SIFCO Industries’ Q4 2024 results reflect a materially weaker revenue base and negative margins, underscoring a cyclically sensitive business exposed to aerospace demand dynamics. Reported revenue of $2.78 million declined ~88.7% year-over-year and ~90.5% quarter-over-quarter, driving a gross loss of $2.02 million and an operating loss of $3.08 million. Despite the bottom-line losses, the company generated positive operating cash flow of $2.32 million driven largely by working capital movements, and free cash flow of $2.37 million for the quarter. Net debt remains elevated at approximately $36.2 million with total liabilities near $74.2 million and only $1.71 million in cash, highlighting liquidity and leverage risks that investors should monitor. The quarter also shows a heavy reliance on working capital releases to generate cash, while profitability remains challenged by structurally negative gross margins and ongoing fixed-cost deployment. In the near term, the key questions are whether revenue can stabilize and recover, margins can be meaningfully repaired, and balance sheet flexibility can be enhanced given the cyclicality of aerospace forgings.