On this page of StockholderLetter.com we present the latest annual shareholder letter from HURCO COMPANIES INC — ticker symbol HURC. Reading current and past HURC letters to shareholders can bring important insights into the investment thesis.


TABLE OF CONTENTS
02 Letter to Shareholders
04 Global Locations
05 Product Brands
08 Financial Highlights
10 Eleven-Year Financial Data
12 Corporate Information, Leadership Team
13 Form 10-K
1
REPORT TO SHAREHOLDERS
2024 was a transformative year for Hurco Companies, marked both
by challenges and opportunities as we navigated an uncertain and
shifting manufacturing landscape. While we experienced an industry
decrease in demand and a delay in the timing of our cyclical recovery,
we responded with decisive actions to position the company for
future growth. This included implementing cost cutting measures,
rationalizing our global sales strategy, and bringing in new leadership
talent to drive our brands forward. These proactive measures,
combined with our focus on integrating advanced technologies,
such as artificial intelligence (AI), automation, and autonomous
manufacturing, have reinforced our position as a global leader in
the machine tool industry. These efforts reflect our dedication to
delivering exceptional value to our customers and creating sustainable
growth for our shareholders.
The 2024 International Manufacturing Technology Show (IMTS)
provided an ideal platform to showcase our latest advancements
and product offerings, such as the Hurco TM8MYi lathe, the Takumi
UA400 machining center, and Milltronics    first true 5-axis mill, the
VM250IL-5X. We introduced our next-generation Hurco control system,
designed with a fully customizable interface and ergonomic features
that redefine simplicity and operator ease-of-use. Integrated with AI
tools like ChatCNC   and AI Feature Recognition, this system drastically
reduces programming time while simplifying complex tasks,
ensuring unparalleled productivity gains for our customers. These
advancements reflect our unique capability as a vertically integrated
company, enabling us to develop, test, and implement cutting-edge
technologies seamlessly across our machines, software, and controls.
This ensures that Hurco remains at the forefront of innovation and
delivers value-driven solutions to our customers.
Our advancements and partnerships in automation this year further
demonstrated our commitment to flexibility and connectivity on the
shop floor. For example, we have seamlessly integrated automated
machine-tending solutions into the Hurco control system, including the
ProCobots collaborative robot from Universal Robots and the industrial
robot from Kawasaki Robotics. These solutions address critical
and pervasive challenges, such as labor shortages, while providing
efficient automation capabilities that enhance productivity across
manufacturing environments.
Looking to the future, our vision for autonomous manufacturing
aligns with the principles of Industry 5.0, where intelligent systems
2
collaborate with human operators to achieve optimal productivity. Our focus on AI-driven feature detection, operation
sequencing, and process control is paving the way for smart, self-regulating systems that transform the manufacturing
floor. While fully autonomous machining remains a long-term goal, we are committed to commercializing incremental
advancements that deliver immediate benefits, ensuring that our customers experience measurable productivity gains
today, tomorrow, and for years to come.
Hurco   s progress would not be possible without the dedication of our people. We have continued to invest in talent
development, fostering partnerships with universities and research institutions to attract top talent and provide
opportunities for growth and collaboration. The expertise and passion of our employees fuel the innovation that drives
Hurco forward, and we remain committed to nurturing this cornerstone of our success.
As we prepare to meet the demands of an evolving industry, our innovation pipeline remains robust, with solutions that
enhance productivity and profitability for our customers while delivering long-term value to our shareholders.
As we move forward, I want to thank you, our shareholders, for your continued confidence and trust in Hurco. On behalf
of the Board of Directors, our management team, and our employees, I am excited to build on this year   s achievements
as we lead the industry into a new era of intelligent manufacturing solutions. Together, we are shaping the future of
manufacturing with unwavering dedication to innovation and operational excellence.
Sincerely,
Greg Volovic
President and CEO
Gregory S. Volovic
President and Chief Executive Officer
Sonja McClelland
Executive Vice President, Treasurer and
Chief Financial Officer
Michael Doar
Executive Chairman
3
 • shareholder letter icon 1/29/2025 Letter Continued (Full PDF)
 • stockholder letter icon 1/23/2023 HURC Stockholder Letter
 • stockholder letter icon 1/29/2024 HURC Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon HURC Benford's Law Stock Score = 92


HURC Shareholder/Stockholder Letter Transcript:



TABLE OF CONTENTS
02 Letter to Shareholders
04 Global Locations
05 Product Brands
08 Financial Highlights
10 Eleven-Year Financial Data
12 Corporate Information, Leadership Team
13 Form 10-K
1

REPORT TO SHAREHOLDERS
2024 was a transformative year for Hurco Companies, marked both
by challenges and opportunities as we navigated an uncertain and
shifting manufacturing landscape. While we experienced an industry
decrease in demand and a delay in the timing of our cyclical recovery,
we responded with decisive actions to position the company for
future growth. This included implementing cost cutting measures,
rationalizing our global sales strategy, and bringing in new leadership
talent to drive our brands forward. These proactive measures,
combined with our focus on integrating advanced technologies,
such as artificial intelligence (AI), automation, and autonomous
manufacturing, have reinforced our position as a global leader in
the machine tool industry. These efforts reflect our dedication to
delivering exceptional value to our customers and creating sustainable
growth for our shareholders.
The 2024 International Manufacturing Technology Show (IMTS)
provided an ideal platform to showcase our latest advancements
and product offerings, such as the Hurco TM8MYi lathe, the Takumi
UA400 machining center, and Milltronics    first true 5-axis mill, the
VM250IL-5X. We introduced our next-generation Hurco control system,
designed with a fully customizable interface and ergonomic features
that redefine simplicity and operator ease-of-use. Integrated with AI
tools like ChatCNC   and AI Feature Recognition, this system drastically
reduces programming time while simplifying complex tasks,
ensuring unparalleled productivity gains for our customers. These
advancements reflect our unique capability as a vertically integrated
company, enabling us to develop, test, and implement cutting-edge
technologies seamlessly across our machines, software, and controls.
This ensures that Hurco remains at the forefront of innovation and
delivers value-driven solutions to our customers.
Our advancements and partnerships in automation this year further
demonstrated our commitment to flexibility and connectivity on the
shop floor. For example, we have seamlessly integrated automated
machine-tending solutions into the Hurco control system, including the
ProCobots collaborative robot from Universal Robots and the industrial
robot from Kawasaki Robotics. These solutions address critical
and pervasive challenges, such as labor shortages, while providing
efficient automation capabilities that enhance productivity across
manufacturing environments.
Looking to the future, our vision for autonomous manufacturing
aligns with the principles of Industry 5.0, where intelligent systems
2

collaborate with human operators to achieve optimal productivity. Our focus on AI-driven feature detection, operation
sequencing, and process control is paving the way for smart, self-regulating systems that transform the manufacturing
floor. While fully autonomous machining remains a long-term goal, we are committed to commercializing incremental
advancements that deliver immediate benefits, ensuring that our customers experience measurable productivity gains
today, tomorrow, and for years to come.
Hurco   s progress would not be possible without the dedication of our people. We have continued to invest in talent
development, fostering partnerships with universities and research institutions to attract top talent and provide
opportunities for growth and collaboration. The expertise and passion of our employees fuel the innovation that drives
Hurco forward, and we remain committed to nurturing this cornerstone of our success.
As we prepare to meet the demands of an evolving industry, our innovation pipeline remains robust, with solutions that
enhance productivity and profitability for our customers while delivering long-term value to our shareholders.
As we move forward, I want to thank you, our shareholders, for your continued confidence and trust in Hurco. On behalf
of the Board of Directors, our management team, and our employees, I am excited to build on this year   s achievements
as we lead the industry into a new era of intelligent manufacturing solutions. Together, we are shaping the future of
manufacturing with unwavering dedication to innovation and operational excellence.
Sincerely,
Greg Volovic
President and CEO
Gregory S. Volovic
President and Chief Executive Officer
Sonja McClelland
Executive Vice President, Treasurer and
Chief Financial Officer
Michael Doar
Executive Chairman
3



shareholder letter icon 1/29/2025 Letter Continued (Full PDF)
 

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