0001437749-23-032162 | 10-Q | XBRL Viewer

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 2023 and 2022 and for its foreign operations at a statutory rate of 30% in 2023 and 2022. 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.

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. To the Company’s knowledge, the Internal Revenue Service (IRS) is not currently examining the Company’s U.S. income tax returns for 2019 through 2021, for which the statute has yet to expire. 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 tax liability for the variances is $20,922,000 Mexican pesos, which includes annual adjustments for inflation, interest and penalties and equals approximately $1,150,000 USD at February 23, 2023. The Mexican subsidiary believes the variances can be substantially eliminated and filed an administrative appeal with the SAT in April 2023 and will further pursue all available legal actions in response to this assessment. No amounts have been accrued, as the Company does not believe a loss is probable. In addition, open tax years related to state and foreign jurisdictions remain subject to examination.

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.

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Note 10 - Segment Information (Details Textual)	9 Months Ended
Note 10 - Segment Information (Details Textual)	Oct. 01, 2023
Number of Operating Segments	2
Intersegment Eliminations [Member]
Number of Operating Segments	2

Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Foreign currency translation adjustments	$ (8,617)	$ (10,458)
Accumulated other comprehensive loss	(19,004)	(20,845)
UNITED STATES
Employee benefit related adjustments – U.S., net of tax	(10,488)	(10,488)
Foreign Plan [Member]
Employee benefit related adjustments – U.S., net of tax	$ 101	$ 101

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

+ References + Details

Note 4 - Leases

9 Months Ended

Oct. 01, 2023

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 October 1, 2023, total right-of-use assets and operating lease liabilities were approximately $3,584,000 and $4,010,000, respectively. As of December 31, 2022, total right-of-use assets and operating lease liabilities were approximately $4,251,000 and $4,878,000, 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 nine months ended October 1, 2023 and October 2, 2022.

The following table presents information related to lease expense for the three and nine months ended October 1, 2023 and October 2, 2022 (in thousands):

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	191	$	170	$	557	$	490
Interest expense		69		83		218		261
Operating lease expense		351		351		1,052		1,052
Variable lease expense		105		84		276		253
Total lease expense	$	716	$	688	$	2,103	$	2,056

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

	Nine Months Ended
	October 1,		October 2,
	2023		2022
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,328	$	1,273
Operating cash flows from finance leases		218		261
Financing cash flows from finance leases		845		725

The annual future minimum lease payments as of October 1, 2023 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,392		$	1,381
12 to 24 months		1,226			1,317
24 to 36 months		960			640
36 to 48 months		837			26
48 to 60 months		210			0
Thereafter		0			0
Total lease payments		4,625			3,364
Less imputed interest		(615	)		(362	)
Total	$	4,010		$	3,002

The following table presents certain information related to lease terms and discount rates for leases as of October 1, 2023 and December 31, 2022:

	October 1,		December 31,
	2023		2022
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		3.8		4.4
Finance leases		2.3		3
Weighted-average discount rate (percentage):
Operating leases		8		8
Finance leases		8.6		8.5

Note 4 - Leases (Details Textual) - USD ($)	Oct. 01, 2023	Dec. 31, 2022
Lessee, Operating Lease, Renewal Term	5 years
Operating Lease, Right-of-Use Asset	$ 3,584,000	$ 4,251,000
Operating Lease, Liability, Total	$ 4,010,000	$ 4,878,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract	11 years

Note 13 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 01, 2023	Oct. 03, 2022	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Service cost	$ 0	$ 1	$ 1	$ 1	$ 3
Interest cost on projected benefit obligation	309	210		927	630
Net amortizations, deferrals and other costs	131	140		394	420
Expected return on plan assets	(176)	(204)		(529)	(613)
Net periodic benefit cost	$ 264	$ 147		$ 793	$ 440

Note 3 - Recent Accounting Pronouncements

9 Months Ended

Oct. 01, 2023

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. The Company adopted this guidance on January 1, 2023, which had no 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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Note 16 - Subsequent Events (Details Textual) - Gill Family Capital Management [Member]	3 Months Ended	9 Months Ended
	Oct. 01, 2023 USD ($)	Oct. 01, 2023 USD ($)
Subordinated Debt, Ending Balance	$ 2,000,000	$ 2,000,000
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent		60.00%
Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%
Minimum [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate		5.00%
Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member]
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Subordinated Debt, Ending Balance	$ 6,500,000	$ 6,500,000
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent		60.00%
Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%

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, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218	$ 154,904	$ (112,842)	$ (22,994)	$ 0
Net income (loss)	0	0	(2,634)	0	0	$ (2,634)
Foreign currency translation adjustment	$ 0	0	0	380	0
Exercise of stock options (in shares)	43,441
Exercise of stock options	$ 1	(40)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	512	0	0	0
Balance (in shares) at Jul. 03, 2022	22,131,983
Balance at Jul. 03, 2022	$ 221	155,214	(113,234)	(22,563)	0
Net income (loss)	0	0	(2,242)	0	0	(2,242)
Foreign currency translation adjustment	$ 0	0	0	(51)	0
Exercise of stock options (in shares)	3,682
Exercise of stock options	$ 0	(3)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	163	0	0	0
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221	155,535	(115,336)	(20,845)	0	19,575
Net income (loss)	0	0	(517)	0	0	(517)
Foreign currency translation adjustment	$ 0	0	0	1,841	0
Exercise of stock options (in shares)	106,504
Exercise of stock options	$ 1	(105)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	615	0	0	0
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	(555)	0	0	$ (555)
Foreign currency translation adjustment	$ 0	0	0	(581)	0
Exercise of stock options (in shares)	25,039
Exercise of stock options	$ 0	(22)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	$ 206	$ 0	$ 0	$ 0

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 7 - Inventory

9 Months Ended

Oct. 01, 2023

Inventory Disclosure [Text Block]

(7)

Inventory

Inventory consists of the following (in thousands):

	October 1,			December 31,
	2023			2022
	(Unaudited)
Raw materials	$	68,698		$	36,612
Work in process		8,667			6,585
Finished goods		1,178			802
Reserve for excess and obsolete inventory		(1,874	)		(1,866	)
Total	$	76,669		$	42,133

Note 9 - Debt (Tables)

9 Months Ended

Oct. 01, 2023

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

	October 1,			December 31,
	2023			2022
	(Unaudited)
Current:
Finance lease obligation, current portion	$	1,168		$	1,102
Equipment financing obligations, current portion		624			398
Working capital line of credit		500			0
Note payable – related party, current portion		0			2,500
Current portion of long term debt and finance lease obligations	$	2,292		$	4,000
Long Term:
Finance lease obligation	$	1,834		$	2,536
Equipment financing obligations		1,429			738
Note payable – related party		4,000			4,000
Less unamortized debt issuance and modification costs		(7	)		(11	)
Long term debt and finance lease obligations net of unamortized debt costs	$	7,256		$	7,263

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

Next 12 months	$	744
12 to 24 months		588
24 to 36 months		460
36 to 48 months		358
48 to 60 months		186
Thereafter		0
Total payments		2,336
Less imputed interest		(283	)
Total equipment financing obligations	$	2,053

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.

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Note 1 - Nature of Business

9 Months Ended

Oct. 01, 2023

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).

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Cash flows from operating activities:
Net income (loss)	$ (517)	$ (2,634)
Depreciation and amortization	2,392	2,302
Deferred income taxes	(56)	451
Stock-based compensation expense	615	512
Deferred loan costs recognized	3	4
Net loss on the sale of assets	0	4
Provision for excess and obsolete inventory	(22)	92
Non-cash lease expense	667	690
Other noncash items	178	82
Contributions to pension plans	(10)	(60)
Accounts receivable	(2,845)	(528)
Inventory	(34,146)	(5,062)
Other current assets	(464)	(2,215)
Accounts payable	7,841	3,877
Accrued and other liabilities	18,195	10,780
Net cash provided by (used in) operating activities	(8,169)	8,295
Capital expenditures	(1,890)	(2,811)
Proceeds from sale of assets	0	6
Net cash used in investing activities	(1,890)	(2,805)
Proceeds from equipment financing obligations	210	0
Proceeds from working capital line of credit	500	0
Principal payments on finance lease obligations	(845)	(725)
Principal payments on equipment financing obligations	(387)	(253)
Principal payments on Note Payable - related party	(2,500)	0
Indirect repurchase of shares for minimum statutory tax withholdings	(104)	(40)
Net cash used in financing activities	(3,126)	(1,018)
Effect of exchange rate changes on cash balances	(54)	382
Net decrease in cash and cash equivalents	(13,239)	4,854
Cash and cash equivalents at beginning of period	21,648	11,620
Capital expenditures purchased through equipment financing obligations	1,050	280
Cash and cash equivalents at end of period	8,409	16,474
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	$ 8,409	$ 16,474

Note 14 - Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 01, 2023

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):

	October 1,			December 31,
	2023			2022
	(Unaudited)

Foreign currency translation adjustments	$	(8,617	)	$	(10,458	)
Employee benefit related adjustments – U.S., net of tax		(10,488	)		(10,488	)
Employee benefit related adjustments – Mexico, net of tax		101			101
Accumulated other comprehensive loss	$	(19,004	)	$	(20,845	)

Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Raw materials	$ 68,698	$ 36,612
Work in process	8,667	6,585
Finished goods	1,178	802
Reserve for excess and obsolete inventory	(1,874)	(1,866)
Total	$ 76,669	$ 42,133

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, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218	$ 154,904	$ (112,842)	$ (22,994)	$ 0
Net income (loss)	0	0	(2,634)	0	0	$ (2,634)
Foreign currency translation adjustment	$ 0	0	0	380	0
Exercise of stock options (in shares)	43,441
Exercise of stock options	$ 1	(40)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	512	0	0	0
Balance (in shares) at Jul. 03, 2022	22,131,983
Balance at Jul. 03, 2022	$ 221	155,214	(113,234)	(22,563)	0
Net income (loss)	0	0	(2,242)	0	0	(2,242)
Foreign currency translation adjustment	$ 0	0	0	(51)	0
Exercise of stock options (in shares)	3,682
Exercise of stock options	$ 0	(3)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	163	0	0	0
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221	155,535	(115,336)	(20,845)	0	19,575
Net income (loss)	0	0	(517)	0	0	(517)
Foreign currency translation adjustment	$ 0	0	0	1,841	0
Exercise of stock options (in shares)	106,504
Exercise of stock options	$ 1	(105)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	615	0	0	0
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	(555)	0	0	$ (555)
Foreign currency translation adjustment	$ 0	0	0	(581)	0
Exercise of stock options (in shares)	25,039
Exercise of stock options	$ 0	(22)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	$ 206	$ 0	$ 0	$ 0

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

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Note 1 - Nature of Business (Details Textual)	9 Months Ended
Note 1 - Nature of Business (Details Textual)	Oct. 01, 2023
Number of Operating Segments	2

Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Oct. 01, 2023	Dec. 31, 2022
Next 12 months, operating leases	$ 1,392,000
12 to 24 months, operating leases	1,226,000
24 to 36 months, operating leases	960,000
36 to 48 months, operating leases	837,000
48 to 60 months, operating leases	210,000
Thereafter, operating leases	0
Total lease payments, operating leases	4,625,000
Less imputed interest, operating leases	(615,000)
Total, operating leases	4,010,000	$ 4,878,000
Finance Leases Excluding Equipment Financing Obligations [Member]
Next 12 months, finance leases	1,381,000
12 to 24 months, finance leases	1,317,000
24 to 36 months, finance leases	640,000
36 to 48 months, finance leases	26,000
48 to 60 months, finance leases	0
Thereafter, finance leases	0
Total lease payments, finance leases	3,364,000
Less imputed interest, finance leases	(362,000)
Total, finance leases	$ 3,002,000

Note 6 - (Loss) Income Per Common Share

9 Months Ended

Oct. 01, 2023

Earnings Per Share [Text Block]

(6)

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. For the three and nine months ended October 1, 2023 and October 2, 2022, 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 loss per common share is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)
Loss attributable to stockholders:
Net loss as reported	$	(555	)	$	(2,242	)	$	(517	)	$	(2,634	)
Less distributed and undistributed earnings allocable to restricted award holders		0			0			0			0
Less dividends declared attributable to restricted award holders		0			0			0			0
Net loss allocable to common stockholders	$	(555	)	$	(2,242	)	$	(517	)	$	(2,634	)
Loss per common share attributable to stockholders:
Basic	$	(0.03	)	$	(0.10	)	$	(0.02	)	$	(0.12	)
Diluted	$	(0.03	)	$	(0.10	)	$	(0.02	)	$	(0.12	)
Weighted average shares outstanding – basic		21,880			21,740			21,848			21,716
Weighted average additional shares assuming conversion of potential common shares		0			0			0			0
Weighted average shares outstanding – diluted		21,880			21,740			21,848			21,716

Note 10 - Segment Information - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022	Oct. 02, 2022
Net revenue from unaffiliated customers	$ 33,581	$ 25,199	$ 101,488	$ 80,409	$ 80,409
Gross profit (loss)	4,040	1,971	12,871	10,260	10,260
us-gaap_OperatingIncomeLoss	(130)	(1,603)	1,252	(440)	(440)
Sypris Technologies	(456)	(2,258)	(62)	(1,879)	$ (1,879)
Sypris Technologies [Member]
Net revenue from unaffiliated customers	19,337	16,990	58,895	52,096
Gross profit (loss)	1,459	1,071	6,105	6,334
us-gaap_OperatingIncomeLoss	21	(361)	1,720	2,243
Sypris Technologies	(235)	(585)	740	1,578
Sypris Electronics [Member]
Net revenue from unaffiliated customers	14,244	8,209	42,593	28,313
Gross profit (loss)	2,581	900	6,766	3,926
us-gaap_OperatingIncomeLoss	1,271	(56)	3,417	1,280
Sypris Technologies	1,228	(91)	3,303	1,167
Corporate and Other [Member]
us-gaap_OperatingIncomeLoss	(1,422)	(1,186)	(3,885)	(3,963)
Sypris Technologies	$ (1,449)	$ (1,582)	$ (4,105)	$ (4,624)

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

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 6 - (Loss) Income Per Common Share - Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Net income (loss) income as reported	$ (555)	$ (2,242)	$ (517)	$ (2,634)
Less distributed and undistributed earnings allocable to restricted award holders	0	0	0	0
Net income (loss) allocable to common stockholders	$ (555)	$ (2,242)	$ (517)	$ (2,634)
Basic (in dollars per share)	$ (0.03)	$ (0.10)	$ (0.02)	$ (0.12)
Diluted (in dollars per share)	$ (0.03)	$ (0.10)	$ (0.02)	$ (0.12)
Basic (in shares)	21,880	21,740	21,848	21,716
Weighted average additional shares assuming conversion of potential common shares (in shares)	0	0	0	0
Weighted average shares outstanding – diluted (in shares)	21,880	21,740	21,848	21,716

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 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.

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Note 5 - Revenue From Contracts With Customers (Tables)

9 Months Ended

Oct. 01, 2023

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	19,337	$	16,990	$	58,895	$	52,096
Sypris Electronics – transferred point in time		4,727		2,586		14,061		6,383
Sypris Electronics – transferred over time		9,517		5,623		28,532		21,930
	$	33,581	$	25,199	$	101,488	$	80,409

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Oct. 01, 2023	Dec. 31, 2022
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)	10,835	19
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 [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)	22,465,485	22,175,664
Common Stock, Shares, Outstanding, Ending Balance (in shares)	22,454,649	22,175,645

Note 9 - Debt (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
Note 9 - Debt (Details Textual) - USD ($)	Oct. 01, 2023	Oct. 01, 2023	Dec. 31, 2022
Working capital line of credit	$ 500,000	$ 500,000	$ 0
Line of Credit Facility, Interest Rate at Period End	8.75%	8.75%
Line of Credit Facility, Fair Value of Amount Outstanding	$ 500,000	$ 500,000
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability	$ 3,002,000	$ 3,002,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate	8.60%	8.60%
Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 2,000,000	$ 2,000,000
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent		60.00%
Gill Family Capital Management [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%
Gill Family Capital Management [Member] \| Minimum [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate		5.00%
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 4,000,000	$ 4,000,000	$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage	8.80%	8.80%
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%	8.00%
Promissory Notes with Maturity on April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 2,000,000	$ 2,000,000
Promissory Note [Member] \| Gill Family Capital Management [Member] \| Minimum [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [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	6,500,000	$ 6,500,000
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent		60.00%
Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Gill Family Capital Management [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%
Promissory Notes With Maturity on April 1, 2025 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	$ 2,000,000	$ 2,000,000
Promissory Note With Maturity On April 1, 2026 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance	2,000,000	2,000,000
Equipment Financing Obligations [Member]
Finance Lease, Liability	2,053,000	2,053,000
Long-Term Debt	$ 2,053,000	$ 2,053,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.40%	4.40%
Equipment Financing Obligations [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage	8.10%	8.10%

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Net revenue	$ 33,581	$ 25,199	$ 101,488	$ 80,409
Cost of sales	29,541	23,228	88,617	70,149
Gross profit	4,040	1,971	12,871	10,260
Selling, general and administrative	4,170	3,574	11,619	10,700
Operating (loss) income	(130)	(1,603)	1,252	(440)
Interest expense, net	127	273	531	784
Other expense, net	199	382	783	655
Income (loss) before taxes	(456)	(2,258)	(62)	(1,879)
Income tax expense	99	(16)	455	755
Net income (loss)	$ (555)	$ (2,242)	$ (517)	$ (2,634)
Loss per share:
Basic (in dollars per share)	$ (0.03)	$ (0.10)	$ (0.02)	$ (0.12)
Diluted (in dollars per share)	$ (0.03)	$ (0.10)	$ (0.02)	$ (0.12)
Weighted average shares outstanding:
Basic (in shares)	21,880	21,740	21,848	21,716
Diluted (in shares)	21,880	21,740	21,848	21,716
Dividends declared per common share (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00

Note 13 - Employee Benefit Plans (Tables)

9 Months Ended

Oct. 01, 2023

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)

Service cost	$	0		$	1		$	1		$	3
Interest cost on projected benefit obligation		309			210			927			630
Net amortizations, deferrals and other costs		131			140			394			420
Expected return on plan assets		(176	)		(204	)		(529	)		(613	)
Net periodic benefit cost	$	264		$	147		$	793		$	440

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

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	0	$	1	$	1	$	3
Other net periodic benefit costs:
Other expense, net		264		146		793		437
Total	$	264	$	147	$	794	$	440

Note 10 - Segment Information - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Total assets	$ 129,893	$ 104,144
Total liabilities	108,482	84,569
Sypris Technologies [Member]
Total assets	42,021	36,875
Total liabilities	22,452	19,492
Sypris Electronics [Member]
Total assets	82,553	47,522
Total liabilities	79,843	56,073
Corporate and Other [Member]
Total assets	5,319	19,747
Total liabilities	$ 6,187	$ 9,004

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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Note 13 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 01, 2023	Oct. 03, 2022	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Selling, general and administrative expenses	$ 0	$ 1	$ 1	$ 1	$ 3
Other expense (income), net	264		146	793	437
Total	264	$ 147		793	440
Approximation [Member]
Total	$ 264		$ 147	$ 794	$ 440

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Dec. 31, 2022
Gross property, plant and equipment	$ 82,035	$ 76,172
Accumulated depreciation	(65,376)	(60,640)
Property, Plant and Equipment, Net	16,659	15,532
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	8,376	8,044
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	70,929	66,037
Construction in Progress [Member]
Gross property, plant and equipment	$ 2,687	$ 2,048

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, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218	$ 154,904	$ (112,842)	$ (22,994)	$ 0
Net income (loss)	0	0	(2,634)	0	0	$ (2,634)
Foreign currency translation adjustment	$ 0	0	0	380	0
Issuance of restricted common stock (in shares)	197,500
Issuance of restricted common stock	$ 2	(2)	0	0	0
Exercise of stock options (in shares)	43,441
Exercise of stock options	$ 1	(40)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	512	0	0	0
Balance (in shares) at Oct. 02, 2022	22,150,665
Balance at Oct. 02, 2022	$ 221	155,374	(115,476)	(22,614)	0
Balance (in shares) at Jul. 03, 2022	22,131,983
Balance at Jul. 03, 2022	$ 221	155,214	(113,234)	(22,563)	0
Net income (loss)	0	0	(2,242)	0	0	(2,242)
Foreign currency translation adjustment	$ 0	0	0	(51)	0
Exercise of stock options (in shares)	3,682
Exercise of stock options	$ 0	(3)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	163	0	0	0
Balance (in shares) at Oct. 02, 2022	22,150,665
Balance at Oct. 02, 2022	$ 221	155,374	(115,476)	(22,614)	0
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221	155,535	(115,336)	(20,845)	0	19,575
Net income (loss)	0	0	(517)	0	0	(517)
Foreign currency translation adjustment	$ 0	0	0	1,841	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)	106,504
Exercise of stock options	$ 1	(105)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	615	0	0	0
Treasury stock (in shares)	(32,500)
Treasury stock	$ 0	1	0	0
Balance (in shares) at Oct. 01, 2023	22,454,649
Balance at Oct. 01, 2023	$ 224	156,044	(115,853)	(19,004)	0	21,411
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	(555)	0	0	(555)
Foreign currency translation adjustment	$ 0	0	0	(581)	0
Exercise of stock options (in shares)	25,039
Exercise of stock options	$ 0	(22)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	206	0	0	0
Balance (in shares) at Oct. 01, 2023	22,454,649
Balance at Oct. 01, 2023	$ 224	$ 156,044	$ (115,853)	$ (19,004)	$ 0	$ 21,411

Note 9 - Debt - Debt Components (Details) - USD ($)	Oct. 01, 2023	Dec. 31, 2022
Finance lease obligations, current portion	$ 1,168,000	$ 1,102,000
Equipment financing obligations, current portion	624,000	398,000
Working capital line of credit	500,000	0
Note payable – related party, current portion	0	2,500,000
Current portion of long-term debt and finance lease obligations	2,292,000	4,000,000
Finance lease obligations, net of current portion	1,834,000	2,536,000
Equipment financing obligations	1,429,000	738,000
Less unamortized debt issuance and modification costs	(7,000)	(11,000)
Long-term debt and finance lease obligations, net of unamortized debt costs	7,256,000	7,263,000
Related Party [Member]
Note payable – related party, current portion	0	2,500,000
Note payable – related party	$ 4,000,000	$ 4,000,000

Note 2 - Basis of Presentation

9 Months Ended

Oct. 01, 2023

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, 2022 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 nine months ended October 1, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2022 as presented in the Company’s Annual Report on Form 10-K.

Note 7 - Inventory (Tables)

9 Months Ended

Oct. 01, 2023

Schedule of Inventory, Current [Table Text Block]

	October 1,			December 31,
	2023			2022
	(Unaudited)
Raw materials	$	68,698		$	36,612
Work in process		8,667			6,585
Finished goods		1,178			802
Reserve for excess and obsolete inventory		(1,874	)		(1,866	)
Total	$	76,669		$	42,133

Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Amount	$ 88,455,000		$ 88,455,000
Contract with Customer, Liability	57,554,000		57,554,000		$ 40,391,000
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities	6,604,000	$ 3,237,000	16,248,000	$ 10,562,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current	4,292,000		4,292,000		2,393,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	49,207,000		49,207,000		27,909,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 8,347,000		$ 8,347,000		$ 12,482,000

Note 8 - Property, Plant and Equipment

9 Months Ended

Oct. 01, 2023

Property, Plant and Equipment Disclosure [Text Block]

(8)

Property, Plant and Equipment

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

	October 1,			December 31,
	2023			2022
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		8,376			8,044
Machinery, equipment, furniture and fixtures		70,929			66,037
Construction in progress		2,687			2,048
		82,035			76,172
Accumulated depreciation		(65,376	)		(60,640	)
	$	16,659		$	15,532

Note 8 - Property, Plant and Equipment (Tables)

9 Months Ended

Oct. 01, 2023

Property, Plant and Equipment [Table Text Block]

	October 1,			December 31,
	2023			2022
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		8,376			8,044
Machinery, equipment, furniture and fixtures		70,929			66,037
Construction in progress		2,687			2,048
		82,035			76,172
Accumulated depreciation		(65,376	)		(60,640	)
	$	16,659		$	15,532

Note 4 - Leases (Tables)

9 Months Ended

Oct. 01, 2023

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	191	$	170	$	557	$	490
Interest expense		69		83		218		261
Operating lease expense		351		351		1,052		1,052
Variable lease expense		105		84		276		253
Total lease expense	$	716	$	688	$	2,103	$	2,056

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

	Nine Months Ended
	October 1,		October 2,
	2023		2022
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,328	$	1,273
Operating cash flows from finance leases		218		261
Financing cash flows from finance leases		845		725

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,392		$	1,381
12 to 24 months		1,226			1,317
24 to 36 months		960			640
36 to 48 months		837			26
48 to 60 months		210			0
Thereafter		0			0
Total lease payments		4,625			3,364
Less imputed interest		(615	)		(362	)
Total	$	4,010		$	3,002

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

	October 1,		December 31,
	2023		2022
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		3.8		4.4
Finance leases		2.3		3
Weighted-average discount rate (percentage):
Operating leases		8		8
Finance leases		8.6		8.5

Note 10 - Segment Information (Tables)

9 Months Ended

Oct. 01, 2023

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

	Three Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	19,337		$	16,990		$	58,895		$	52,096
Sypris Electronics		14,244			8,209			42,593			28,313
	$	33,581		$	25,199		$	101,488		$	80,409
Gross profit:
Sypris Technologies	$	1,459		$	1,071		$	6,105		$	6,334
Sypris Electronics		2,581			900			6,766			3,926
	$	4,040		$	1,971		$	12,871		$	10,260

Operating income (loss):
Sypris Technologies	$	21		$	(361	)	$	1,720		$	2,243
Sypris Electronics		1,271			(56	)		3,417			1,280
General, corporate and other		(1,422	)		(1,186	)		(3,885	)		(3,963	)
	$	(130	)	$	(1,603	)	$	1,252		$	(440	)
(Loss) income before taxes:
Sypris Technologies	$	(235	)	$	(585	)	$	740		$	1,578
Sypris Electronics		1,228	)		(91	)		3,303			1,167
General, corporate and other		(1,449	)		(1,582	)		(4,105	)		(4,624	)
	$	(456	)	$	(2,258	)	$	(62	)	$	(1,879	)

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

	October 1,		December 31,
	2023		2022
	(Unaudited)
Total assets:
Sypris Technologies	$	42,021	$	36,875
Sypris Electronics		82,553		47,522
General, corporate and other		5,319		19,747
	$	129,893	$	104,144

Total liabilities:
Sypris Technologies	$	22,452	$	19,492
Sypris Electronics		79,843		56,073
General, corporate and other		6,187		9,004
	$	108,482	$	84,569

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Net income (loss)	$ (555)	$ (2,242)	$ (517)	$ (2,634)
Other comprehensive (loss) income
Foreign currency translation adjustments	(581)	(51)	1,841	380
Comprehensive income (loss)	$ (1,136)	$ (2,293)	$ 1,324	$ (2,254)

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

Note 15 - Fair Value of Financial Instruments

9 Months Ended

Oct. 01, 2023

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 October 1, 2023 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 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 01, 2023

Schedule of Stockholders Equity [Table Text Block]

	October 1,			December 31,
	2023			2022
	(Unaudited)

Foreign currency translation adjustments	$	(8,617	)	$	(10,458	)
Employee benefit related adjustments – U.S., net of tax		(10,488	)		(10,488	)
Employee benefit related adjustments – Mexico, net of tax		101			101
Accumulated other comprehensive loss	$	(19,004	)	$	(20,845	)

Note 11 - Commitments and Contingencies

9 Months Ended

Oct. 01, 2023

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 October 1, 2023 and December 31, 2022 was $781,000 and $690,000, respectively. The Company’s warranty expense for the three and nine months ended October 1, 2023 and October 2, 2022 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 October 1, 2023 and December 31, 2022, 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. On January 26, 2022, an opinion was issued by the presiding judge indicating that certain of the Plan language in dispute is unambiguous and would therefore limit the Company’s right to interpret such language. Following the denial of motions for summary judgement from the Company and the DOL on April 28, 2022, a hearing took place on September 13, 2022 to review issues raised in the Company’s motion to amend its answer and its proposed counter claim and general next steps for the litigation proceedings, including settlement considerations. Following the hearing the judge issued an order denying the Company’s motion to amend its answer and proposed counter claim and further requested that the parties prepare a joint status report by November 14, 2022 relating to the schedule for the litigation proceedings. While the Company believes that it has affirmative defenses, in an effort to avoid further litigation the Company engaged in settlement discussions with the DOL, and 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 the judge entered into the court record on September 28, 2023. The settlement, among other terms, requires the Company to pay a restoration payment of $575,000 to the Plan, which will be distributed among affected participants of the Plan, assessed a 10% penalty under section 502(l) of ERISA, which allows for the Company to request a good faith waiver upon satisfaction of the settlement, and dismissed individual defendants. The Company recorded a reserve of $575,000 during the year ended December 31, 2022, and the Company currently estimates the range of possible loss is $0 to $58,000 in excess of the amount reserved, representing the potential 10% penalty. The Court retained jurisdiction over the parties for the purposes of enforcing and interpreting the terms of this consent order and judgment.

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. The trial has been set for May 20, 2024. The Company is continuing to vigorously defend the matter and believes that it has affirmative defenses and any potential damages to be undeterminable. As a result, we are currently unable to estimate a loss or range of loss for this matter at this time. 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 $41,758,000 as of October 1, 2023, of which $16,455,000 is due in 2023, $23,810,000 is due in 2024 and $1,493,000 is due in 2025.

Note 5 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-03	Oct. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Percentage	19.00%

Note 16 - Subsequent Events

9 Months Ended

Oct. 01, 2023

Subsequent Events [Text Block]

(16)

Subsequent Events

As described in Note 9 above, subsequent to the third quarter ended October 1, 2023, the Company amended the Note to, among other things: (i) increase the amount by $2,500,000 to $6,500,000, (ii) extend the maturity dates for $2,000,000 of the obligation to April 1, 2025, $2,000,000 to April 1, 2026 and the balance to April 1, 2027, (iii) adjust the interest rate beginning on November 10, 2023 and on each April 1 thereafter, to reflect the greater of 8% or 500 basis points above the five-year Treasury note average during the previous 90-day period, and (iv) allow for the deferral of payment for up to 60% of the interest due on the Note to April 1, 2025.

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.

Note 5 - Revenue From Contracts With Customers

9 Months Ended

Oct. 01, 2023

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 $88,455,000 of remaining performance obligations as of October 1, 2023, all of which were long-term Sypris Electronics’ contracts. We expect to recognize approximately 19% of our remaining performance obligations as revenue in 2023, 78% in 2024 and the balance in 2025.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and nine months ended October 1, 2023 and October 2, 2022:

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	19,337	$	16,990	$	58,895	$	52,096
Sypris Electronics – transferred point in time		4,727		2,586		14,061		6,383
Sypris Electronics – transferred over time		9,517		5,623		28,532		21,930
	$	33,581	$	25,199	$	101,488	$	80,409

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 October 1, 2023 and December 31, 2022 were $4,292,000 and $2,393,000, 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 receives cash payments from customers on certain contracts 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 sheets based on the timing of when the Company expects to recognize revenue. As of October 1, 2023, the contract liabilities balance was $57,554,000, of which $49,207,000 was included within accrued liabilities and $8,347,000 was included within other liabilities in the accompanying consolidated balance sheets. As of December 31, 2022, the contract liabilities balance was $40,391,000, of which $27,909,000 was included within accrued liabilities and $12,482,000 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 $6,604,000 and $16,248,000 during the three and nine months ended October 1, 2023, respectively. The Company recognized revenue from contract liabilities of $3,237,000 and $10,562,000 during the three and nine months ended October 2, 2022, 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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

Note 10 - Segment Information

9 Months Ended

Oct. 01, 2023

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						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	19,337		$	16,990		$	58,895		$	52,096
Sypris Electronics		14,244			8,209			42,593			28,313
	$	33,581		$	25,199		$	101,488		$	80,409
Gross profit:
Sypris Technologies	$	1,459		$	1,071		$	6,105		$	6,334
Sypris Electronics		2,581			900			6,766			3,926
	$	4,040		$	1,971		$	12,871		$	10,260

Operating income (loss):
Sypris Technologies	$	21		$	(361	)	$	1,720		$	2,243
Sypris Electronics		1,271			(56	)		3,417			1,280
General, corporate and other		(1,422	)		(1,186	)		(3,885	)		(3,963	)
	$	(130	)	$	(1,603	)	$	1,252		$	(440	)
(Loss) income before taxes:
Sypris Technologies	$	(235	)	$	(585	)	$	740		$	1,578
Sypris Electronics		1,228	)		(91	)		3,303			1,167
General, corporate and other		(1,449	)		(1,582	)		(4,105	)		(4,624	)
	$	(456	)	$	(2,258	)	$	(62	)	$	(1,879	)

	October 1,		December 31,
	2023		2022
	(Unaudited)
Total assets:
Sypris Technologies	$	42,021	$	36,875
Sypris Electronics		82,553		47,522
General, corporate and other		5,319		19,747
	$	129,893	$	104,144

Total liabilities:
Sypris Technologies	$	22,452	$	19,492
Sypris Electronics		79,843		56,073
General, corporate and other		6,187		9,004
	$	108,482	$	84,569

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022	Oct. 02, 2022
Net revenue	$ 33,581	$ 25,199	$ 101,488	$ 80,409	$ 80,409
Sypris Technologies [Member]
Net revenue	19,337	16,990	58,895	52,096
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	19,337	16,990	58,895	52,096
Sypris Electronics [Member]
Net revenue	14,244	8,209	42,593	28,313
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	4,727	2,586	14,061	6,383
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 9,517	$ 5,623	$ 28,532	$ 21,930

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, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218	$ 154,904	$ (112,842)	$ (22,994)	$ 0
Net income (loss)	0	0	(2,634)	0	0	$ (2,634)
Foreign currency translation adjustment	$ 0	0	0	380	0
Issuance of restricted common stock (in shares)	197,500
Issuance of restricted common stock	$ 2	(2)	0	0	0
Exercise of stock options (in shares)	43,441
Exercise of stock options	$ 1	(40)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	512	0	0	0
Balance (in shares) at Oct. 02, 2022	22,150,665
Balance at Oct. 02, 2022	$ 221	155,374	(115,476)	(22,614)	0
Balance (in shares) at Jul. 03, 2022	22,131,983
Balance at Jul. 03, 2022	$ 221	155,214	(113,234)	(22,563)	0
Net income (loss)	0	0	(2,242)	0	0	(2,242)
Foreign currency translation adjustment	$ 0	0	0	(51)	0
Exercise of stock options (in shares)	3,682
Exercise of stock options	$ 0	(3)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	163	0	0	0
Balance (in shares) at Oct. 02, 2022	22,150,665
Balance at Oct. 02, 2022	$ 221	155,374	(115,476)	(22,614)	0
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221	155,535	(115,336)	(20,845)	0	19,575
Net income (loss)	0	0	(517)	0	0	(517)
Foreign currency translation adjustment	$ 0	0	0	1,841	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)	106,504
Exercise of stock options	$ 1	(105)	0	0	0
Noncash compensation (in shares)	45,000
Noncash compensation	$ 0	615	0	0	0
Balance (in shares) at Oct. 01, 2023	22,454,649
Balance at Oct. 01, 2023	$ 224	156,044	(115,853)	(19,004)	0	21,411
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	(555)	0	0	(555)
Foreign currency translation adjustment	$ 0	0	0	(581)	0
Exercise of stock options (in shares)	25,039
Exercise of stock options	$ 0	(22)	0	0	0
Noncash compensation (in shares)	15,000
Noncash compensation	$ 0	206	0	0	0
Balance (in shares) at Oct. 01, 2023	22,454,649
Balance at Oct. 01, 2023	$ 224	$ 156,044	$ (115,853)	$ (19,004)	$ 0	$ 21,411

Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Amortization expense	$ 191	$ 170	$ 557	$ 490
Interest expense	69	83	218	261
Operating lease expense	351	351	1,052	1,052
Variable lease expense	105	84	276	253
Total lease expense	$ 716	$ 688	$ 2,103	$ 2,056

Note 12 - Income Taxes (Details Textual)			9 Months Ended
Note 12 - Income Taxes (Details Textual)	Feb. 23, 2023 USD ($)	Feb. 23, 2023 MXN ($)	Oct. 01, 2023	Oct. 02, 2022
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%
Foreign Tax Authority [Member] \| Mexican Tax Authority [Member]
Tax Assessment of the Company	$ 1,150,000	$ 20,922,000

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 01, 2023	Nov. 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2023
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)		22,454,649
Entity Central Index Key	0000864240
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

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

9 Months Ended

Oct. 01, 2023

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

	Three Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)
Loss attributable to stockholders:
Net loss as reported	$	(555	)	$	(2,242	)	$	(517	)	$	(2,634	)
Less distributed and undistributed earnings allocable to restricted award holders		0			0			0			0
Less dividends declared attributable to restricted award holders		0			0			0			0
Net loss allocable to common stockholders	$	(555	)	$	(2,242	)	$	(517	)	$	(2,634	)
Loss per common share attributable to stockholders:
Basic	$	(0.03	)	$	(0.10	)	$	(0.02	)	$	(0.12	)
Diluted	$	(0.03	)	$	(0.10	)	$	(0.02	)	$	(0.12	)
Weighted average shares outstanding – basic		21,880			21,740			21,848			21,716
Weighted average additional shares assuming conversion of potential common shares		0			0			0			0
Weighted average shares outstanding – diluted		21,880			21,740			21,848			21,716

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Operating cash flows from operating leases	$ 1,328	$ 1,273
Operating cash flows from finance leases	218	261
Financing cash flows from finance leases	$ 845	$ 725

Note 9 - Debt

9 Months Ended

Oct. 01, 2023

Long-Term Debt [Text Block]

(9)

Debt

Debt outstanding consists of the following (in thousands):

	October 1,			December 31,
	2023			2022
	(Unaudited)
Current:
Finance lease obligation, current portion	$	1,168		$	1,102
Equipment financing obligations, current portion		624			398
Working capital line of credit		500			0
Note payable – related party, current portion		0			2,500
Current portion of long term debt and finance lease obligations	$	2,292		$	4,000
Long Term:
Finance lease obligation	$	1,834		$	2,536
Equipment financing obligations		1,429			738
Note payable – related party		4,000			4,000
Less unamortized debt issuance and modification costs		(7	)		(11	)
Long term debt and finance lease obligations net of unamortized debt costs	$	7,256		$	7,263

Note Payable – Related Party

The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of a secured promissory note (the “Note”), with obligations totaling $4,000,000 and $6,500,000 in principal as of October 1, 2023 and December 31, 2022, respectively. 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 October 1, 2023, our principal commitment under the Note was $2,000,000 due on April 1, 2024 and the balance on April 1, 2026. Interest on the Note is payable quarterly, and the rate 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, which was 8.8% as of October 1, 2023.

Subsequent to the third quarter ended October 1, 2023, the Company and GFCM amended the Note to, among other things: (i) increase the amount by $2,500,000 to $6,500,000, (ii) extend the maturity dates for $2,000,000 of the obligation to April 1, 2025, $2,000,000 to April 1, 2026 and the balance to April 1, 2027, (iii) adjust the interest rate beginning on November 10, 2023 and on each April 1 thereafter, to reflect the greater of 8% or 500 basis points above the five-year Treasury note average during the previous 90-day period, and (iv) allow for the deferral of payment for up to 60% of the interest due on the Note to April 1, 2025 (see Note 16).

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.

Working Capital Line of Credit

During 2023, the Company established a $500,000 unsecured line of credit with BBVA Mexico in support of working capital needs of our Mexican subsidiary. The term of the line extends through February 2024 and provides for interest at 8.75% per annum. As of October 1, 2023, the Company had $500,000 outstanding on the line of credit.

Finance Lease Obligations

As of October 1, 2023, the Company had $3,002,000 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 8.6%.

Equipment Financing Obligations

As of October 1, 2023, the Company had $2,053,000 million outstanding under equipment financing obligations, with effective interest rates ranging from 4.4% to 8.1% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):

Next 12 months	$	744
12 to 24 months		588
24 to 36 months		460
36 to 48 months		358
48 to 60 months		186
Thereafter		0
Total payments		2,336
Less imputed interest		(283	)
Total equipment financing obligations	$	2,053

Note 13 - Employee Benefit Plans

9 Months Ended

Oct. 01, 2023

Retirement Benefits [Text Block]

(13)

Employee Benefit Plans

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

	Three Months Ended						Nine Months Ended
	October 1,			October 2,			October 1,			October 2,
	2023			2022			2023			2022
	(Unaudited)						(Unaudited)

Service cost	$	0		$	1		$	1		$	3
Interest cost on projected benefit obligation		309			210			927			630
Net amortizations, deferrals and other costs		131			140			394			420
Expected return on plan assets		(176	)		(204	)		(529	)		(613	)
Net periodic benefit cost	$	264		$	147		$	793		$	440

The net periodic benefit cost of the defined benefit pension plans incurred during the three and nine-month periods ended October 1, 2023 and October 2, 2022 are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended				Nine Months Ended
	October 1,		October 2,		October 1,		October 2,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	0	$	1	$	1	$	3
Other net periodic benefit costs:
Other expense, net		264		146		793		437
Total	$	264	$	147	$	794	$	440

The entire disclosure for retirement benefits.

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