Chicago Rivet & Machine Co. reported its financial results for the year ended December 31, 2025, revealing a modest increase in net sales to $27.9 million, up from $27.0 million in 2024. Despite this growth, the company faced significant challenges, resulting in a net loss of $1.1 million, or $1.12 per share, compared to a net loss of $5.6 million, or $5.81 per share, in the previous year. The improvement in net loss was attributed to enhanced gross margins, which increased by $3.1 million, and a reduction in the cost of goods sold by $2.2 million, reflecting operational efficiencies and price adjustments.
The company experienced a decline in sales to automotive customers, which accounted for approximately 54% of total revenues in 2025, down from 57% in 2024. This decrease was primarily due to reduced demand in the North American automotive sector, which led to inventory adjustments among original equipment manufacturers (OEMs). In contrast, sales to non-automotive customers increased by 15%, indicating a strategic shift to diversify the customer base and reduce reliance on the automotive industry. The company’s workforce decreased to 158 employees, reflecting the closure of its Albia, Iowa facility in 2024, which resulted in a reduction of 19 positions.
Operationally, Chicago Rivet & Machine Co. has focused on improving efficiency and reducing costs. The consolidation of operations from the Albia facility to the Tyrone, Pennsylvania facility has yielded significant cost savings. The company also reported a 9% decrease in selling and administrative expenses, attributed to lower warranty claims and reduced consulting fees. However, the company remains cautious about its liquidity, as it reported a working capital decrease to $9.9 million and a reliance on a $500,000 revolving line of credit, which it was not in compliance with regarding minimum profitability covenants as of December 31, 2025.
Looking ahead, the company has outlined a strategic plan to enhance liquidity and operational efficiency, including the potential sale of certain assets and the exploration of additional financing options. The management expressed optimism about improving sales volumes in 2026, although significant uncertainty remains due to ongoing economic challenges and market conditions. The company’s ability to navigate these challenges will be critical to its future performance, as it continues to monitor external factors that may impact its operations and financial health.
About CHICAGO RIVET & MACHINE CO
Chicago Rivet & Machine Co. manufactures and sells rivets, cold-formed fasteners, screw machine products, and automatic rivet setting machines primarily for the North American automotive industry. Operating through its fastener and assembly equipment segments, the company serves automotive manufacturers and component suppliers, competing on price, quality, and service. Its business model focuses on producing specialized fastening solutions and assembly equipment, leveraging operational efficiency and customer relationships within a competitive market.
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