Company: SIF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0000090168-25-000032
Chunk: 13

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 contract assets and contract liabilities for the nine months ended June 30, 2025 and 2024:

                                               June 30,                     June 30,                 
  Contract assets — beginning balance          $                10,745      $                10,091  
  Additional revenue recognized over-time                       37,616                       30,272  
  Less amounts billed to the customers                       ( 35,680)                    ( 30,308)  
  Contract assets — ending balance             $                12,681      $                10,055  

                                                               June 30,                 June 30,             
  Contract liabilities — beginning balance                     $             2,879      $               731  
  Payments received in advance of performance obligations                    2,898                    4,228  
  Performance obligations satisfied                            ( 3,716)                 ( 1,523)             
  Contract liabilities — ending balance                        $             2,061      $             3,436  

During the three and nine months ended June 30, 2025, the Company recognized revenues of approximately $ 2,050 3,716 0 1,523

Accounts receivable were $ 15,638 17,970 no

Remaining performance obligations

As of June 30, 2025, the Company has $ 130,419 92,525 12

11. Commitments and Contingencies

In the normal course of business, the Company may be involved in ordinary, routine legal actions. The Company cannot reasonably estimate future costs, if any, related to these matters; however, it does not anticipate any material impact on its financial condition or results of operations from these matters. The Company maintains various liability insurance coverages to protect its assets from losses arising out of or involving activities associated with ongoing and normal business operations; however, it is possible that the Company’s future operating results could be affected by future costs of litigation.

12. Related Party Transactions

In October 2024, the Company repaid all amounts outstanding under its secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“ GHI”) (Mr. Silk is a member of the Board of Directors of the Company and considered a related party), in the original principal amount of $ 3,000 880 150 Debt for further information.

13. Business Information

The Company is a party to collective bargaining agreements (“ CBA”) with certain employees located in Cleveland, which