FORM 10-K" This is an annual report filed by Chicago Rivet & Machine Co. with the Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2024.
Chicago Rivet & Machine Co. filed its annual report (Form 10-K) for the fiscal year ended December 31, 2024. The company reported a market value of common stock held by non-affiliates of $14,308,415 as of June 28, 2024. As of March 21, 2025, there were 966,132 shares of common stock outstanding. The company did not provide detailed financial information in this report, but it is expected to file a definitive Proxy Statement in connection with its 2025 Annual Meeting of Shareholders, which will be incorporated by reference in Part III of this report.
Financial Report Summary and Analysis
Overview of the Company’s Financial Performance
The company reported a pre-tax loss of $5,043,388 in 2024, compared to a pre-tax loss of $5,837,246 in 2023. This represents an improvement of $793,858 year-over-year. However, the company incurred significant recurring operating losses, raising substantial doubt about its ability to continue as a going concern. The company’s liquidity position also declined, with working capital decreasing by $3,605,649 from the beginning of the year.
Revenue and Profit Trends
The company’s fastener segment saw an increase in gross margin from ($1,267,492) in 2023 to $299,740 in 2024, an improvement of $1,567,232. This was driven by operational efficiencies and improved pricing, despite lower year-over-year volumes.
In the assembly equipment segment, revenues decreased by 39% in the fourth quarter of 2024 compared to the same period in 2023, primarily due to lower volumes to non-automotive customers. However, for the full year 2024, assembly equipment segment revenues increased by 14% compared to 2023.
Strengths and Weaknesses
Strengths:
- Improved operational efficiencies and pricing in the fastener segment
- Increase in full-year revenues for the assembly equipment segment
Weaknesses:
- Significant recurring operating losses, raising substantial doubt about the company’s ability to continue as a going concern
- Declining liquidity position, with a decrease in working capital of $3,605,649
- Decrease in fourth-quarter assembly equipment segment revenues due to lower volumes to non-automotive customers
Outlook for the Future
The company’s outlook for 2025 remains challenging, with the economic environment remaining uncertain. While the company’s order volume is showing improvement in the first quarter of 2025 compared to the fourth quarter of 2024, it is not yet back to the levels experienced in the first quarter of 2024. The company believes that the actions taken in 2024 to reduce costs have positioned it better to manage the uncertainty, and it will continue to focus on efficiency improvements, price adjustments, and pursuing new sales opportunities to drive volume back to historic levels. However, the company acknowledges that significant uncertainty remains in the manufacturing sector, and it will actively monitor and analyze potential impacts from external factors, such as tariffs, to be able to take prompt actions as necessary.
