SPAR on NASDAQ

The Shyft Group

Logo: The Shyft Group, Public domain, via Wikimedia Commons5

American automobile design company

The Shyft Group is an American automobile design company that designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), government services, and delivery and service markets. Started in 1975 as a direct result of the bankruptcy of Diamond Reo, the firm has 3,000 employees and is currently headquartered in Novi, Michigan and has 3,000 employees. From its founding until 2020, it was known as Spartan Motors.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1976Founded1

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  • TickerSPAR on NASDAQ1
  • Industryautomotive industry1
  • HeadquartersCharlotte1
  • Websitewww.spartanmotors.com
  • Incorporated inMI6
  • Business address41280 Bridge Street, Novi, Mi 483756
  • Filer categoryAccelerated filer6
  • Legal formCorporation (For-Profit)4
  • LEI549300YY0TB51BGRV9944
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O John E Sztykiel, 48813 Charlotte, United States4
  • Registered withCorporations Division (Department of Licensing and Regulatory Affairs), 1623724

The Shyft Group is an American automobile design company that designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), government services, and delivery and service markets.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

20.0%Gross margin8
0.5%Operating margin8
-0.4%Net margin8
-9.9%Revenue growth, 20248
-1.1%Return on equity8
$16.4MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue80¢$629.0M
  • Research and development2¢$16.3M
  • Selling, general and admin17¢$136.8M
  • Income tax0¢$566.0K

Out of $786.2M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending45¢$13.7M
  • Dividends paid23¢$7.0M
  • Share buybacks0¢$113.0K
  • Kept or used elsewhere31¢$9.3M

Out of $30.1M of cash from operations.8

Financial statements

Revenue91011128$786.2M in 2024+38% since 2018
0$500.0M$1.0B$1.5B2018: $570.5M$570.5M20182019: $756.5M$756.5M2019+33%2020: $676.0M$676.0M2020−11%2021: $991.8M$991.8M2021+47%2022: $1.0B$1.0B2022+4%2023: $872.2M$872.2M2023−15%2024: $786.2M$786.2M2024−10%
Gross profit91011128$157.2M in 2024+115% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $73.1M$73.1M20182019: $117.0M$117.0M2019+60%2020: $146.3M$146.3M2020+25%2021: $199.3M$199.3M2021+36%2022: $180.4M$180.4M2022−9%2023: $150.4M$150.4M2023−17%2024: $157.2M$157.2M2024+5%
Operating income91011128$4.1M in 2024−82% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $22.5M$22.5M20182019: $47.6M$47.6M2019+111%2020: $48.8M$48.8M2020+3%2021: $84.1M$84.1M2021+72%2022: $47.5M$47.5M2022−43%2023: $6.8M$6.8M2023−86%2024: $4.1M$4.1M2024−39%
Net income91011128-$2.8M in 2024
-$25.0M0$25.0M$50.0M$75.0M2018: $15.0M$15.0M20182019: -$12.6M-$12.6M20192020: $32.8M$32.8M20202021: $68.9M$68.9M2021+110%2022: $36.6M$36.6M2022−47%2023: $6.5M$6.5M2023−82%2024: -$2.8M-$2.8M2024
Fiscal year2018201920202021202220232024
Revenue$570.5M9$756.5M10$676.0M11$991.8M12$1.0B8$872.2M8$786.2M8
Cost of revenue$497.4M9$639.5M10$529.7M11$792.5M12$846.7M8$721.8M8$629.0M8
Gross profit$73.1M9$117.0M10$146.3M11$199.3M12$180.4M8$150.4M8$157.2M8
Research and development$3.8M9$4.9M10$4.4M11$8.5M12$25.3M8$25.2M8$16.3M8
Selling, general and admin$46.9M9$64.5M10$93.1M11$106.7M12$107.6M8$118.4M8$136.8M8
Operating expenses$115.2M12$132.9M8$143.6M8$153.1M8
Operating income$22.5M9$47.6M10$48.8M11$84.1M12$47.5M8$6.8M8$4.1M8
Interest$1.8M10$1.3M11$414.0K12$2.8M12$6.5M12
Income before tax$84.5M12$43.9M8$696.0K8-$2.2M8
Income tax$3.3M9$10.4M10$9.9M11$14.5M12$7.4M8-$5.8M8$566.0K8
Net income$15.0M9-$12.6M10$32.8M11$68.9M12$36.6M8$6.5M8-$2.8M8
Earnings per share$0.439-$0.3610$0.9311$1.9512$1.048$0.198-$0.088
Earnings per share (diluted)$0.439-$0.3610$0.9111$1.9112$1.038$0.198-$0.088
Shares (weighted, basic)35.3M shares1235.1M shares834.7M shares834.4M shares8
Shares (weighted, diluted)36.1M shares1235.5M shares834.9M shares834.4M shares8

Compare The Shyft Group with another company

Corporate structure

The Shyft Group is part of a group headed by Aebi Schmidt Holding AG. 38 entities, 15 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of The Shyft Group

  • Aebi Schmidt Holding AG V8
    • The Shyft Group Charlotte, Michigan, United States
    • Aebi & Co. AG Maschinenfabrik Subsidiary · Switzerland
    • Aebi Schmidt Austria GmbH Subsidiary · Austria
    • Aebi Schmidt Canada Inc. Subsidiary · Canada
    • Aebi Schmidt Danmark A/S Subsidiary · Denmark
    • Aebi Schmidt Deutschland GmbH Subsidiary · Germany
    • Aebi Schmidt Holding Canada Inc. Subsidiary · Canada
    • Aebi Schmidt Iberica S.A. Subsidiary · Spain
    • Aebi Schmidt International AG Subsidiary · Switzerland
    • Aebi Schmidt Italia S.r.l. Subsidiary · Italy
    • Aebi Schmidt Nederland BV Subsidiary · Netherlands
    • Aebi Schmidt Norge AS Subsidiary · Norway
    • Aebi Schmidt Polska Sp.z.o.o. Subsidiary · Poland
    • Aebi Schmidt Sweden AB Subsidiary · Sweden
    • Aebi Schmidt UK Ltd. Subsidiary · United Kingdom
    • Arctic Machine Oy Subsidiary · Finland
    • ASH North America, Inc. Subsidiary · Delaware, United States
    • ASH Trading & Services Co., Ltd. Subsidiary · China
    • ASH US Group, LLC Subsidiary · Delaware, United States
    • Autotech, Inc. Subsidiary · North Carolina, United States
    • Carolina Custom Center, Inc. Subsidiary · North Carolina, United States
    • Independent Truck Upfitters, LLC Subsidiary · Delaware, United States
    • LADOG – Fahrzeugbau- und Vertriebs-GmbH Subsidiary · Germany
    • Lighting Wireless Solutions, LLC Subsidiary · Florida, United States
    • M-B Companies, Inc. Subsidiary · Wisconsin, United States
    • and 12 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What The Shyft Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$166.1M8 Dec 31, 2024$158.9M8 Dec 31, 2023+4.5%
Accumulated depreciation$85.0M8 Dec 31, 2024$75.5M8 Dec 31, 2023+12.6%
Property and equipment, net$81.1M8 Dec 31, 2024$83.4M8 Dec 31, 2023−2.8%
Operating-lease assets (leased space)$41.1M8 Dec 31, 2024$45.8M8 Dec 31, 2023−10.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$15.8M8 Dec 31, 2024$10.0M8 Dec 31, 2023+58.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$64.1M8 Dec 31, 2024$48.9M8 Dec 31, 2023+31.1%
Intangible assets, net (excluding goodwill)$59.1M8 Dec 31, 2024$45.3M8 Dec 31, 2023+30.5%
Accumulated amortization$23.8M8 Dec 31, 2024$18.9M8 Dec 31, 2023+25.7%
Finite-lived intangibles, net$39.7M8 Dec 31, 2024$25.9M12 Dec 31, 2023+53.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$109.9M8 Dec 31, 2024$105.1M8 Dec 31, 2023+4.5%
Work in process$3.3M8 Dec 31, 2024$2.5M8 Dec 31, 2023+29.9%
Finished goods$7.7M8 Dec 31, 2024$9.4M8 Dec 31, 2023−18.3%

Properties, in its own words

We operate facilities in a total of 21 locations, 20 throughout the U.S. and one location in Mexico. The number of physical locations we operate is part of our strategy to develop coast-to-coast manufacturing and distribution capabilities.

Our Fleet Vehicles and Services segment operates facilities in Bristol, Indiana; Charlotte, Michigan; Landisville, Pennsylvania; and Kansas City, Missouri. All of these facilities are leased except for facilities in Charlotte, which are owned by the Company. FVS also operates facilities in Saltillo, Mexico.

The rest of Item 2

Our Specialty Vehicles segment operates facilities in Charlotte and Roseville, Michigan; Carson and McClellan Park, California; Dallas and Weatherford, Texas; Mesa, Arizona; Waterville, Maine; and Pompano Beach, West Palm Beach and Miami, Florida; Lebanon, Tennessee; Kansas City, Missouri; and Oakland, Iowa. All of these facilities are leased except for the Charlotte, Pompano Beach, Roseville, Oakland, and Kansas City facilities, which are owned by the Company.

In addition, our corporate headquarters are located in an office building and showroom in Novi, Michigan, that we lease. We also have certain corporate functions that operate out of our campus in Charlotte and Plymouth, Michigan.

We consider our properties to generally be in good condition, well maintained, and suitable and adequate to meet our business requirements for the foreseeable future. We do not anticipate difficulty in renewing existing leases as they expire or in finding alternative facilities.

Item 2 of the 10-K filed Feb 20, 2025.17

The story

In 1974, Lansing-based Diamond Reo Trucks filed for bankruptcy. The Form-Rite Corporation of Charlotte, Michigan was owed a significant sum by Diamond Reo, which had been Form-Rite's largest client; Form-Rite had supplied fiberglass parts to Reo.

During the bankruptcy hearings, Form-Rite president Charles R. McManamey learned of a significant contract that Reo had just won for custom fire truck chassis. From connections made through the hearing, McManamey was able to draw together the additional talent and knowledge required to build such trucks, and founded Spartan Motors, Inc. as a wholly owned subsidiary of Form-Rite.

During the establishment of Spartan, manufacturing was set up in Form-Rite's 12,000 ft2 (1,100 m2) warehouse in Charlotte; McManamey was named chairman of its board. Kenneth McManamey, former Form-Rite production engineer and supervisor, served as Spartan's manager of operations.

While former Reo vice president of engineering and marketing George Sztykiel became president of the new company, former Reo Reo manager of original equipment manufacturing Ron Partee assumed the role of vice president of sales.

In turn, former Reo director of engineering John Knox was vice president of engineering at the new firm.

Sztykiel, Partee, Knox, and Ken McManamey all donated their time to build the first chassis on speculation. By January 1, 1976, the chassis was completed. Within weeks it had been sold to FMC in Tipton, Indiana and Spartan had 16 custom fire truck cab & chassis orders as well as an order for a one-of-a-kind 140,000 pound GVW coal carrier.

In March 1976, Spartan Motors employed 12 former Reo employees, including Reo's ex–quality control manager Theodore C. Huff, former staff engineer-chassis at Reo Lawrence E. Karkau, and Gerald L. Geary, who had been assistant manager of truck design at Reo. Spartan was spun-off with its own officers and directors that April. Charles McManamey's sons James and Donald also worked for Spartan Motors, as well as several other part-time workers.

The company quickly outgrew the Form-Rite warehouse, and within a few years construction was started for a new facility on Reynolds Road in Charlotte. The McManameys sold their stock in the company and in 1984 Spartan went public, trading on NASDAQ under the symbol “SPAR”.

Read the full text

Spartan Motors entered the United Kingdom transit bus market in 1995 with the unveiling of its Spartan TX low-floor single-deck bus chassis at Coach & Bus 95, held at the National Exhibition Centre in Birmingham, England. The Spartan TX, built with an Alusuisse-framed East Lancs Opus 2 body seating 53 passengers to a budget of £82,000 (1995) (equivalent to £160,818.34 or US$205,541.08 in 2024), was designed to be durable while saving manufacturing costs, and was fitted with a rear-mounted Cummins B Series engine, an Allison transmission and an Eaton air suspension. Only two Spartan TX buses were produced, with both being delivered to Barnsley-based Yorkshire Traction by 1996.

In June 2020, Spartan Motors announced its corporate name change to The Shyft Group, Inc. following the divestiture of its Emergency Response (ER) business unit; it began trading on NASDAQ under the symbol "SHYF". In October, Shyft acquired the aluminum truck-body manufacturer F3 MFG Inc. based in Waterville, Maine, with its brands DuraMag and Magnum.

In July 2025, it was announced that the company merged its operations with those of Aebi Schmidt, creating a new entity called the Aebi Schmidt Group.

From Wikipedia’s article on The Shyft Group, shared under CC BY-SA 4.0.7

Leadership

Who has led The Shyft Group, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (38)

Products and brands

  • truck

Listed on Wikidata.1

Active subsidiaries

Spartan RV Chassis

Spartan RV Chassis engineers, designs, manufactures, sells, and services Class A diesel RV chassis for OEMs such as Entegra Coach, Newmar, Foretravel, and Jayco.

Utilimaster

Utilimaster was acquired in November 2009. It designs, manufacturers, and assembles purpose-built delivery and other vocational trucks.

Strobes-R-Us

Strobes-R-Us was acquired on December 17, 2018. It is a distributor and installer of specialty vehicle upfits and lighting equipment.

General Truck Body

General Truck Body was acquired in June 2019 and merged with Utilimaster. It manufactures and assembles refrigerated and non-refrigerated truck bodies.

Read the full text

Royal Truck Body

Royal Truck Body was acquired on September 20, 2019. It manufactures van bodies and accessories.

DuraMag and Magnum

On October 1, 2020, Shyft acquired F3 MFG, an aluminum truck body and accessory manufacturer behind the DuraMag Body and Magnum Truck Rack brands. The F3 MFG name was phased out and the DuraMag and Magnum brands were nested under the Shyft Specialty Vehicles business unit.

Blue Arc

Shyft launched Blue Arc EV Solutions in March 2022 to build commercial battery electric delivery vans. The Randy Marion Automotive Group placed a pre-order for the vans that September, at about the same time the first prototypes were shown to the press; they are offered in lengths of 12 to 22 ft (3.7 to 6.7 m) and multiple gross vehicle weight ratings, ranging from Class 3 to 5.

Former subsidiaries

Spartan Emergency Response Vehicles

Spartan Emergency Response Vehicles (Spartan ERV) is a manufacturer of custom fire engines. After several years of supplying chassis for fire trucks, Spartan acquired fire apparatus body manufacturers Luverne and Quality Manufacturing in the mid-1990s. Luverne used its early expertise in the automotive and heavy truck industries to begin building fire apparatus in 1912. Quality got its start six decades later, catering to the Southern firefighting market. In 2003, Luverne and Quality were consolidated under the names Crimson Fire and Crimson Fire Aerials. In 2011, Classic Fire of Ocala, Florida was acquired and became a new Crimson Fire manufacturing facility for fire trucks. In 2012, Spartan Motors rebranded Crimson Fire as Spartan ERV, a joint venture with Gimaex. In January 2017, Spartan ERV acquired fire apparatus manufacturer Smeal Fire Apparatus, including its subsidiaries Smeal, Ladder Tower Company, and US Tanker. On February 3, 2020, Spartan Motors sold Spartan ERV division to the REV Group, including Spartan Custom Cabs, Smeal Fire Apparatus, Ladder Tower Company, and US Tanker.

Road Rescue

Road Rescue is a manufacturer of ambulances. It was sold in 2010 to Allied Specialty Vehicles.

Carpenter Industries

Carpenter Industries was a manufacturer of school buses, transit buses, and step vans. Carpenter was founded in 1919; Spartan purchased it in 1998, but closed it down in 2001.

From Wikipedia’s article on The Shyft Group, shared under CC BY-SA 4.0.7

Former names

  • SPARTAN MOTORS INCMay 15, 1995 to Jun 1, 20206

Timeline

  1. Jul 1, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer71
  2. Jun 17, 20258-K Shareholder vote; Other events72
  3. Jun 6, 20258-K Other events73
  4. May 20, 20258-K Executive or director change74
  5. May 14, 20258-K Shareholder vote75
  6. May 6, 20258-K Executive or director change76
  7. Apr 24, 20258-K Results of operations77
  8. Apr 4, 20258-K Regulation FD disclosure78
  9. Feb 20, 20258-K Results of operations79
  10. Jan 13, 20258-K Regulation FD disclosure80
  11. Dec 30, 20248-K Executive or director change81
  12. Dec 20, 20248-K Entered a material agreement; Executive or director change82
  13. Apr 1, 2015New chief executive Daryl M. Adams becomes CEO18
  14. Feb 21, 2006New chief executive John E. Sztykiel becomes CEO19
  15. Mar 26, 1990Went public Listed on NASDAQ1
  16. 1976Founded Founded1

Calendar

When it reported results

  1. Apr 24, 2025Reported quarterly or annual results77
  2. Feb 20, 2025Reported quarterly or annual results79
  3. Oct 24, 2024Reported quarterly or annual results83
  4. Jul 25, 2024Reported quarterly or annual results84
  5. Apr 25, 2024Reported quarterly or annual results85
  6. Feb 22, 2024Reported quarterly or annual results86
  7. Oct 26, 2023Reported quarterly or annual results87
  8. Jul 27, 2023Reported quarterly or annual results88

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

293 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 45 major events, 162 insider forms, 18 large holders, 53 other. The latest 20:

  1. Jul 11, 202515-12G EDGAR
  2. Jul 3, 2025SCHEDULE 13G/A EDGAR
  3. Jul 2, 2025EFFECT EDGAR
  4. Jul 1, 20254 EDGAR
  5. Jul 1, 20254 EDGAR
  6. Jul 1, 20254 EDGAR
  7. Jul 1, 20254 EDGAR
  8. Jul 1, 20254 EDGAR
  9. Jul 1, 20254 EDGAR
  10. Jul 1, 20254 EDGAR
  11. Jul 1, 20254 EDGAR
  12. Jul 1, 20254 EDGAR
  13. Jul 1, 20254 EDGAR
  14. Jul 1, 20254 EDGAR
  15. Jul 1, 20254 EDGAR
  16. Jul 1, 202525-NSE EDGAR
  17. Jul 1, 2025S-8 POS EDGAR
  18. Jul 1, 2025S-8 POS EDGAR
  19. Jul 1, 2025S-8 POS EDGAR
  20. Jul 1, 2025POS AM EDGAR

The 293 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 8 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 26, 2024Dunn John AlbertPresident and CEOBuy4,545$11.00$50.0KForm 4
Oct 31, 2023Sherbin Joshua AChief Administration OfficerBuy2,254$11.05$24.9KForm 4
Oct 27, 2023Douyard Jonathan CChief Financial OfficerBuy9,060$11.10$100.6KForm 4
Aug 3, 2023DINKINS MICHAELDirectorBuy3,150$15.64$49.3KForm 4
Aug 1, 2023PIZZUTO TERRIDirectorBuy3,496$14.31$50.0KForm 4
Jul 28, 2023Kermisch Pamela LDirectorBuy3,239$15.44$50.0KForm 4
Jul 28, 2023Rourke Mark B.DirectorBuy7,500$14.46$108.5KForm 4
Jul 28, 2023Sharman James A.DirectorBuy7,610$14.50$110.3KForm 4
Mar 9, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale4,000$26.43$105.7KForm 4
Mar 8, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale4,000$26.58$106.3KForm 4
Mar 7, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale2,000$26.67$53.3KForm 4
Mar 6, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale2,000$26.83$53.7KForm 4
Dec 1, 2022GUILLAUME STEPHEN KPresident, Specialty VehiclesSale15,000$24.51$367.6KForm 4
Sep 9, 2022DINKINS MICHAELDirectorSale548$24.29$13.3KForm 4
Mar 10, 2022Clevinger Thomas RDirectorSale5,000$39.27$196.3KForm 4
Dec 15, 2021Adams Daryl MPresident and CEOSale15,000$47.00$705.1KForm 4
Dec 7, 2021Harbour Ronald EdwardDirectorSale20,000$49.40$988.0KForm 4
Nov 15, 2021Adams Daryl MPresident and CEOSale15,000$51.37$770.6KForm 4
Oct 15, 2021Adams Daryl MPresident and CEOSale15,000$38.03$570.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024John DunnPresident & Chief Executive Officer$780.0K$6.7M96
2024Joshua SherbinChief Legal, Administrative, and Compliance Officer$458.0K$5.6M96
2024Jacob FarmerPresident, Specialty Vehicles and Fleet Vehicles & Services$473.0K$3.8M96
2024Jonathan DouyardFormer Chief Financial Officer$490.4K$1.5M96
2024Colin HindmanFormer Chief Human Resources Officer$183.1K$1.3M96
2023John DunnPresident & Chief Executive Officer$460.0K$3.4M96
2023Jonathan DouyardFormer Chief Financial Officer$473.1K$1.7M96
2023Joshua SherbinChief Legal, Administrative, and Compliance Officer$426.1K$1.2M96
2023Colin HindmanFormer Chief Human Resources Officer$371.2K$1.1M96
2023Jacob FarmerPresident, Specialty Vehicles and Fleet Vehicles & Services$176.9K$506.8K96
2022Jonathan DouyardFormer Chief Financial Officer$446.6K$1.7M96
2022Joshua SherbinChief Legal, Administrative, and Compliance Officer$405.7K$1.2M96
2022Colin HindmanFormer Chief Human Resources Officer$348.4K$1.0M96

SEC filer profile

How The Shyft Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSHYFT GROUP, INC.2
  • CIK0000743238
  • Employer ID (EIN)38-207892317
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inMichigan17
  • Fiscal year endsDecember 312
  • Industry code (SIC)3531 Construction Machinery & Equip2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address41280 Bridge Street, Novi, MI 483752
  • Phone51754364002
  • Shares outstanding35,006,084 as of Apr 17, 202515
  • Public float$404.7M as of Jun 28, 202417
  • AuditorDeloitte & Touche LLP, Detroit, Michigan PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceApr 21, 19952
  • Filings1,528 in all: 4 (733), 8-K (293), SC 13G/A (96), 10-Q (91), 3 (42), 425 (32), DEF 14A (31), SC 13G (28)2
    All 42 form types

    10-K (24), 4/A (20), ARS (16), DEFA14A (16), S-8 (12), SD (12), UPLOAD (12), 11-K (8), 8-K/A (8), CORRESP (8), 10-K405 (6), S-8 POS (5), SCHEDULE 13G/A (5), PRE 14A (4), 144 (3), 3/A (3), 5 (2), NT 11-K (2), 10-K/A (1), 10-Q/A (1), 15-12G (1), 25-NSE (1), 8-A12B (1), 8-A12G (1), DEFM14A (1), DEFR14A (1), DEL AM (1), EFFECT (1), NO ACT (1), NT 10-K (1), POS AM (1), REGDEX (1), S-3 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2025
    Quarterly report (10-Q) Apr 24, 2025
    Proxy statement (DEF 14A) Mar 31, 2025
    Latest 8-K (8-K) Jul 1, 2025

Securities registered for trading

ClassSymbolExchange
Common StockSHYFNASDAQ

From the cover page of the 10-K filed Feb 20, 2025 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks The Shyft Group names in Item 1A of its 10-K filed Feb 20, 2025: 42 risks under these headings, as written.17

  • Risks Related to Global Events
  • Uncertain global macro-economic and political conditions could materially adversely affect our business, financial condition, results of operations, or cash flows.
  • Risks Related to Our Company and Business
  • Any negative change in our relationship with our major customers could have significant adverse effects on revenues and profits.
  • We may not be able to remain competitive in the rapidly changing markets in which we compete.
  • Amounts included in order backlog may not result in actual revenue and are an uncertain indicator of our future revenue.
  • The integration of businesses or assets we have acquired or may acquire in the future involves challenges that could disrupt our business and harm our financial condition.
  • Re-configuration or relocation of our production operations could negatively impact our earnings.
  • Disruptions within our dealer network could adversely affect our business.
  • We may not be able to successfully implement and manage our growth strategy.
  • Increased costs, including costs of raw materials, component parts and labor costs, potentially impacted by changes in labor rates and practices, disruptions in supply chains and/or new or increased tariffs or similar restrictions, could reduce our operating income.
  • Implementing new information systems could interfere with our business or operations.
The other 32 risks
  • Our EVs rely on software and hardware that is highly technical, and if these systems contain errors, bugs, vulnerabilities, or design defects, or if we are unsuccessful in addressing or mitigating technical limitations in our systems, our EV business could be adversely affected.
  • There are complex software and technology systems that need to be developed by us and in coordination with vendors and suppliers to reach mass production for our EVs, and there can be no assurance such systems will be successfully developed or integrated.
  • Our EVs make use of lithium-ion battery cells, which, if not appropriately managed and controlled, have been observed to catch fire or vent smoke and flame.
  • Disruption of our supply base could affect our ability to obtain component parts.
  • When we introduce new products, we may incur expenses that we did not anticipate, such as recall expenses, resulting in reduced earnings.
  • We depend on a small group of suppliers for some of our components, and the loss of any of these suppliers could affect our ability to obtain components at competitive prices, which would decrease our sales or earnings.
  • Our business could be adversely affected by the decision of our employees to unionize.
  • The ability to hire or retain management and other key personnel is critical to our continued success, and the loss of or inability to hire such personnel could have a material adverse effect on our business, financial condition and results of operations.
  • Risks associated with international sales and contracts could have a negative effect on our business.
  • More General Risks Applicable to Our Industry
  • General economic, market, and/or political conditions, whether on a global, national, or more regional scale, could have a negative effect on our business.
  • If there is a rise in the frequency and size of product liability, warranty and other claims against us, including wrongful death claims, our business, results of operations and financial condition may be harmed.
  • Changes to laws and regulations governing our business could have a material impact on our operations.
  • Our operating results may fluctuate significantly on a quarter-to-quarter basis.
  • Our businesses are cyclical, and this can lead to fluctuations in our operating results.
  • Economic, legal and other factors could impact our customers’ ability to pay accounts receivable balances due from them.
  • Our business operations could be disrupted if our information technology systems fail to perform adequately or experience a cybersecurity incident.
  • Fuel shortages, or higher prices for fuel, could have a negative effect on sales.
  • We could incur asset impairment charges for goodwill, intangible assets or other long-lived assets.
  • We may be unable to adequately protect our intellectual property.
  • The unavailability, reduction, elimination or adverse application of government incentives could have an adverse effect on our business, prospects, financial condition and operating results.
  • Expectations relating to environmental, social and governance considerations expose us to potential liabilities, increased costs, reputational harm and other adverse effects on our business.
  • Emerging issues related to the development and use of artificial intelligence (“AI”) could give rise to legal or regulatory action, damage our reputation or otherwise materially harm of our business.
  • Risks Relating to the Merger
  • The completion of the Merger is subject to certain closing conditions, including regulatory and stockholder approvals as well as other uncertainties, and there can be no assurances as to whether and when they may be completed.
  • Failure to complete the Merger could negatively impact our business, results of operations, financial condition and the price of our common stock.
  • Combining the Company and Aebi Schmidt may be more difficult, costly or time consuming than expected and the combined company may fail to realize the anticipated benefits of the Merger.
  • We will be subject to certain operating restrictions until consummation of the Merger and business uncertainties until and following the consummation of the Merger.
  • The Merger Agreement contains restrictions on our ability to pursue alternatives to the Merger.
  • Completion of the Merger may require consents or trigger change in control or other provisions in certain agreements to which we are a party.
  • Uncertainty during pendency of the Merger may cause suppliers, customers or other business partners to delay or defer decisions concerning us or re-negotiate agreements with us, and consummation of the Merger could cause suppliers, customers and other business partners to terminate or re-negotiate their relationships with the combined company.
  • We may have difficulty attracting, motivating and retaining executives and other key employees in light of the Merger.
  • Litigation that may be filed against the Company, Aebi Schmidt, Holdco., Merger Sub and/or the members of the Board of Directors could prevent or delay the consummation of the Merger or result in the payment of damages following completion of the Merger.
  • Risk Applicable to Our Securities
  • Our stock price has been and may continue to be volatile, which may result in losses to our shareholders.

Legal proceedings

At December 31, 2024, we were parties, both as plaintiff or defendant, to a number of lawsuits and claims arising out of the normal conduct of our businesses. Our management does not currently expect our financial position, future operating results or cash flows to be materially affected by the final outcome of these legal proceedings. The information contained in “Note 10 – Commitments and Contingent Liabilities” of the Notes to Consolidated Financial Statements appearing in Item 8 of this Form 10-K is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.17

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