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PRE-MKT · 04:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CVR

CHICAGO RIVET & MACHINE CO
NYSE · INDUSTRIALS · METALWORKG MACHINERY & EQUIPMENT
10.50
+0.48 +4.79%
USD · close Oct 23

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MKT CAP $10.1MP/E —DIV YIELD 0.86%FCF YIELD -14.00%REV TTM $27.4M +7.1%NET INCOME −$2.4MNET CASH $771K52W 8.71 – 14.66SEC XBRL · TTM TO Invalid Date

How CVR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
77%
of sentences unchanged
Added
13
new sentences
Dropped
9
sentences removed
Length
+69
words, now 2,432

New in FY2025

  • The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
  • During 2024 and 2025 our business has experienced a period of significant material, labor and shipping price volatility (generally resulting from an increase in the price of commodities, energy costs, freight costs, labor costs and other input costs), in addition to an environment of elevated interest rates.
  • While some of these input cost increases moderated in 2025, other exposures will likely continue in 2026 and perhaps further into the future.
  • Our sales to three customers constituted approximately 34% of our consolidated revenues in 2025.
  • Sales to TI Group Automotive Systems, LLC, Martinrea International Inc. and Cooper-Standard Holdings Inc, accounted for approximately 19%, 10%, and 5% of the Company's consolidated revenues in 2025, respectively.
  • Our export sales have increased in recent years, and we are working to continue to expand our business relationships with customers outside of the U.S.
  • A disruption in a supply chain caused by one or more suppliers, and/or an unrelated supplier, due to part shortages, work stoppages, labor shortages, economic hardships or bankruptcy, raw material shortages, transportation disruptions, geo-political conflicts, natural disasters, health emergencies, tariffs, etc. could adversely impact our business, or our customers’ business, which could have a material adverse effect on our business, results of operations and financial condition.
  • The average daily trading volume for our common stock during 2025 was less than 4,000 shares per day.
  • As of December 31, 2025, we were in default of the covenant requiring minimum profitability for the period ending December 31, 2025 contained in the agreement.
  • We were in compliance with the other financial covenants contained in the credit agreement.
  • On February 27, 2026, our lender waived the covenant default, and no new covenants were added to the credit agreement.
  • Subsequently, on March 10, 2026, the credit agreement was extended to August 1, 2026.
  • Controls and Procedures, a material weakness was identified that existed as of December 31, 2024 and 2025, regarding certain deficiencies in internal control over financial reporting related to inventory.

Gone since FY2024

  • The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
  • During 2023 and 2024 our business has experienced a period of significant material, labor and shipping price volatility (generally resulting from an increase in the price of commodities, energy costs, freight costs, labor costs and other input costs), in addition to an environment of elevated interest rates.
  • While some of these input cost increases moderated in 2024, other exposures will likely continue in 2025 and perhaps further into the future.
  • Our sales to three customers constituted approximately 35% of our consolidated revenues in 2024.
  • Sales to TI Group Automotive Systems, LLC, Martinrea International Inc. and Cooper-Standard Holdings Inc, accounted for approximately 13%, 13%, and 9% of the Company's consolidated revenues in 2024, respectively.
  • Our export sales have increased in recent years, and we are working to continue to expand our business relationships with customers outside of the United States.
  • A disruption in a supply chain caused by one or more suppliers, and/or an unrelated supplier, due to part shortages, work stoppages, labor shortages, economic hardships or bankruptcy, raw material shortages, transportation disruptions, natural disasters, health emergencies, tariffs, etc. could adversely impact our business, or our customers’ business, which could have a material adverse effect on our business, results of operations and financial condition.
  • The average daily trading volume for our common stock during 2024 was less than 3,000 shares per day.
  • Controls and Procedures, a material weakness was identified that existed as of December 31, 2023 and 2024, regarding certain deficiencies in internal control over financial reporting related to the valuation of inventory.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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