SIFCO Industries reported a solid topline uptick in Q3 2024, with revenue totaling $29.259 million, up 33.9% year-over-year and 10.2% quarter-over-quarter. The company posted a gross profit of $4.534 million, yielding a gross margin of 15.5%, while EBITDA reached $2.705 million and operating income was $1.344 million, translating to an operating margin of 4.59%. Net income was modest at $0.072 million (EPS $0.012), underscoring continued earnings leverage challenges in a low-margin, highly cyclical aerospace forgings market. On the cash-flow front, operating cash flow was positive at $0.382 million, but free cash flow remained negative at $(0.348) million due to capital expenditure and working capital dynamics. The balance sheet shows a levered structure with total debt of $47.034 million and net debt of approximately $45.34 million, coupled with a current ratio just under 1.00 (0.992) and limited liquidity, as cash and equivalents plus short-term investments totaled about $3.41 million at quarter-end. Management commentary (where available) and market context suggest the near-term trajectory hinges on defense and commercial aerospace program activity, with potential for margin expansion only as volumes scale and cost discipline improves. Investors should monitor working capital efficiency, capacity utilization, defense budget cycles, and the pace of any portfolio mix shift toward higher-margin forgings and subassemblies.