Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-5978

SIFCO Industries, Inc.

(Exact name of registrant as specified in its charter)


Ohio						34-0553950
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

970 East 64th Street, Cleveland Ohio						44103
(Address of principal executive offices)						(Zip Code)

(216) 881-8600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares

SIF

NYSE American

The number of the Registrant’s Common Shares, par value $1.00, outstanding at June 30, 2024 was 6,179,881.

Part I. Financial Information

Item 1. Financial Statements

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited, Amounts in thousands, except per share data)


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Net sales	$	29,259	$	21,853	$	76,854	$	62,394
Cost of goods sold	24,725		18,375		68,857		55,935
Gross profit	4,534		3,478		7,997		6,459
Selling, general and administrative expenses	3,150		3,388		9,939		10,517

Amortization of intangible assets	40		63		121		187
(Gain) loss on disposal of operating assets	—		(3)		3		—

Operating profit (loss)	1,344		30		(2,066)		(4,245)

Interest expense, net	1,078		305		2,471		919

Foreign currency exchange (gain) loss, net	(1)		1		6		11
Other expense, net	139		323		244		287
Income (loss) before income tax expense	128		(599)		(4,787)		(5,462)
Income tax expense	56		35		153		128


Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)










Net income (loss) per share
Basic	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)
Diluted	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)

Weighted-average number of common shares (basic)	6,009		5,940		5,991		5,925
Weighted-average number of common shares (diluted)	6,105		5,940		5,991		5,925

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Comprehensive Income (Loss)

(Unaudited, Amounts in thousands)


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net of tax	(73)		20		52		436
Retirement plan liability adjustment, net of tax	104		153		190		305
Other	(5)		—		(5)		1
Comprehensive income (loss)	$	98	$	(461)	$	(4,703)	$	(4,848)

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets

(Amounts in thousands, except per share data)


	June 30, 2024		September 30, 2023
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,696	$	368
Short-term investments	1,713		—
Receivables, net of allowance for credit losses of $124 and $242, respectively	26,831		20,196

Contract assets	10,055		10,091

Inventories, net	13,423		8,853
Refundable income taxes	84		84

Prepaid expenses and other current assets	1,200		1,882


Total current assets	55,002		41,474
Property, plant and equipment, net	33,914		36,287
Operating lease right-of-use assets, net	13,673		14,380
Intangible assets, net	161		278
Goodwill	3,493		3,493
Other assets	88		81

Total assets	$	106,331	$	95,993
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	6,116	$	3,820
Promissory note - related party	3,366		—
Revolver	19,693		16,289
Short-term operating lease liabilities	906		869
Accounts payable	14,965		13,497
Contract liabilities	3,880		1,150

Accrued liabilities (Related party is $880 at June 30, 2024 and $0 at September 30, 2023)	6,506		5,327

Total current liabilities	55,432		40,952
Long-term debt, net of current maturities, net of unamortized debt issuance costs	3,620		2,457
Long-term operating lease liabilities, net of short-term	13,333		14,020
Deferred income taxes, net	—		142
Pension liability	3,469		3,417
Other long-term liabilities	651		670

Shareholders’ equity:
Serial preferred shares, no par value, 1,000 shares authorized; 0 shares issued and outstanding at June 30, 2024 and September 30, 2023	—		—
Common shares, par value $1 per share, 10,000 shares authorized; issued and outstanding shares 6,180 at June 30, 2024 and 6,105 at September 30, 2023	6,180		6,105
Additional paid-in capital	11,745		11,626
Retained earnings	18,324		23,264
Accumulated other comprehensive loss	(6,423)		(6,660)
Total shareholders’ equity	29,826		34,335
Total liabilities and shareholders’ equity	$	106,331	$	95,993

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Cash Flows

(Unaudited, Amounts in thousands)


	Nine Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(4,940)	$	(5,590)

Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	4,568		4,821
Amortization of debt issuance costs	762		30
Loss on disposal of operating assets	3		—
Loss on insurance proceeds received for non-property claim	—		60

LIFO effect	826		(272)
Share transactions under company stock plan, net	194		221

Inventory valuation accounts	481		(1,793)


Interest added to promissory note - related party (paid-in-kind)	216		—
Other long-term liabilities	219		66
Deferred income taxes	(142)		(136)
Changes in operating assets and liabilities:
Receivables	(6,631)		(3,160)
Contract assets	36		1,153
Inventories	(5,598)		869

Prepaid expenses and other current assets	1,087		653
Other assets	(703)		128
Accounts payable	1,449		585
Contract liabilities	2,730		96
Other accrued liabilities	372		(253)
Accrued income and other taxes	105		252

Net cash used for operating activities	(4,966)		(2,270)

Cash flows from investing activities:

Proceeds from disposal of operating assets	1		13
Capital expenditures	(2,044)		(1,905)
Purchase of short-term investments	(2,395)		—
Maturity of short-term investments	648		—

Net cash used for investing activities	(3,790)		(1,892)

Cash flows from financing activities:
Proceeds from long-term debt	2,183		—
Payments on long-term debt	(768)		(809)
Proceeds from revolving credit agreement	70,706		60,087
Repayments of revolving credit agreement	(67,302)		(56,301)
Payment of debt issuance costs	(228)		—


Proceeds from promissory note - related party	3,000		—
Short-term debt borrowings	7,652		4,459
Short-term debt repayments	(5,141)		(3,965)


Net cash provided by financing activities	10,102		3,471
Increase (decrease) in cash and cash equivalents	1,346		(691)
Cash and cash equivalents at the beginning of the period	367		1,174
Effect of exchange rate changes on cash and cash equivalents	(17)		115
Cash and cash equivalents at the end of the period	$	1,696	$	598


Supplemental disclosure of cash flow information of operations:
Cash paid for interest	$	(1,463)	$	(924)
Cash paid for income taxes, net	$	(197)	$	(16)
Non-cash investing activities:
Additions to property, plant & equipment - incurred but not yet paid	$	240	$	306
Non-cash financing activities:
Debt issuance cost due at maturity - related party	$	1,030	$	—
Interest added to promissory note - related party (paid-in-kind)	$	216	$	—

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Shareholders’ Equity

(Unaudited, Amounts in thousands)


	Nine Months Ended June 30, 2024
	Common			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Shares	Amount









Balance - September 30, 2023	6,105	$	6,105	$	11,626	$	23,264	$	(6,660)	$	34,335

Comprehensive (loss) income	—	—		—		(4,940)		237		(4,703)


Performance and restricted share expense	—	—		243		—		—		243
Share transactions under equity-based plans	75	75		(124)		—		—		(49)
Balance - June 30, 2024	6,180	$	6,180	$	11,745	$	18,324	$	(6,423)	$	29,826


	Three Months Ended March 31, 2024
	Common			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Shares	Amount









Balance - March 31, 2024	6,190	$	6,190	$	11,663	$	18,252	$	(6,449)	$	29,656

Comprehensive loss	—	—		—		72		26		98


Performance and restricted share expense	—	—		72		—		—		72
Share transactions under equity-based plans	(10)	(10)		10		—		—		—
Balance - June 30, 2024	6,180	$	6,180	$	11,745	$	18,324	$	(6,423)	$	29,826


	Nine Months Ended June 30, 2023
	Common			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Shares	Amount









Balance - September 30, 2022	6,040	$	6,040	$	11,387	$	31,956	$	(8,693)	$	40,690

Comprehensive (loss) income	—	—		—		(5,590)		742		(4,848)


Performance and restricted share expense	—	—		292		—		—		292
Share transactions under equity-based plans	67	67		(138)		—		—		(71)
Balance - June 30, 2023	6,107	$	6,107	$	11,541	$	26,366	$	(7,951)	$	36,063


	Three Months Ended June 30, 2023
	Common			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Shares	Amount









Balance - March 31, 2023	6,108	$	6,108	$	11,455	$	27,000	$	(8,124)	$	36,439

Comprehensive (loss) income	—	—		—		(634)		173		(461)


Performance and restricted share expense	—	—		86		—		—		86
Share transactions under equity-based plans	(1)	(1)		—		—		—		(1)
Balance - June 30, 2023	6,107	$	6,107	$	11,541	$	26,366	$	(7,951)	$	36,063

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Notes to Unaudited Consolidated Condensed Financial Statements

(Amounts in thousands, except per share data)

1.Summary of Significant Accounting Policies

A. Principles of Consolidation

The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (collectively, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation.

The United States ("U.S.") dollar is the functional currency for all of the Company’s operations in the U.S. and its non-operating subsidiaries. For these operations, all gains and losses from completed currency transactions are included in net loss. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period which approximate the rates in effect at the date of the transaction. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements.

These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2023 Annual Report on Form 10-K. The year-end consolidated condensed balance sheet contained in these financial statements was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) and disclosures considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.

B. Accounting Policies

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's Annual Report on Form 10-K for the year ended September 30, 2023.

C. Short-term Investments

In general, short-term investments have a maturity of three months to one year at the date of purchase. Short-term investments classified as held-to-maturity are recorded at cost, which approximates fair value.

D. Accounts Receivable and Allowance for Credit Losses

Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the consolidated condensed balance sheets.

The Company establishes allowances for credit losses on accounts receivable, customer financing receivables, and certain other financial assets. The adequacy of these allowances are assessed quarterly through consideration of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. The Company determines the creditworthiness of each customer based upon publicly available information and information obtained directly from its customers.


Allowance for credit losses:	Three Months Ended June 30, 2024		Nine Months Ended June 30, 2024
Opening allowance for credit losses	$	(131)	$	(242)
Changes in estimate	5		104
Write-offs	2		14
Recoveries	—		—
Total allowance for credit losses	$	(124)	$	(124)

E. Net Income (Loss) per Share

The Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. During a period of net loss, zero restricted and performance shares are included in the calculation of diluted earnings per share because the effect would be anti-dilutive. In a period of net income, the net income per diluted share reflects the effect of the Company's outstanding restricted shares and performance shares under the treasury stock method. The dilutive effect is as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023


Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)

Weighted-average common shares outstanding (basic and diluted)	6,009		5,940		5,991		5,925
Effect of dilutive securities:

Restricted shares	78		—		—		—
Performance shares	18		—		—		—
Weighted-average common shares outstanding (diluted)	6,105		5,940		5,991		5,925


Net income (loss) per share – basic:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)







Net income (loss) per share – diluted:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)

Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share	151		211		251		187

F. Going Concern

In accordance with ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205-40) ("ASC 205-40")", the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation requires management to perform two steps. First, management must evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. Second, if management concludes that substantial doubt is raised, management is required to consider whether its plans that are not yet fully implemented are probable of both being implemented and effective in alleviating that doubt. In the event substantial doubt is raised, disclosures in the notes to the consolidated condensed financial statements of management’s plans and management’s conclusion as to whether the substantial doubt exists or has been alleviated are required. The consolidated condensed financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result from the outcome of this uncertainty. This step shall not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued.

The Company has debt maturing in October 2024. As a result of this condition, there is substantial doubt about the Company’s ability to continue as a going concern.

The Company continues to evaluate available financial alternatives, including obtaining acceptable alternative financing and the sale of its Maniago location. The Company cannot provide assurances that it will be successful in restructuring the existing debt obligations, obtaining capital or entering into a strategic alternative transaction which provides sufficient funding for the refinancing of its outstanding indebtedness prior to the maturity date of its obligations under the Credit Agreement. See Note 7, Debt and Note 14, Subsequent Events.

G. Recent Accounting Standards Adopted

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and subsequent updates. ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial

instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. However, in November 2019, the FASB issued ASU 2019-10, "Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)," which defers the effective date for public filers that qualify as a smaller reporting company ("SRC"), as defined by the Securities and Exchange Commission, to fiscal years after December 15, 2022, including interim periods within those fiscal years. Because SIFCO is considered a SRC, this ASU is effective for the Company beginning October 1, 2023. The effect of adopting this ASU did not have an impact to the Company's results within the consolidated condensed statements of operations and financial condition.

H. Recent Accounting Standards Not Yet Adopted

In July 2023, the FASB issued ASU 2023-03, "Presentation of Financial Statement (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718)", to amend various SEC paragraphs in the Accounting Standards Codification (the "Codification") to reflect the issuance of SEC Staff Accounting Bulletin No. 120, among other things. The ASU does not provide any new guidance so there is no transition or effective date associated with it. The Company is currently assessing the impact of adopting ASU 2023-03 on the consolidated condensed financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker ("CODM") uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments into reportable segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated condensed financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated condensed financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01 “Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. The amendments in ASU 2024-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently assessing the impact of this standard on our consolidated condensed financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are

extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities and is effective or fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of this standard on our consolidated condensed financial statements and related disclosures.

I. Employee Retention Credit

Under the Employee Retention Credit ("ERC") program, eligible businesses, both for-profit and not-for-profit, that experienced a full or partial government-ordered suspension of operations or a "significant" decline in gross receipts in any quarter (more than 50% decrease in 2020 from 2019, and more than 20% in 2021) could receive a quarterly refundable payroll tax credit. The Company, with reasonably assured qualification, submitted for refunds under the ERC program on January 23, 2024. These submissions are still pending review and approval from the Internal Revenue Service ("IRS").

As no authoritative guidance exists under U.S. GAAP for reporting ERCs, the Company adopted International Accounting Standards (“IAS”) 20 – Accounting for Government Grants and Disclosure of Government Assistance which permits the recording and presentation of either the gross amount as other income or netting the credit against related expense. For the three and nine months ended June 30, 2024, there was no income or expense recorded. In the same periods of the prior year, the Company recorded a gross benefit of $1,772, which represented $1,688 claimed as refund and $84 in interest income. The ERC was recognized as a reduction in other manufacturing and selling, general and administrative expenses and allocated to the financial statement categories from which the payroll taxes were originally incurred. The Company recorded benefits to cost of goods sold of $1,452, selling, general and administrative expense of $236 and interest income $84, respectively and recorded selling, general and administrative expense of $354 for professional fees related to the tax credit in the consolidated condensed statements of operations during the three and nine months ended June 30, 2023. The Company received $1,246 of refunds on May 9, 2023 and recorded $526 in accounts receivable on the consolidated condensed balance sheets as of June 30, 2023.

J. Reclassification

Certain amounts in prior years have been reclassified to conform to the fiscal 2024 consolidated condensed statement presentation. In fiscal 2024, the Company revised its classification within the consolidated condensed balance sheets by moving a prior year amount of $1,150 of contract liabilities from accrued liabilities to contract liabilities to conform to current period presentation. The Company revised its classification within the consolidated condensed statements of cash flows by moving a prior year amount of $96, of contract liabilities from other accrued liabilities to conform to current period presentation.

2.Inventories

Inventories consist of:


	June 30, 2024		September 30, 2023
Raw materials and supplies	$	2,964	$	1,684
Work-in-process	7,342		4,061
Finished goods	3,117		3,108
Total inventories, net	$	13,423	$	8,853

For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. Approximately 31% and 19% of the Company’s inventories at June 30, 2024 and September 30, 2023, respectively, use the LIFO method. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because the actual results may vary from these estimates, the annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out ("FIFO") method is used for the remainder of the inventories, which are stated at the lower of cost or net realizable value ("NRV"). If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $10,460 and $9,634 higher than reported at June 30, 2024 and September 30, 2023, respectively. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The Company estimates net realizable value, excess and obsolescence and shrink reserves for its inventory based upon historical experience, historical and projected sales trends and the age of inventory on hand. As of June 30, 2024 and September 30, 2023, our inventory valuation allowances were $3,849 and $4,049, respectively.

3.Long-lived Assets

The Company reviews the carrying value of its long-lived assets ("asset groups"), when events and circumstances indicate a triggering event has occurred. A triggering event is a change in circumstances that indicates the carrying value of the asset group may not be recoverable. This review is performed using estimates of future undiscounted cash flows, which include proceeds from disposal of assets. Under the Accounting Standard Codification ("ASC") 360 ("Topic 360"), if the carrying value of a long-lived asset is greater than the estimated undiscounted future cash flows, then the long-lived asset is considered impaired and an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value.

The Company continuously monitors for indicators of impairment to determine if further testing is necessary. In the third quarter of fiscal 2024, certain qualitative factors, including operating results, at the Orange, California ("Orange") location, triggered a recoverability test. The results indicated that the long-lived assets were recoverable and did not require further review for impairment.

4.Goodwill

The Company tests its goodwill for impairment in the fourth fiscal quarter, and in interim periods if certain events occur indicating that the carrying amount of goodwill may be impaired. In the third quarter of fiscal 2024, the Company evaluated potential triggering events and determined interim testing was not required.

5. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


	June 30, 2024		September 30, 2023
Foreign currency translation loss, net of tax	$	(5,875)	$	(5,927)
Retirement plan liability adjustment, net of tax	(552)		(742)
Interest rate swap agreement, net of tax	4		9
Total accumulated other comprehensive loss	$	(6,423)	$	(6,660)

6. Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Finance lease expense:
Amortization of right-of use assets on finance leases	$	17	$	11	$	53	$	47
Interest on lease liabilities	1		1		4		6
Operating lease expense	424		421		1,277		1,243

Variable lease cost	19		29		59		89

Total lease expense	$	461	$	462	$	1,393	$	1,385

The following table presents the impact of leasing on the consolidated condensed balance sheet.


	Classification in the consolidated condensed balance sheets	June 30, 2024		September 30, 2023
Assets:
Finance lease assets	Property, plant and equipment, net	$	97	$	147
Operating lease assets	Operating lease right-of-use assets, net	13,673		14,380
Total lease assets		$	13,770	$	14,527

Current liabilities:
Finance lease liabilities	Current maturities of long-term debt	$	41	$	61
Operating lease liabilities	Short-term operating lease liabilities	906		869
Non-current liabilities:
Finance lease liabilities	Long-term debt, net of current maturities	55		81
Operating lease liabilities	Long-term operating lease liabilities, net of short-term	13,333		14,020
Total lease liabilities		$	14,335	$	15,031

Supplemental cash flow and other information related to leases were as follows:


	June 30, 2024		June 30, 2023
Other Information

Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,280	$	1,261
Operating cash flows from finance leases	5		6
Financing cash flows from finance leases	47		46
Right-of-use assets obtained in exchange for new lease liabilities:

Operating leases	—		60


	June 30, 2024		September 30, 2023
Weighted-average remaining lease term (years):
Finance leases	2.6		2.9
Operating leases	11.9		12.5
Weighted-average discount rate:
Finance leases	5.1	%	5.1	%
Operating leases	5.9	%	5.9	%

Future minimum lease payments under non-cancellable leases at June 30, 2024 were as follows:


	Finance Leases		Operating Leases
Year ending September 30,
2024 (excluding the nine months ended June 30, 2024)	$	16	$	420
2025	36		1,696
2026	29		1,694
2027	21		1,703
2028	—		1,557
Thereafter	—		12,740
Total lease payments	$	102	$	19,810
Less: Imputed interest	(6)		(5,571)
Present value of lease liabilities	$	96	$	14,239

7. Debt

Debt consists of:


	June 30, 2024		September 30, 2023
Revolving credit agreement	$	19,693	$	16,289
Foreign subsidiary borrowings, net of unamortized debt issuance cost	9,722		5,771
Promissory note - related party	3,366		—
Finance lease obligations	96		142
Less: unamortized debt issuance cost - (Related party is $387)	(397)		—
Other, net of unamortized debt issuance costs $0 and $(9), respectively	314		364



Total debt	32,794		22,566

Less – current maturities	(29,174)		(20,109)
Total long-term debt	$	3,620	$	2,457

Credit Agreement and Security Agreement

On November 8, 2023, the Company entered into the Eighth Amendment to the Credit Agreement (the "Eighth Amendment") with JPMorgan Chase Bank, N.A. ("Lender"). The Eighth Amendment, among other things, reduced the Reserves under the Borrowing Base in the Credit Agreement to $1,500, or such lesser amount, if any, as may be agreed upon in writing by the Lender in its sole discretion.

The Company entered into the Ninth Amendment (the "Ninth Amendment") to the Credit Agreement and the Fourth Amendment (the "Fourth Amendment") to the Export Credit Agreement with its Lender on December 21, 2023. The Ninth Amendment amends the Credit Agreement to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan and the execution and delivery by borrowers, the Lender and Mark J. Silk (Mr. Silk is a member of the Board of Directors of the Company and considered a related party) of the Subordinated Loan Documents, and the receipt by borrowers of $3,000 in immediately available funds on the Ninth Amendment Effective Date; (ii) delay the maturity date from December 31, 2023 to October 4, 2024, or any earlier date on which the Revolving Commitment is reduced to zero or otherwise terminated pursuant to the terms of the Credit Agreement; (iii) reduce the Revolving Commitment to $19,000 from $23,000; (iv) modify the definition of Borrowing Base to mean, at any time, the sum of (a) 85% of Eligible Accounts at such time, plus (b) the lesser of (1) 70% of Eligible Inventory, valued at the lower of cost or market value, determined on a first-in-first-out basis, at such time and (2) the product of 85% multiplied by the NOLV Percentage identified in the most recent inventory appraisal ordered by the Lender multiplied by Eligible Inventory, valued at the lower of cost or market value, determined on a first-in-first-out basis, at such time, minus (c) Reserves of $1,500, increasing on the first day of each month by $250, commencing on May 1, 2024 and continuing until (and including) August 1, 2024, or such lesser amount, if any, as may be agreed upon in writing by the Lender in its sole discretion (which may be by email from the Lender), plus (d) the PP&E Component; (v) modify the Applicable Margin schedule to reflect the following applicable rates: 2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spread), and 0.50% (Commitment Fee Rate); and (vi) amend and restate subsection (l) of the Reporting Schedule to require, by the 17th day of every month, the delivery of a rolling 13 week cash flow forecast in form acceptable to Lender, which must include a projected to actual results comparison for the week then ended and on a cumulative basis from the beginning of the cash flow forecast. The Fourth Amendment of the Export Credit Agreement, to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan and the execution and delivery by borrowers, the Lender and Silk of the Subordinated Loan Documents, and the receipt by borrowers of $3,000 in immediately available funds on the Ninth Amendment Effective Date; and (ii) delay the maturity date to October 4, 2024, or any earlier date on which the Revolving Commitment is reduced to zero or otherwise terminated pursuant to the terms thereof.

The Company entered into the Tenth Amendment (the "Tenth Amendment") to the Credit Agreement and the Fifth Amendment (the "Fifth Amendment") to the Export Credit Agreement with its lender on May 21, 2024. The Tenth and Fifth Amendments amend the Credit Agreement and the Export Credit Agreement to, among other things, to: (i) increase the Revolving Commitment, less the Availability Block, if applicable, (y) the Borrowing Base, and (z) in combination with the Export Revolving Loans under the Export Credit Agreement, (i) $18,000 through September 30, 2023, (ii) $19,000 from and including October 1, 2023 through May 14, 2024, and (iii) $22,000 thereafter until, and reducing to zero and terminating on, the Maturity Date; (ii) modify the definition of Borrowing Base Reserves to $1,500 or such other amount, if any, as may be determined in writing by the Lender in its Permitted Discretion (which may be by email from the Lender); and (iii) required the execution and delivery of the First Amendment of the Silk Guaranty discussed below.

The total collateral at June 30, 2024 and September 30, 2023 was $24,576 and $21,089, respectively, and the revolving commitment was $26,000 and $30,000, respectively. Total availability at June 30, 2024 and September 30, 2023 was $2,912 and $2,830, respectively, which exceeds both the collateral and total commitment threshold. The Credit Agreement contains affirmative and negative covenants and events of default. Since the availability exceeded the $1,500 reserve minimum as of June 30, 2024 and September 30, 2023, no covenant calculations were required. The Company had a letter of credit balance of $1,970 as of June 30, 2024 and September 30, 2023, respectively.

The revolving credit agreement (or "revolver"), as amended, has a rate based on SOFR plus a 2.75% spread, which was 8.2% at June 30, 2024 and a rate based on SOFR plus a 2.25% spread, which was 7.7% at September 30, 2023. The Export Credit Agreement as amended has a rate based on SOFR plus a 2.25% spread, which was 7.7% at June 30, 2024 and a rate based on SOFR plus a 1.75% spread, which was 7.2% at September 30, 2023. The Company also has a commitment fee of 0.50% under the Credit Agreement as amended to be incurred on the unused balance of the revolver.

Debt issuance costs - revolver

The Company incurred new debt issuance costs of $117 in the first quarter of fiscal 2024 as it pertains to the new amendments entered into, which are included in the consolidated condensed balance sheet as a deferred charge in other current assets, net of amortization of $81 at June 30, 2024. The Company previously had debt issuance costs of $86, which were included in the consolidated condensed balance sheets as a deferred charge in other current assets, net of amortization of $86 and $78 at June 30, 2024 and September 30, 2023, respectively.

Subordinated Promissory Note and Guaranty

The Company, in connection with the Ninth Amendment and the Fourth Amendment, incurred a secured subordinated loan from Garnet Holdings, Inc. ("GHI"), a California corporation owned and controlled by Mark J. Silk ("Silk") (Mr. Silk is a member of the Board of Directors of the Company and considered a related party), in the original principal amount of $3,000 (the "Subordinated Loan") on the terms and subject to the conditions of a Subordinated Secured Promissory Note (the "Subordinated Promissory Note"). The obligations of borrowers under the Subordinated Loan mature on October 4, 2024. Interest accrues on the then-outstanding principal amount at a rate of 14% per annum and shall be paid in kind (and not in cash) by capitalization as additional principal ("PIK Interest") each six-month period after the date hereof in arrears. The Company agreed to pay to Mr. Silk a fully earned and non-refundable fee in an amount equal to $150, which fee shall be included in the carrying value of the promissory note, due and payable in full on, and subject to the occurrence of, the Maturity Date or such earlier date on which the Company’s obligations under the Subordinated Promissory Note are accelerated pursuant to the terms thereof. Borrower’s obligations under the Subordinated Promissory Note are secured by a first priority lien, subject to any liens granted to Lender as described in the Subordination Agreement, on all of borrowers’ accounts, deposit accounts, contract rights, documents, equipment, general intangibles, instruments, inventory, investment property, commercial tort claims, all other goods and personal property whether tangible or intangible and wherever located, and all proceeds of the foregoing. The Subordinated Promissory note carrying value was $3,366 and $0 at June 30, 2024 and September 30, 2023, respectively. The Subordinated Promissory Note interest rate was 14% and 0% at June 30, 2024 and September 2023, respectively.

The Ninth Amendment was also subject to the satisfaction of certain conditions, including, but not limited to, the execution and delivery by Silk, of a Guaranty Agreement (the "Guaranty") in favor of Lender pursuant to which Silk guarantees the obligations of borrowers under the Credit Agreement and Export Credit Agreement. The Fee Letter requires the borrowers to pay Silk a fee (the "Guaranty Fee") in consideration for his agreement to execute and deliver the Guaranty in an amount equal to $760, which was included in the consolidated condensed balance sheets as a deferred charge in accrued liabilities.

The Tenth Amendment was subject to the execution and delivery of the First Amendment of the Guaranty and an amendment to the Fee Letter, which required the borrowers to pay Silk an incremental fee of $120 in consideration for his agreement to execute and deliver the First Amendment to the Guaranty. Guaranty fees were included in the consolidated condensed balance sheets as a deferred charge in accrued liabilities and become due and payable on the maturity date.

Foreign subsidiary borrowings in USD

Foreign debt consists of:


	June 30, 2024		September 30, 2023
Term loan, net of unamortized debt issuance cost $(79) and $0, respectively	$	4,693	$	3,293
Short-term borrowings	4,708		1,862
Factor	321		616
Total debt	$	9,722	$	5,771

Less – current maturities	(6,157)		(3,386)
Total long-term debt	$	3,565	$	2,385

Receivables pledged as collateral	$	2,710	$	1,247

Interest rates on foreign borrowings are based on Euribor rates, which range from 0.5% to 7.8%.

The Company's Maniago, Italy ("Maniago") location obtained borrowings from two separate lending sources in the first quarter of fiscal 2024. The first was a bond for $2,208 with repayment terms of seven years. Under the terms of the borrowing, repayments are made semi-annually in the amount of $200, beginning on June 29, 2024. The proceeds from this loan are shown within cash and cash equivalents and short-term investments on the consolidated condensed balance sheets and will be used for capital investment. A second loan with a term of 1 year, 6 months was obtained in the amount of $1,104. The proceeds from this loan were used for working capital purposes.

In the third quarter, the Company increased three of its credit and factoring lines with existing lenders to support working capital needs.

The Company factors receivables from one of its customers. The Company accounts for the pledge of receivables under this agreement as short-term debt and continues to carry the receivables on its consolidated condensed balance sheets.

8. Income Taxes

For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first nine months of fiscal 2024 was (3.2)%, compared with (2.3)% for the same period of fiscal 2023. The decrease in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2024 compared with the same period of fiscal 2023. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy, and various state and local jurisdictions. As of the third quarter of fiscal 2024, the Company maintains a full valuation allowance on the net deferred tax assets in the U.S., Ireland and Italy.

9. Retirement Benefit Plans

The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of the net periodic benefit cost of the Company’s defined benefit plans are as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	45	$	6	$	135	$	18
Interest cost	271		274		813		824
Expected return on plan assets	(261)		(277)		(782)		(831)

Amortization of net loss	44		77		130		230
Settlement cost	60		78		60		78
Net periodic pension cost	$	159	$	158	$	356	$	319

During the nine months ended June 30, 2024 and 2023, the Company made $32 and $13 in cash contributions, and $87 and $0 in non-cash contributions utilizing carryover balance, respectively, to its defined benefit pension plans. The Company anticipates making $42 in cash contributions to fund its defined benefit pension plans for the balance of fiscal 2024, and will use carryover balances from previous periods that have been available for use as a credit to reduce the amount of cash contributions that the Company is required to make to certain defined benefit plans in fiscal 2024. The Company's ability to elect to use such carryover balance will be determined based on the actual funded status of each defined benefit pension plan relative to the plan's minimum regulatory funding requirements. The Company does not anticipate making cash contributions above the minimum funding requirement to fund its defined benefit pension plans during the balance of fiscal 2024.

10. Stock-Based Compensation

The Company has outstanding equity awards under the Company's 2007 Long-Term Incentive Plan (the "2007 Plan") and the Company's 2007 Long-Term Incentive Plan (Amended and Restated as of November 16, 2016) (as further amended, the "2016 Plan"), and awards performance and restricted shares under the 2016 Plan.

In the first nine months of fiscal 2024, the Company granted 120 shares under the 2016 Plan to certain key employees. The awards were split into two tranches, comprised of 46 performance-based shares and 74 time-based restricted shares, with a grant date fair value of $3.60 per share. The awards vest over three years. There were 66 shares forfeited during the nine month period ended June 30, 2024.

In the first nine months of fiscal 2024, the Company granted its non-employee directors 39 restricted shares under the 2016 Plan, with a grant date fair value of $3.08 per share, which vest over one year. One award for 38 restricted shares vested in January 2024.

If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 327 shares that remain available for award at June 30, 2024. If any of the outstanding share awards are ultimately earned and vest at greater than the target number of shares, up to a maximum of 150% of such target, then a fewer number of shares would be available for award.

Stock-based compensation under the 2016 Plan was $243 and $292 during the first nine months of fiscal 2024 and 2023, respectively. As of June 30, 2024, there was $421 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2016 Plan. The Company expects to recognize this cost over the next 1.5 years.

11. Revenue

The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) commercial space, semiconductor and other commercial applications.

Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company's contracts are from purchase orders ("PO's"), which continue to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later time when control of the products transfers to the customer. Under the revenue standard, the Company recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows:

•Certain military contracts, which relate to the provisions of specialized or unique goods to the U.S. government with no alternative use, include provisions within the contract that are subject to the Federal Acquisition Regulation ("FAR"). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process.

•For certain commercial contracts involving customer-specific products with no alternative use, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company's use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin.

As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company elected to use the cost to cost input method of progress based

on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.

The following table represents a breakout of total revenue by customer type:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Commercial revenue	$	19,114	$	13,086	$	49,730	$	34,629
Military revenue	10,145		8,767		27,124		27,765
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by end market:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
Aerospace components for:
Fixed wing aircraft	$	10,631	$	8,726	$	30,650	$	28,307
Rotorcraft	5,470		4,067		12,817		11,960
Energy components for power generation units	7,802		7,005		20,462		16,729
Commercial product and other revenue	5,356		2,055		12,925		5,398
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by geographic region based on the Company's selling operation locations:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
North America	$	21,987	$	15,391	$	57,975	$	47,037
Europe	7,272		6,462		18,879		15,357
Total	$	29,259	$	21,853	$	76,854	$	62,394

In addition to the disaggregated revenue information provided above, approximately 39% and 47% of total net sales for the nine months ended June 30, 2024 and 2023, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time.

Contract Balances

The following table contains a roll forward of contract assets and contract liabilities for the period beginning October 1, 2023 and ended June 30, 2024 compared to period beginning October 1, 2022 and ended June 30, 2023:


	June 30, 2024		June 30, 2023
Contract assets - Beginning balance	$	10,091	$	10,172
Additional revenue recognized over-time	30,272		28,955
Less amounts billed to the customers	(30,308)		(30,108)
Contract assets - Ending balance	$	10,055	$	9,019


	June 30, 2024		June 30, 2023
Contract liabilities - Beginning balance	$	(1,150)	$	(807)
Payments received in advance of performance obligations	(4,369)		(1,531)
Performance obligations satisfied	1,639		1,435
Contract liabilities - Ending balance	$	(3,880)	$	(903)

Accounts receivable were $16,515 and $20,197 at September 30, 2022 and June 30, 2023, respectively. There were no impairment losses recorded on contract assets as of June 30, 2024 and September 30, 2023.

Remaining performance obligations

As of June 30, 2024, the Company has $139,203 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.

12. Commitments and Contingencies

On December 30, 2022, the Company became aware of a cyber security issue involving unauthorized access to the Company's system (the "Cyber Incident"). The Company immediately began an investigation and engaged cyber security experts to assist with the assessment of the incident and to help determine what data was impacted. The Company's investigation uncovered that the threat actor had gained access to certain areas of the Company's systems on or about December 27, 2022. With the assistance of outside cyber security experts, the Company located and closed the unauthorized access to our systems, identified compromised information, and notified those impacted in accordance with state and federal requirements.

The Company maintains $3,000 of cybersecurity insurance coverage to limit our exposure to losses such as those related to the Cyber Incident. The Company recorded a benefit of $605 to selling, general, and administrative expenses in the third quarter of fiscal 2024 due to credit of third party restoration fees related to last year's cybersecurity incident. The Company recorded expense of $1,209 to selling, general, and administrative expenses and recorded costs of $60 to other expense (income), net related to loss on insurance recovery in the nine months ended June 30, 2023. At June 30, 2024 and September 30, 2023, the Company recorded $197 and $965, respectively, related to the Cyber Incident in accounts payable on the consolidated condensed balance sheets.

13. Related Party Transactions

On December 21, 2023, the Company entered into the Ninth Amendment and Fourth Amendment with its lender incurring a secured subordinated loan from GHI, in the original principal amount of $3,000. GHI is controlled by Mr. Silk, a member of the Board of Directors of the Company and considered a related party. The Company has recorded interest expense of $110 and $216 for the three and nine month periods ending June 30, 2024, which was included in the consolidated condensed balance sheets in the Promissory note - related party line. Additionally, Mr. Silk provided a Guaranty in favor of the Lender pursuant to which Mr. Silk guarantees the obligations of borrowers under the Credit Agreement and Export Credit Agreement. As part of the Guaranty and Promissory Note, the Company will pay GHI fees of $880 and $150, respectively, and has paid $30 of legal costs. The Company has a total of $397 deferred financing costs related to the Guaranty and Subordinated Promissory Note, which was included in the consolidated condensed balance sheets in current maturities of long-term, net of $663 amortization. See Note 7, Debt for further information.

14. Subsequent Events

On August 1, 2024, the Company's Board of Directors approved, and management executed, a Share Purchase Agreement ("SPA") with TB2 S.r.l. ("Buyer"), under which the Buyer agreed to acquire 100% of the share capital of the Company’s Maniago, Italy location (C Blade S.p.A. Forging & Manufacturing). The SPA, among other things, is contingent upon meeting customary conditions, delivering required documents, and obtaining governmental authorization under the Golden Power rules of Italian law. Additionally, the SPA is subject to a Material Adverse Condition (“MAC”) clause. The Company committed to the plan to sell in August 2024, and the Maniago location is considered as held and used as of June 30, 2024.

The Company expects to consummate the sale in the fourth quarter of fiscal 2024, however, the Company cannot provide assurances that all closing conditions will be satisfied. Maniago's total assets were $23,657 and total liabilities were $16,498 on the consolidated condensed balance sheets at June 30, 2024.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain various forward-looking statements and includes assumptions concerning the Company’s operations, future results and prospects. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. These forward-looking statements are based on current expectations and are subject to risk and uncertainties. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company provides this cautionary statement identifying important economic, political and technological factors, among others, the absence or effect of which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include the following: (1) the impact on business conditions in general, and on the demand for product in the aerospace and energy (or

"A&E") industries in particular, of the global economic outlook, including the continuation of military spending at or near current levels and the availability of capital and liquidity from banks, the financial markets and other providers of credit; (2) the future business environment, including capital and consumer spending; (3) competitive factors, including the ability to replace business that may be lost at comparable margins; (4) metals and commodities price increases and the Company’s ability to recover such price increases; (5) successful development and market introduction of new products and services; (6) continued reliance on consumer acceptance of regional and business aircraft powered by more fuel efficient turboprop engines; (7) continued reliance on military spending, in general, and/or several major customers, in particular, for revenues; (8) the impact on future contributions to the Company’s defined benefit pension plans due to changes in actuarial assumptions, government regulations and the market value of plan assets; (9) stable governments, business conditions, laws, regulations and taxes in economies where business is conducted; (10) the ability to successfully integrate businesses that may be acquired into the Company’s operations; (11) cyber and other security threats or disruptions faced by us, our customers or our suppliers and other partners; (12) our exposure to additional risks as a result of our international business, including risks related to geopolitical and economic factors, suppliers, laws and regulations; (13) our ability to maintain a qualified workforce; (14) the adequacy and availability of our insurance coverage; (15) our ability to develop new products and technologies and maintain technologies, facilities, and equipment to win new competitions and meet the needs of our customers; (16) our ability to realize future sales from amounts in our backlog; (17) investigations, claims, disputes, enforcement actions, litigation and/or other legal proceedings; (18) extraordinary or force majeure events affecting the business or operations of our business; and (19) the Company's ability to restructure existing debt obligations prior to their stated maturity date through the execution of a strategic alternative transaction or obtaining acceptable alternative financing.

The Company engages in the production of forgings and machined components primarily for the A&E and commercial space markets. The processes and services provided by the Company include forging, heat-treating, machining, subassembly, and test. The Company operates under one business segment.

The Company endeavors to continue to plan and evaluate its business operations while taking into consideration certain factors including the following: (i) the projected build rate for commercial, business and military aircraft, as well as the engines that power such aircraft; (ii) the projected maintenance, repair and overhaul schedules for commercial, business and military aircraft, as well as the engines that power such aircraft; (iii) the projected build rate and repair for industrial turbines; and (iv) the market for commercial space.

The Company operates within a cost structure that includes a significant fixed component. Therefore, higher net sales volumes are expected to result in greater operating income because such higher volumes allow the business operations to better leverage the fixed component of their respective cost structures. Conversely, the opposite effect is expected to occur at lower net sales and related production volumes.

A. Results of Operations

Overview

Backlog of Orders

SIFCO’s total backlog at June 30, 2024 was $139.2 million, of which $108.1 million are anticipated to be complete within the next 12 months, compared with total backlog of $122.8 million as of June 30, 2023. Orders may be subject to modification or cancellation by the customer with limited charges. Recovery in the A&E markets has resulted in increased bookings. Backlog information may not be indicative of future sales.

Nine Months Ended June 30, 2024 compared with Nine Months Ended June 30, 2023

Net Sales

Net sales comparative information for the first nine months of fiscal 2024 and 2023 is as follows:


(Dollars in millions)	Nine Months Ended June 30,				Increase/ (Decrease)
Net Sales	2024		2023
Aerospace components for:
Fixed wing aircraft	$	30.7	$	28.3	$	2.4
Rotorcraft	12.8		12.0		0.8
Energy components for power generation units	20.5		16.7		3.8
Commercial product and other revenue	12.9		5.4		7.5
Total	$	76.9	$	62.4	$	14.5

Net sales for the first nine months of fiscal 2024 increased $14.5 million to $76.9 million, compared with $62.4 million in the comparable period of fiscal 2023. In general, the production of the Company's products have lead times of varying lengths. Fixed wing sales increased $2.4 million due to 737, 787, F15 and F16 programs. Rotorcraft sales increased $0.8 million due to H60 program partially offset by V22 demand reduction. The energy components for power generation sales increased by $3.8 million due to growth in the steam turbine markets. Commercial products and other revenue increased by $7.5 million due to commercial space and M1 tank program.

Commercial net sales were 64.7% of total net sales and military net sales were 35.3% of total net sales in the first nine months of fiscal 2024, compared with 55.5% and 44.5%, respectively, in the comparable period in fiscal 2023. Military net sales decreased by $0.6 million to $27.1 million in the first nine months of fiscal 2024, compared with $27.8 million in the comparable period of fiscal 2023, primarily due to F35 program and V22 demand reduction. Commercial net sales increased $15.1 million to $49.7 million in the first nine months of fiscal 2024, compared with $34.6 million in the comparable period of fiscal 2023, primarily due to an increase in the power generation steam turbine market, commercial space and 737 and 787 programs.

Cost of Goods Sold

Cost of goods sold increased by $12.9 million, or 23.1%, to $68.8 million, or 89.6% of net sales, during the first nine months of fiscal 2024, compared with $55.9 million or 89.7% of net sales, in the comparable period of fiscal 2023. The increase is primarily due to higher sales volume, higher labor costs of $1.7 million, higher utility cost of $0.4 million and $0.1 million of hiring costs as the Company increased production to meet customer demands, partially offset by lower idle expense of $1.0 million. Prior year results included $1.5 million of ERC benefit and reduction of NRV reserve of $1.4 million.

Gross Profit

Gross profit increased $1.5 million to $8.0 million in the first nine months of fiscal 2024, compared with $6.5 million gross profit in the comparable period of fiscal 2023. Gross profit percent of sales was 10.4% during the first nine months of fiscal 2024 compared with 10.3% in fiscal 2023. The increase in gross profit compared to prior fiscal year was primarily due to higher volume, lower idle expense and lower outside services of $0.3 million, partially offset by higher labor costs of $1.7 million, utility costs of $0.4 million and hiring costs. Prior year results included $1.5 million of ERC benefit and reduction of NRV reserve of $1.4 million.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $9.9 million, or 12.9%, of net sales during the first nine months of fiscal 2024, compared with $10.5 million, or 16.9%, of net sales in the comparable period of fiscal 2023. The decrease in selling, general and administrative expenses is primarily due to benefit of $0.6 million for reversal of third party restoration fees related to the cybersecurity incident and lower commissions of $0.2 million, partially offset by higher wages, benefits and severance costs of $0.4 million and higher expenses related to the evaluation of strategic alternatives of $0.5 million. Prior year results included $1.2 million of costs related the cybersecurity incident and ERC net expense of $0.2 million.

Amortization of Intangibles

Amortization of intangibles was $0.1 million in the first nine months of fiscal 2024 compared with $0.2 million in fiscal 2023.

Other/General

The following table sets forth the weighted average interest rates and weighted average outstanding balances under the Company’s debt agreement in the first nine months of both fiscal 2024 and 2023:


	Weighted Average Interest Rate Nine Months Ended June 30,				Weighted Average Outstanding Balance Nine Months Ended June 30,
	2024		2023		2024	2023
Revolving credit agreement	8.0	%	6.6	%	$ 16.8 million	$ 12.6 million
Foreign term debt	5.7	%	4.4	%	$ 9.6 million	$ 7.3 million
Promissory note - related party	8.9	%	—	%	$ 3.3 million	$ 0.0 million
Other debt	0.6	%	1.6	%	$ 0.3 million	$ 0.5 million

Income Taxes

The Company’s effective tax rate through the first nine months of fiscal 2024 was (3.2)%, compared with (2.3)% for the same period of fiscal 2023. The decrease in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2024 compared with the same period of fiscal 2023. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

Net Loss

Net loss was $4.9 million during the first nine months of fiscal 2024 compared with net loss of $5.6 million in the comparable period of fiscal 2023. The decrease in net loss is due to higher sales volume and gross margin, offset by higher labor and interest expense as the Company invests to meet increased demand.

Three Months Ended June 30, 2024 compared with Three Months Ended June 30, 2023

Net Sales

Net sales comparative information for the third quarter of fiscal 2024 and 2023 is as follows:


(Dollars in millions)	Three Months Ended June 30,				Increase/ (Decrease)
Net Sales	2024		2023
Aerospace components for:
Fixed wing aircraft	$	10.7	$	8.7	$	2.0
Rotorcraft	5.5		4.1		1.4
Energy components for power generation units	7.8		7.0		0.8
Commercial product and other revenue	5.3		2.1		3.2
Total	$	29.3	$	21.9	$	7.4

Net sales for the third quarter of fiscal 2024 increased $7.4 million to $29.3 million, compared with $21.9 million in the comparable period of fiscal 2023. Fixed wing sales increased $2.0 million compared with the same period last year primarily due to 767, 787 A320, F15, F16, F18 and other programs. Rotorcraft sales increased $1.4 million compared with the same period last year primarily due to the H60 program. Net sales of the energy components for power generation units increased by $0.8 million due to growth in the steam turbine markets. Commercial products and other revenue increased $3.2 million compared with the same period last year primarily due to commercial space.

Commercial net sales were 65.3% of total net sales and military net sales were 34.7% of total net sales in the third quarter of fiscal 2024, compared with 59.9% and 40.1%, respectively, in the comparable period in fiscal 2023. Military net sales increased by $1.4 million to $10.1 million in the third quarter of fiscal 2024, compared with $8.8 million in the comparable period of fiscal 2023, primarily due to the H60, F15, F16 and F18 programs partially offset by V22 demand reduction. Commercial net sales increased $6.0 million to $19.1 million in the third quarter of fiscal 2024, compared with $13.1 million in the comparable period of fiscal 2023, primarily due to an increase in the power generation steam turbine market, commercial space and 767, 787 and A320 programs.

Cost of Goods Sold

Cost of goods sold increased by $6.4 million, or 34.6%, to $24.7 million, or 84.5% of net sales, during the third quarter of fiscal 2024, compared with $18.4 million or 84.1% of net sales, in the comparable period of fiscal 2023. The increase is primarily due to higher volume, higher labor costs of $0.7 million and utility costs of $0.4 million as the Company increased production to meet customer demands partially offset by lower idle expense $0.4 million. Prior year results included $1.5 million of ERC benefit.

Gross Profit

Gross profit increased $1.0 million to $4.5 million in the third quarter of fiscal 2024, compared with $3.5 million gross profit in the comparable period of fiscal 2023. Gross profit percent of sales was 15.5% during the third quarter of fiscal 2024, compared with 15.9% in the comparable period in fiscal 2023. The increase in gross profit compared to the prior fiscal year was primarily due to higher volume and reduction of idle expense. Prior year results included $1.5 million of ERC benefit.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $3.2 million, or 10.8%, of net sales, during the third quarter of fiscal 2024, compared with $3.4 million, or 15.5%, of net sales, in the comparable period of fiscal 2023. The decrease in selling, general and administrative expenses is primarily due to a credit due to last years cybersecurity incident of $0.6 million compared with expense of $0.2 million in 2023. The benefit was partially offset by $0.4 million of severance charges and higher costs related to the evaluation of strategic alternatives of $0.1 million.

Amortization of Intangibles

Amortization of intangibles were negligible in the third quarter of fiscal 2024 and fiscal 2023.

Other/General

The following table sets forth the weighted average interest rates and weighted average outstanding balances under the Company’s debt agreement in the third quarter of both fiscal 2024 and 2023:


	Weighted Average Interest Rate Three Months Ended June 30,				Weighted Average Outstanding Balance Three Months Ended June 30,
	2024		2023		2024	2023
Revolving credit agreement	8.1	%	7.2	%	$ 18.0 million	$ 14.2 million
Foreign term debt	7.1	%	4.8	%	$ 10.1 million	$ 7.5 million
Promissory note - related party	13.3	%	—	%	$ 3.3 million	$ 0.0 million
Other debt	—	%	1.6	%	$ 0.3 million	$ 0.4 million

Income Taxes

The Company’s effective tax rate through the third quarter of fiscal 2024 was 43.8%, compared with (5.8)% for the same period of fiscal 2023. The increase in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2024 compared with the same period of fiscal 2023. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

Net Income (Loss)

Net income was $0.1 million during the third quarter of fiscal 2024, compared with net loss of $0.6 million in the comparable period of fiscal 2023. Increase in net income is primarily due to higher sales volume and gross margin, including reduction of Cyber incident costs and idle expense of $0.8 million and $0.4 million, respectively, partially offset by higher severance, interest expense, and labor costs as the Company increased production to meet customer demands.

Non-GAAP Financial Measures

Presented below is certain financial information based on the Company's EBITDA and Adjusted EBITDA. References to "EBITDA" mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to "Adjusted EBITDA" mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.

Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America ("GAAP"). The Company presents EBITDA and Adjusted EBITDA because management believes that they are useful indicators for evaluating operating performance and liquidity, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a substitute for analysis of the Company's results of operations as reported in accordance with GAAP. Some of these limitations include:

•Neither EBITDA nor Adjusted EBITDA reflects the interest expense, or the cash requirements necessary to service interest payments on indebtedness;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements;

•The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and

•Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net income (loss) or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.

The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA:


Dollars in thousands	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)
Adjustments:
Depreciation and amortization expense	1,499		1,623		4,567		4,820
Interest expense, net	1,078		305		2,471		919
Income tax expense	56		35		153		128
EBITDA	2,705		1,329		2,251		277
Adjustments:
Foreign currency exchange loss, net (1)	(1)		1		6		11
Other expense (income), net (2)	78		295		184		149
Gain (loss) on disposal of assets (3)	—		(3)		3		—



Equity compensation (4)	72		85		243		292
Pension settlement expense (5)	60		78		60		78
Severance expense (6)	435		—		435		—
LIFO impact (7)	475		(73)		826		(272)
IT incident (benefit) cost, net (8)	(627)		182		(605)		1,269

Strategic alternative expense (9)	169		29		490		29
Adjusted EBITDA	$	3,366	$	1,923	$	3,893	$	1,833

(1)Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated.

(2)Represents miscellaneous non-operating income or expense, such as pension costs or grant income (prior year included $0.1 million in loss on insurance recovery, separately reclassed to IT incident costs, net line).

(3)Represents the difference between the proceeds from the sale of operating equipment and the carrying value shown on the Company's books.

(4)Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures.

(5)Represents expense incurred by its defined benefit pension plans related to settlement of pension obligations.

(6)Represents expense incurred for executive severance.

(7)Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out ("LIFO") method.

(8)Represents incremental information technology costs as it relates to the cybersecurity incident and loss on insurance recovery.

(9)Represents expense related to evaluation of strategic alternatives.

B. Liquidity and Capital Resources

The main sources of liquidity for the Company have been cash flows from operations and borrowings under our Credit Agreement. The Company's liquidity could be negatively affected if the Company is unable to restructure existing debt obligations, obtain capital or enter into a strategic alternative transaction which provides sufficient funding for the refinancing of its outstanding indebtedness prior to the maturity date of its obligations under the Credit Agreements, by customers extending payment terms to the Company and/or the decrease in demand for our products. The Company and management will continue to assess and actively manage liquidity needs. See Note 7, Debt.

Cash and cash equivalents was $1.7 million at June 30, 2024 and $0.4 million at September 30, 2023. At June 30, 2024, the majority of the Company’s cash and cash equivalents were in possession of its domestic subsidiaries. Short-term investments was $1.7 million at June 30, 2024 and zero at September 30, 2023. At June 30, 2024, the Company’s short-term investments were in the possession of its non-U.S. subsidiaries. See Note 7, Debt - Foreign subsidiary borrowings in USD. Distributions from the Company's non-U.S. subsidiaries to the Company may be subject to adverse tax consequences.

Operating Activities

The Company’s operating activities used $5.0 million of cash in the first nine months of fiscal 2024, primarily due to net loss of $4.9 million partially offset by non-cash adjustments for depreciation and amortization of $4.6 million, amortization of debt issuance costs of $0.8 million and change in inventory valuation accounts of $0.5 million and LIFO effect of $0.8 million. The uses of cash for working capital of $7.2 million was primarily due to increases in inventory of $5.6 million and accounts receivable of $6.6 million, partially offset by increases in contract liabilities of $2.7 million and accounts payable of $1.4 million. The increase in inventory is primarily due to increase in raw material and work in process to meet heightened customer demand. The increase in accounts receivable is due to increases in customer shipments. The increase in contract liabilities is due to advance raw material payments from customers. The increase in accounts payable is due to increases in raw material purchases and outside processing fees related to inventory build.

The Company’s operating activities for the first nine months of fiscal 2023 used $2.3 million primarily due to operating results and an increase in accounts receivable of $3.2 million partially offset by contract asset and inventory reductions of $1.2 million and $0.9 million, respectively.

Investing Activities

Cash used for investing activities was $3.8 million in the first nine months of fiscal 2024 primarily due to purchase of short-term investments, net of maturities, of $1.7 million and capital expenditures of $2.0 million. Cash used for investing activities was $1.9 million in the first nine months of fiscal 2023 due to capital expenditures. Capital commitments as of June 30, 2024 were $0.4 million. The Company anticipates that the remaining total fiscal 2024 capital expenditures will be within the range of $1.0 million to $1.5 million and will relate principally to the further enhancement of production and product offering capabilities and drive operating cost reductions.

Financing Activities

Cash provided by financing activities was $10.1 million in the first nine months of fiscal 2024, compared with $3.5 million in the first nine months of fiscal 2023.

As discussed in Note 7, Debt, the Company's Maniago location obtained borrowings from two separate lending sources and increased during the first nine months of fiscal 2024. The first was a bond for approximately $2.2 million with a seven year term. The proceeds from this loan are shown within cash and cash equivalents and short-term investments on the consolidated

condensed balance sheets and will be used for capital investment. A second loan for approximately $1.1 million with a term of eighteen months, will be for working capital purposes. Additionally, the Company increased three of its credit and factoring lines with existing lenders to support working capital needs. The Company had $2.6 million of net short-term debt borrowings in the first nine months of fiscal 2024 compared with $0.5 million in the first nine months of fiscal 2023.

The Company had net borrowings from the revolver under the Credit Agreement of $1.2 million in the first nine months of fiscal 2024 compared with net borrowings of $3.4 million in the first nine months of fiscal 2023. Under the Company's Credit Agreement, the Company is subject to certain customary loan covenants regarding availability. The availability at June 30, 2024 was $2.9 million, which exceeds reserve minimum threshold as of June 30, 2024, as such, no covenant calculations were required.

As noted in Note 7, Debt, on November 8, 2023, the Company entered into the Eighth Amendment to the Credit Agreement with its Lender. The Eighth Amendment, among other things, reduced the Reserves under the Borrowing Base in the Credit Agreement to $1.5 million, or such lesser amount, if any, as may be agreed upon in writing by the Lender in its sole discretion.

As noted in Note 7, Debt, on December 21, 2023, the Company entered into the Ninth Amendment to the Credit Agreement and the Fourth Amendment to the Export Credit Agreement with its lender. The Ninth Amendment amends the Credit Agreement to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan and the execution and delivery by borrowers, the Lender and Silk (Mr. Silk is a member of the Board of Directors of the Company and considered a related party) of the Subordinated Loan Documents, and the receipt by borrowers of $3.0 million in immediately available funds on the Ninth Amendment Effective Date; (ii) delay the maturity date from December 31, 2023 to October 4, 2024, or any earlier date on which the Revolving Commitment is reduced to zero or otherwise terminated pursuant to the terms of the Credit Agreement; (iii) reduce the Revolving Commitment to $19.0 million from $23.0 million; (iv) modify the definition of Borrowing Base to mean, at any time, the sum of (a) 85% of Eligible Accounts at such time, plus (b) the lesser of (1) 70% of Eligible Inventory, valued at the lower of cost or market value, determined on a first-in-first-out basis, at such time and (2) the product of 85% multiplied by the NOLV Percentage identified in the most recent inventory appraisal ordered by the Lender multiplied by Eligible Inventory, valued at the lower of cost or market value, determined on a first-in-first-out basis, at such time, minus (c) Reserves of $1.5 million, increasing on the first day of each month by $0.3 million, commencing on May 1, 2024 and continuing until (and including) August 1, 2024, or such lesser amount, if any, as may be agreed upon in writing by the Lender in its sole discretion (which may be by email from the Lender), plus (d) the PP&E Component; (v) modify the Applicable Margin schedule to reflect the following applicable rates: 2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spread), and 0.50% (Commitment Fee Rate); and (vi) amend and restate subsection (l) of the Reporting Schedule to require, by the 17th day of every month, the delivery of a rolling 13 week cash flow forecast in form acceptable to Lender, which must include a projected to actual results comparison for the week then ended and on a cumulative basis from the beginning of the cash flow forecast. The Fourth Amendment of the Export Credit Agreement, to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan and the execution and delivery by borrowers, the Lender and Silk of the Subordinated Loan Documents, and the receipt by borrowers of $3.0 million in immediately available funds on the Ninth Amendment Effective Date; and (ii) delay the maturity date to October 4, 2024, or any earlier date on which the Revolving Commitment is reduced to zero or otherwise terminated pursuant to the terms thereof.

As noted in Note 7, Debt, on May 21, 2024, the Company entered into the Tenth Amendment to the Credit Agreement and the Fifth Amendment to the Export Credit Agreement with its lender. The Tenth and Fifth Amendments amend the Credit Agreement and the Export Credit Agreement to, among other things, to: (i) increase the Revolving Commitment, less the Availability Block, if applicable, to (y) the Borrowing Base, and (z) in combination with the Export Revolving Loans under the Export Credit Agreement, (i) $18.0 million through September 30, 2023, (ii) $19.0 million from and including October 1, 2023 through May 14, 2024, and (iii) $22.0 million thereafter until, and reducing to zero and terminating on, the Maturity Date; (ii) modify the definition of Borrowing Base Reserves to $1.5 million or such other amount, if any, as may be determined in writing by the Lender in its Permitted Discretion (which may be by email from the Lender); and (iii) the execution of the First Amendment of the Silk Guaranty.

Future cash flows from the Company’s operations may be used to pay down amounts outstanding under the Credit Agreement, the Export Credit Agreement and its foreign related debts. The Company believes it has adequate cash/liquidity available to finance its operations from the combination of (i) the Company’s expected cash flows from operations and (ii) funds available under the Credit Agreement for its domestic locations. In fiscal year 2024, the Company was able to obtain new financing at its Maniago location to provide Maniago with sufficient liquidity.

Tightening of the credit market and standards, as well as capital market volatility, could negatively impact our ability to obtain additional debt financing on terms equivalent to our existing Credit Agreement. Capital market uncertainty and volatility,

together with the Company’s market capitalization and status as a smaller reporting company, could also negatively impact our ability to obtain equity financing.

C. Recent Accounting Standards

For recent accounting standards adopted and not yet adopted refer to Note 1, Summary of Significant Accounting Policies - Recent Accounting Standards Adopted and Recent Accounting Standards Not Yet Adopted for further detail. Additionally, the Company's significant accounting policies and procedures are explained in the Management's Discussion and Analysis section of the Company's Annual Report on Form 10-K for the year ended September 30, 2023.

Item 4. Controls and Procedures

As defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), disclosure controls and procedures are controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures include components of the Company’s internal control over financial reporting. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management of the Company, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) as of June 30, 2024 (the "Evaluation Date"). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

No material changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) occurred during the period covered by this Quarterly Report on Form 10‑Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Items 1, 1A, 2, 3, 4 and 5 are not applicable or the answer to such items is negative; therefore, the items have been omitted and no reference is required in this Quarterly Report.

Item 6. (a) Exhibits

The following exhibits are filed with this report or are incorporated herein by reference to a prior filing in accordance with Rule 12b-32 under the Securities and Exchange Act of 1934 (Asterisk denotes exhibits filed with this report.).


Exhibit No.						Description
2.1						Stock Purchase Agreement between Riello Investimenti Partners SGR S.p.A., Giorgio Visentini, Giorgio Frassini, Giancarlo Sclabi and Matteo Talmassons and SIFCO Italy Holdings S.R.L (a wholly-owned subsidiary of SIFCO Industries Inc.) dated March 16, 2015 filed as Exhibit 2.1 to the Company’s Form 8-K dated July 2, 2015, and incorporated herein by reference
2.2						Amendment to the Stock Purchase Agreement Riello Investimenti Partners SGR S.p.A., Giorgio Visentini, Giorgio Frassini, Giancarlo Sclabi and Matteo Talmassons and SIFCO Italy Holdings S.R.L (a wholly-owned subsidiary of SIFCO Industries Inc.) dated June 30, 2015 filed as Exhibit 2.2 to the Company’s Form 8-K dated July 2, 2015, and incorporated herein by reference
3.1						Third Amended Articles of Incorporation of SIFCO Industries, Inc., filed as Exhibit 3(a) of the Company’s Form 10-Q dated March 31, 2002, and incorporated herein by reference
3.2						SIFCO Industries, Inc. Amended and Restated Code of Regulations dated January 28, 2016, filed as Exhibit 3.2 of the Company’s Form 10-K dated September 30, 2015, and incorporated herein by reference
9.1						Voting Trust Agreement dated January 31, 2013, filed as Exhibit 9.1 to the Company’s Form 10-Q dated February 11, 2013 and incorporated herein by reference
9.2						Voting Trust Extension Agreement dated January 15, 2015, filed as Exhibit 9.2 to the Company's Form 10-Q dated February 3, 2015 and incorporated herein by reference


9.3						Voting Trust Agreement dated January 31, 2017, filed as Exhibit 9.3 to the Company's Form 10-Q dated December 31, 2016 and incorporated herein by reference
9.4						Voting Trust Extension Agreement dated January 18, 2019, filed as Exhibit 9.4 to the Company's Form 10-Q dated February 14, 2019, and incorporated herein by reference
9.5						Voting Trust Extension Agreement dated January 27, 2021, filed as Exhibit 9.5 to the Company's Form 10-Q dated February 5, 2021, and incorporated herein by reference
10.1						SIFCO Industries, Inc. 2007 Long-Term Incentive Plan, filed as Exhibit A of the Company’s Proxy and Notice of 2008 Annual Meeting to Shareholders dated December 14, 2007, and incorporated herein by reference
10.2						Letter Agreement between the Company and Jeffrey P. Gotschall, dated August 12, 2009 filed as Exhibit 10.1 of the Company’s Form 8-K dated August 12, 2009 and incorporated herein by reference
10.3						Amendment No. 1 to the SIFCO Industries, Inc. 2007 Long-Term Incentive Plan, filed as Exhibit A of the Company’s Proxy and Notice of 2011 Annual Meeting to Shareholders dated December 15, 2010, and incorporated herein by reference
10.4						Change in control Agreement and Separation Agreement between the Company and Peter W. Knapper, effective June 29, 2022, filed as Exhibit 10.1 to the Company's Form 8-K dated June 29, 2022 and incorporated herein by reference.
10.5						Form of SIFCO Industries, Inc. Long-term incentive plan performance share award, filed as Exhibit 10.6 to the Company's Form 10-Q dated May 16, 2016, and incorporated herein by reference
10.6						Form of SIFCO Industries, Inc. Long-term incentive plan restricted share award, filed as Exhibit 10.7 to the Company's Form 10-Q dated May 16, 2016, and incorporated herein by reference
10.7						Credit Agreement, dated August 8, 2018, by and among SIFCO Industries, Inc. and Lender named therein and J.P. Morgan Chase Bank, N.A., filed as Exhibit 10.12 to the Company's Form 10-Q dated August 9, 2018, and incorporated herein by reference
10.8						Amendment and Restatement to the SIFCO Industries, Inc. 2007 Long-Term Incentive Plan, filed as Exhibit A of the Company’s Proxy and Notice of 2017 Annual Meeting to Shareholders dated December 6, 2016, and incorporated herein by reference
10.9						Form of SIFCO Industries, Inc. Long-term incentive plan performance share award, filed as Exhibit 10.14 to the Company's Form 10-Q dated January 31, 2017, and incorporated herein by reference
10.10						Form of SIFCO Industries, Inc. Long-term incentive plan restricted share award, filed as Exhibit 10.15 to the Company's Form 10-Q dated January 31, 2017, and incorporated herein by reference
10.11						Form of SIFCO Industries, Inc. Long-term incentive plan restricted share award, filed as Exhibit 10.16 to the Company's Form 10-Q dated January 31, 2017, and incorporated herein by reference
10.12						Change in Control Agreement and Separation Agreement between the Company and Thomas R. Kubera, effective June 29, 2019, filed as Exhibit 10.2 to the Company's Form 8-K dated July 1, 2019 and incorporated herein by reference
10.13						First Amendment to Credit Agreement, dated November 5, 2018, by and among SIFCO Industries, Inc., T&W Forge, LLC., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated November 8, 2018, and incorporated herein by reference
10.14						Economic Development Administration Title IX Loan Agreement, dated November 8, 2018, by and between the City of Cleveland and SIFCO Industries, Inc., filed as exhibit 10.2 to the Company's Form 8-K dated November 8, 2018, and incorporated herein by reference
10.15						Second Amendment to Credit Agreement, dated December 17, 2018, by and among SIFCO Industries, Inc., T&W Forge, LLC., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.2 to the Company's Form 8-K dated December 19, 2018, and incorporated herein by reference
10.16						Export Credit Agreement, dated December 17, 2018, by and among SIFCO Industries, Inc., T & W Forge, LLC, Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., a national banking association filed as Exhibit 10.1 to the Company's Form 8-K dated December 19, 2018 and incorporated herein by reference
10.17						Third Amendment to Credit Agreement, dated March 29, 2019, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.19 to the Company's Form 10-Q dated May 10, 2019
10.18						Fourth Amendment to Credit Agreement, dated September 20, 2019, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated September 24, 2019, and incorporated herein by reference.
10.19						First Amendment to the SIFCO Industries, Inc. 2007 Long-Term Incentive Plan (Amended and Restated as of November 16, 2016) filed as Exhibit A of the Company’s Definitive Proxy Statement dated December 16, 2019, and incorporated herein by reference.


10.20						Promissory Note, dated April 10, 2020, by and between SIFCO Industries, Inc. and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated April 13, 2020, and incorporated herein by reference.
10.21						Form of SIFCO Industries, Inc. Long-term incentive plan restricted share award, filed as Exhibit 10.21 to the Company's Form 10-K dated December 23, 2020, and incorporated herein by reference
10.22						Fifth Amendment to Credit Agreement, dated February 19, 2021, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated February 22, 2021, and incorporated herein by reference.
10.23						First Amendment to Export Credit Agreement, dated February 19, 2021, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., a national banking association filed as Exhibit 10.2 to the Company's Form 8-K dated February 22, 2021, and incorporated herein by reference
10.24						Sixth Amendment to the Credit Agreement, dated March 23, 2022, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., a national banking association filed as Exhibit 10.1 to the Company's Form 8-K dated March 24, 2022, and incorporated herein by reference
10.25						Second Amendment to the Export Credit Agreement, dated March 23, 2022, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., a national banking association filed as Exhibit 10.2 to the Company's Form 8-K dated March 24, 2022, and incorporated herein by reference
10.26						Forbearance Agreement, dated April 28, 2023, by and among JPMorgan Chase Bank, N.A., SIFCO Industries, Inc., T&W Forge LLC, and Quality Aluminum Forge, LLC.
10.27						Seventh Amendment to Credit Agreement, dated August 9, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated August 10, 2023, and incorporated herein by reference.
10.28						Third Amendment to Export Credit Agreement, dated August 9, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.2 to the Company's Form 8-K dated August 10, 2023, and incorporated herein by reference.
10.29						Eighth Amendment to Credit Agreement, dated November 8, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated November 13, 2023, and incorporated herein by reference.
10.30						Ninth Amendment to Credit Agreement, dated December 21, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated December 28, 2023, and incorporated herein by reference.
10.31						Fourth Amendment to Export Credit Agreement, dated December 21, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.2 to the Company's Form 8-K dated December 28, 2023, and incorporated herein by reference.
10.32						Subordinated Promissory Note - Garnet Holdings (M. Silk), dated December 21, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.3 to the Company's Form 8-K dated December 28, 2023, and incorporated herein by reference.
10.33						Silk Subordination and Intercreditor Agreement, dated December 21, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.4 to the Company's Form 8-K dated December 28, 2023, and incorporated herein by reference.
10.34						Side Letter - MS Guaranty, dated December 21, 2023, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.5 to the Company's Form 8-K dated December 28, 2023, and incorporated herein by reference.
10.35						Tenth Amendment to Credit Agreement, dated May 21, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.1 to the Company's Form 8-K dated May 23, 2024, and incorporated herein by reference.
10.36						Fifth Amendment to Export Credit Agreement, dated May 21, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC., and JPMorgan Chase Bank, N.A., a national banking association, filed as exhibit 10.2 to the Company's Form 8-K dated May 23, 2023, and incorporated herein by reference.
14.1						Code of Ethics, filed as Exhibit 14.1 of the Company’s Form 8-K dated February 6, 2018, and incorporated herein by reference
*31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) / 15d-14(a)
*31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) / 15d-14(a)
*32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
*32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350


*101						The following financial information from SIFCO Industries, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the SEC on August 12, 2024, formatted in XBRL includes: (i) Consolidated Condensed Statements of Operations for the fiscal periods ended June 30, 2024 and 2023, (ii) Consolidated Condensed Statements of Comprehensive Income for the fiscal periods ended June 30, 2024 and 2023, (iii) Consolidated Condensed Balance Sheets at June 30, 2024 and September 30, 2023, (iv) Consolidated Condensed Statements of Cash Flow for the fiscal periods ended June 30, 2024 and 2023, (iv) Consolidated Condensed Statements of Shareholders' Equity for the periods June 30, 2024 and 2023, and (v) the Notes to the Consolidated Condensed Financial Statements.
*104						Cover Page Interactive Data File: the cover page XBRL tags are embedded within the Inline XBRL document and are contained with Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						SIFCO Industries, Inc.
						(Registrant)

Date: August 12, 2024						/s/ George Scherff
						George Scherff
						Chief Executive Officer
						(Principal Executive Officer)

Date: August 12, 2024						/s/ Thomas R. Kubera
						Thomas R. Kubera
						Chief Financial Officer
						(Principal Financial Officer)

Exhibit 31.1

CERTIFICATION

OF THE CHIEF EXECUTIVE OFFICER

RULE 13A-14(A) / 15D-14(A)

I, George Scherff, certify that:

1.I have read this Quarterly Report on Form 10-Q of SIFCO Industries, Inc.

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 12, 2024						/s/ George Scherff
						George Scherff
						Chief Executive Officer

Exhibit 31.2

CERTIFICATION

OF THE CHIEF FINANCIAL OFFICER

RULE 13A-14(A) / 15D-14(A)

I, Thomas R. Kubera, certify that:

1.I have read this Quarterly Report on Form 10-Q of SIFCO Industries, Inc.

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 12, 2024						/s/ Thomas R. Kubera
						Thomas R. Kubera
						Chief Financial Officer

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of SIFCO Industries, Inc. (“Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (“Report”), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: August 12, 2024						/s/ George Scherff
						George Scherff
						Chief Executive Officer

This certification accompanies this Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by SIFCO Industries, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that SIFCO Industries, Inc. specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to SIFCO Industries, Inc. and will be retained by SIFCO Industries, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: August 12, 2024						/s/ Thomas R. Kubera
						Thomas R. Kubera
						Chief Financial Officer

Cover Page	9 Months Ended
Cover Page	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-5978
Entity Registrant Name	SIFCO Industries, Inc
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0553950
Entity Address, Address Line One	970 East 64th Street,
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44103
City Area Code	(216)
Local Phone Number	881-8600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Shares
Trading Symbol	SIF
Security Exchange Name	NYSEAMER
Entity Common Stock, Shares Outstanding (in shares)	6,179,881
Entity Central Index Key	0000090168
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 29,259	$ 21,853	$ 76,854	$ 62,394
Cost of goods sold	24,725	18,375	68,857	55,935
Gross profit	4,534	3,478	7,997	6,459
Selling, general and administrative expenses	3,150	3,388	9,939	10,517
Amortization of intangible assets	40	63	121	187
(Gain) loss on disposal of operating assets	0	(3)	3	0
Operating profit (loss)	1,344	30	(2,066)	(4,245)
Interest expense, net	1,078	305	2,471	919
Foreign currency exchange (gain) loss, net	(1)	1	6	11
Other expense, net	139	323	244	287
Income (loss) before income tax expense	128	(599)	(4,787)	(5,462)
Income tax expense	56	35	153	128
Net income (loss)	$ 72	$ (634)	$ (4,940)	$ (5,590)
Net income (loss) per share
Basic (in dollars per share)	$ 0.01	$ (0.11)	$ (0.82)	$ (0.94)
Diluted (in dollars per share)	$ 0.01	$ (0.11)	$ (0.82)	$ (0.94)
Weighted-average number of common shares (basic) (in shares)	6,009	5,940	5,991	5,925
Weighted-average number of common shares (diluted) (in shares)	6,105	5,940	5,991	5,925

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 72	$ (634)	$ (4,940)	$ (5,590)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net of tax	(73)	20	52	436
Retirement plan liability adjustment, net of tax	104	153	190	305
Other	(5)	0	(5)	1
Comprehensive income (loss)	$ 98	$ (461)	$ (4,703)	$ (4,848)

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 1,696	$ 368
Short-term investments	1,713	0
Receivables, net of allowance for credit losses of $124 and $242, respectively	26,831	20,196
Contract assets	10,055	10,091
Inventories, net	13,423	8,853
Refundable income taxes	84	84
Prepaid expenses and other current assets	1,200	1,882
Total current assets	55,002	41,474
Property, plant and equipment, net	33,914	36,287
Operating lease right-of-use assets, net	13,673	14,380
Intangible assets, net	161	278
Goodwill	3,493	3,493
Other assets	88	81
Total assets	106,331	95,993
Current liabilities:
Current maturities of long-term debt	6,116	3,820
Promissory note - related party	3,366	0
Revolver	19,693	16,289
Short-term operating lease liabilities	906	869
Accounts payable	14,965	13,497
Contract liabilities	3,880	1,150
Accrued liabilities (Related party is $880 at June 30, 2024 and $0 at September 30, 2023)	6,506	5,327
Total current liabilities	55,432	40,952
Long-term debt, net of current maturities, net of unamortized debt issuance costs	3,620	2,457
Long-term operating lease liabilities, net of short-term	13,333	14,020
Deferred income taxes, net	0	142
Pension liability	3,469	3,417
Other long-term liabilities	651	670
Shareholders’ equity:
Serial preferred shares, no par value, 1,000 shares authorized; 0 shares issued and outstanding at June 30, 2024 and September 30, 2023	0	0
Common shares, par value $1 per share, 10,000 shares authorized; issued and outstanding shares 6,180 at June 30, 2024 and 6,105 at September 30, 2023	6,180	6,105
Additional paid-in capital	11,745	11,626
Retained earnings	18,324	23,264
Accumulated other comprehensive loss	(6,423)	(6,660)
Total shareholders’ equity	29,826	34,335
Total liabilities and shareholders’ equity	$ 106,331	$ 95,993

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Allowance for doubtful accounts	$ 124	$ 242
Accrued liabilities	$ 6,506	$ 5,327
Serial preferred shares, shares authorized (in shares)	1,000,000	1,000,000
Serial preferred shares, shares issued (in shares)	0	0
Serial preferred shares, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, shares authorized (in shares)	10,000,000	10,000,000
Common shares, shares issued (in shares)	6,180,000	6,105,000
Common shares, shares outstanding (in shares)	6,180,000	6,105,000
Director
Accrued liabilities	$ 880	$ 0

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (4,940)	$ (5,590)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	4,568	4,821
Amortization of debt issuance costs	762	30
Loss on disposal of operating assets	3	0
Loss on insurance proceeds received for non-property claim	0	60
LIFO effect	826	(272)
Share transactions under company stock plan, net	194	221
Inventory valuation accounts	481	(1,793)
Interest added to promissory note - related party (paid-in-kind)	216	0
Other long-term liabilities	219	66
Deferred income taxes	(142)	(136)
Changes in operating assets and liabilities:
Receivables	(6,631)	(3,160)
Contract assets	36	1,153
Inventories	(5,598)	869
Prepaid expenses and other current assets	1,087	653
Other assets	(703)	128
Accounts payable	1,449	585
Contract liabilities	2,730	96
Other accrued liabilities	372	(253)
Accrued income and other taxes	105	252
Net cash used for operating activities	(4,966)	(2,270)
Cash flows from investing activities:
Proceeds from disposal of operating assets	1	13
Capital expenditures	(2,044)	(1,905)
Purchase of short-term investments	(2,395)	0
Maturity of short-term investments	648	0
Net cash used for investing activities	(3,790)	(1,892)
Cash flows from financing activities:
Proceeds from long-term debt	2,183	0
Payments on long-term debt	(768)	(809)
Proceeds from revolving credit agreement	70,706	60,087
Repayments of revolving credit agreement	(67,302)	(56,301)
Payment of debt issuance costs	(228)	0
Proceeds from promissory note - related party	3,000	0
Short-term debt borrowings	7,652	4,459
Short-term debt repayments	(5,141)	(3,965)
Net cash provided by financing activities	10,102	3,471
Increase (decrease) in cash and cash equivalents	1,346	(691)
Cash and cash equivalents at the beginning of the period	367	1,174
Effect of exchange rate changes on cash and cash equivalents	(17)	115
Cash and cash equivalents at the end of the period	1,696	598
Supplemental disclosure of cash flow information of operations:
Cash paid for interest	(1,463)	(924)
Cash paid for income taxes, net	(197)	(16)
Non-cash investing activities:
Additions to property, plant & equipment - incurred but not yet paid	240	306
Non-cash financing activities:
Debt issuance cost due at maturity - related party	1,030	0
Interest added to promissory note - related party (paid-in-kind)	$ 216	$ 0

Consolidated Condensed Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Sep. 30, 2022		6,040
Beginning balance at Sep. 30, 2022	$ 40,690	$ 6,040	$ 11,387	$ 31,956	$ (8,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	(4,848)			(5,590)	742
Performance and restricted share expense	292		292
Share transactions under equity-based plans (in shares)		67
Share transactions under equity-based plans	(71)	$ 67	(138)
Ending balance (in shares) at Jun. 30, 2023		6,107
Ending balance at Jun. 30, 2023	36,063	$ 6,107	11,541	26,366	(7,951)
Beginning balance (in shares) at Mar. 31, 2023		6,108
Beginning balance at Mar. 31, 2023	36,439	$ 6,108	11,455	27,000	(8,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	(461)			(634)	173
Performance and restricted share expense	86		86
Share transactions under equity-based plans (in shares)		(1)
Share transactions under equity-based plans	(1)	$ (1)
Ending balance (in shares) at Jun. 30, 2023		6,107
Ending balance at Jun. 30, 2023	$ 36,063	$ 6,107	11,541	26,366	(7,951)
Beginning balance (in shares) at Sep. 30, 2023	6,105	6,105
Beginning balance at Sep. 30, 2023	$ 34,335	$ 6,105	11,626	23,264	(6,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	(4,703)			(4,940)	237
Performance and restricted share expense	243		243
Share transactions under equity-based plans (in shares)		75
Share transactions under equity-based plans	$ (49)	$ 75	(124)
Ending balance (in shares) at Jun. 30, 2024	6,180	6,180
Ending balance at Jun. 30, 2024	$ 29,826	$ 6,180	11,745	18,324	(6,423)
Beginning balance (in shares) at Mar. 31, 2024		6,190
Beginning balance at Mar. 31, 2024	29,656	$ 6,190	11,663	18,252	(6,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive (loss) income	98			72	26
Performance and restricted share expense	72		72
Share transactions under equity-based plans (in shares)		(10)
Share transactions under equity-based plans	$ 0	$ (10)	10
Ending balance (in shares) at Jun. 30, 2024	6,180	6,180
Ending balance at Jun. 30, 2024	$ 29,826	$ 6,180	$ 11,745	$ 18,324	$ (6,423)

Summary of Significant Accounting Policies

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A. Principles of Consolidation

B. Accounting Policies

C. Short-term Investments

D. Accounts Receivable and Allowance for Credit Losses


Allowance for credit losses:	Three Months Ended June 30, 2024		Nine Months Ended June 30, 2024
Opening allowance for credit losses	$	(131)	$	(242)
Changes in estimate	5		104
Write-offs	2		14
Recoveries	—		—
Total allowance for credit losses	$	(124)	$	(124)

E. Net Income (Loss) per Share


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023


Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)

Weighted-average common shares outstanding (basic and diluted)	6,009		5,940		5,991		5,925
Effect of dilutive securities:

Restricted shares	78		—		—		—
Performance shares	18		—		—		—
Weighted-average common shares outstanding (diluted)	6,105		5,940		5,991		5,925


Net income (loss) per share – basic:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)







Net income (loss) per share – diluted:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)

Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share	151		211		251		187

F. Going Concern

The Company has debt maturing in October 2024. As a result of this condition, there is substantial doubt about the Company’s ability to continue as a going concern.

G. Recent Accounting Standards Adopted

H. Recent Accounting Standards Not Yet Adopted

I. Employee Retention Credit

J. Reclassification

Inventories

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of:


	June 30, 2024		September 30, 2023
Raw materials and supplies	$	2,964	$	1,684
Work-in-process	7,342		4,061
Finished goods	3,117		3,108
Total inventories, net	$	13,423	$	8,853

Long-lived Assets	9 Months Ended
Long-lived Assets	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Long-lived Assets	Long-lived Assets The Company reviews the carrying value of its long-lived assets ("asset groups"), when events and circumstances indicate a triggering event has occurred. A triggering event is a change in circumstances that indicates the carrying value of the asset group may not be recoverable. This review is performed using estimates of future undiscounted cash flows, which include proceeds from disposal of assets. Under the Accounting Standard Codification ("ASC") 360 ("Topic 360"), if the carrying value of a long-lived asset is greater than the estimated undiscounted future cash flows, then the long-lived asset is considered impaired and an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. The Company continuously monitors for indicators of impairment to determine if further testing is necessary. In the third quarter of fiscal 2024, certain qualitative factors, including operating results, at the Orange, California ("Orange") location, triggered a recoverability test. The results indicated that the long-lived assets were recoverable and did not require further review for impairment.

Goodwill	9 Months Ended
Goodwill	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GoodwillThe Company tests its goodwill for impairment in the fourth fiscal quarter, and in interim periods if certain events occur indicating that the carrying amount of goodwill may be impaired. In the third quarter of fiscal 2024, the Company evaluated potential triggering events and determined interim testing was not required.

Accumulated Other Comprehensive Loss

9 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


	June 30, 2024		September 30, 2023
Foreign currency translation loss, net of tax	$	(5,875)	$	(5,927)
Retirement plan liability adjustment, net of tax	(552)		(742)
Interest rate swap agreement, net of tax	4		9
Total accumulated other comprehensive loss	$	(6,423)	$	(6,660)

Leases

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Finance lease expense:
Amortization of right-of use assets on finance leases	$	17	$	11	$	53	$	47
Interest on lease liabilities	1		1		4		6
Operating lease expense	424		421		1,277		1,243

Variable lease cost	19		29		59		89

Total lease expense	$	461	$	462	$	1,393	$	1,385

The following table presents the impact of leasing on the consolidated condensed balance sheet.


	Classification in the consolidated condensed balance sheets	June 30, 2024		September 30, 2023
Assets:
Finance lease assets	Property, plant and equipment, net	$	97	$	147
Operating lease assets	Operating lease right-of-use assets, net	13,673		14,380
Total lease assets		$	13,770	$	14,527

Current liabilities:
Finance lease liabilities	Current maturities of long-term debt	$	41	$	61
Operating lease liabilities	Short-term operating lease liabilities	906		869
Non-current liabilities:
Finance lease liabilities	Long-term debt, net of current maturities	55		81
Operating lease liabilities	Long-term operating lease liabilities, net of short-term	13,333		14,020
Total lease liabilities		$	14,335	$	15,031

Supplemental cash flow and other information related to leases were as follows:


	June 30, 2024		June 30, 2023
Other Information

Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,280	$	1,261
Operating cash flows from finance leases	5		6
Financing cash flows from finance leases	47		46
Right-of-use assets obtained in exchange for new lease liabilities:

Operating leases	—		60


	June 30, 2024		September 30, 2023
Weighted-average remaining lease term (years):
Finance leases	2.6		2.9
Operating leases	11.9		12.5
Weighted-average discount rate:
Finance leases	5.1	%	5.1	%
Operating leases	5.9	%	5.9	%

Future minimum lease payments under non-cancellable leases at June 30, 2024 were as follows:


	Finance Leases		Operating Leases
Year ending September 30,
2024 (excluding the nine months ended June 30, 2024)	$	16	$	420
2025	36		1,696
2026	29		1,694
2027	21		1,703
2028	—		1,557
Thereafter	—		12,740
Total lease payments	$	102	$	19,810
Less: Imputed interest	(6)		(5,571)
Present value of lease liabilities	$	96	$	14,239

Leases

The components of lease expense were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Finance lease expense:
Amortization of right-of use assets on finance leases	$	17	$	11	$	53	$	47
Interest on lease liabilities	1		1		4		6
Operating lease expense	424		421		1,277		1,243

Variable lease cost	19		29		59		89

Total lease expense	$	461	$	462	$	1,393	$	1,385

The following table presents the impact of leasing on the consolidated condensed balance sheet.


	Classification in the consolidated condensed balance sheets	June 30, 2024		September 30, 2023
Assets:
Finance lease assets	Property, plant and equipment, net	$	97	$	147
Operating lease assets	Operating lease right-of-use assets, net	13,673		14,380
Total lease assets		$	13,770	$	14,527

Current liabilities:
Finance lease liabilities	Current maturities of long-term debt	$	41	$	61
Operating lease liabilities	Short-term operating lease liabilities	906		869
Non-current liabilities:
Finance lease liabilities	Long-term debt, net of current maturities	55		81
Operating lease liabilities	Long-term operating lease liabilities, net of short-term	13,333		14,020
Total lease liabilities		$	14,335	$	15,031

Supplemental cash flow and other information related to leases were as follows:


	June 30, 2024		June 30, 2023
Other Information

Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,280	$	1,261
Operating cash flows from finance leases	5		6
Financing cash flows from finance leases	47		46
Right-of-use assets obtained in exchange for new lease liabilities:

Operating leases	—		60


	June 30, 2024		September 30, 2023
Weighted-average remaining lease term (years):
Finance leases	2.6		2.9
Operating leases	11.9		12.5
Weighted-average discount rate:
Finance leases	5.1	%	5.1	%
Operating leases	5.9	%	5.9	%

Future minimum lease payments under non-cancellable leases at June 30, 2024 were as follows:


	Finance Leases		Operating Leases
Year ending September 30,
2024 (excluding the nine months ended June 30, 2024)	$	16	$	420
2025	36		1,696
2026	29		1,694
2027	21		1,703
2028	—		1,557
Thereafter	—		12,740
Total lease payments	$	102	$	19,810
Less: Imputed interest	(6)		(5,571)
Present value of lease liabilities	$	96	$	14,239

Debt

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt consists of:


	June 30, 2024		September 30, 2023
Revolving credit agreement	$	19,693	$	16,289
Foreign subsidiary borrowings, net of unamortized debt issuance cost	9,722		5,771
Promissory note - related party	3,366		—
Finance lease obligations	96		142
Less: unamortized debt issuance cost - (Related party is $387)	(397)		—
Other, net of unamortized debt issuance costs $0 and $(9), respectively	314		364



Total debt	32,794		22,566

Less – current maturities	(29,174)		(20,109)
Total long-term debt	$	3,620	$	2,457

Credit Agreement and Security Agreement

Debt issuance costs - revolver

Subordinated Promissory Note and Guaranty

Foreign subsidiary borrowings in USD

Foreign debt consists of:


	June 30, 2024		September 30, 2023
Term loan, net of unamortized debt issuance cost $(79) and $0, respectively	$	4,693	$	3,293
Short-term borrowings	4,708		1,862
Factor	321		616
Total debt	$	9,722	$	5,771

Less – current maturities	(6,157)		(3,386)
Total long-term debt	$	3,565	$	2,385

Receivables pledged as collateral	$	2,710	$	1,247

Interest rates on foreign borrowings are based on Euribor rates, which range from 0.5% to 7.8%.

In the third quarter, the Company increased three of its credit and factoring lines with existing lenders to support working capital needs.

Income Taxes	9 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first nine months of fiscal 2024 was (3.2)%, compared with (2.3)% for the same period of fiscal 2023. The decrease in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2024 compared with the same period of fiscal 2023. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate. The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy, and various state and local jurisdictions. As of the third quarter of fiscal 2024, the Company maintains a full valuation allowance on the net deferred tax assets in the U.S., Ireland and Italy.

Retirement Benefit Plans

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Benefit Plans


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	45	$	6	$	135	$	18
Interest cost	271		274		813		824
Expected return on plan assets	(261)		(277)		(782)		(831)

Amortization of net loss	44		77		130		230
Settlement cost	60		78		60		78
Net periodic pension cost	$	159	$	158	$	356	$	319

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has outstanding equity awards under the Company's 2007 Long-Term Incentive Plan (the "2007 Plan") and the Company's 2007 Long-Term Incentive Plan (Amended and Restated as of November 16, 2016) (as further amended, the "2016 Plan"), and awards performance and restricted shares under the 2016 Plan. In the first nine months of fiscal 2024, the Company granted 120 shares under the 2016 Plan to certain key employees. The awards were split into two tranches, comprised of 46 performance-based shares and 74 time-based restricted shares, with a grant date fair value of $3.60 per share. The awards vest over three years. There were 66 shares forfeited during the nine month period ended June 30, 2024. In the first nine months of fiscal 2024, the Company granted its non-employee directors 39 restricted shares under the 2016 Plan, with a grant date fair value of $3.08 per share, which vest over one year. One award for 38 restricted shares vested in January 2024. If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 327 shares that remain available for award at June 30, 2024. If any of the outstanding share awards are ultimately earned and vest at greater than the target number of shares, up to a maximum of 150% of such target, then a fewer number of shares would be available for award. Stock-based compensation under the 2016 Plan was $243 and $292 during the first nine months of fiscal 2024 and 2023, respectively. As of June 30, 2024, there was $421 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2016 Plan. The Company expects to recognize this cost over the next 1.5 years.

Revenue

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following table represents a breakout of total revenue by customer type:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Commercial revenue	$	19,114	$	13,086	$	49,730	$	34,629
Military revenue	10,145		8,767		27,124		27,765
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by end market:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
Aerospace components for:
Fixed wing aircraft	$	10,631	$	8,726	$	30,650	$	28,307
Rotorcraft	5,470		4,067		12,817		11,960
Energy components for power generation units	7,802		7,005		20,462		16,729
Commercial product and other revenue	5,356		2,055		12,925		5,398
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by geographic region based on the Company's selling operation locations:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
North America	$	21,987	$	15,391	$	57,975	$	47,037
Europe	7,272		6,462		18,879		15,357
Total	$	29,259	$	21,853	$	76,854	$	62,394

Contract Balances


	June 30, 2024		June 30, 2023
Contract assets - Beginning balance	$	10,091	$	10,172
Additional revenue recognized over-time	30,272		28,955
Less amounts billed to the customers	(30,308)		(30,108)
Contract assets - Ending balance	$	10,055	$	9,019


	June 30, 2024		June 30, 2023
Contract liabilities - Beginning balance	$	(1,150)	$	(807)
Payments received in advance of performance obligations	(4,369)		(1,531)
Performance obligations satisfied	1,639		1,435
Contract liabilities - Ending balance	$	(3,880)	$	(903)

Remaining performance obligations

As of June 30, 2024, the Company has $139,203 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On December 30, 2022, the Company became aware of a cyber security issue involving unauthorized access to the Company's system (the "Cyber Incident"). The Company immediately began an investigation and engaged cyber security experts to assist with the assessment of the incident and to help determine what data was impacted. The Company's investigation uncovered that the threat actor had gained access to certain areas of the Company's systems on or about December 27, 2022. With the assistance of outside cyber security experts, the Company located and closed the unauthorized access to our systems, identified compromised information, and notified those impacted in accordance with state and federal requirements. The Company maintains $3,000 of cybersecurity insurance coverage to limit our exposure to losses such as those related to the Cyber Incident. The Company recorded a benefit of $605 to selling, general, and administrative expenses in the third quarter of fiscal 2024 due to credit of third party restoration fees related to last year's cybersecurity incident. The Company recorded expense of $1,209 to selling, general, and administrative expenses and recorded costs of $60 to other expense (income), net related to loss on insurance recovery in the nine months ended June 30, 2023. At June 30, 2024 and September 30, 2023, the Company recorded $197 and $965, respectively, related to the Cyber Incident in accounts payable on the consolidated condensed balance sheets.

Related Party Transactions	9 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On December 21, 2023, the Company entered into the Ninth Amendment and Fourth Amendment with its lender incurring a secured subordinated loan from GHI, in the original principal amount of $3,000. GHI is controlled by Mr. Silk, a member of the Board of Directors of the Company and considered a related party. The Company has recorded interest expense of $110 and $216 for the three and nine month periods ending June 30, 2024, which was included in the consolidated condensed balance sheets in the Promissory note - related party line. Additionally, Mr. Silk provided a Guaranty in favor of the Lender pursuant to which Mr. Silk guarantees the obligations of borrowers under the Credit Agreement and Export Credit Agreement. As part of the Guaranty and Promissory Note, the Company will pay GHI fees of $880 and $150, respectively, and has paid $30 of legal costs. The Company has a total of $397 deferred financing costs related to the Guaranty and Subordinated Promissory Note, which was included in the consolidated condensed balance sheets in current maturities of long-term, net of $663 amortization. See Note 7, Debt for further information.

Subsequent Events	9 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 1, 2024, the Company's Board of Directors approved, and management executed, a Share Purchase Agreement ("SPA") with TB2 S.r.l. ("Buyer"), under which the Buyer agreed to acquire 100% of the share capital of the Company’s Maniago, Italy location (C Blade S.p.A. Forging & Manufacturing). The SPA, among other things, is contingent upon meeting customary conditions, delivering required documents, and obtaining governmental authorization under the Golden Power rules of Italian law. Additionally, the SPA is subject to a Material Adverse Condition (“MAC”) clause. The Company committed to the plan to sell in August 2024, and the Maniago location is considered as held and used as of June 30, 2024. The Company expects to consummate the sale in the fourth quarter of fiscal 2024, however, the Company cannot provide assurances that all closing conditions will be satisfied. Maniago's total assets were $23,657 and total liabilities were $16,498 on the consolidated condensed balance sheets at June 30, 2024.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (collectively, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The United States ("U.S.") dollar is the functional currency for all of the Company’s operations in the U.S. and its non-operating subsidiaries. For these operations, all gains and losses from completed currency transactions are included in net loss. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period which approximate the rates in effect at the date of the transaction. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2023 Annual Report on Form 10-K. The year-end consolidated condensed balance sheet contained in these financial statements was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) and disclosures considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.
Short-term Investments	Short-term Investments In general, short-term investments have a maturity of three months to one year at the date of purchase. Short-term investments classified as held-to-maturity are recorded at cost, which approximates fair value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable represent the Company’s unconditional rights to consideration, subject to the payment terms of the contract, for which only the passage of time is required before payment. Unbilled receivables are reflected under contract assets on the consolidated condensed balance sheets. The Company establishes allowances for credit losses on accounts receivable, customer financing receivables, and certain other financial assets. The adequacy of these allowances are assessed quarterly through consideration of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. The Company determines the creditworthiness of each customer based upon publicly available information and information obtained directly from its customers.
Net Income (Loss) per Share	Net Income (Loss) per ShareThe Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding.
Recent Accounting Standards Adopted/Not Yet Adopted	Recent Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and subsequent updates. ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. However, in November 2019, the FASB issued ASU 2019-10, "Financial Instruments - Credit Loss (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)," which defers the effective date for public filers that qualify as a smaller reporting company ("SRC"), as defined by the Securities and Exchange Commission, to fiscal years after December 15, 2022, including interim periods within those fiscal years. Because SIFCO is considered a SRC, this ASU is effective for the Company beginning October 1, 2023. The effect of adopting this ASU did not have an impact to the Company's results within the consolidated condensed statements of operations and financial condition. H. Recent Accounting Standards Not Yet Adopted In July 2023, the FASB issued ASU 2023-03, "Presentation of Financial Statement (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718)", to amend various SEC paragraphs in the Accounting Standards Codification (the "Codification") to reflect the issuance of SEC Staff Accounting Bulletin No. 120, among other things. The ASU does not provide any new guidance so there is no transition or effective date associated with it. The Company is currently assessing the impact of adopting ASU 2023-03 on the consolidated condensed financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker ("CODM") uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments into reportable segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact of adopting ASU 2023-07 on the consolidated condensed financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated condensed financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-01 “Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. The amendments in ASU 2024-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently assessing the impact of this standard on our consolidated condensed financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities and is effective or fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of this standard on our consolidated condensed financial statements and related disclosures.
Employee Retention Credit	Employee Retention Credit Under the Employee Retention Credit ("ERC") program, eligible businesses, both for-profit and not-for-profit, that experienced a full or partial government-ordered suspension of operations or a "significant" decline in gross receipts in any quarter (more than 50% decrease in 2020 from 2019, and more than 20% in 2021) could receive a quarterly refundable payroll tax credit. The Company, with reasonably assured qualification, submitted for refunds under the ERC program on January 23, 2024. These submissions are still pending review and approval from the Internal Revenue Service ("IRS"). As no authoritative guidance exists under U.S. GAAP for reporting ERCs, the Company adopted International Accounting Standards (“IAS”) 20 – Accounting for Government Grants and Disclosure of Government Assistance which permits the recording and presentation of either the gross amount as other income or netting the credit against related expense.
Reclassification	ReclassificationCertain amounts in prior years have been reclassified to conform to the fiscal 2024 consolidated condensed statement presentation.
Revenue	The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) commercial space, semiconductor and other commercial applications. Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company's contracts are from purchase orders ("PO's"), which continue to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later time when control of the products transfers to the customer. Under the revenue standard, the Company recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows: •Certain military contracts, which relate to the provisions of specialized or unique goods to the U.S. government with no alternative use, include provisions within the contract that are subject to the Federal Acquisition Regulation ("FAR"). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process. •For certain commercial contracts involving customer-specific products with no alternative use, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company's use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin. As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company elected to use the cost to cost input method of progress based on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses


Allowance for credit losses:	Three Months Ended June 30, 2024		Nine Months Ended June 30, 2024
Opening allowance for credit losses	$	(131)	$	(242)
Changes in estimate	5		104
Write-offs	2		14
Recoveries	—		—
Total allowance for credit losses	$	(124)	$	(124)

Schedule of Dilutive Effect

The dilutive effect is as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023


Net income (loss)	$	72	$	(634)	$	(4,940)	$	(5,590)

Weighted-average common shares outstanding (basic and diluted)	6,009		5,940		5,991		5,925
Effect of dilutive securities:

Restricted shares	78		—		—		—
Performance shares	18		—		—		—
Weighted-average common shares outstanding (diluted)	6,105		5,940		5,991		5,925


Net income (loss) per share – basic:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)







Net income (loss) per share – diluted:	$	0.01	$	(0.11)	$	(0.82)	$	(0.94)

Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share	151		211		251		187

Inventories (Tables)

9 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of:


	June 30, 2024		September 30, 2023
Raw materials and supplies	$	2,964	$	1,684
Work-in-process	7,342		4,061
Finished goods	3,117		3,108
Total inventories, net	$	13,423	$	8,853

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


	June 30, 2024		September 30, 2023
Foreign currency translation loss, net of tax	$	(5,875)	$	(5,927)
Retirement plan liability adjustment, net of tax	(552)		(742)
Interest rate swap agreement, net of tax	4		9
Total accumulated other comprehensive loss	$	(6,423)	$	(6,660)

Leases (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost Components, Supplemental Cash Flow and Other information, and Weighted-Average Remaining Lease Term Schedules

The components of lease expense were as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023

Finance lease expense:
Amortization of right-of use assets on finance leases	$	17	$	11	$	53	$	47
Interest on lease liabilities	1		1		4		6
Operating lease expense	424		421		1,277		1,243

Variable lease cost	19		29		59		89

Total lease expense	$	461	$	462	$	1,393	$	1,385

Supplemental cash flow and other information related to leases were as follows:


	June 30, 2024		June 30, 2023
Other Information

Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,280	$	1,261
Operating cash flows from finance leases	5		6
Financing cash flows from finance leases	47		46
Right-of-use assets obtained in exchange for new lease liabilities:

Operating leases	—		60


	June 30, 2024		September 30, 2023
Weighted-average remaining lease term (years):
Finance leases	2.6		2.9
Operating leases	11.9		12.5
Weighted-average discount rate:
Finance leases	5.1	%	5.1	%
Operating leases	5.9	%	5.9	%

Schedule of Supplemental Balance Sheet Information Schedule

The following table presents the impact of leasing on the consolidated condensed balance sheet.


	Classification in the consolidated condensed balance sheets	June 30, 2024		September 30, 2023
Assets:
Finance lease assets	Property, plant and equipment, net	$	97	$	147
Operating lease assets	Operating lease right-of-use assets, net	13,673		14,380
Total lease assets		$	13,770	$	14,527

Current liabilities:
Finance lease liabilities	Current maturities of long-term debt	$	41	$	61
Operating lease liabilities	Short-term operating lease liabilities	906		869
Non-current liabilities:
Finance lease liabilities	Long-term debt, net of current maturities	55		81
Operating lease liabilities	Long-term operating lease liabilities, net of short-term	13,333		14,020
Total lease liabilities		$	14,335	$	15,031

Schedule of Maturities of Finance Lease Liabilities by Fiscal Year Schedule

Future minimum lease payments under non-cancellable leases at June 30, 2024 were as follows:


	Finance Leases		Operating Leases
Year ending September 30,
2024 (excluding the nine months ended June 30, 2024)	$	16	$	420
2025	36		1,696
2026	29		1,694
2027	21		1,703
2028	—		1,557
Thereafter	—		12,740
Total lease payments	$	102	$	19,810
Less: Imputed interest	(6)		(5,571)
Present value of lease liabilities	$	96	$	14,239

Schedule of Maturities of Operating Lease Liabilities by Fiscal Year Schedule

Future minimum lease payments under non-cancellable leases at June 30, 2024 were as follows:


	Finance Leases		Operating Leases
Year ending September 30,
2024 (excluding the nine months ended June 30, 2024)	$	16	$	420
2025	36		1,696
2026	29		1,694
2027	21		1,703
2028	—		1,557
Thereafter	—		12,740
Total lease payments	$	102	$	19,810
Less: Imputed interest	(6)		(5,571)
Present value of lease liabilities	$	96	$	14,239

Debt (Tables)

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of:


	June 30, 2024		September 30, 2023
Revolving credit agreement	$	19,693	$	16,289
Foreign subsidiary borrowings, net of unamortized debt issuance cost	9,722		5,771
Promissory note - related party	3,366		—
Finance lease obligations	96		142
Less: unamortized debt issuance cost - (Related party is $387)	(397)		—
Other, net of unamortized debt issuance costs $0 and $(9), respectively	314		364



Total debt	32,794		22,566

Less – current maturities	(29,174)		(20,109)
Total long-term debt	$	3,620	$	2,457

Schedule of Foreign Debt

Foreign debt consists of:


	June 30, 2024		September 30, 2023
Term loan, net of unamortized debt issuance cost $(79) and $0, respectively	$	4,693	$	3,293
Short-term borrowings	4,708		1,862
Factor	321		616
Total debt	$	9,722	$	5,771

Less – current maturities	(6,157)		(3,386)
Total long-term debt	$	3,565	$	2,385

Receivables pledged as collateral	$	2,710	$	1,247

Retirement Benefit Plans (Tables)

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The components of the net periodic benefit cost of the Company’s defined benefit plans are as follows:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	45	$	6	$	135	$	18
Interest cost	271		274		813		824
Expected return on plan assets	(261)		(277)		(782)		(831)

Amortization of net loss	44		77		130		230
Settlement cost	60		78		60		78
Net periodic pension cost	$	159	$	158	$	356	$	319

Revenue (Tables)

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Breakout of Total Revenue by Customer

The following table represents a breakout of total revenue by customer type:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Commercial revenue	$	19,114	$	13,086	$	49,730	$	34,629
Military revenue	10,145		8,767		27,124		27,765
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by end market:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
Aerospace components for:
Fixed wing aircraft	$	10,631	$	8,726	$	30,650	$	28,307
Rotorcraft	5,470		4,067		12,817		11,960
Energy components for power generation units	7,802		7,005		20,462		16,729
Commercial product and other revenue	5,356		2,055		12,925		5,398
Total	$	29,259	$	21,853	$	76,854	$	62,394

The following table represents revenue by geographic region based on the Company's selling operation locations:


	Three Months Ended June 30,				Nine Months Ended June 30,
Net Sales	2024		2023		2024		2023
North America	$	21,987	$	15,391	$	57,975	$	47,037
Europe	7,272		6,462		18,879		15,357
Total	$	29,259	$	21,853	$	76,854	$	62,394

Schedule of Contract Assets and Liabilities


	June 30, 2024		June 30, 2023
Contract assets - Beginning balance	$	10,091	$	10,172
Additional revenue recognized over-time	30,272		28,955
Less amounts billed to the customers	(30,308)		(30,108)
Contract assets - Ending balance	$	10,055	$	9,019


	June 30, 2024		June 30, 2023
Contract liabilities - Beginning balance	$	(1,150)	$	(807)
Payments received in advance of performance obligations	(4,369)		(1,531)
Performance obligations satisfied	1,639		1,435
Contract liabilities - Ending balance	$	(3,880)	$	(903)

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Allowance for credit losses:
Opening allowance for credit losses	$ (131)	$ (242)
Changes in estimate	5	104
Write-offs	2	14
Recoveries	0	0
Total allowance for credit losses	$ (124)	$ (124)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	May 09, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contract liabilities		$ 3,880,000	$ 903,000	$ 3,880,000	$ 903,000	$ 1,150,000	$ 807,000
Contract liabilities				2,730,000	96,000
Revision of prior period reclassification adjustment within consolidated condensed balance sheets
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contract liabilities		1,150,000		1,150,000
Contract liabilities				96,000
Employee Retention Credit Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income		0	1,772,000	0	1,772,000
Expense		$ 0		$ 0
Proceeds from employee retention credit refund	$ 1,246,000		1,688,000		1,688,000
Interest income			84,000		84,000
Cost of goods sold			1,452,000		1,452,000
Selling, general and administrative expense			236,000		236,000
Professional fees			354,000		354,000
Accounts receivable			$ 526,000		$ 526,000
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted and performance shares (in shares)				0
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted and performance shares (in shares)				0

Summary of Significant Accounting Policies - Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss)	$ 72	$ (634)	$ (4,940)	$ (5,590)
Weighted-average common shares outstanding basic (in shares)	6,009	5,940	5,991	5,925
Effect of dilutive securities:
Weighted-average common shares outstanding diluted (in shares)	6,105	5,940	5,991	5,925
Net income (loss) per share – basic: (in dollars per share)	$ 0.01	$ (0.11)	$ (0.82)	$ (0.94)
Net income (loss) per share – diluted (in dollars per share)	$ 0.01	$ (0.11)	$ (0.82)	$ (0.94)
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares)	151	211	251	187
Restricted shares
Effect of dilutive securities:
Restricted and performance shares (in shares)	78	0	0	0
Performance shares
Effect of dilutive securities:
Restricted and performance shares (in shares)	18	0	0	0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 2,964	$ 1,684
Work-in-process	7,342	4,061
Finished goods	3,117	3,108
Total inventories, net	$ 13,423	$ 8,853

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Percentage of inventories determined using LIFO method	31.00%	19.00%
Additional amount that would have been reported in inventory if FIFO method had been used	$ 10,460	$ 9,634
Inventory valuation allowances	$ 3,849	$ 4,049

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ 29,826	$ 29,656	$ 34,335	$ 36,063	$ 36,439	$ 40,690
Total accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(6,423)	$ (6,449)	(6,660)	$ (7,951)	$ (8,124)	$ (8,693)
Foreign currency translation loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(5,875)		(5,927)
Retirement plan liability adjustment, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	(552)		(742)
Interest rate swap agreement, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total accumulated other comprehensive loss	$ 4		$ 9

Leases - Lease Cost Components Schedule (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance lease expense:
Amortization of right-of use assets on finance leases	$ 17	$ 11	$ 53	$ 47
Interest on lease liabilities	1	1	4	6
Operating lease expense	424	421	1,277	1,243
Variable lease cost	19	29	59	89
Total lease expense	$ 461	$ 462	$ 1,393	$ 1,385

Leases - Supplemental Balance Sheet Information Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Assets:
Property, plant and equipment, net	$ 97	$ 147
Operating lease right-of-use assets, net	13,673	14,380
Total lease assets	13,770	14,527
Current liabilities:
Current maturities of long-term debt	41	61
Short-term operating lease liabilities	906	869
Non-current liabilities:
Long-term debt, net of current maturities	55	81
Long-term operating lease liabilities, net of short-term	13,333	14,020
Total lease liabilities	$ 14,335	$ 15,031
Finance lease, asset, statement of financial position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current finance lease, liability, statement of financial position [Extensible List]	Current maturities of long-term debt	Current maturities of long-term debt
Noncurrent finance lease, liability, statement of financial position [Extensible List]	Total long-term debt	Total long-term debt

Leases - Supplemental Cash Flow Information and Non-Cash Activity Schedule (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 1,280	$ 1,261
Operating cash flows from finance leases	5	6
Financing cash flows from finance leases	47	46
Operating leases	$ 0	$ 60

Leases - Weighted-Average Remaining Lease Term and Discount Rate Schedule (Details)	Jun. 30, 2024	Sep. 30, 2023
Weighted-average remaining lease term (years):
Finance leases	2 years 7 months 6 days	2 years 10 months 24 days
Operating leases	11 years 10 months 24 days	12 years 6 months
Weighted-average discount rate:
Finance leases	5.10%	5.10%
Operating leases	5.90%	5.90%

Leases - Maturities of Lease Liabilities by Fiscal Year Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Finance Leases
2024 (excluding the nine months ended June 30, 2024)	$ 16
2025	36
2026	29
2027	21
2028	0
Thereafter	0
Total lease payments	102
Less: Imputed interest	(6)
Present value of lease liabilities	96	$ 142
Operating Leases
2024 (excluding the nine months ended June 30, 2024)	420
2025	1,696
2026	1,694
2027	1,703
2028	1,557
Thereafter	12,740
Total lease payments	19,810
Less: Imputed interest	(5,571)
Present value of lease liabilities	$ 14,239

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Finance lease obligations	$ 96	$ 142
Less: unamortized debt issuance cost - (Related party is $387)	(397)	0
Total debt	32,794	22,566
Less – current maturities	(29,174)	(20,109)
Total long-term debt	3,620	2,457
Promissory note - related party \| Director
Debt Instrument [Line Items]
Long-term debt, gross	3,366	0
Less: unamortized debt issuance cost - (Related party is $387)	(387)
Other, net of unamortized debt issuance costs $0 and $(9), respectively
Debt Instrument [Line Items]
Long-term debt, gross	314	364
Unamortized debt issuance costs	0	(9)
Revolving credit agreement \| Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt, gross	19,693	16,289
Foreign subsidiary borrowings, net of unamortized debt issuance cost
Debt Instrument [Line Items]
Long-term debt, gross	9,722	5,771
Foreign subsidiary borrowings, net of unamortized debt issuance cost \| Other, net of unamortized debt issuance costs $0 and $(9), respectively
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (79)	$ 0

Debt - Narrative (Details)		3 Months Ended	9 Months Ended	12 Months Ended
Debt - Narrative (Details)	Dec. 21, 2023 USD ($)	Dec. 31, 2023 USD ($) lender	Jun. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($)	May 21, 2024 USD ($)	Nov. 08, 2023 USD ($)	May 21, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt instrument, number of lenders \| lender		2
Number of customer invoices factored \| customer			1
Foreign subsidiary borrowings, net of unamortized debt issuance cost
Line of Credit Facility [Line Items]
Receivables pledged as collateral			$ 2,710,000	$ 1,247,000
Long-term debt, gross			$ 9,722,000	5,771,000
Foreign subsidiary borrowings, net of unamortized debt issuance cost \| Euribor \| Minimum
Line of Credit Facility [Line Items]
Euribor variable interest rates			0.50%
Foreign subsidiary borrowings, net of unamortized debt issuance cost \| Euribor \| Maximum
Line of Credit Facility [Line Items]
Euribor variable interest rates			7.80%
First Loan
Line of Credit Facility [Line Items]
Face amount		$ 2,208,000
Debt instrument, term		7 years
Quarterly payment		$ 200,000
Second Loan
Line of Credit Facility [Line Items]
Face amount		$ 1,104,000
Debt instrument, term		1 year 6 months
Revolving credit agreement \| Revolving credit agreement
Line of Credit Facility [Line Items]
Revolving line of credit, accumulated amortization of debt issuance costs			$ 86,000	78,000
Remaining unamortized amount			86,000	86,000
Long-term debt, gross			19,693,000	16,289,000
Revolving credit agreement \| Credit Agreement \| Revolving credit agreement
Line of Credit Facility [Line Items]
Reserves under borrowing base			1,500,000	1,500,000	$ 1,500,000	$ 1,500,000
Revolving credit facility, maximum borrowing capacity	$ 19,000,000		$ 26,000,000	30,000,000
Commitment fee percentage			0.50%
Receivables pledged as collateral			$ 24,576,000	21,089,000
Remaining borrowing capacity			2,912,000	2,830,000
Letters of credit outstanding, amount			$ 1,970,000	$ 1,970,000
Weighted average interest rate, revolving credit facility			8.20%	7.70%
Debt issuance costs incurred in period		$ 117,000
Revolving line of credit, accumulated amortization of debt issuance costs			$ 81,000
Revolving credit agreement \| Credit Agreement \| Revolving credit agreement \| SOFR
Line of Credit Facility [Line Items]
Basis spread			2.75%	2.25%
Revolving credit agreement \| Credit Agreement and Export Credit Facility \| Revolving credit agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	23,000,000
Revolving credit agreement \| Credit Agreement and Export Credit Facility \| Revolving credit agreement \| Debt Covenant Period One
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity					18,000,000
Revolving credit agreement \| Credit Agreement and Export Credit Facility \| Revolving credit agreement \| Debt Covenant Period Two
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity					19,000,000
Revolving credit agreement \| Credit Agreement and Export Credit Facility \| Revolving credit agreement \| Debt Covenant Period Three
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity					22,000,000
Revolving credit agreement \| Credit Agreement and Export Credit Facility \| Revolving credit agreement \| Debt Covenant Period Four
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity					$ 0
Revolving credit agreement \| Export Credit Facility \| Revolving credit agreement
Line of Credit Facility [Line Items]
Weighted average interest rate, revolving credit facility			7.70%	7.20%
Revolving credit agreement \| Export Credit Facility \| Revolving credit agreement \| SOFR
Line of Credit Facility [Line Items]
Basis spread			2.25%	1.75%
Subordinated note \| Director
Line of Credit Facility [Line Items]
Long-term debt, gross			$ 3,366,000	$ 0
Subordinated note \| Subordinated Promissory Note \| Director
Line of Credit Facility [Line Items]
Reserves under borrowing base	1,500,000
Face amount	$ 3,000,000
Borrowing base calculation, percentage	85.00%
Borrowing base, percentage of eligible inventory	70.00%
Monthly increase in reserves under borrowing base	$ 250,000
Commitment fee percentage	0.50%
Available funds paid to borrowers	$ 3,000,000
Interest rate	14.00%		14.00%	0.00%
Fully earned and non-refundable fee	$ 150,000
Long-term debt, gross			$ 3,366,000	$ 0
Guaranty fee	$ 760,000		$ 880,000				$ 120,000
Subordinated note \| Subordinated Promissory Note \| CBFR \| Director
Line of Credit Facility [Line Items]
Basis spread	2.75%
Subordinated note \| Subordinated Promissory Note \| CB Floating Rate \| Director
Line of Credit Facility [Line Items]
Basis spread	0.25%
Subordinated note \| Subordinated Promissory Note \| SOFR \| Director
Line of Credit Facility [Line Items]
Basis spread	2.75%

Debt - Schedule of Foreign Subsidiary Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Line of Credit Facility [Line Items]
Total long-term debt	$ 3,620	$ 2,457
Foreign subsidiary borrowings, net of unamortized debt issuance cost
Line of Credit Facility [Line Items]
Total debt	9,722	5,771
Less – current maturities	(6,157)	(3,386)
Total long-term debt	3,565	2,385
Receivables pledged as collateral	2,710	1,247
Term loan, net of unamortized debt issuance cost $(79) and $0, respectively
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	0	(9)
Term loan, net of unamortized debt issuance cost $(79) and $0, respectively \| Foreign subsidiary borrowings, net of unamortized debt issuance cost
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	(79)	0
Total debt	4,693	3,293
Short-term borrowings \| Foreign subsidiary borrowings, net of unamortized debt issuance cost
Line of Credit Facility [Line Items]
Total debt	4,708	1,862
Factor \| Foreign subsidiary borrowings, net of unamortized debt issuance cost
Line of Credit Facility [Line Items]
Total debt	$ 321	$ 616

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate, percent	(3.20%)	(2.30%)

Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 45	$ 6	$ 135	$ 18
Interest cost	271	274	813	824
Expected return on plan assets	(261)	(277)	(782)	(831)
Amortization of net loss	44	77	130	230
Settlement cost	60	78	60	78
Net periodic pension cost	$ 159	$ 158	$ 356	$ 319

Retirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Cash contribution	$ 32	$ 13
Non-cash contribution	87	$ 0
Additional cash contributions planned for fiscal 2024	$ 42

Stock-Based Compensation (Details) - 2016 Plan $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 30, 2024 shares	Jun. 30, 2024 USD ($) tranche $ / shares shares	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding share awards that may be awarded (in shares)		327
Outstanding share awards earned and issued at greater than the target number of shares next fiscal year		150.00%
Share-based compensation expense \| $		$ 243	$ 292
Total unrecognized compensation cost related to performance and restricted shares \| $		$ 421
Period of recognized compensation cost (in years)		1 year 6 months
Key employees \| Performance and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		120
Number of tranches in award \| tranche		2
Shares granted in period, grant date fair value (in dollars per share) \| $ / shares		$ 3.60
Vesting period		3 years
Shares forfeited (in shares)		66
Key employees \| Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		46
Key employees \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		74
Non-employee directors \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)		39
Shares granted in period, grant date fair value (in dollars per share) \| $ / shares		$ 3.08
Vesting period		1 year
Vested in period (in shares)	38

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 29,259	$ 21,853	$ 76,854	$ 62,394
North America
Disaggregation of Revenue [Line Items]
Revenue	21,987	15,391	57,975	47,037
Europe
Disaggregation of Revenue [Line Items]
Revenue	7,272	6,462	18,879	15,357
Fixed wing aircraft
Disaggregation of Revenue [Line Items]
Revenue	10,631	8,726	30,650	28,307
Rotorcraft
Disaggregation of Revenue [Line Items]
Revenue	5,470	4,067	12,817	11,960
Energy components for power generation units
Disaggregation of Revenue [Line Items]
Revenue	7,802	7,005	20,462	16,729
Commercial product and other revenue
Disaggregation of Revenue [Line Items]
Revenue	5,356	2,055	12,925	5,398
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenue	19,114	13,086	49,730	34,629
Military revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 10,145	$ 8,767	$ 27,124	$ 27,765

Revenue - Narrative (Details) - USD ($)	9 Months Ended		12 Months Ended
Revenue - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable		$ 20,197,000		$ 16,515,000
Impairment loss on contract assets	$ 0		$ 0
Revenue from Contract with Customer \| Customer Concentration Risk \| Transferred over Time
Disaggregation of Revenue [Line Items]
Concentration risk	39.00%	47.00%

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Change In Contract With Customer, Assets [Roll Forward]
Contract assets - Beginning balance	$ 10,091	$ 10,172
Additional revenue recognized over-time	30,272	28,955
Less amounts billed to the customers	(30,308)	(30,108)
Contract assets - Ending balance	10,055	9,019
Change In Contract With Customer, Liability [Roll Forward]
Contract liabilities - Beginning balance	(1,150)	(807)
Payments received in advance of performance obligations	(4,369)	(1,531)
Performance obligations satisfied	1,639	1,435
Contract liabilities - Ending balance	$ (3,880)	$ (903)

Revenue - Performance Obligation (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 139,203
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Timing of satisfaction, period	12 months

Commitments and Contingencies (Details) - Cybersecurity Insurance Claims - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Loss Contingencies [Line Items]
Insurance coverage	$ 3,000
Liability for costs incurred related to attack	197		$ 965
Selling, General and Administrative Expenses
Loss Contingencies [Line Items]
Loss contingency accrual, (benefit) costs	$ (605)	$ 1,209
Other Nonoperating Income (Expense)
Loss Contingencies [Line Items]
Loss contingency accrual, (benefit) costs		$ 60

Related Party Transactions (Details) - USD ($)		3 Months Ended	9 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 21, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	May 21, 2023
Related Party Transaction [Line Items]
Interest added to promissory note - related party (paid-in-kind)			$ 216,000	$ 0
Deferred financing costs		$ 397,000	397,000		$ 0
Subordinated note \| Director
Related Party Transaction [Line Items]
Deferred financing costs		387,000	387,000
Subordinated Promissory Note \| Subordinated note \| Director
Related Party Transaction [Line Items]
Face amount	$ 3,000,000
Interest added to promissory note - related party (paid-in-kind)		110,000	216,000
Guaranty fee	760,000	880,000	880,000			$ 120,000
Fully earned and non-refundable fee	150,000
Legal costs	$ 30,000
Deferred financing costs		397,000	397,000
Amortization of deferred financing costs		$ 663,000	$ 663,000

Subsequent Events (Details) - USD ($) $ in Thousands	Aug. 01, 2024	Jun. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Assets		$ 106,331	$ 95,993
Maniago
Subsequent Event [Line Items]
Assets		23,657
Liabilities		$ 16,498
Subsequent Event \| Maniago
Subsequent Event [Line Items]
Share purchase agreement, percentage to be acquired	100.00%

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