Sypris Solutions is a contract manufacturer operating across two distinct segments. Sypris Technologies (~43% of revenue) forges, machines, welds, and heat-treats steel components primarily for heavy commercial vehicles and oil and gas pipelines. Key products include axle shafts, transmission shafts, gear sets, and high-pressure pipeline closures, sold directly to OEMs like Detroit Diesel, Volvo, PACCAR, and GM. A meaningful share of Technologies production runs through Sypris's Mexican operations. Sypris Electronics (~57% of revenue) assembles circuit cards and full box-build electronics for defense, aerospace, and space programs, including radar, navigation, weapons, and targeting systems. Electronics customers include Northrop Grumman (~23% of total revenue), L3Harris, Lockheed Martin, and Collins Aerospace. Sypris acts as a Tier 1 or Tier 2 supplier rather than a prime contractor. Both segments operate under long-term, often sole-source supply agreements by part number, providing revenue visibility and limiting direct price competition on existing business. Profitability in both segments is tied heavily to production volumes, given fixed manufacturing overhead. Technologies revenue tracks heavy truck production cycles at major OEMs, while Electronics revenue depends on defense program awards, which can take over 24 months from pursuit to contract. The top five customers account for roughly 63% of total revenue, creating meaningful concentration risk.