Chicago Rivet & Machine makes and sells rivets, cold-formed fasteners, and automatic rivet-setting machines, primarily to the North American automotive industry. The company operates through two segments: Fasteners, which manufactures rivets, cold-formed fasteners, and screw-machine products; and Assembly Equipment, which makes rivet-setting machines along with the parts and tools used in those machines. Chicago Rivet sells directly to automotive suppliers and component manufacturers using a mix of in-house sales staff and independent reps. The top three customers — TI Group Automotive Systems, Martinrea International, and Cooper-Standard Holdings — together account for roughly 34% of revenue. Export sales have grown and represent about 25% of total sales. Revenue is closely tied to U.S. automotive production volumes, and the business follows a seasonal pattern with a stronger first half. Steel is the primary raw material, and profitability is sensitive to steel price swings that Chicago Rivet has historically been unable to fully pass through to customers. The company is under significant financial stress, having disclosed substantial doubt about its ability to continue as a going concern due to recurring operating losses and negative cash flows. Chicago Rivet closed a manufacturing facility in mid-2024, breached a lender covenant at year-end 2025, and secured only a short-term credit extension through August 2026. Material weaknesses in inventory-related internal controls were identified in both 2024 and 2025.