271
Net amortizations of actuarial loss		153			158
Expected return on plan assets		(188	)		(242	)
Net periodic benefit cost	$	160		$	188

The net periodic benefit cost of the defined benefit pension plans incurred during the three-month periods ended April 3, 2022 and April 4, 2021 are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1
Other net periodic benefit costs:
Other expense, net		159		187
Total	$	160	$	188

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note 14 - Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

(14)

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):

	April 3,			December 31,
	2022			2021
	(Unaudited)
Foreign currency translation adjustments	$	(10,857	)	$	(11,440	)
Employee benefit related adjustments – U.S., net of tax		(11,745	)		(11,745	)
Employee benefit related adjustments – Mexico, net of tax		191			191
Accumulated other comprehensive loss	$	(22,411	)	$	(22,994	)

Note 15 - Fair Value of Financial Instruments

3 Months Ended

Apr. 03, 2022

Notes to Financial Statements

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

(15)

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 April 3, 2022 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 4 - Leases (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Finance lease expense:
Amortization expense	$	149	$	86
Interest expense		91		58
Operating lease expense		351		351
Variable lease expense		85		78
Total lease expense	$	676	$	573

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

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	428	$	379
Operating cash flows from finance leases		103		58
Financing cash flows from finance leases		238		94

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,496		$	1,315
12 to 24 months		1,514			1,309
24 to 36 months		1,244			1,220
36 to 48 months		1,164			1,047
48 to 60 months		828			77
Thereafter		631		0
Total lease payments		6,877			4,968
Less imputed interest		(1,194	)		(753	)
Total	$	5,683		$	4,215

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

	April 3,		December 31,
	2022		2021
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.0		5.3
Finance leases		3.7		4.0
Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.5		8.5

Note 5 - Revenue From Contracts With Customers (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	April 3,		April 4,
	2022		2021
	(Unaudited)
Sypris Technologies – transferred point in time	$	17,155	$	13,190
Sypris Electronics – transferred point in time		1,953		615
Sypris Electronics – transferred over time		7,058		6,177
Net revenue	$	26,166	$	19,982

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

3 Months Ended

Apr. 03, 2022

Notes Tables

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

	Three Months Ended
	April 3,			April 4,
	2022			2021
	(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	237		$	(1,630	)
Less distributed and undistributed earnings allocable to restricted awarded holders		(2	)		-
Net income (loss) allocable to common stockholders	$	235		$	(1,630	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.01		$	(0.08	)
Diluted	$	0.01		$	(0.08	)
Weighted average shares outstanding – basic		21,681			21,394
Weighted average additional shares assuming conversion of potential common shares		994			-
Weighted average shares outstanding – diluted		22,675			21,394

Note 7 - Inventory (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	April 3,			December 31,
	2022			2021
	(Unaudited)
Raw materials	$	24,864		$	23,694
Work in process		7,076			6,702
Finished goods		1,326			1,497
Reserve for excess and obsolete inventory		(1,892	)		(1,793	)
Total	$	31,374		$	30,100

Note 8 - Property, Plant and Equipment (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	April 3,			December 31,
	2022			2021
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,960			7,863
Machinery, equipment, furniture and fixtures		62,617			61,050
Construction in progress		1,124			858
		71,744			69,814
Accumulated depreciation		(57,181	)		(55,674	)
	$	14,563		$	14,140

Note 9 - Debt (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

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

	April 3,			December 31,
	2022			2021
	(Unaudited)
Current:
Finance lease obligation, current portion	$	996		$	983
Equipment financing obligations, current portion		340			336
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	3,836		$	1,319
Long Term:
Finance lease obligation	$	3,219		$	3,469
Equipment financing obligations		782			868
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(15	)		(16	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	7,986		$	10,821

Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]

Next 12 months	$	403
12 to 24 months		392
24 to 36 months		290
36 to 48 months		116
48 to 60 months		41
Thereafter		0
Total payments		1,242
Less imputed interest		(120	)
Total equipment financing obligations	$	1,122

- Definition

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.

+ References

+ Details

Note 10 - Segment Data (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	17,155	$	13,190
Sypris Electronics		9,011		6,792
	$	26,166	$	19,982
Gross profit:
Sypris Technologies	$	3,132	$	1,171
Sypris Electronics		1,377		645
	$	4,509	$	1,816

	Three Months Ended
	April 3,			April 4,
	2022			2021
	(Unaudited)
Operating income (loss):
Sypris Technologies	$	1,864		$	127
Sypris Electronics		501			(170	)
General, corporate and other		(1,245	)		(1,023	)
	$	1,120		$	(1,066	)
Income (loss) before taxes:
Sypris Technologies	$	1,619		$	(164	)
Sypris Electronics		461			(176	)
General, corporate and other		(1,377	)		(1,169	)
	$	703		$	(1,509	)

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

	April 3,		December 31,
	2022		2021
	(Unaudited)
Total assets:
Sypris Technologies	$	40,347	$	35,977
Sypris Electronics		35,588		35,599
General, corporate and other		4,850		7,929
	$	80,785	$	79,505
Total liabilities:
Sypris Technologies	$	22,890	$	20,666
Sypris Electronics		29,243		31,030
General, corporate and other		8,387		8,523
	$	60,520	$	60,219

Note 13 - Employee Benefit Plans (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended
	April 3,			April 4,
	2022			2021
	(Unaudited)
Service cost	$	1		$	1
Interest cost on projected benefit obligation		194			271
Net amortizations of actuarial loss		153			158
Expected return on plan assets		(188	)		(242	)
Net periodic benefit cost	$	160		$	188

Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block]

	Three Months Ended
	April 3,		April 4,
	2022		2021
	(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1
Other net periodic benefit costs:
Other expense, net		159		187
Total	$	160	$	188

Note 14 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Apr. 03, 2022

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	April 3,			December 31,
	2022			2021
	(Unaudited)
Foreign currency translation adjustments	$	(10,857	)	$	(11,440	)
Employee benefit related adjustments – U.S., net of tax		(11,745	)		(11,745	)
Employee benefit related adjustments – Mexico, net of tax		191			191
Accumulated other comprehensive loss	$	(22,411	)	$	(22,994	)

Note 1 - Nature of Business (Details Textual)	3 Months Ended
Note 1 - Nature of Business (Details Textual)	Apr. 03, 2022
Number of Operating Segments	2

Note 4 - Leases (Details Textual) - USD ($)	Apr. 03, 2022	Dec. 31, 2021
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 4,954,000	$ 5,140,000
Operating Lease, Liability, Total	$ 5,683,000	$ 5,941,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	11 years

Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Amortization expense	$ 149	$ 86
Interest expense	91	58
Operating lease expense	351	351
Variable lease expense	85	78
Total lease expense	$ 676	$ 573

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Operating cash flows from operating leases	$ 428	$ 379
Operating cash flows from finance leases	103	58
Financing cash flows from finance leases	$ 238	$ 94

Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Apr. 03, 2022	Dec. 31, 2021
Next 12 months, Operating Leases	$ 1,496,000
Next 12 months, Finance Leases	1,315,000
12 to 24 months, Operating Leases	1,514,000
12 to 24 months, Finance Leases	1,309,000
24 to 36 months, Operating Leases	1,244,000
24 to 36 months, Finance Leases	1,220,000
36 to 48 months, Operating Leases	1,164,000
36 to 48 months, Finance Leases	1,047,000
48 to 60 months, Operating Leases	828,000
48 to 60 months, Finance Leases	77,000
Thereafter, Operating Leases	631,000
Thereafter, Finance Leases	0
Total lease payments, Operating Leases	6,877,000
Total payments, equipment finance lease	4,968,000
Less imputed interest, Operating Leases	(1,194,000)
Less imputed interest, equipment finance lease	(753,000)
Total, Operating Leases	5,683,000	$ 5,941,000
Total equipment financing obligations, equipment lease finance	$ 4,215,000

Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Apr. 03, 2022	Dec. 31, 2021
Operating leases (Year)	5 years	5 years 3 months 18 days
Finance leases (Year)	3 years 8 months 12 days	4 years
Operating leases	8.00%	8.00%
Finance leases	8.50%	8.50%

Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Amount	$ 45,120,000
Contract with Customer, Liability, Total	19,066,000		$ 19,888,000
Contract with Customer, Liability, Revenue Recognized	3,317,000	$ 2,255,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,418,000		1,913,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	14,191,000		15,013,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 4,875,000		$ 4,875,000

Note 5 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-04	Apr. 03, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	49.00%

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net revenue	$ 26,166	$ 19,982
Sypris Technologies [Member]
Net revenue	17,155	13,190
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	17,155	13,190
Sypris Electronics [Member]
Net revenue	9,011	6,792
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	1,953	615
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 7,058	$ 6,177

- Definition

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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+ Details

Note 6 - Income (Loss) Per Common Share (Details Textual)	3 Months Ended
	Apr. 03, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	252,839

Note 6 - Income (Loss) Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net income (loss)	$ 237	$ (1,630)
Less distributed and undistributed earnings allocable to restricted awarded holders	(2)	0
Net income (loss) allocable to common stockholders	$ 235	$ (1,630)
Basic (in dollars per share)	$ 0.01	$ (0.08)
Diluted (in dollars per share)	$ 0.01	$ (0.08)
Basic (in shares)	21,681	21,394
Weighted average additional shares assuming conversion of potential common shares (in shares)	994	0
Weighted average shares outstanding – diluted (in shares)	22,675	21,394

- Definition

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

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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.

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- Definition

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

+ References

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- Definition

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

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Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Apr. 03, 2022	Dec. 31, 2021
Raw materials	$ 24,864	$ 23,694
Work in process	7,076	6,702
Finished goods	1,326	1,497
Reserve for excess and obsolete inventory	(1,892)	(1,793)
Total	$ 31,374	$ 30,100

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Apr. 03, 2022	Dec. 31, 2021
Gross property, plant and equipment	$ 71,744	$ 69,814
Accumulated depreciation	(57,181)	(55,674)
Property, Plant and Equipment, Net, Total	14,563	14,140
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	7,960	7,863
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	62,617	61,050
Construction in Progress [Member]
Gross property, plant and equipment	$ 1,124	$ 858

Note 9 - Debt (Details Textual) - USD ($)	3 Months Ended
Note 9 - Debt (Details Textual) - USD ($)	Apr. 03, 2022	Dec. 31, 2021
Finance Lease, Liability, Total	$ 4,215,000
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability, Total	$ 4,200,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate	8.50%
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 6,500,000	$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Allowance for Payment Deferral Period (Month)	18 months
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent	60.00%
Promissory Notes with Maturity on April 1, 2022 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 2,500,000
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] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Equipment Financing Obligations [Member]
Finance Lease, Liability, Total	$ 1,122,000
Long-term Debt, Total	$ 1,200,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.40%
Equipment Financing Obligations [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage	8.10%

Note 9 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Apr. 03, 2022	Dec. 31, 2021
Finance lease obligations, current portion	$ 996	$ 983
Equipment financing obligations, current portion	340	336
Note payable – related party, current portion	2,500	0
Current portion of long term debt and finance lease obligations	3,836	1,319
Finance lease obligations, net of current portion	3,219	3,469
Equipment financing obligations	782	868
Note payable – related party	4,000	6,500
Less unamortized debt issuance and modification costs	(15)	(16)
Long term debt and finance lease obligations, net of unamortized debt costs	$ 7,986	$ 10,821

Note 9 - Debt - Maturities of Equipment Financing Obligations (Details) $ in Thousands	Apr. 03, 2022 USD ($)
Next 12 months, equipment finance lease	$ 1,315
12 to 24 months, equipment finance lease	1,309
24 to 36 months, equipment finance lease	1,220
36 to 48 months, equipment finance lease	1,047
48 to 60 months, equipment finance lease	77
Thereafter, equipment finance lease	0
Total payments, equipment finance lease	4,968
Less imputed interest, equipment finance lease	(753)
Total equipment financing obligations, equipment lease finance	4,215
Equipment Financing Obligations [Member]
Next 12 months, equipment finance lease	403
12 to 24 months, equipment finance lease	392
24 to 36 months, equipment finance lease	290
36 to 48 months, equipment finance lease	116
48 to 60 months, equipment finance lease	41
Thereafter, equipment finance lease	0
Total payments, equipment finance lease	1,242
Less imputed interest, equipment finance lease	(120)
Total equipment financing obligations, equipment lease finance	$ 1,122

Note 10 - Segment Data (Details Textual) $ in Thousands	3 Months Ended
Note 10 - Segment Data (Details Textual) $ in Thousands	Apr. 03, 2022 USD ($)	Apr. 04, 2021 USD ($)
Number of Operating Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 26,166	$ 19,982
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0

- Definition

+ References

+ Details

Note 10 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net revenue from unaffiliated customers	$ 26,166	$ 19,982
Gross profit (loss)	4,509	1,816
Operating income (loss)	1,120	(1,066)
Income (loss) before taxes	703	(1,509)
Sypris Technologies [Member]
Net revenue from unaffiliated customers	17,155	13,190
Gross profit (loss)	3,132	1,171
Operating income (loss)	1,864	127
Income (loss) before taxes	1,619	(164)
Sypris Electronics [Member]
Net revenue from unaffiliated customers	9,011	6,792
Gross profit (loss)	1,377	645
Operating income (loss)	501	(170)
Income (loss) before taxes	461	(176)
Corporate and Other [Member]
Operating income (loss)	(1,245)	(1,023)
Income (loss) before taxes	$ (1,377)	$ (1,169)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Note 10 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 03, 2022	Dec. 31, 2021
Total assets	$ 80,785	$ 79,505
Total liabilities	60,520	60,219
Sypris Technologies [Member]
Total assets	40,347	35,977
Total liabilities	22,890	20,666
Sypris Electronics [Member]
Total assets	35,588	35,599
Total liabilities	29,243	31,030
Corporate and Other [Member]
Total assets	4,850	7,929
Total liabilities	$ 8,387	$ 8,523

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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Note 11 - Commitments and Contingencies (Details Textual) - USD ($)	Apr. 03, 2022	Dec. 31, 2021
Standard and Extended Product Warranty Accrual, Ending Balance	$ 673,000	$ 659,000
Accrual for Environmental Loss Contingencies, Ending Balance	0	$ 0
Purchase Obligation, Total	$ 36,515,000

Note 12 - Income Taxes (Details Textual)	3 Months Ended
Note 12 - Income Taxes (Details Textual)	Apr. 03, 2022	Apr. 04, 2021
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%

Note 13 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Service cost	$ 1	$ 1
Interest cost on projected benefit obligation	194	271
Net amortizations of actuarial loss	153	158
Expected return on plan assets	(188)	(242)
Net periodic benefit cost	$ 160	$ 188

Note 13 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Selling, general and administrative expenses	$ 1	$ 1
Other expense, net	159	187
Total	160	188
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 1	$ 1

Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Apr. 03, 2022	Dec. 31, 2021
Foreign currency translation adjustments	$ (10,857)	$ (11,440)
Accumulated other comprehensive loss	(22,411)	(22,994)
UNITED STATES
Employee benefit related adjustments, net of tax	(11,745)	(11,745)
Foreign Plan [Member]
Employee benefit related adjustments, net of tax	$ 191	$ 191

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details