TAMPA, Fla. - Sypris (NASDAQ:SYPR) Electronics, LLC, a subsidiary of Sypris Solutions , Inc. (NASDAQ:SYPR), has received additional releases under a multi-year production contract to manufacture electronic assemblies for the U.S. Navy. These assemblies are part of an electronic warfare improvement program designed to enhance the defense capabilities of Navy warships against radio frequency-guided threats.
The program aims to equip the U.S. Navy with advanced electronic attack measures, including the ability to jam incoming missiles, cue decoys, and adapt swiftly to evolving threats. The additional four systems ordered are scheduled for delivery starting in 2024, although the financial terms of the award remain undisclosed.
Curtis S. Petrie, acting Vice President & General Manager of Sypris Electronics, expressed the company's pride in expanding its support for this strategic U.S. Navy program. Sypris Electronics has been involved in various phases of this program, from the Engineering and Manufacturing Development phase to Full-Rate Production.
The U.S. Naval Institute acknowledges the potential of the system to provide non-kinetic electronic attack options and multi-function applications, which could lead to future reductions in cost, size, weight, and power of such systems. This enhancement is part of the Navy's broader efforts to safeguard its fleet using integrated countermeasures.
Sypris Electronics is recognized for its expertise in engineering and manufacturing services for complex electronic solutions, particularly in high-cost-of-failure applications. The company has over 50 years of experience serving markets including Defense, Space, Deep Sea Communications, and Industrial sectors.
This news is based on a press release statement.
InvestingPro Insights
As Sypris Electronics, a subsidiary of Sypris Solutions, Inc. (NASDAQ:SYPR), continues to support the U.S. Navy with essential electronic warfare technologies, it's important to consider the company's financial health and market position. According to InvestingPro data, Sypris Solutions holds a market capitalization of approximately $31.42 million USD. Despite a notable revenue growth of 23.7% over the last twelve months as of Q4 2023, the company's gross profit margin stands at 12.66%, which may indicate challenges in maintaining profitability.
InvestingPro Tips for Sypris Solutions reveal some concerns, such as the company quickly burning through cash and suffering from weak gross profit margins. Additionally, the stock is currently trading at a low revenue valuation multiple and near its 52-week low, which could be reflective of market sentiment and the company's performance outlook. The RSI suggests the stock is in oversold territory, which may be of interest to investors looking for potential entry points.
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