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Sypris Solutions (NASDAQ: SYPR) reported first-quarter financial results for the period ending March 31, 2024. The company's consolidated revenue increased by 10.1% to $35.6 million compared to the same period in 2023. Sypris Electronics led with a 34.5% year-over-year revenue increase, while Sypris Technologies saw a 5.9% decrease due to shipment timing issues. The backlog surpassed $110 million, with Sypris Technologies witnessing a 50.1% increase in energy product orders. However, the company posted a net loss of $2.2 million, or $0.10 per share, compared to a net loss of $0.2 million, or $0.01 per share, in Q1 2023. Gross margin guidance for 2024 was adjusted to reflect unfavorable foreign currency exchange rates and program ramp costs, with anticipated revenue growth of 10-15% year-over-year.
Sypris Electronics, , a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), has received additional releases under a production contract to deliver electronic assemblies for an electronic warfare improvement program for the U.S. Navy. The upgrades will enhance the Navy's defense capabilities against incoming threats, including missiles, and provide integrated countermeasures for radio frequency-guided threats. The deliveries are scheduled to begin in 2024, with the system offering multi-function applications for improved mission capabilities.