0001437749-24-010216 | 10-K | XBRL Viewer

Other Liabilities Disclosure [Text Block]

(11)

Other Liabilities

Other liabilities consist of the following (in thousands):

	December 31,
	2023		2022
Noncurrent pension liability	$	3,823	$	4,332
Deferred gain from sale leaseback		407		660
Contract liabilities – long-term		3,799		12,482
Other		53		0
Other liabilities	$	8,082	$	17,474

Note 12 - Debt - Maturities of Equipment Financing Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Next 12 months, Finance Lease	$ 1,548
12 to 24 months, Finance Lease	1,514
24 to 36 months, Finance Lease	488
36 to 48 months, Finance Lease	0
48 to 60 months, Finance Lease	0
Thereafter, Finance Lease	0
Total lease payments, Financing Leases	3,550
Less imputed interest, Financing Leases	(371)
Total, Financing Leases	3,179
Equipment Financing Obligations [Member]
Next 12 months, Finance Lease	733
12 to 24 months, Finance Lease	557
24 to 36 months, Finance Lease	461
36 to 48 months, Finance Lease	349
48 to 60 months, Finance Lease	110
Thereafter, Finance Lease	0
Total lease payments, Financing Leases	2,210
Less imputed interest, Financing Leases	(259)
Total, Financing Leases	$ 1,951

Note 3 - Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Table Text Block]

	December 31,
	2023		2022
Sypris Technologies – transferred point in time	$	77,920	$	69,259
Sypris Electronics – transferred point in time		15,463		10,400
Sypris Electronics – transferred over time		42,840		30,462
Net revenue	$	136,223	$	110,121

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net revenue	$ 136,223,000	$ 110,121,000
Cost of sales	118,975,000	95,268,000
Gross profit	17,248,000	14,853,000
Selling, general and administrative	16,279,000	14,489,000
Operating income	969,000	364,000
Interest expense, net	777,000	1,110,000
Other expense, net	1,125,000	800,000
Loss before income taxes	(933,000)	(1,546,000)
Income tax expense, net	663,000	948,000
Net loss	$ (1,596,000)	$ (2,494,000)
Loss per common share:
Basic (in dollars per share)	$ (0.07)	$ (0.11)
Diluted (in dollars per share)	(0.07)	(0.11)
Cash dividends per common share (in dollars per share)	$ 0	$ 0
us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract
Basic (in shares)	21,876	21,729
Diluted (in shares)	21,876	21,729

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (1,596,000)	$ (2,494,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	3,259,000	3,088,000
Deferred income taxes	54,000	329,000
Non-cash compensation	813,000	683,000
Deferred loan costs amortized	3,000	6,000
Provision for excess and obsolete inventory	(167,000)	65,000
Non-cash lease expense	942,000	890,000
Other noncash items	(56,000)	(148,000)
Contributions to pension plans	(16,000)	(60,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,096,000)	345,000
Inventory	(34,693,000)	(11,804,000)
Prepaid expenses and other assets	(1,105,000)	(3,072,000)
Accounts payable	8,984,000	5,556,000
Accrued and other liabilities	13,585,000	20,409,000
Net cash (used in) provided by operating activities	(11,089,000)	13,793,000
Cash flows from investing activities:
Capital expenditures	(2,139,000)	(3,041,000)
Proceeds from sale of assets	0	10,000
Net cash used in investing activities	(2,139,000)	(3,031,000)
Proceeds from equipment financing obligations	710,000	0
Proceeds from working capital line of credit	500,000	0
Proceeds from Note Payable – related party	2,500,000	0
Principal payments on finance lease obligations	(1,168,000)	(982,000)
Principal payments on equipment financing obligations	(551,000)	(352,000)
Principal payments on Note Payable – related party	(2,500,000)	0
Indirect repurchase of shares for minimum statutory tax withholdings	(105,000)	(49,000)
Net cash used in financing activities	(614,000)	(1,383,000)
Effect of exchange rate changes on cash balances	75,000	649,000
Net increase in cash and cash equivalents	(13,767,000)	10,028,000
Cash and cash equivalents at beginning of year	21,648,000	11,620,000
Cash and cash equivalents at end of year	7,881,000	21,648,000
Supplemental disclosure of cash flow information:
Fixed assets obtained in exchange for finance lease and equipment financing obligations	$ 1,365,000	$ 452,000

Note 2 - Leases (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Renewal Term	5 years
Operating Lease, Right-of-Use Asset	$ 3,309,000	$ 4,251,000
Operating Lease, Liability, Total	$ 3,710,000	$ 4,878,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract	11 years

Note 20 - Segment Information - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total assets	$ 129,342	$ 104,144
Total liabilities	106,875	84,569
Sypris Technologies [Member]
Total assets	41,143	36,875
Total liabilities	21,309	19,492
Sypris Electronics [Member]
Total assets	84,576	47,522
Total liabilities	77,272	56,073
Corporate and Other [Member]
Total assets	3,623	19,747
Total liabilities	$ 8,294	$ 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 12 - Debt

12 Months Ended

Dec. 31, 2023

Long-Term Debt [Text Block]

(12)

Debt

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

	December 31,
	2023			2022
Current:
Finance lease obligation, current portion	$	1,327		$	1,102
Equipment financing obligations, current portion		618			398
Note payable – related party, current portion		0			2,500
Working capital line of credit		500			0
Current portion of long-term debt and finance lease obligations	$	2,445		$	4,000
Long-Term:
Finance lease obligations	$	1,852		$	2,536
Equipment financing obligations		1,333			738
Note payable – related party		6,500			4,000
Less unamortized debt issuance and modification costs		(16	)		(11	)
Long-term debt and finance lease obligations, net of unamortized debt costs	$	9,669		$	7,263

The Company had no capitalized interest in 2023 or 2022.

Note Payable – Related Party

The Company has received the benefit of loans from GFCM in the form of secured promissory note obligations totaling $6,500,000 in principal as of December 31, 2023 and 2022 (the “Note”). GFCM is an entity controlled by the Company’s Chairman, President and Chief Executive Officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company.

During the fourth quarter ended December 31, 2023, the Company and GFCM amended the Note to, among other things: (i) increase the principal 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. On February 7, 2024, the Company further amended the Note to increase the principal amount due on April 1, 2027 by another $2,500,000. The amendment increased the aggregate amount previously loaned by GFCM to the Company from $6,500,000 to $9,000,000 (see Note 21).

The weighted average interest rate for the Note as of December 31, 2023 and 2022 was 8.7% and 8.0%, respectively. Interest paid on the Note during the years ended December 31, 2023 and 2022 totaled approximately $479,000 and $526,000, respectively.

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 December 31, 2023, the Company had $3,179,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2026 and a weighted average interest rate of 8.8%.

Equipment Financing Obligations

As of December 31, 2023, the Company had $1,951,000 outstanding under equipment financing facilities, with a weighted average interest rate of 6.8% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):

Next 12 months	$	733
12 to 24 months		557
24 to 36 months		461
36 to 48 months		349
48 to 60 months		110
Thereafter		0
Total payments		2,210
Less imputed interest		(259	)
Total equipment financing obligations	$	1,951

Note 17 - Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance	$ 19,575
Foreign currency translation adjustments, net of tax expense	2,589	$ 982
Balance	22,467	19,575
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(10,458)	(11,440)
Foreign currency translation adjustments, net of tax expense	2,589	982
Net actuarial loss for the year, net of tax	0	0
Amortization for the year, net of tax	0	0
Balance	(7,869)	(10,458)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(10,387)	(11,554)
Foreign currency translation adjustments, net of tax expense	0	0
Net actuarial loss for the year, net of tax	663	607
Amortization for the year, net of tax	526	560
Balance	(9,198)	(10,387)
AOCI Attributable to Parent [Member]
Balance	(20,845)	(22,994)
Foreign currency translation adjustments, net of tax expense	2,589	982
Net actuarial loss for the year, net of tax	663	607
Amortization for the year, net of tax	526	560
Balance	$ (17,067)	$ (20,845)

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

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Note 12 - Debt (Details Textual) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
Note 12 - Debt (Details Textual) - USD ($)	Feb. 07, 2024	Feb. 07, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Oct. 01, 2023
Interest Paid, Excluding Capitalized Interest, Operating Activities				$ 479,000	$ 526,000
Finance Lease, Liability			$ 3,179,000	3,179,000
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability			$ 3,179,000	$ 3,179,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate			8.80%	8.80%
Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt			$ 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] \| Subsequent Event [Member]
Subordinated Debt	$ 9,000,000	$ 9,000,000
Debt Instrument, Increase (Decrease), Net	2,500,000	5,000,000
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%
Promissory Notes With Maturity on April 1, 2025 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt			$ 2,000,000	2,000,000
Promissory Note With Maturity On April 1, 2026 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt			$ 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, 2027 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt			$ 2,500,000	$ 2,500,000
Promissory Notes With Maturity On April 1, 2027 [Member] \| Gill Family Capital Management [Member] \| Subsequent Event [Member]
Subordinated Debt	5,000,000	$ 5,000,000
Debt Instrument, Increase (Decrease), Net	$ 2,500,000
Outstanding Borrowings [Member]
Debt, Weighted Average Interest Rate			8.70%	8.70%	8.00%
Equipment Financing Obligations [Member]
Finance Lease, Liability			$ 1,951,000	$ 1,951,000
Long-Term Debt			$ 1,951,000	$ 1,951,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage			6.80%	6.80%

Note 21 - Subsequent Event (Details Textual) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
Note 21 - Subsequent Event (Details Textual) - USD ($)	Feb. 07, 2024	Feb. 07, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Proceeds from Notes Payable				$ 2,500,000	$ 0
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2027 [Member]
Subordinated Debt			$ 2,500,000	2,500,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2027 [Member] \| Subsequent Event [Member]
Proceeds from Notes Payable	$ 2,500,000
Debt Instrument, Increase (Decrease), Net	2,500,000
Subordinated Debt	5,000,000	$ 5,000,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member]
Debt Instrument, Increase (Decrease), Net			2,500,000
Subordinated Debt			$ 6,500,000	$ 6,500,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Subsequent Event [Member]
Debt Instrument, Increase (Decrease), Net	2,500,000	5,000,000
Subordinated Debt	$ 9,000,000	$ 9,000,000

Note 10 - Accrued Liabilities (Details Textual)	Dec. 31, 2023
Accrued Operating Expenses, Accrued Warranty Expenses, Accrued Interest, and Other Items	5.00%

Note 2 - Leases

12 Months Ended

Dec. 31, 2023

Lessee, Operating and Finance Leases [Text Block]

(2)

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 December 31, 2023, total right-of-use assets and operating lease liabilities were approximately $3,309,000 and $3,710,000, 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 year ended December 31, 2023 and 2022.

The following table presents information related to lease expense for the year ended December 31, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
Finance lease expense
Amortization expense	$	757	$	677
Interest expense		284		338
Operating lease expense		1,402		1,402
Variable lease expense		367		337
Total lease expense	$	2,810	$	2,754

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

	December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,776	$	1,713
Operating cash flows from finance leases		284		338
Financing cash flows from finance leases		1,168		982

The annual future minimum lease payments as of December 31, 2023 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,317		$	1,548
12 to 24 months		1,231			1,514
24 to 36 months		859			488
36 to 48 months		842			0
48 to 60 months		0			0
Thereafter		0			0
Total lease payments		4,249			3,550
Less imputed interest		(539	)		(371	)
Total	$	3,710		$	3,179

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

	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating leases		3.6		4.4
Finance leases		2.2		3.0

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.8		8.5

Note 2 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Next 12 months, Operating Leases	$ 1,317,000
Next 12 months, Financing Leases	1,548,000
12 to 24 months, Operating Leases	1,231,000
12 to 24 months, Financing Leases	1,514,000
24 to 36 months, Operating Leases	859,000
24 to 36 months, Financing Leases	488,000
36 to 48 months, Operating Leases	842,000
36 to 48 months, Financing Leases	0
48 to 60 months, Operating Leases	0
48 to 60 months, Financing Leases	0
Thereafter, Operating Leases	0
Thereafter, Financing Leases	0
Total lease payments, Operating Leases	4,249,000
Total lease payments, Financing Leases	3,550,000
Less imputed interest, Operating Leases	(539,000)
Less imputed interest, Financing Leases	(371,000)
Total, Operating Leases	3,710,000	$ 4,878,000
Total, Financing Leases	$ 3,179,000

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net revenue	$ 136,223	$ 110,121
Sypris Technologies [Member]
Net revenue	77,920	69,259
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	77,920	69,259
Sypris Electronics [Member]
Net revenue	58,303	40,862
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	15,463	10,400
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 42,840	$ 30,462

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 8 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Table Text Block]

	December 31,
	2023			2022
Land and land improvements	$	43		$	43
Buildings and building improvements		8,507			8,044
Machinery, equipment, furniture and fixtures		74,588			66,037
Construction in progress		863			2,048
		84,001			76,172
Accumulated depreciation		(66,868	)		(60,640	)
Property plant and equipment, net	$	17,133		$	15,532

	December 31,
	2023			2022
Buildings and building improvements	$	3,490		$	3,045
Machinery, equipment, furniture and fixtures		4,046			3,432
		7,536			6,477
Accumulated depreciation		(3,799	)		(2,712	)
Net	$	3,737		$	3,765

Note 20 - Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting Disclosure [Text Block]

(20)

Segment Information

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, communications and space electronics. There was no intersegment net revenue recognized for any year 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):

	Year ended December 31,
	2023			2022
Net revenue from unaffiliated customers:
Sypris Technologies	$	77,920		$	69,259
Sypris Electronics		58,303			40,862
Total net revenue	$	136,223		$	110,121

Gross profit:
Sypris Technologies	$	9,208		$	8,550
Sypris Electronics		8,040			6,303
Total gross profit	$	17,248		$	14,853

Operating income (loss):
Sypris Technologies	$	3,327		$	3,191
Sypris Electronics		3,463			2,721
General, corporate and other		(5,821	)		(5,548	)
Total operating income	$	969		$	364

Interest expense, net:
Sypris Technologies	$	245		$	382
Sypris Electronics		200			195
General, corporate and other		332			533
Total interest expense	$	777		$	1,110

Other expense (income), net:
Sypris Technologies	$	1,145		$	520
Sypris Electronics		(14	)		(4	)
General, corporate and other		(6	)		284
Total other expense, net	$	1,125		$	800

	Year ended December 31,
	2023			2022
Income (loss) before income taxes:
Sypris Technologies	$	1,936		$	2,290
Sypris Electronics		3,277			2,529
General, corporate and other		(6,146	)		(6,365	)
Total income (loss) before income taxes	$	(933	)	$	(1,546	)

Depreciation and amortization:
Sypris Technologies	$	2,280		$	2,173
Sypris Electronics		803			739
General, corporate and other		176			176
Total depreciation and amortization	$	3,259		$	3,088

Capital expenditures:
Sypris Technologies	$	1,451		$	2,714
Sypris Electronics		688			327
General, corporate and other		0			0
Total capital expenditures	$	2,139		$	3,041

	December 31,
	2023		2022
Total assets:
Sypris Technologies	$	41,143	$	36,875
Sypris Electronics		84,576		47,522
General, corporate and other		3,623		19,747
Total assets	$	129,342	$	104,144

Total liabilities:
Sypris Technologies	$	21,309	$	19,492
Sypris Electronics		77,272		56,073
General, corporate and other		8,294		9,004
Total liabilities	$	106,875	$	84,569

The Company’s export sales from the U.S. totaled $3,538,000 and $3,548,000 in 2023 and 2022, respectively. Approximately $56,819,000 and $51,228,000 of net revenue in 2023 and 2022, respectively, and $10,135,000 and $9,504,000 of long lived assets at December 31, 2023 and 2022, respectively, and net assets of $21,398,000 and $16,866,000 at December 31, 2023 and 2022, respectively, relate to the Company’s international operations.

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
-Topic 280
-SubTopic 10
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-Paragraph 22
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Note 17 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Stockholders Equity [Table Text Block]

	December 31,
	2023			2022
Foreign currency translation adjustments, net of tax	$	(7,869	)	$	(10,458	)
Employee benefit related adjustments – U.S, net of tax		(9,281	)		(10,488	)
Employee benefit related adjustments – Mexico, net of tax		83			101
Accumulated other comprehensive loss	$	(17,067	)	$	(20,845	)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation			Defined Benefit Plans			Accum. Other Comp Loss

Balance at January 1, 2022	$	(11,440	)	$	(11,554	)	$	(22,994	)
Currency translation adjustments, net of tax		982			0			982
Net actuarial loss for the year, net of tax		0			607			607
Amortization for the year, net of tax		0			560			560
Balance at December 31, 2022	$	(10,458	)	$	(10,387	)	$	(20,845	)
Currency translation adjustments, net of tax		2,589			0			2,589
Net actuarial loss for the year, net of tax		0			663			663
Amortization for the year, net of tax		0			526			526
Balance at December 31, 2023	$	(7,869	)	$	(9,198	)	$	(17,067	)

Note 14 - Employee Benefit Plans - Summary of Fair Values of Pension Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of plan assets	$ 21,808	$ 22,843	$ 30,051
Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	10,628	11,339
Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	11,180	11,504
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	2,222	2,365
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	0	0
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	2,354	1,671
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	0	0
Defined Benefit Plan, Equity Securities, US, Mid Cap [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	301	566
Defined Benefit Plan, Equity Securities, US, Mid Cap [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	0	0
Defined Benefit Plan, Equity Securities, US, Small Cap [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	175	209
Defined Benefit Plan, Equity Securities, US, Small Cap [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	0	0
Defined Benefit Plan, Equity Securities, Non-US [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	873	1,194
Defined Benefit Plan, Equity Securities, Non-US [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	0	0
Real Estate [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets		210
Real Estate [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets		0
Other Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets		106
Other Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets		0
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	4,703	5,018
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	$ 11,180	$ 11,504

Note 18 - Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal tax expense at the statutory rate	$ (196)	$ (325)
Current year permanent differences	35	167
State income taxes, net of federal tax impact	(72)	(102)
Effect of tax rates of foreign subsidiary	235	282
Return to provision	(35)	(132)
Change in valuation allowance	469	876
Research & experimental tax credit expiration	227	182
Income tax expense, net	$ 663	$ 948

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 17 - Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Text Block]

(17)

Stockholders’ Equity

As of December 31, 2023 and 2022, 24,850 shares of the Company’s preferred stock were designated as Series A Preferred Stock in accordance with the terms of our stockholder rights plan, which expired in October 2011. There are no shares of Series A Preferred Stock currently outstanding, and there are no current plans to issue any such shares.

The holders of our common stock were not entitled to any payment as a result of the expiration of the rights plan and the rights issued thereunder.

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):

	December 31,
	2023			2022
Foreign currency translation adjustments, net of tax	$	(7,869	)	$	(10,458	)
Employee benefit related adjustments – U.S, net of tax		(9,281	)		(10,488	)
Employee benefit related adjustments – Mexico, net of tax		83			101
Accumulated other comprehensive loss	$	(17,067	)	$	(20,845	)

Changes in each component of accumulated other comprehensive loss consisted of the following:

	Foreign Currency Translation			Defined Benefit Plans			Accum. Other Comp Loss

Balance at January 1, 2022	$	(11,440	)	$	(11,554	)	$	(22,994	)
Currency translation adjustments, net of tax		982			0			982
Net actuarial loss for the year, net of tax		0			607			607
Amortization for the year, net of tax		0			560			560
Balance at December 31, 2022	$	(10,458	)	$	(10,387	)	$	(20,845	)
Currency translation adjustments, net of tax		2,589			0			2,589
Net actuarial loss for the year, net of tax		0			663			663
Amortization for the year, net of tax		0			526			526
Balance at December 31, 2023	$	(7,869	)	$	(9,198	)	$	(17,067	)

The entire disclosure for equity.

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Note 15 - Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accrual for Environmental Loss Contingencies, Ending Balance	$ 0	$ 0
DOL [Member]
Estimated Litigation Liability	575,000
Inventories [Member]
Purchase Obligation	39,764,000
Purchase Obligation, to be Paid, Year One	33,570,000
Purchase Obligation, to be Paid, Year Two	6,194,000
Capital Addition Purchase Commitments [Member]
Purchase Obligation	$ 298,000

Note 3 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Text Block]

(3)

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 $100,891,000 of remaining performance obligations as of December 31, 2023, all of which were long-term Sypris Electronics’ contracts. We expect to recognize approximately 68% of our remaining performance obligations as revenue in 2024 and the balance in 2025.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the years ended December 31, 2023 and 2022:

	December 31,
	2023		2022
Sypris Technologies – transferred point in time	$	77,920	$	69,259
Sypris Electronics – transferred point in time		15,463		10,400
Sypris Electronics – transferred over time		42,840		30,462
Net revenue	$	136,223	$	110,121

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 December 31, 2023 and 2022 were $4,638,000 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 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 December 31, 2023, the contract liabilities balance was $53,537,000, of which $49,738,000 was included within accrued liabilities and $3,799,000 was included within other liabilities in the accompanying consolidated balance sheets. 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 $19,919,000 and $14,165,000 during the years ended December 31, 2023 and 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Employee Benefit Plans - Benefits Expected to be Paid (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Expected future benefit payment, 2024	$ 2,377
Expected future benefit payment, 2025	2,315
Expected future benefit payment, 2026	2,235
Expected future benefit payment, 2027	2,165
Expected future benefit payment, 2028	2,090
Expected future benefit payment, 2020-2033	9,286
Total	$ 20,468

Note 12 - Debt (Tables)

12 Months Ended

Dec. 31, 2023

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

	December 31,
	2023			2022
Current:
Finance lease obligation, current portion	$	1,327		$	1,102
Equipment financing obligations, current portion		618			398
Note payable – related party, current portion		0			2,500
Working capital line of credit		500			0
Current portion of long-term debt and finance lease obligations	$	2,445		$	4,000
Long-Term:
Finance lease obligations	$	1,852		$	2,536
Equipment financing obligations		1,333			738
Note payable – related party		6,500			4,000
Less unamortized debt issuance and modification costs		(16	)		(11	)
Long-term debt and finance lease obligations, net of unamortized debt costs	$	9,669		$	7,263

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

Next 12 months	$	733
12 to 24 months		557
24 to 36 months		461
36 to 48 months		349
48 to 60 months		110
Thereafter		0
Total payments		2,210
Less imputed interest		(259	)
Total equipment financing obligations	$	1,951

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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-Subparagraph (SX 210.12-04(a))
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Note 20 - Segment Information - Financial Information From Reportable Segments - Income Statement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total net revenue	$ 136,223,000	$ 110,121,000
Total income (loss) before income taxes	(933,000)	(1,546,000)
Total gross profit	17,248,000	14,853,000
Total depreciation and amortization	3,259,000	3,088,000
Total operating income	969,000	364,000
Total capital expenditures	2,139,000	3,041,000
Interest expense, net	777,000	1,110,000
Other expense, net	1,125,000	800,000
Sypris Technologies [Member]
Total net revenue	77,920,000	69,259,000
Total income (loss) before income taxes	1,936,000	2,290,000
Total gross profit	9,208,000	8,550,000
Total depreciation and amortization	2,280,000	2,173,000
Total operating income	3,327,000	3,191,000
Total capital expenditures	1,451,000	2,714,000
Interest expense, net	245,000	382,000
Other expense, net	1,145,000	520,000
Sypris Electronics [Member]
Total net revenue	58,303,000	40,862,000
Total income (loss) before income taxes	3,277,000	2,529,000
Total gross profit	8,040,000	6,303,000
Total depreciation and amortization	803,000	739,000
Total operating income	3,463,000	2,721,000
Total capital expenditures	688,000	327,000
Interest expense, net	200,000	195,000
Other expense, net	(14,000)	(4,000)
Corporate and Other [Member]
Total income (loss) before income taxes	(6,146,000)	(6,365,000)
Total depreciation and amortization	176,000	176,000
Total operating income	(5,821,000)	(5,548,000)
Total capital expenditures	0	0
Interest expense, net	332,000	533,000
Other expense, net	$ (6,000)	$ 284,000

Note 3 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Percentage	68.00%

Note 20 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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

	Year ended December 31,
	2023			2022
Net revenue from unaffiliated customers:
Sypris Technologies	$	77,920		$	69,259
Sypris Electronics		58,303			40,862
Total net revenue	$	136,223		$	110,121

Gross profit:
Sypris Technologies	$	9,208		$	8,550
Sypris Electronics		8,040			6,303
Total gross profit	$	17,248		$	14,853

Operating income (loss):
Sypris Technologies	$	3,327		$	3,191
Sypris Electronics		3,463			2,721
General, corporate and other		(5,821	)		(5,548	)
Total operating income	$	969		$	364

Interest expense, net:
Sypris Technologies	$	245		$	382
Sypris Electronics		200			195
General, corporate and other		332			533
Total interest expense	$	777		$	1,110

Other expense (income), net:
Sypris Technologies	$	1,145		$	520
Sypris Electronics		(14	)		(4	)
General, corporate and other		(6	)		284
Total other expense, net	$	1,125		$	800

	Year ended December 31,
	2023			2022
Income (loss) before income taxes:
Sypris Technologies	$	1,936		$	2,290
Sypris Electronics		3,277			2,529
General, corporate and other		(6,146	)		(6,365	)
Total income (loss) before income taxes	$	(933	)	$	(1,546	)

Depreciation and amortization:
Sypris Technologies	$	2,280		$	2,173
Sypris Electronics		803			739
General, corporate and other		176			176
Total depreciation and amortization	$	3,259		$	3,088

Capital expenditures:
Sypris Technologies	$	1,451		$	2,714
Sypris Electronics		688			327
General, corporate and other		0			0
Total capital expenditures	$	2,139		$	3,041

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

	December 31,
	2023		2022
Total assets:
Sypris Technologies	$	41,143	$	36,875
Sypris Electronics		84,576		47,522
General, corporate and other		3,623		19,747
Total assets	$	129,342	$	104,144

Total liabilities:
Sypris Technologies	$	21,309	$	19,492
Sypris Electronics		77,272		56,073
General, corporate and other		8,294		9,004
Total liabilities	$	106,875	$	84,569

Note 3 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Amount	$ 100,891,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current	4,638,000	$ 2,393,000
Contract with Customer, Liability	53,537,000	40,391,000
Contract with Customer, Liability, Current	49,738,000	27,909,000
Contract with Customer, Liability, Noncurrent	3,799,000	12,482,000
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities	19,919,000	14,165,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current	4,638,000	2,393,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	49,738,000	27,909,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 3,799,000	$ 12,482,000

Note 16 - Stock Option and Purchase Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Text Block]

(16)

Stock Option and Purchase Plans

The Company’s stock compensation program provides for the grant of restricted stock (including performance-based restricted stock), unrestricted stock, stock options and stock appreciation rights. A total of 3,476,021 shares were registered for issuance under the 2015 Omnibus Plan. On May 12, 2020, the 2015 Omnibus Plan was replaced with the 2020 Omnibus Plan. A total of 4,596,271 shares were registered for issuance under the 2020 Omnibus Plan. Additionally, awards under the 2015 Omnibus Plans that are cancelled without having been fully exercised or vested are available again for new awards under the 2020 Omnibus Plan. The aggregate number of shares available for future grant as of December 31, 2023 and 2022 was 2,376,021 and 2,895,771, respectively.

The 2015 and 2020 Omnibus Plans provide for restrictions which lapse after three years. During the restricted period, which is commensurate with each vesting period, the recipient has the right to receive dividends and voting rights for the shares. Generally, if a recipient leaves the Company before the end of the restricted period or if performance requirements, if any, are not met, the shares will be forfeited.

Under the plans, the Company may grant options to purchase common stock to officers, key employees and non-employee directors. Options may be granted at not less than the market price on the date of grant. Stock option grants under the 2015 and 2020 Omnibus Plans include a five-year life along with vesting after three years of service.

Compensation expense is measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. Fair value for restricted shares is equal to the stock price on the date of grant, while the fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing method. The Company uses historical Company and industry data to estimate the expected price volatility. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. The dividend yield is assumed to be zero as we have not paid dividends nor do we anticipate paying any dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. Forfeitures are recorded as they occur. Stock based compensation expense of $813,000 and $683,000 has been recorded in selling, general and administrative expense in the consolidated statements of operations for the years ended December 31, 2023 and 2022, respectively.

The following weighted average assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	Year ended December 31,
	2023			2022
Expected life (years)		4.3			4.3
Expected volatility		85.1	%		86.5	%
Risk-free interest rates		4.23	%		1.69	%
Expected dividend yield		0	%		0	%

A summary of the restricted stock activity is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Nonvested shares at January 1, 2022		197,500		$	3.16
Granted		197,500			2.59
Vested		0			0
Forfeited		0			0
Nonvested shares at December 31, 2022		395,000			2.88
Granted		160,000			1.97
Vested		0			0
Forfeited		(42,500	)		2.29
Nonvested shares at December 31, 2023		512,500		$	2.64		1.2	$	1,040,375

There were no shares that vested during 2023 or 2022.

The following table summarizes option activity for the year ended December 31, 2023:

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022		1,970,250		$	1.11
Granted		260,000			2.60
Exercised		(138,900	)		1.11
Forfeited		(51,000	)		0.86
Expired		(15,500	)		1.15
Outstanding at December 31, 2022		2,031,850			1.31
Granted		372,750			1.97
Exercised		(525,600	)		1.41
Forfeited		(32,250	)		1.31
Expired		(22,500	)		1.50
Outstanding at December 31, 2023		1,824,250		$	1.41		2.02	$	1,315,300
Exercisable at December 31, 2023		1,164,500		$	0.92		0.97	$	1,293,175

The weighted average grant date fair value based on the Black-Scholes option pricing model for options granted in the years ended December 31, 2023 and 2022 was $1.26 and $1.67 per share, respectively. There were 525,600 options exercised in 2023 with an intrinsic value of $312,000. There were 138,900 options exercised in 2022 with an intrinsic value of $176,000.

As of December 31, 2023, there was $1,111,000 of total unrecognized compensation cost related to unvested share-based compensation granted under the plans. That cost is expected to be recognized over a weighted-average period of 3.0 years. The total fair value of option shares vested during the years ended December 31, 2023 and 2022 was $268,000 and $285,000, respectively.

Note 17 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign currency translation adjustments, net of tax	$ (7,869)	$ (10,458)
Accumulated other comprehensive loss	(17,067)	(20,845)
Internal Revenue Service (IRS) [Member]
Employee benefit related adjustments, net of tax	(9,281)	(10,488)
Mexican Tax Authority [Member]
Employee benefit related adjustments, net of tax	$ 83	$ 101

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

+ References + Details

Note 9 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long term spare parts	$ 598	$ 497
Long term deposits	280	280
Pension asset	849	645
Deferred tax asset, net	2,657	2,367
Other	649	594
Other assets	$ 5,033	$ 4,383

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [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	$ 218,000	$ 154,904,000	$ (112,842,000)	$ (22,994,000)	$ 0
Net loss	0	0	(2,494,000)	0	0	$ (2,494,000)
Employee benefit related, net of tax	0	0	0	1,167,000	0	$ (1,167,000)
Foreign currency translation adjustment, net of tax	$ 0	0	0	982,000	0
Restricted common stock grant (in shares)	197,500
Restricted common stock grant	$ 2,000	(2,000)	0	0	0
Noncash compensation (in shares)	60,000
Noncash compensation	$ 0	683,000	0	0	0
Exercise of stock options (in shares)	53,421					138,900
Exercise of stock options	$ 1,000	(50,000)	0	0	0
Balance (in shares) at Dec. 31, 2022	22,175,645
Balance at Dec. 31, 2022	$ 221,000	155,535,000	(115,336,000)	(20,845,000)	0	$ 19,575,000
Net loss	0	0	(1,596,000)	0	0	(1,596,000)
Employee benefit related, net of tax	0	0	0	1,207,000	0	$ (1,189,000)
Foreign currency translation adjustment, net of tax	$ 0	0	0	2,571,000	0
Restricted common stock grant (in shares)	160,000
Restricted common stock grant	$ 2,000	(2,000)	0	0	0
Noncash compensation (in shares)	60,000
Noncash compensation	$ 0	813,000	0	0	0
Exercise of stock options (in shares)	106,504					525,600
Exercise of stock options	$ 1,000	(105,000)	0	0	0
Treasury stock (in shares)	(42,500)
Treasury stock	$ 0		0	0	0
Treasury stock		1,000
Balance (in shares) at Dec. 31, 2023	22,459,649
Balance at Dec. 31, 2023	$ 224,000	$ 156,242,000	$ (116,932,000)	$ (17,067,000)	$ 0	$ 22,467,000

Note 19 - Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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

	Year ended December 31,
	2023			2022
Loss attributable to stockholders:
Net loss as reported	$	(1,596	)	$	(2,494	)
Less distributed and undistributed earnings allocable to restricted award holders		0			0
Net loss allocable to common stockholders	$	(1,596	)	$	(2,494	)

Loss per common share attributable to stockholders:
Basic	$	(0.07	)	$	(0.11	)
Diluted	$	(0.07	)	$	(0.11	)

Weighted average shares outstanding – basic		21,876			21,729
Weighted average additional shares assuming conversion of potential common shares		0			0
Weighted average shares outstanding – diluted		21,876			21,729

Note 16 - Stock Option and Purchase Plans - Summary of Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Outstanding, options (in shares)	2,031,850	1,970,250
Outstanding, weighed average exercise price, options (in dollars per share)	$ 1.31	$ 1.11
Granted, options (in shares)	372,750	260,000
Granted, weighed average exercise price, options (in dollars per share)	$ 1.97	$ 2.6
Exercised, options (in shares)	(525,600)	(138,900)
Exercised, weighed average exercise price, options (in dollars per share)	$ 1.41	$ 1.11
Forfeited, options (in shares)	(32,250)	(51,000)
Forfeited, weighed average exercise price, options (in dollars per share)	$ 1.31	$ 0.86
Expired, options (in shares)	(22,500)	(15,500)
Expired, weighed average exercise price, options (in dollars per share)	$ 1.5	$ 1.15
Outstanding, options (in shares)	1,824,250	2,031,850
Outstanding, weighed average exercise price, options (in dollars per share)	$ 1.41	$ 1.31
Outstanding, weighted average remaining term, options (Year)	2 years 7 days
Outstanding, aggregate intrinsic value, options	$ 1,315,300
Exercisable, options (in shares)	1,164,500
Exercisable, weighed average exercise price, options (in dollars per share)	$ 0.92
Exercisable, weighted average remaing term, options (Year)	11 months 19 days
Exercisable, aggregate intrinsic value, options	$ 1,293,175

Note 6 - Inventory - Inventory Components (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Raw materials	$ 67,962,000	$ 36,612,000
Work in process	9,027,000	6,585,000
Finished goods	1,974,000	802,000
Reserve for excess and obsolete inventory	(1,649,000)	(1,866,000)
Inventory, net	$ 77,314,000	$ 42,133,000

Note 16 - Stock Option and Purchase Plans - Estimate Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expected life (years) (Year)	4 years 3 months 18 days	4 years 3 months 18 days
Expected volatility	85.10%	86.50%
Risk-free interest rates	4.23%	1.69%
Expected dividend yield	0.00%	0.00%

Note 4 - Other Expense, Net (Details Textual) - USD ($)	12 Months Ended
Note 4 - Other Expense, Net (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Other Nonoperating Income (Expense)	$ (1,125,000)	$ (800,000)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ (1,036,000)	$ (562,000)

Note 4 - Other Expense, Net

12 Months Ended

Dec. 31, 2023

Other Income and Other Expense Disclosure [Text Block]

(4)

Other Expense, Net

The Company recognized other expense of $1,125,000 during the year ended December 31, 2023, which included pension expense of $1,036,000. Foreign currency related expenses were not material for the year ended December 31, 2023.

The Company recognized other expense of $800,000 during the year ended December 31, 2022, which included pension expense of $562,000. Foreign currency related expenses were not material for the year ended December 31, 2022.

Note 6 - Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2023			2022
Raw materials	$	67,962		$	36,612
Work in process		9,027			6,585
Finished goods		1,974			802
Reserve for excess and obsolete inventory		(1,649	)		(1,866	)
Inventory, net	$	77,314		$	42,133

Note 2 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

	December 31,
	2023		2022
Finance lease expense
Amortization expense	$	757	$	677
Interest expense		284		338
Operating lease expense		1,402		1,402
Variable lease expense		367		337
Total lease expense	$	2,810	$	2,754

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

	December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,776	$	1,713
Operating cash flows from finance leases		284		338
Financing cash flows from finance leases		1,168		982

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,317		$	1,548
12 to 24 months		1,231			1,514
24 to 36 months		859			488
36 to 48 months		842			0
48 to 60 months		0			0
Thereafter		0			0
Total lease payments		4,249			3,550
Less imputed interest		(539	)		(371	)
Total	$	3,710		$	3,179

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

	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating leases		3.6		4.4
Finance leases		2.2		3.0

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.8		8.5

Note 1 - Organization and Significant Accounting Policies (Details Textual)		1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 07, 2024 USD ($)	Feb. 07, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Operating Segments				2
Standard and Extended Product Warranty Accrual			$ 805,000	$ 805,000	$ 690,000
Product Warranty Expense				$ 350,000	251,000
Multi Employer Plans Collective Bargaining Arrangement Number of Participants				406
Multiemployer Plan, Employees Covered by Collective-Bargaining Arrangement, Subject to Expiration in 12 Months			0	0
Net Income (Loss) Attributable to Parent				$ 1,596,000	2,494,000
Net Cash Provided by (Used in) Operating Activities				11,089,000	(13,793,000)
Inventory, Net			$ 77,314,000	77,314,000	$ 42,133,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member]
Debt Instrument, Increase (Decrease), Net			2,500,000
Subordinated Debt			6,500,000	6,500,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2024 And April 1, 2026 [Member] \| Subsequent Event [Member]
Debt Instrument, Increase (Decrease), Net	$ 2,500,000	$ 5,000,000
Subordinated Debt	9,000,000	9,000,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity on April 1, 2025 [Member]
Subordinated Debt			2,000,000	2,000,000
Gill Family Capital Management [Member] \| Promissory Note With Maturity On April 1, 2026 [Member]
Subordinated Debt			2,000,000	2,000,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2027 [Member]
Subordinated Debt			2,500,000	$ 2,500,000
Gill Family Capital Management [Member] \| Promissory Notes With Maturity On April 1, 2027 [Member] \| Subsequent Event [Member]
Debt Instrument, Increase (Decrease), Net	2,500,000
Subordinated Debt	$ 5,000,000	$ 5,000,000
Employee Benefit Related Adjustments Mexico [Member]
Multi Employer Plans Collective Bargaining Arrangement Number of Participants				382
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Entity's Employees, Percentage				54.00%
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Participants, Percentage				51.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Two Customers [Member]
Concentration Risk, Percentage				30.00%
Number of Major Customers				2
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Subcom [Member]
Concentration Risk, Percentage				16.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Detroit Diesel [Member]
Concentration Risk, Percentage				14.00%	18.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Concentration Risk, Percentage					31.00%
Number of Major Customers					2
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer ADI [Member]
Concentration Risk, Percentage					13.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Subcom [Member]
Concentration Risk, Percentage				10.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Detroit Diesel [Member]
Concentration Risk, Percentage				13.00%	18.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Sistemas [Member]
Concentration Risk, Percentage				22.00%	22.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Northrop Grumman [Member]
Concentration Risk, Percentage				17.00%	14.00%
Capitalized Implementation Costs [Member]
Prepaid Expense and Other Assets			$ 156,000	$ 156,000	$ 204,000

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	December 31,
	2023			2022
Commercial	$	9,235		$	8,139
Allowance for credit losses		(306	)		(75	)
Accounts receivable, net	$	8,929		$	8,064

Note 10 - Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Text Block]

(10)

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,
	2023		2022
Salaries, wages, employment taxes and withholdings	$	1,994	$	1,644
Employee benefit plans		2,024		891
Accrued professional fees		764		734
Income, property and other taxes		300		201
Contract liabilities – short term		49,738		27,909
Deferred gain from sale-leaseback		349		305
Other		1,063		1,632
Accrued liabilities	$	56,232	$	33,316

Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, and other items, none of which exceed 5% of total current liabilities.

Note 7 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses	$ 1,405	$ 1,810
Contract assets	4,638	2,393
Other	3,700	3,930
Other current assets	$ 9,743	$ 8,133

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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, Shares, Total (in shares)	5,835	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)	22,459,645	22,175,645

Note 7 - Other Current Assets (Details Textual)	12 Months Ended
Note 7 - Other Current Assets (Details Textual)	Dec. 31, 2023
Percentage of Current Assets Included in Other Current Assets	5.00%

Note 19 - Loss Per Common Share - Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net loss as reported	$ (1,596,000)	$ (2,494,000)
Less distributed and undistributed earnings allocable to restricted award holders	0	0
Net loss allocable to common stockholders	$ (1,596,000)	$ (2,494,000)
Basic (in dollars per share)	$ (0.07)	$ (0.11)
Diluted (in dollars per share)	$ (0.07)	$ (0.11)
Basic (in shares)	21,876	21,729
Weighted average additional shares assuming conversion of potential common shares (in shares)	0	0
Weighted average shares outstanding – diluted (in shares)	21,876	21,729

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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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

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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 16 - Stock Option and Purchase Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]

	Year ended December 31,
	2023			2022
Expected life (years)		4.3			4.3
Expected volatility		85.1	%		86.5	%
Risk-free interest rates		4.23	%		1.69	%
Expected dividend yield		0	%		0	%

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Nonvested shares at January 1, 2022		197,500		$	3.16
Granted		197,500			2.59
Vested		0			0
Forfeited		0			0
Nonvested shares at December 31, 2022		395,000			2.88
Granted		160,000			1.97
Vested		0			0
Forfeited		(42,500	)		2.29
Nonvested shares at December 31, 2023		512,500		$	2.64		1.2	$	1,040,375

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022		1,970,250		$	1.11
Granted		260,000			2.60
Exercised		(138,900	)		1.11
Forfeited		(51,000	)		0.86
Expired		(15,500	)		1.15
Outstanding at December 31, 2022		2,031,850			1.31
Granted		372,750			1.97
Exercised		(525,600	)		1.41
Forfeited		(32,250	)		1.31
Expired		(22,500	)		1.50
Outstanding at December 31, 2023		1,824,250		$	1.41		2.02	$	1,315,300
Exercisable at December 31, 2023		1,164,500		$	0.92		0.97	$	1,293,175

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation Policy The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) and have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission. The Company’s operations are domiciled in the United States (U.S.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated.
Nature of Business [Policy Text Block]	Nature of Business 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 with corporations and government agencies. The Company offers such products through its two business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”). Sypris Technologies derives its revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics derives its revenue primarily from circuit card and box build manufacturing, high reliability manufacturing and systems assembly and integration, primarily for aerospace and defense, communications and space applications. Most products are built to the customer’s design specifications. The Company also provides engineering design services and repair or inspection services. See Note 20 for additional information regarding our segments.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. 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.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Estimates The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Valuation 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 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents Cash equivalents include all highly liquid investments with a maturity of three months or less when purchased.
Inventory, Policy [Policy Text Block]	Inventory Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first-in, first-out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but not incorporated into finished products are classified as raw materials. The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 years. Estimated economic lives range from three to fifteen years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. Also included in plant and equipment are assets under finance lease, which are stated at the present value of minimum lease payments.
Capitalization of Implementation Costs in Cloud Computing [Policy Text Block]	Cloud Computing Arrangements The Company capitalizes implementation costs incurred in cloud computing (i.e., hosting arrangements) during the application development phase and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within prepaid expenses and other current assets). As of December 31, 2023 and 2022, the Company had $156,000 and $204,000 recorded in prepaid expenses and other current assets in the consolidated balance sheets. Amortization expense for the years ended December 31, 2023 and 2022 was not material.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Long-lived Assets The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value.
Lessee, Leases [Policy Text Block]	Leases Our lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing and information technology equipment. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with an initial term of twelve months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Generally, we use our incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily available.
Share-Based Payment Arrangement [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized. 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. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.
Cost of Goods and Service [Policy Text Block]	Net Revenue and Cost of Sales 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 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, Revenue from Contracts with Customers (“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 due to the 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.
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block]	Allowance for Credit Losses Trade accounts receivable are reported net of the allowance for credit losses in the consolidated balance sheets. We provide an allowance for credit losses on trade receivables based on historical loss experience, aging analysis, and any specific, known troubled accounts. Accounts deemed uncollectible are written off against the allowance after management deems the account to be uncollectible.
Standard Product Warranty, Policy [Policy Text Block]	Product Warranty Costs The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2023 and 2022, was $805,000 and $690,000, respectively. The Company’s warranty expense for the years ended December 31, 2023 and 2022 was $350,000 and $251,000, respectively.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. Approximately 30% of accounts receivable outstanding at December 31, 2023 is due from two customers. More specifically, SubCom and Gastech Engineering, LLC comprise 16% and 14%, respectively, of December 31, 2023 outstanding accounts receivable. Approximately 31% of accounts receivable outstanding at December 31, 2022 is due from two customers. More specifically, SubCom and Detroit Diesel comprise 18% and 13%, respectively, of December 31, 2022 outstanding accounts receivable. No other single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2023 or 2022. The Company’s largest customers for the year ended December 31, 2023 were Sistemas, Northrop Grumman, Detroit Diesel, and Subcom, which represented approximately 22%, 17%, 13% and 10%, respectively, of the Company’s total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grumman and Subcom are customers within the Sypris Electronics segment. The Company’s largest customers for the year ended December 31, 2022 were Sistemas, Detroit Diesel and Northrop Grumman, which represented approximately 22%, 18% and 14%, respectively, of the Company’s total net revenue. No other single customer accounted for more than 10% of the Company’s total net revenue for the years ended December 31, 2023 or 2022.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency for the Company’s Mexican subsidiary is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiary are included in other income, net.
Collective Bargaining Agreements [Policy Text Block]	Collective Bargaining Agreements Approximately 406, or 54% of the Company’s employees, all within Sypris Technologies, were covered by collective bargaining agreements as of December 31, 2023. Excluding certain Mexico employees covered under an annually ratified agreement, there are no employees covered by collective bargaining agreements that expire within the next twelve months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 51% of the Company’s workforce, or 382 employees as of December 31, 2023.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards 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. In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280). The guidance enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The guidance becomes effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

Note 21 - Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Text Block]

(21)

Subsequent Event

On February 7, 2024, the Company received the proceeds of $2,500,000 from GFCM and further amended the Note to increase the amount due on April 1, 2027 by $2,500,000 to $5,000,000. The amendment increases the aggregate amount previously loaned by GFCM to the Company from $6,500,000 to $9,000,000. All other terms of the previously amended Note remain in place.

Note 1 - Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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

(1)

Organization and Significant Accounting Policies

Consolidation Policy

The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) and have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission. The Company’s operations are domiciled in the United States (U.S.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated.

Nature of Business

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 with corporations and government agencies. The Company offers such products through its two business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”). Sypris Technologies derives its revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics derives its revenue primarily from circuit card and box build manufacturing, high reliability manufacturing and systems assembly and integration, primarily for aerospace and defense, communications and space applications. Most products are built to the customer’s design specifications. The Company also provides engineering design services and repair or inspection services. See Note 20 for additional information regarding our segments.

Use of Estimates

The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. 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.

Fair Value Estimates

The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Valuation 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 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.

Cash Equivalents

Cash equivalents include all highly liquid investments with a maturity of three months or less when purchased.

Inventory

Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first-in, first-out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but not incorporated into finished products are classified as raw materials.

The Company’s reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made.

Property, Plant and Equipment

Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 years. Estimated economic lives range from three to fifteen years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. Also included in plant and equipment are assets under finance lease, which are stated at the present value of minimum lease payments.

Cloud Computing Arrangements

The Company capitalizes implementation costs incurred in cloud computing (i.e., hosting arrangements) during the application development phase and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within prepaid expenses and other current assets). As of December 31, 2023 and 2022, the Company had $156,000 and $204,000 recorded in prepaid expenses and other current assets in the consolidated balance sheets. Amortization expense for the years ended December 31, 2023 and 2022 was not material.

Long-lived Assets

The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value.

Leases

Our lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing and information technology equipment. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with an initial term of twelve months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Generally, we use our incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily available.

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations.

Income Taxes

The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

In the ordinary course of business there is inherent uncertainty in quantifying the Company’s income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized.

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. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.

Net Revenue and Cost of Sales

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 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, Revenue from Contracts with Customers (“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 due to the 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.

Allowance for Credit Losses

Trade accounts receivable are reported net of the allowance for credit losses in the consolidated balance sheets. We provide an allowance for credit losses on trade receivables based on historical loss experience, aging analysis, and any specific, known troubled accounts. Accounts deemed uncollectible are written off against the allowance after management deems the account to be uncollectible.

Product Warranty Costs

The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2023 and 2022, was $805,000 and $690,000, respectively. The Company’s warranty expense for the years ended December 31, 2023 and 2022 was $350,000 and $251,000, respectively.

Concentrations of Credit Risk

Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company’s customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers’ financial condition and does not require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. Approximately 30% of accounts receivable outstanding at December 31, 2023 is due from two customers. More specifically, SubCom and Gastech Engineering, LLC comprise 16% and 14%, respectively, of December 31, 2023 outstanding accounts receivable. Approximately 31% of accounts receivable outstanding at December 31, 2022 is due from two customers. More specifically, SubCom and Detroit Diesel comprise 18% and 13%, respectively, of December 31, 2022 outstanding accounts receivable. No other single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2023 or 2022.

The Company’s largest customers for the year ended December 31, 2023 were Sistemas, Northrop Grumman, Detroit Diesel, and Subcom, which represented approximately 22%, 17%, 13% and 10%, respectively, of the Company’s total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grumman and Subcom are customers within the Sypris Electronics segment. The Company’s largest customers for the year ended December 31, 2022 were Sistemas, Detroit Diesel and Northrop Grumman, which represented approximately 22%, 18% and 14%, respectively, of the Company’s total net revenue. No other single customer accounted for more than 10% of the Company’s total net revenue for the years ended December 31, 2023 or 2022.

Foreign Currency Translation

The functional currency for the Company’s Mexican subsidiary is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders’ equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company’s Mexican subsidiary are included in other income, net.

Collective Bargaining Agreements

Approximately 406, or 54% of the Company’s employees, all within Sypris Technologies, were covered by collective bargaining agreements as of December 31, 2023. Excluding certain Mexico employees covered under an annually ratified agreement, there are no employees covered by collective bargaining agreements that expire within the next twelve months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 51% of the Company’s workforce, or 382 employees as of December 31, 2023.

Recently Issued Accounting Standards

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.

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280). The guidance enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The guidance becomes effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

Liquidity

As reflected in the consolidated financial statements, the Company reported a net loss of $1,596,000 and cash used in operating activities of $11,089,000 for the year ended December 31, 2023. The Company’s net inventory increased from $42,133,000 to $77,314,000 as of December 31, 2022 and 2023, respectively, primarily related to contracts with Sypris Electronics’ aerospace and defense customers. Shipments to customers on certain of these contracts were delayed beyond the initial delivery dates, which negatively impacted the cycle time to convert inventory to cash during the year ended December 31, 2023. As a result, the Company experienced a liquidity shortfall in the fourth quarter of 2023 and the first quarter of 2024. The shipment delays also contributed to an increase in trade payable balances with certain suppliers. The Company has entered into negotiations with these suppliers to amend payment and other terms.

During the fourth quarter of 2023, the Company amended its promissory note obligation with Gill Family Capital Management, Inc. (the “GFCM Note”) to, among other things, increase the principal amount by $2,500,000 to $6,500,000 and extend the maturity dates for $2,000,000 of the obligation to April 1, 2025, $2,000,000 to April 1, 2026 and $2,500,000 to April 1, 2027 (See Note 12). On February 7, 2024, the Company further amended the GFCM Note to increase the principal amount by $2,500,000 to $9,000,000, with the additional balance due on April 1, 2027 (see Note 21). The additional $5,000,000 loaned to the Company by GFCM in the fourth quarter of 2023 and the first quarter of 2024 was approved by the Audit Committee and provided the Company necessary liquidity.

Our ability to service our current liabilities will require a significant amount of cash. Management has evaluated our ability to generate this cash to meet our obligations for the next twelve months. Our primary sources of funds to meet our liquidity and capital requirements include cash on hand funds generated through continued revenue growth from the Company’s consolidated operations and reductions in the Company’s investment in working capital. Based upon our current forecast, we believe that we will have sufficient liquidity to finance our operations for the next twelve months.

Although we believe the assumptions underlying our current forecast are reasonable, management is also prepared to implement contingency plans that include other cost reduction initiatives to improve profitability and cash flow, or management can take additional steps such as adjusting the timing and amount of certain operating expenses as well as capital expenditures or the issuance of new debt. If we are unable to achieve our forecasted revenue, or if our costs are higher than expected, we may be required to revise our plans to provide for additional cost-cutting measures, seek additional financing or to consider other strategic alternatives.

Note 8 - Property, Plant and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Depreciation	$ 3,259,000	$ 3,088,000

Insider Trading Arrangements

12 Months Ended

Dec. 31, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 9B.

Other Information

During the quarter ended December 31, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Note 18 - Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Compensation and benefit accruals	$ 525,000	$ 423,000
Inventory valuation	848,000	889,000
Federal and state net operating loss carryforwards	34,980,000	35,265,000
Deferred revenue	848,000	84,000
Interest limitation carryover	586,000	456,000
Defined benefit pension plan	305,000	449,000
Lease liabilities	673,000	865,000
Foreign deferred revenue and other provisions	2,657,000	2,367,000
Capitalized research and experimental costs	201,000	99,000
Other	381,000	599,000
Total	42,004,000	41,496,000
Domestic valuation allowance	(38,222,000)	(38,028,000)
Total deferred tax assets	3,782,000	3,468,000
Deferred tax liabilities:
Prepaid and other assets	(589,000)	(396,000)
Right-of-use assets, net	(536,000)	(705,000)
Total deferred tax liabilities	(1,125,000)	(1,101,000)
Net deferred tax asset	$ 2,657,000	$ 2,367,000

Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Text Block]

(14)

Employee Benefit Plans

Sypris Technologies sponsors noncontributory defined benefit pension plans (the “Pension Plans”) covering certain of its employees. The Pension Plans covering salaried and management employees provide pension benefits that are based on the employees’ highest five-year average compensation within ten years before retirement. The Pension Plans covering hourly employees and union members generally provide benefits at stated amounts for each year of service. All of the Company’s pension plans are frozen to new participants and certain plans are frozen to additional benefit accruals. The Company’s funding policy is to make the minimum annual contributions required by the applicable regulations. The Pension Plans’ assets are primarily invested in equity securities and fixed income securities.

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

	Year ended December 31,
	2023			2022
Service cost	$	0		$	5
Interest cost on projected benefit obligation		1,236			839
Net amortization of actuarial loss		526			560
Expected return on plan assets		(726	)		(837	)
Net periodic benefit cost	$	1,036		$	567

The net periodic cost of the defined benefit pension plans incurred during the years ended December 31, 2023 and 2022 are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Year ended December 31,
	2023		2022
Service cost:
Selling, general and administrative expenses	$	0	$	5
Other net periodic benefit costs:
Other expense, net		1,036		562
Total	$	1,036	$	567

The following are summaries of the changes in the benefit obligations and plan assets and of the funded status of the Pension Plans (in thousands):

	December 31,
	2023					2022
Change in benefit obligation
Benefit obligation at beginning of year	$	24,791				$	32,756
Service cost		0					5
Interest cost		1,236					839
Actuarial loss		(54			)		(6,303			)
Benefits paid		(2,385			)		(2,506			)
Benefit obligation at end of year	$	23,588				$	24,791
Change in plan assets:
Fair value of plan assets at beginning of year	$	22,843				$	30,051
Actual return on plan assets		1,334					(4,768			)
Company contributions		16					66
Benefits paid		(2,385			)		(2,506			)
Fair value of plan assets at end of year	$	21,808				$	22,843

Underfunded status of the plans	$	(1,780			)	$	(1,948			)

Balance sheet assets (liabilities):
Other assets	$	849				$	645
Accrued liabilities		(922			)		(16			)
Other liabilities		(1,707			)		(2,577			)
Net amount recognized	$	(1,780			)	$	(1,948			)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	16,654				$	17,260
Accumulated benefit obligation		16,654					17,260
Fair value of plan assets		14,026					14,665

Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation		5.10			%		5.40			%
Discount rate – net periodic pension cost		5.40					2.70
Rate of compensation increase		N/A					N/A
Expected long-term rate of return on plan assets		2.95	–	3.55			2.35	–	3.40

	December 31,
	2023			2022
Weighted average asset allocation:
Equity securities		17	%		16	%
Debt securities		83			83
Other		0			1
Total		100	%		100	%

The fair values of our pension plan assets as of December 31, 2023 are as follows (in thousands):

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,222	$	0
Equity securities:				0
U.S. Large Cap		2,354		0
U.S. Mid Cap		301		0
U.S. Small Cap		175		0
World Equity		873		0
Fixed income securities		4,703		11,180
Total Plan Assets	$	10,628	$	11,180

The fair values of our pension plan assets as of December 31, 2022 are as follows (in thousands):

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,365	$	0
Equity securities:				0
U.S. Large Cap		1,671		0
U.S. Mid Cap		566		0
U.S. Small Cap		209		0
World Equity		1,194		0
Real Estate		210		0
Other		106		0
Fixed income securities		5,018		11,504
Total Plan Assets	$	11,339	$	11,504

Investments in our defined benefit plans are stated at fair value. The following valuation methods were used to value our pension assets:

Equity securities	The fair value of equity securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.

Fixed income securities	The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.

Cash and cash equivalents	The fair value of cash and cash equivalents is set equal to its cost.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Company uses December 31 as the measurement date for the Pension Plans. Total estimated contributions expected to be paid to the plans during 2024 is $797,000, which represents the minimum funding amounts required by federal law. The expected long-term rates of return on plan assets for determining net periodic pension cost for 2023 and 2022 were chosen by the Company from a best estimate range determined by applying anticipated long-term returns and long-term volatility for various assets categories to the target asset allocation of the plan. The target asset allocation of plan assets is equity securities ranging 0-55%, fixed income securities ranging 35-100% and non-traditional/other of 0-10% of total investments.

When establishing the expected long-term rate of return on our U.S. pension plan assets, the Company considered historical performance and forward looking return estimates reflective of our portfolio mix and investment strategy. Based on the most recent analysis of projected portfolio returns, the Company concluded that the use of 3.30% for the Louisville Hourly Plan, 3.55% for the Marion Plan and 2.95% for the Louisville Salaried Plan as the expected return on our U.S. pension plan assets for 2023 was appropriate.

Actuarial gains and losses, which are primarily the result of changes in the discount rate and other assumptions and differences between actual and expected asset returns, are deferred in Accumulated other comprehensive loss and amortized to expense following the corridor approach. We use the average remaining service period of active participants unless almost all of the plan’s participants are inactive, in which case we use the average remaining life expectancy for all active and inactive participants. Accumulated other comprehensive loss at December 31, 2023 includes $8,762,000 of unrecognized actuarial losses that have not yet been recognized in net periodic pension cost. The actual loss reclassified from accumulated other comprehensive loss for 2023 and 2022 was $526,000 and $560,000, respectively.

At December 31, 2023, the benefits expected to be paid in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter are as follows (in thousands):

2024	$	2,377
2025		2,315
2026		2,235
2027		2,165
2028		2,090
2029-2033		9,286
Total	$	20,468

The Company sponsors a defined contribution plan (the “Defined Contribution Plan”) for substantially all domestic employees of the Company. The Defined Contribution Plan is intended to meet the requirements of Section 401(k) of the Internal Revenue Code. The Defined Contribution Plan allows the Company to match participant contributions up to 3% and provide discretionary contributions. In connection with the matching contributions, the Company recognized compensation expense of approximately $486,000 and $404,000 in 2023 and 2022, respectively.

In addition, certain of the Company’s non-U.S. employees are covered by various defined benefit and defined contribution plans. The Company’s expenses for these plans totaled approximately $348,000 and $253,000 in 2023 and 2022, respectively. The aggregate benefit plan obligations of these plans, which are unfunded, were $2,116,000 and $1,755,000 as of December 31, 2023 and 2022 were included within other liabilities in the accompanying consolidated balance sheets.

The entire disclosure for retirement benefits.

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Note 13 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

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

(13)

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 December 31, 2023 approximates fair value, and is based upon a market approach (Level 2).

Note 20 - Segment Information (Details Textual)	12 Months Ended
Note 20 - Segment Information (Details Textual)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Operating Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 136,223,000	$ 110,121,000
International Operation [Member]
Export Sales	3,538,000	3,548,000
Revenues	56,819,000	51,228,000
Long-Lived Assets	10,135,000	9,504,000
Net Assets	21,398,000	$ 16,866,000
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Selling, general and administrative expenses	$ 0	$ 5,000
Other expense, net	1,036,000	562,000
Total	1,036,000	567,000
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 0	$ 5,000

Note 14 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended		48 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Defined Benefit Plan Maximum Period Allocated for Calculating Average Compensation			10 years
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 797,000		$ 797,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	8,762,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	$ 526,000	$ 560,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ (1,780,000)	(1,948,000)	(1,780,000)
Other Liabilities [Member]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ 2,116,000	1,755,000	$ 2,116,000
Louisville Hourly Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	3.30%
Marion Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	3.55%
Louisville Salaried Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	2.95%
Defined Contribution Plan [Member]
Defined Contribution Plan, Cost	$ 486,000	404,000
Non US Employees Defined Benefit Plan [Member]
Defined Benefit Plan, Plan Assets, Administration Expense	$ 348,000	$ 253,000
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	2.95%	2.35%
Minimum [Member] \| Defined Benefit Plan, Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%		0.00%
Minimum [Member] \| Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35.00%		35.00%
Minimum [Member] \| Non Traditional Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%		0.00%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	3.55%	3.40%
Maximum [Member] \| Defined Benefit Plan, Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	55.00%		55.00%
Maximum [Member] \| Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%		100.00%
Maximum [Member] \| Non Traditional Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%		10.00%

Note 16 - Stock Option and Purchase Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	2,376,021	2,895,771
Share-Based Payment Arrangement, Expense	$ 813,000	$ 683,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 1.26	$ 1.67
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	525,600	138,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 312,000	$ 176,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 1,111,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value	$ 268,000	285,000
The 2015 Omnibus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period	5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	3 years
Share-Based Payment Arrangement, Option [Member] \| The 2015 Omnibus Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	3,476,021
Share-Based Payment Arrangement, Option [Member] \| The 2020 Omnibus Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	4,596,271
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0	$ 0

Note 12 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance lease obligations, current portion	$ 1,327	$ 1,102
Equipment financing obligations, current portion	618	398
Note payable – related party, current portion	0	2,500
Working capital line of credit	500	0
Current portion of long-term debt and finance lease obligations	2,445	4,000
Finance lease obligations, net of current portion	1,852	2,536
Equipment financing obligations	1,333	738
Note payable – related party	6,500	4,000
Less unamortized debt issuance and modification costs	(16)	(11)
Long term debt and finance lease obligations, net of unamortized debt costs	$ 9,669	$ 7,263

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Mar. 10, 2024	Jul. 02, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 24,665,989
Entity Common Stock, Shares Outstanding (in shares)		22,404,649
Auditor Firm ID	173
Auditor Name	Crowe LLP
Auditor Location	San Francisco, California
Entity Central Index Key	0000864240
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Note 11 - Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities [Table Text Block]

	December 31,
	2023		2022
Noncurrent pension liability	$	3,823	$	4,332
Deferred gain from sale leaseback		407		660
Contract liabilities – long-term		3,799		12,482
Other		53		0
Other liabilities	$	8,082	$	17,474

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net loss	$ (1,596,000)	$ (2,494,000)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax expense	2,589,000	982,000
Employee benefit related, net of tax expense	1,189,000	1,167,000
Other comprehensive income	3,778,000	2,149,000
Comprehensive income (loss)	$ 2,182,000	$ (345,000)

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

Note 18 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year ended December 31,
	2023			2022
Domestic	$	(3,527	)	$	(4,661	)
Foreign		2,594			3,115
Total	$	(933	)	$	(1,546	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year ended December 31,
	2023		2022
Current:
Federal	$	0	$	0
State		10		3
Foreign		599		616
Total current income tax expense		609		619

Deferred:
Federal		0		0
State		0		0
Foreign		54		329
Total deferred income tax expense		54		329
Income tax expense, net	$	663	$	948

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year ended December 31,
	2023			2022
Federal tax expense at the statutory rate	$	(196	)	$	(325	)
Current year permanent differences		35			167
State income taxes, net of federal tax impact		(72	)		(102	)
Effect of tax rates of foreign subsidiary		235			282
Return to provision		(35	)		(132	)
Change in valuation allowance		469			876
Research & experimental tax credit expiration		227			182
Income tax expense (benefit), net	$	663		$	948

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Year ended December 31,
	2023			2022
Deferred tax assets:
Compensation and benefit accruals	$	525		$	423
Inventory valuation		848			889
Federal and state net operating loss carryforwards		34,980			35,265
Deferred revenue		848			84
Interest limitation carryover		586			456
Defined benefit pension plan		305			449
Lease liabilities		673			865
Foreign deferred revenue and other provisions		2,657			2,367
Capitalized research and experimental costs		201			99
Other		381			599
Total		42,004			41,496
Domestic valuation allowance		(38,222	)		(38,028	)
Total deferred tax assets		3,782			3,468

Deferred tax liabilities:
Prepaid and other assets		(589	)		(396	)
Right-of-use assets, net		(536	)		(705	)
Total deferred tax liabilities		(1,125	)		(1,101	)
Net deferred tax asset	$	2,657		$	2,367

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,881,000	$ 21,648,000
Accounts receivable, net	8,929,000	8,064,000
Inventory, net	77,314,000	42,133,000
Other current assets	9,743,000	8,133,000
Total current assets	103,867,000	79,978,000
Property, plant and equipment, net	17,133,000	15,532,000
Operating lease right-of-use assets	3,309,000	4,251,000
Other assets	5,033,000	4,383,000
Total assets	129,342,000	104,144,000
Current liabilities:
Accounts payable	26,737,000	17,638,000
Accrued liabilities	56,232,000	33,316,000
Operating lease liabilities, current portion	1,068,000	1,168,000
Finance lease obligations, current portion	1,327,000	1,102,000
Equipment financing obligations, current portion	618,000	398,000
Working capital line of credit	500,000	0
Note payable – related party, current portion	0	2,500,000
Total current liabilities	86,482,000	56,122,000
Operating lease obligations, net of current portion	2,642,000	3,710,000
Finance lease obligations, net of current portion	1,852,000	2,536,000
Equipment financing obligations, net of current portion	1,333,000	738,000
Note payable – related party	6,484,000	3,989,000
Other liabilities	8,082,000	17,474,000
Total liabilities	106,875,000	84,569,000
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	156,242,000	155,535,000
Accumulated deficit	(116,932,000)	(115,336,000)
Accumulated other comprehensive loss	(17,067,000)	(20,845,000)
Treasury stock, 5,835 in 2023 and 19 shares in 2022	0	0
Total stockholders’ equity	22,467,000	19,575,000
Total liabilities and stockholders’ equity	129,342,000	104,144,000
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	$ 224,000	$ 221,000

Note 14 - Employee Benefit Plans - Summaries of Changes in Benefit Obligations and Plan Assets and of Funded Status of Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Benefit obligation at beginning of year	$ 24,791	$ 32,756
Weighted average asset allocation	100.00%	100.00%
Service cost	$ 0	$ 5
Interest cost on projected benefit obligation	1,236	839
Actuarial loss	(54)	(6,303)
Benefits paid	(2,385)	(2,506)
Benefit obligation at end of year	23,588	24,791
Fair value of plan assets at beginning of year	22,843	30,051
Actual return on plan assets	1,334	(4,768)
Company contributions	16	66
Benefits paid	(2,385)	(2,506)
Fair value of plan assets at end of year	21,808	22,843
Underfunded status of the plans	(1,780)	(1,948)
Other assets	849	645
Accrued liabilities	(922)	(16)
Other liabilities	(1,707)	(2,577)
Net amount recognized	(1,780)	(1,948)
Projected benefit obligation	16,654	17,260
Accumulated benefit obligation	16,654	17,260
Fair value of plan assets	$ 14,026	$ 14,665
Discount rate – projected benefit obligation	5.10%	5.40%
Discount rate – net periodic pension cost	5.40%	2.70%
Minimum [Member]
Expected long-term rate of return on plan assets	2.95%	2.35%
Maximum [Member]
Expected long-term rate of return on plan assets	3.55%	3.40%
Equity Securities [Member]
Weighted average asset allocation	17.00%	16.00%
Debt Securities [Member]
Weighted average asset allocation	83.00%	83.00%
Other [Member]
Weighted average asset allocation	0.00%	1.00%

Note 18 - Income Taxes (Details Textual) - USD ($)		12 Months Ended
Note 18 - Income Taxes (Details Textual) - USD ($)	Feb. 23, 2023	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision		$ 2,657,000	$ 2,367,000
Unrecognized Tax Benefits		200,000	200,000
State and Local Jurisdiction [Member]
Income Taxes Paid		10,000	3,000
Proceeds from Income Tax Refunds		0	0
Operating Loss Carryforwards		106,446,000
Operating Loss Carryforwards, Subject to Expiration		99,679,000
Operating Loss Carryforwards, Not Subject to Expiration		6,767,000
State and Local Jurisdiction [Member] \| FL [Member]
Operating Loss Carryforwards		58,288,000
State and Local Jurisdiction [Member] \| Kentucky 1 [Member]
Operating Loss Carryforwards		48,158,000
Foreign Tax Authority [Member]
Income Taxes Paid		566,000	$ 934,000
Proceeds from Income Tax Refunds		0
Foreign Tax Authority [Member] \| Mexican Tax Authority [Member]
Tax Assessment of the Company	$ 1,150,000
Domestic Tax Authority [Member]
Income Taxes Paid		0
Proceeds from Income Tax Refunds		0
Operating Loss Carryforwards		145,455,000
Operating Loss Carryforwards, Subject to Expiration		134,821,000
Operating Loss Carryforwards, Not Subject to Expiration		$ 10,634,000

Note 2 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating cash flows from operating leases	$ 1,776	$ 1,713
Operating cash flows from finance leases	284	338
Financing cash flows from finance leases	$ 1,168	$ 982

Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Service cost	$ 0	$ 5
Interest cost on projected benefit obligation	1,236	839
Net amortization of actuarial loss	526	560
Expected return on plan assets	(726)	(837)
Net periodic benefit cost	$ 1,036	$ 567

Note 5 - Accounts Receivable

12 Months Ended

Dec. 31, 2023

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(5)

Accounts Receivable

Accounts receivable consists of the following (in thousands):

	December 31,
	2023			2022
Commercial	$	9,235		$	8,139
Allowance for credit losses		(306	)		(75	)
Accounts receivable, net	$	8,929		$	8,064

Note 2 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Operating leases (Year)	3 years 7 months 6 days	4 years 4 months 24 days
Finance leases (Year)	2 years 2 months 12 days	3 years
Operating leases	8.00%	8.00%
Finance leases	8.80%	8.50%

Note 11 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Noncurrent pension liability	$ 3,823	$ 4,332
Deferred gain from sale leaseback	407	660
Contract liabilities – long term	3,799	12,482
Other	53	0
Other liabilities	$ 8,082	$ 17,474

Note 18 - Income Taxes - Components of Income (Loss) From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Domestic	$ (3,527)	$ (4,661)
Foreign	2,594	3,115
Loss before income taxes	$ (933)	$ (1,546)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 9 - Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets Disclosure [Text Block]

(9)

Other Assets

Other assets consist of the following (in thousands):

	December 31,
	2023		2022
Long-term spare parts	$	598	$	497
Long-term deposits		280		280
Pension asset		849		645
Deferred tax asset, net		2,657		2,367
Other		649		594
Other assets	$	5,033	$	4,383

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commercial	$ 9,235	$ 8,139
Allowance for credit losses	(306)	(75)
Accounts receivable, net	$ 8,929	$ 8,064

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross property, plant and equipment	$ 84,001	$ 76,172
Finance lease, right-of-use asset, gross	7,536	6,477
Finance lease, right-of-use, accumulated depreciation	(3,799)	(2,712)
Accumulated depreciation	(66,868)	(60,640)
Property plant and equipment, net	17,133	15,532
Property, Plant and Equipment [Member]
Finance lease, right-of-use, net	3,737	3,765
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	8,507	8,044
Finance lease, right-of-use asset, gross	3,490	3,045
Machinery, Equipment, Furniture, and Fixtures [Member]
Finance lease, right-of-use asset, gross	4,046	3,432
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	74,588	66,037
Construction in Progress [Member]
Gross property, plant and equipment	$ 863	$ 2,048

Note 19 - Loss Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Text Block]

(19)

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. All potential common shares were excluded from diluted earnings per share for the year ended December 31, 2023 and 2022 because the effect of inclusion would be anti-dilutive.

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

	Year ended December 31,
	2023			2022
Loss attributable to stockholders:
Net loss as reported	$	(1,596	)	$	(2,494	)
Less distributed and undistributed earnings allocable to restricted award holders		0			0
Net loss allocable to common stockholders	$	(1,596	)	$	(2,494	)

Loss per common share attributable to stockholders:
Basic	$	(0.07	)	$	(0.11	)
Diluted	$	(0.07	)	$	(0.11	)

Weighted average shares outstanding – basic		21,876			21,729
Weighted average additional shares assuming conversion of potential common shares		0			0
Weighted average shares outstanding – diluted		21,876			21,729

Note 17 - Stockholders' Equity (Details Textual) - shares	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock, Shares Authorized (in shares)	975,150	975,150
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	24,850	24,850
Preferred Stock, Shares Authorized (in shares)	0

Note 9 - Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Other Assets [Table Text Block]

	December 31,
	2023		2022
Long-term spare parts	$	598	$	497
Long-term deposits		280		280
Pension asset		849		645
Deferred tax asset, net		2,657		2,367
Other		649		594
Other assets	$	5,033	$	4,383

Note 16 - Stock Option and Purchase Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Nonvested shares (in shares)	395,000	197,500
Nonvested shares, weighted average grant date fair value (in dollars per share)	$ 2.88	$ 3.16
Granted, shares (in shares)	160,000	197,500
Granted, weighted average grant date fair value (in dollars per share)	$ 1.97	$ 2.59
Vested, shares (in shares)	0	0
Vested, weighted average grant date fair value (in dollars per share)	$ 0	$ 0
Forfeited, shares (in shares)	(42,500)	0
Forfeited, weighted average grant date fair value (in dollars per share)	$ 2.29	$ 0
Nonvested shares (in shares)	512,500	395,000
Nonvested shares, weighted average grant date fair value (in dollars per share)	$ 2.64	$ 2.88
Nonvested shares, weighted average remaining term (Year)	1 year 2 months 12 days
Nonvested shares, aggregate intrinsic value	$ 1,040,375

Note 6 - Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Text Block]

(6)

Inventory

Inventory consists of the following (in thousands):

	December 31,
	2023			2022
Raw materials	$	67,962		$	36,612
Work in process		9,027			6,585
Finished goods		1,974			802
Reserve for excess and obsolete inventory		(1,649	)		(1,866	)
Inventory, net	$	77,314		$	42,133

Note 7 - Other Current Assets

12 Months Ended

Dec. 31, 2023

Other Current Assets [Text Block]

(7)

Other Current Assets

Other current assets consist of the following (in thousands):

	December 31,
	2023		2022
Prepaid expenses	$	1,405	$	1,810
Contract assets		4,638		2,393
Other		3,700		3,930
Other current assets	$	9,743	$	8,133

Included in other current assets are income and VAT taxes refundable, tools, spare parts and other items, none of which exceed 5% of total current assets.

Note 15 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

(15)

Commitments and Contingencies

In order to reduce manufacturing lead times, the Company enters into agreements with certain suppliers to purchase 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 $39,764,000 as of December 31, 2023, of which $33,570,000 is for purchases to be made in 2024 and $6,194,000 is for purchases to be made in 2025. The Company also had outstanding purchase commitments of $298,000 as of December 31, 2023 for the purchase of manufacturing equipment.

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 is under development by the purchaser. As of December 31, 2023 and 2022, no amounts were accrued for any environmental matters. See “Legal Proceedings” in Part I, Item 3 of this Annual Report on Form 10-K.

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

On February 17, 2017, several employees (“Lucas Plaintiffs”) of KapStone Charleston Kraft, LLC filed a lawsuit in South Carolina alleging that they had been seriously burned when they opened a hinged closure and a hot tar-like material spilled out. Among other claims, the Lucas Plaintiffs allege that Sypris Technologies designed and manufactured the closure, that the closure was defective and that those defects had caused or contributed to their injuries. Sypris Technologies’ motion to dismiss for lack of jurisdiction was denied on February 28, 2020. On November 21, 2022, the Company received a demand for settlement presented by the Lucas Plaintiffs, which was rejected. On January 12, 2024, a hearing took place for oral arguments in support of Sypris Technologies’ motion for summary judgement previously filed in September 2023 and the Court’s order on that motion remains outstanding. The trial has been set for May 20, 2024 and a mediation of the parties is required to take place prior to the trial under South Carolina law. The Company received a subsequent demand for settlement presented by the Lucas Plaintiffs on January 29, 2024, which was also rejected. 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.

Note 2 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amortization expense	$ 757	$ 677
Interest expense	284	338
Operating lease expense	1,402	1,402
Variable lease expense	367	337
Total lease expense	$ 2,810	$ 2,754

Note 10 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Salaries, wages, employment taxes and withholdings	$ 1,994	$ 1,644
Employee benefit plans	2,024	891
Accrued professional fees	764	734
Income, property and other taxes	300	201
Contract liabilities – short term	49,738	27,909
Deferred gain from sale-leaseback	349	305
Other	1,063	1,632
Accrued liabilities	$ 56,232	$ 33,316

Note 18 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

(18)

Income Taxes

The Company accounts for income taxes under the liability method. Accordingly, deferred income taxes have been provided for temporary differences between the recognition of revenue and expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements.

The components of (loss) income before taxes are as follows (in thousands):

	Year ended December 31,
	2023			2022
Domestic	$	(3,527	)	$	(4,661	)
Foreign		2,594			3,115
Total	$	(933	)	$	(1,546	)

The components of income tax expense, net are as follows (in thousands):

	Year ended December 31,
	2023		2022
Current:
Federal	$	0	$	0
State		10		3
Foreign		599		616
Total current income tax expense		609		619

Deferred:
Federal		0		0
State		0		0
Foreign		54		329
Total deferred income tax expense		54		329
Income tax expense, net	$	663	$	948

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 Income Taxes, Topic 740 (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 its current forecast, the Company believes it will have sufficient future taxable income to realize the deferred tax assets recorded by its Mexican subsidiary.

Based on the Company’s consideration of all positive and negative evidence, including the 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 Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Cuts and Jobs Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company is subject to incremental U.S. tax on GILTI income due to expense allocations required by the U.S. foreign tax credit rules. The Company has elected to account for the GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements.

The Company files a consolidated federal income tax return which includes all domestic subsidiaries. State income taxes paid in the U.S. during 2023 and 2022 totaled $10,000 and $3,000, respectively. There were no state income tax refunds received in the U.S. during 2023 or 2022. Foreign income taxes paid during 2023 and 2022 totaled $566,000 and $934,000. There were no foreign refunds received in 2023 and 2022. There were no federal taxes paid in 2023 and 2022. There were no federal refunds received in 2023 or 2022. At December 31, 2023, the Company had $145,455,000 of federal net operating loss carryforwards available to offset future federal taxable income. The pre-2018 federal net operating loss carryforwards of $134,821,000 expire in various amounts from 2026 to 2037. Federal net operating loss carryforwards generated in 2018 and forward will have an unlimited carryforward period as part of the Tax Act. The indefinite lived net operating loss carryforwards as of December 31, 2023 are approximately $10,634,000.

At December 31, 2023, the Company had $106,446,000 of state net operating loss carryforwards available to offset future state taxable income, the majority of which relates to Florida ($58,288,000) and Kentucky ($48,158,000). The pre-2018 state net operating loss carryforwards totaling approximately $99,679,000 expire in various amounts from 2026 to 2037. State net operating loss carryforwards generated in 2018 and forward will have an unlimited carryforward. The indefinite lived state net operating loss carryforwards as of December 31, 2023 are approximately $6,767,000.

The following is a reconciliation of income tax (benefit) expense to that computed by applying the federal statutory rate to income (loss) before income taxes (in thousands):

	Year ended December 31,
	2023			2022
Federal tax expense at the statutory rate	$	(196	)	$	(325	)
Current year permanent differences		35			167
State income taxes, net of federal tax impact		(72	)		(102	)
Effect of tax rates of foreign subsidiary		235			282
Return to provision		(35	)		(132	)
Change in valuation allowance		469			876
Research & experimental tax credit expiration		227			182
Income tax expense (benefit), net	$	663		$	948

The gross deferred tax asset for the Company’s Mexican subsidiary was $2,657,000 and $2,367,000 as of December 31, 2023 and 2022, respectively.

Deferred income tax assets and liabilities are as follows (in thousands):

	Year ended December 31,
	2023			2022
Deferred tax assets:
Compensation and benefit accruals	$	525		$	423
Inventory valuation		848			889
Federal and state net operating loss carryforwards		34,980			35,265
Deferred revenue		848			84
Interest limitation carryover		586			456
Defined benefit pension plan		305			449
Lease liabilities		673			865
Foreign deferred revenue and other provisions		2,657			2,367
Capitalized research and experimental costs		201			99
Other		381			599
Total		42,004			41,496
Domestic valuation allowance		(38,222	)		(38,028	)
Total deferred tax assets		3,782			3,468

Deferred tax liabilities:
Prepaid and other assets		(589	)		(396	)
Right-of-use assets, net		(536	)		(705	)
Total deferred tax liabilities		(1,125	)		(1,101	)
Net deferred tax asset	$	2,657		$	2,367

The ASC Income Tax Topic 740 includes guidance for the accounting for uncertainty in income taxes recognized in an enterprise’s financials. Specifically, the guidance prescribes a two-step process, which is the recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The total amount of gross unrecognized tax benefits as of December 31, 2023 and 2022 was $200,000. There were no changes to the unrecognized tax benefit balance during the years ended December 31, 2023 and 2022.

If the Company’s positions are sustained by the taxing authority, the entire balance at December 31, 2023 would reduce the Company’s effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023 and 2022, the Company does not have an accrual for the payment of tax-related interest and penalties.

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Internal Revenue Service (IRS) is not currently examining the Company’s U.S. income tax returns for 2020 through 2022, 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 approximates $1,150,000, which includes annual adjustments for inflation, interest and penalties. The Company believes the variances can be substantially eliminated and has filed an administrative appeal with the SAT 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Net Benefit Costs [Table Text Block]

	Year ended December 31,
	2023			2022
Service cost	$	0		$	5
Interest cost on projected benefit obligation		1,236			839
Net amortization of actuarial loss		526			560
Expected return on plan assets		(726	)		(837	)
Net periodic benefit cost	$	1,036		$	567

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

	Year ended December 31,
	2023		2022
Service cost:
Selling, general and administrative expenses	$	0	$	5
Other net periodic benefit costs:
Other expense, net		1,036		562
Total	$	1,036	$	567

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	December 31,
	2023					2022
Change in benefit obligation
Benefit obligation at beginning of year	$	24,791				$	32,756
Service cost		0					5
Interest cost		1,236					839
Actuarial loss		(54			)		(6,303			)
Benefits paid		(2,385			)		(2,506			)
Benefit obligation at end of year	$	23,588				$	24,791
Change in plan assets:
Fair value of plan assets at beginning of year	$	22,843				$	30,051
Actual return on plan assets		1,334					(4,768			)
Company contributions		16					66
Benefits paid		(2,385			)		(2,506			)
Fair value of plan assets at end of year	$	21,808				$	22,843

Underfunded status of the plans	$	(1,780			)	$	(1,948			)

Balance sheet assets (liabilities):
Other assets	$	849				$	645
Accrued liabilities		(922			)		(16			)
Other liabilities		(1,707			)		(2,577			)
Net amount recognized	$	(1,780			)	$	(1,948			)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	16,654				$	17,260
Accumulated benefit obligation		16,654					17,260
Fair value of plan assets		14,026					14,665

Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation		5.10			%		5.40			%
Discount rate – net periodic pension cost		5.40					2.70
Rate of compensation increase		N/A					N/A
Expected long-term rate of return on plan assets		2.95	–	3.55			2.35	–	3.40

	December 31,
	2023			2022
Weighted average asset allocation:
Equity securities		17	%		16	%
Debt securities		83			83
Other		0			1
Total		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,222	$	0
Equity securities:				0
U.S. Large Cap		2,354		0
U.S. Mid Cap		301		0
U.S. Small Cap		175		0
World Equity		873		0
Fixed income securities		4,703		11,180
Total Plan Assets	$	10,628	$	11,180

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,365	$	0
Equity securities:				0
U.S. Large Cap		1,671		0
U.S. Mid Cap		566		0
U.S. Small Cap		209		0
World Equity		1,194		0
Real Estate		210		0
Other		106		0
Fixed income securities		5,018		11,504
Total Plan Assets	$	11,339	$	11,504

Schedule of Expected Benefit Payments [Table Text Block]

2024	$	2,377
2025		2,315
2026		2,235
2027		2,165
2028		2,090
2029-2033		9,286
Total	$	20,468

Note 7 - Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Other Current Assets [Table Text Block]

	December 31,
	2023		2022
Prepaid expenses	$	1,405	$	1,810
Contract assets		4,638		2,393
Other		3,700		3,930
Other current assets	$	9,743	$	8,133

Note 10 - Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accrued Liabilities [Table Text Block]

	December 31,
	2023		2022
Salaries, wages, employment taxes and withholdings	$	1,994	$	1,644
Employee benefit plans		2,024		891
Accrued professional fees		764		734
Income, property and other taxes		300		201
Contract liabilities – short term		49,738		27,909
Deferred gain from sale-leaseback		349		305
Other		1,063		1,632
Accrued liabilities	$	56,232	$	33,316

Note 8 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023