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Chicago Rivet & Machine Co. 2025 Annual Report
Dear Shareholders, As I look back on the Company s performance last year, it was clearly a transitional year for us. The financial results for 2025 were significantly improved over the two prior years, yet they did not meet our overall expectations. Revenue increased slightly year over year while significant progress was made in managing costs and improving efficiency, which drove margin improvement. Our focus continues to be on growing the revenue of the Company and leveraging our team and assets already in place to grow the bottom line and return to profitability in 2026. We have been rebuilding the leadership team and aligning all of our activities under a renewed mission and vision for the Company. Our Mission At Chicago Rivet and Machine Company, our mission is to deliver the highest quality, innovative and integrated joining solutions that drive manufacturing excellence. We are committed to partnering with our customers to provide precision fastening products, advanced automation, and exceptional service that strengthen the backbone of industry. Our Vision To be the trusted leader in joining systems powering the future of manufacturing with smart fastening technologies, engineered solutions, and a legacy of integrity, innovation and performance. To that end we decided to anchor our value proposition on the principle that we are a joining solutions provider and focus heavily on the machine sales and support area to drive new growth. We are also focusing on new, large volume, cold formed rivet, and component business awards that are expected to launch throughout 2026, some with existing customers and many with new customers. The leadership team determined that along with our refreshed strategy we needed a bold new look to the brand. Our team has been developing refreshed branding, and we plan to launch a new, modern website that will further engage current customers and attract new customers. We evaluated several designs but settled on the philosophy of modernizing the iconic logo and updating the font to include a focus on fasteners and machine sales as well. The new logo and website will be launched toward the end of Q2 2026, and I am excited at the prospects for further engaging our customers, employees and shareholders through expanded use of the digital tools available to us today. With that optimism there remains a significant amount of economic uncertainty that we continue to manage through every day. Tariffs are impacting the Company both in terms of potential re-shoring opportunities to our US-based manufacturing plants that we continue to pursue and conversely increased cost for materials and services. Our automotive customer base is faced with challenges such as vehicle affordability, EV implementation changes, tariffs and global economic uncertainty. This continues to impact the Company, and we are working to become leaner and more flexible to adapt to these changes. 1
We believe that our ongoing success depends on our ability to drive efficiency throughout the business while pursuing new sales opportunities and partnerships. The Management Team and Board of Directors remain committed to moving forward with our plan to return the Company to profitability and drive shareholder value going forward. Respectfully, Gregory D. Rizzo Chief Executive Officer Special Note Regarding Forward-looking Statements This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws, which include, without limitation, statements concerning plans, estimates, forecasts and projections with respect to the anticipated future performance of the Company. Forward-looking statements involve known and unknown risks and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of the company and its management, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will be made by the company as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication. Certain risks and important factors that could affect the company s future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading Risk Factors in our 2025 Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws. 2
Highlights Net Sales ........................................................................................................................ $ Net Loss.......................................................................................................................... Net Loss Per Share...................................................................................................... Dividends Paid ............................................................................................................. Dividends Paid Per Share ......................................................................................... Net Cash Used in Operating Activities ................................................................ Expenditures for Property, Plant and Equipment........................................... Working Capital........................................................................................................... Total Shareholders' Equity ...................................................................................... Common Shares Outstanding at Year-End ........................................................ Shareholders' Equity Per Common Share .......................................................... 2025 27,890,260 $ (1,083,214) (1.12) 115,936 0.12 (1,228,018) 331,669 9,894,317 18,833,302 966,132 19.49 2024 26,986,627 (5,615,614) (5.81) 318,823 0.33 (153,451) 651,398 10,371,215 20,032,452 966,132 20.73 Annual Meeting The annual meeting of shareholders will be held on May 12, 2026 at 10:00 a.m. at the Sheraton Lisle Hotel, 3000 Warrenville Road, Lisle, Illinois 60532 Chicago Rivet & Machine Co. 3 27755 Diehl Road, Suite 200 Warrenville, Illinois 60555 www.chicagorivet.com
Management's Report on Financial Condition and Results of Operations RESULTS OF OPERATIONS Operating results for 2025 were negatively impacted by our U.S. Automotive Fastener segment volumes due to OEM and customer inventory reductions which accelerated in the second half of 2025. U.S. demand for pickup trucks and large SUVs to which we provide products, softened in 2025 leading to elevated dealer-owned inventory levels and a subsequent reduction in production volumes while these inventory levels were reduced. As a fastener manufacturer we have significant fixed costs due to our investment in property, plant and equipment as well as a skilled labor force that cannot be scaled in proportion to short term volume fluctuations. As a result, steep declines in customer volumes have a disproportionately large effect on our profitability. This decline in volume was offset in large part by price increases and efficiency gains, including consolidation of the work done in the Albia, Iowa facility into the Tyrone, Pennsylvania facility. While the year over year volume declines were a headwind to profitability, we believe we have made meaningful improvements with respect to our pricing and operating efficiency that will provide additional benefits at scale when volumes return to more historic levels. Fourth quarter 2025 sales were $5,986,263 compared to $4,104,048 in the fourth quarter of 2024, an increase of $1,882,215, or 46%. Although sales increased year over year, our input costs remained elevated and contributed to reporting a net loss in the fourth quarter 2025 of $1,156,829, or ($1.20) per share, compared to a net loss of $3,613,130, or ($3.74) per share, in the fourth quarter of 2024. For the full year, net sales were $27,890,260 compared to $26,986,627 in 2024, an increase of $903,633, or 3%. Despite a modest improvement in net sales for 2025, the net loss for the full year was significantly less than the prior year, as the net loss for 2025 was $1,083,214, or ($1.12) per share, compared to net loss of $5,615,614 or ($5.81) per share in 2024. In addition, during 2025, our gross margin improved by $3,065,703, our cost of goods sold was reduced by $2,162,070 and our administrative expenses decreased by $562,114. As discussed below, the Company intends to continue to focus on improving pricing and efficiency, and driving increased sales in our Fastener and Assembly Equipment segments in 2026. 2025 Compared to 2024 Fastener segment revenues were $5,095,563 in the fourth quarter of 2025 compared to $3,603,518 in the fourth quarter of 2024, an increase of $1,492,045, or 41%. During the quarter, sales to automotive customers increased to $3,264,290 from $2,325,601 in the year ago quarter, an increase of $938,689, or 40%. A significant portion of the increase in automotive sales was a result of recording an incremental charge of $857,000 in the fourth quarter of 2024 related to the previously disclosed settlement with a customer regarding certain warranty claims. See Note 9. Commitments and Contingencies to the Consolidated Financial Statements included herein. Non-automotive revenues increased to $1,831,273 from $1,277,917 in the year ago quarter, an increase of $553,356, or 43%. Fastener segment revenues for the full year 2025 were $24,085,699 compared to $23,164,238 in 2024, an increase of $921,461, or 4%. For the full year 2025, sales to automotive customers were $15,140,529 slightly decreased compared to $15,375,697 in 2024. Additionally, after adjusting the prior year amount for the $1,100,000 warranty charge recorded in 2024, the decrease in automotive sales is $1,335,168, or 9%. The decrease is due to a slowdown in North American vehicle production and continued volatility across the Midwest automotive manufacturing sector. Industry wide production fell sharply in January 2025, leading to reduced order volumes from key OEMs. In addition, elevated interest rates and ongoing economic uncertainty contributed to softer consumer demand, prompting inventory adjustments and cautious procurement behavior among our automotive customers. The decrease is also consistent with the Company's ongoing strategy to reduce its reliance on the automotive industry and diversify its customer base. This shift is also reflected by the Fastener segment sales to non-automotive customers, including those in the construction and electronics industries which were $8,945,170 in 2025 compared to $7,788,541 in 2024, an increase of $1,156,629, or 15%. In response to softening demand in the automotive sector, the sales team proactively expanded outreach to customers in industrial, construction, and consumer goods markets, which are segments that have historically demonstrated more stable demand profiles amid broader economic headwinds. The gross margin for the Fastener segment was $2,673,791 in 2025 compared to $299,740 in 2024, an increase of $2,374,051 year over year, primarily driven by operational efficiencies and improved pricing on lower year-over-year volumes and higher input costs. 4
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CVR Shareholder/Stockholder Letter Transcript:

Chicago Rivet & Machine Co.
2025 Annual Report


Dear Shareholders,
As I look back on the Company   s performance last year, it was clearly a transitional year for us. The financial
results for 2025 were significantly improved over the two prior years, yet they did not meet our overall
expectations. Revenue increased slightly year over year while significant progress was made in managing costs
and improving efficiency, which drove margin improvement. Our focus continues to be on growing the revenue of
the Company and leveraging our team and assets already in place to grow the bottom line and return to
profitability in 2026.
We have been rebuilding the leadership team and aligning all of our activities under a renewed mission and vision
for the Company.
Our Mission
At Chicago Rivet and Machine Company, our mission is to deliver the highest quality, innovative and integrated
joining solutions that drive manufacturing excellence. We are committed to partnering with our customers to
provide precision fastening products, advanced automation, and exceptional service that strengthen the
backbone of industry.
Our Vision
To be the trusted leader in joining systems     powering the future of manufacturing with smart fastening
technologies, engineered solutions, and a legacy of integrity, innovation and performance.
To that end we decided to anchor our value proposition on the principle that we are a joining solutions provider
and focus heavily on the machine sales and support area to drive new growth. We are also focusing on new, large
volume, cold formed rivet, and component business awards that are expected to launch throughout 2026, some
with existing customers and many with new customers.
The leadership team determined that along with our refreshed strategy we needed a bold new look to the
brand. Our team has been developing refreshed branding, and we plan to launch a new, modern website that will
further engage current customers and attract new customers. We evaluated several designs but settled on the
philosophy of modernizing the iconic logo and updating the font to include a focus on fasteners and machine sales
as well.
The new logo and website will be launched toward the end of Q2 2026, and I am excited at the prospects for
further engaging our customers, employees and shareholders through expanded use of the digital tools available
to us today. With that optimism there remains a significant amount of economic uncertainty that we continue to
manage through every day. Tariffs are impacting the Company both in terms of potential re-shoring opportunities
to our US-based manufacturing plants that we continue to pursue and conversely increased cost for materials and
services. Our automotive customer base is faced with challenges such as vehicle affordability, EV implementation
changes, tariffs and global economic uncertainty. This continues to impact the Company, and we are working to
become leaner and more flexible to adapt to these changes.
1

We believe that our ongoing success depends on our ability to drive efficiency throughout the business while
pursuing new sales opportunities and partnerships.
The Management Team and Board of Directors remain committed to moving forward with our plan to return the
Company to profitability and drive shareholder value going forward.
Respectfully,
Gregory D. Rizzo
Chief Executive Officer
Special Note Regarding Forward-looking Statements
This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws, which
include, without limitation, statements concerning plans, estimates, forecasts and projections with respect to the anticipated
future performance of the Company. Forward-looking statements involve known and unknown risks and reflect various
assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which
are subject to uncertainties and contingencies outside the control of the company and its management, which could cause
actual results to differ materially from those presented in this communication. No representations, warranties or guarantees
are or will be made by the company as to the reliability, accuracy or completeness of any forward-looking statements
contained in this communication or that such forward-looking statements are or will remain based on reasonable
assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect the company   s future results are identified in our Annual Report on Form
10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading
   Risk Factors    in our 2025 Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it
is made, and the company undertakes no obligation to update any forward-looking statement, whether to reflect events or
circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated
events, or otherwise unless required under the federal securities laws.
2

Highlights
Net Sales ........................................................................................................................ $
Net Loss..........................................................................................................................
Net Loss Per Share......................................................................................................
Dividends Paid .............................................................................................................
Dividends Paid Per Share .........................................................................................
Net Cash Used in Operating Activities ................................................................
Expenditures for Property, Plant and Equipment...........................................
Working Capital...........................................................................................................
Total Shareholders' Equity ......................................................................................
Common Shares Outstanding at Year-End ........................................................
Shareholders' Equity Per Common Share ..........................................................
2025
27,890,260 $
(1,083,214)
(1.12)
115,936
0.12
(1,228,018)
331,669
9,894,317
18,833,302
966,132
19.49
2024
26,986,627
(5,615,614)
(5.81)
318,823
0.33
(153,451)
651,398
10,371,215
20,032,452
966,132
20.73
Annual Meeting
The annual meeting of shareholders
will be held on May 12, 2026 at 10:00 a.m.
at the Sheraton Lisle Hotel,
3000 Warrenville Road,
Lisle, Illinois 60532
Chicago Rivet & Machine Co.
3

27755 Diehl Road, Suite 200

Warrenville, Illinois 60555

www.chicagorivet.com

Management's Report
on Financial Condition and Results of Operations
RESULTS OF OPERATIONS
Operating results for 2025 were negatively impacted by our U.S. Automotive Fastener segment volumes due to
OEM and customer inventory reductions which accelerated in the second half of 2025. U.S. demand for pickup trucks and
large SUVs to which we provide products, softened in 2025 leading to elevated dealer-owned inventory levels and a
subsequent reduction in production volumes while these inventory levels were reduced. As a fastener manufacturer we
have significant fixed costs due to our investment in property, plant and equipment as well as a skilled labor force that
cannot be scaled in proportion to short term volume fluctuations. As a result, steep declines in customer volumes have a
disproportionately large effect on our profitability. This decline in volume was offset in large part by price increases and
efficiency gains, including consolidation of the work done in the Albia, Iowa facility into the Tyrone, Pennsylvania facility.
While the year over year volume declines were a headwind to profitability, we believe we have made meaningful
improvements with respect to our pricing and operating efficiency that will provide additional benefits at scale when
volumes return to more historic levels.
Fourth quarter 2025 sales were $5,986,263 compared to $4,104,048 in the fourth quarter of 2024, an increase of
$1,882,215, or 46%. Although sales increased year over year, our input costs remained elevated and contributed to
reporting a net loss in the fourth quarter 2025 of $1,156,829, or ($1.20) per share, compared to a net loss of $3,613,130,
or ($3.74) per share, in the fourth quarter of 2024. For the full year, net sales were $27,890,260 compared to $26,986,627
in 2024, an increase of $903,633, or 3%. Despite a modest improvement in net sales for 2025, the net loss for the full year
was significantly less than the prior year, as the net loss for 2025 was $1,083,214, or ($1.12) per share, compared to net
loss of $5,615,614 or ($5.81) per share in 2024. In addition, during 2025, our gross margin improved by $3,065,703, our
cost of goods sold was reduced by $2,162,070 and our administrative expenses decreased by $562,114. As discussed
below, the Company intends to continue to focus on improving pricing and efficiency, and driving increased sales in our
Fastener and Assembly Equipment segments in 2026.
2025 Compared to 2024
Fastener segment revenues were $5,095,563 in the fourth quarter of 2025 compared to $3,603,518 in the fourth
quarter of 2024, an increase of $1,492,045, or 41%. During the quarter, sales to automotive customers increased to
$3,264,290 from $2,325,601 in the year ago quarter, an increase of $938,689, or 40%. A significant portion of the
increase in automotive sales was a result of recording an incremental charge of $857,000 in the fourth quarter of 2024
related to the previously disclosed settlement with a customer regarding certain warranty claims. See Note 9.
Commitments and Contingencies to the Consolidated Financial Statements included herein. Non-automotive revenues
increased to $1,831,273 from $1,277,917 in the year ago quarter, an increase of $553,356, or 43%.
Fastener segment revenues for the full year 2025 were $24,085,699 compared to $23,164,238 in 2024, an
increase of $921,461, or 4%. For the full year 2025, sales to automotive customers were $15,140,529 slightly decreased
compared to $15,375,697 in 2024. Additionally, after adjusting the prior year amount for the $1,100,000 warranty charge
recorded in 2024, the decrease in automotive sales is $1,335,168, or 9%. The decrease is due to a slowdown in North
American vehicle production and continued volatility across the Midwest automotive manufacturing sector. Industry wide
production fell sharply in January 2025, leading to reduced order volumes from key OEMs. In addition, elevated interest
rates and ongoing economic uncertainty contributed to softer consumer demand, prompting inventory adjustments and
cautious procurement behavior among our automotive customers. The decrease is also consistent with the Company's
ongoing strategy to reduce its reliance on the automotive industry and diversify its customer base. This shift is also
reflected by the Fastener segment sales to non-automotive customers, including those in the construction and electronics
industries which were $8,945,170 in 2025 compared to $7,788,541 in 2024, an increase of $1,156,629, or 15%. In
response to softening demand in the automotive sector, the sales team proactively expanded outreach to customers in
industrial, construction, and consumer goods markets, which are segments that have historically demonstrated more
stable demand profiles amid broader economic headwinds. The gross margin for the Fastener segment was $2,673,791 in
2025 compared to $299,740 in 2024, an increase of $2,374,051 year over year, primarily driven by operational efficiencies
and improved pricing on lower year-over-year volumes and higher input costs.
4


shareholder letter icon 4/2/2026 Letter Continued (Full PDF)
 

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