0001437749-25-004501 | 10-K | XBRL Viewer

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

Goodwill

We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, or whenever an event or change in circumstances occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See “Goodwill and Other Intangible Assets” within “Note 1 – Nature of Operations and Basis of Presentation” for a description of our accounting policies regarding goodwill and other intangible assets.

As of October 1, 2024, the most recent annual goodwill impairment assessment date, two reporting units were determined for goodwill impairment testing: Fleet Vehicles and Services and Specialty Vehicles. We performed a quantitative impairment test by comparing the fair value of each reporting unit with its carrying amount, including goodwill and concluded no risk of impairment for both reporting units.

As discussed in “Note 1 – Nature of Operations and Basis of Presentation” there are significant judgments inherent in our impairment assessments and discounted cash flow analyses. These discounted cash flow analyses are most sensitive to the WACC assumption.

The change in the carrying amount of goodwill for the year ended December 31, 2024 and 2023 were as follows (in thousands):

	FVS				SV				Total
	December 31,				December 31,				December 31,
	2024		2023		2024		2023		2024		2023
Goodwill, beginning of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880
Acquisition and measurement period adjustments		-		-		15,214		-		15,214		-
Goodwill, end of year	$	15,323	$	15,323	$	48,771	$	33,557	$	64,094	$	48,880

OtherIntangible Assets

At December 31, 2024, we had other intangible assets, including customer and dealer relationships, non-compete agreements, trade names, trademarks, unpatented technology, patented technology. Certain non-compete agreements and certain other intangible assets are being amortized over their expected remaining useful lives based on the pattern of estimated after-tax operating income generated, or on a straight-line basis. Unpatented technology, patented technology and certain non-compete agreements are amortized utilizing a straight-line approach over the estimated useful lives. We amortize the customer relationships utilizing an accelerated approach over the estimated remaining life. The Royal, DuraMag, Magnum, Utilimaster and Strobes-R-Us trade names and trademarks are considered to have indefinite lives and are not amortized.

We evaluate the recoverability of our indefinite lived intangible assets, which, as of October 1, 2024, consisted of our Royal, DuraMag and Magnum trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for these trade name branded products, business trends, prospects and market and economic conditions. The fair value of our Royal, DuraMag and Magnum trade names exceeded their carrying values, and therefore do not result in an impairment. We qualitatively assessed Utilimaster and Strobes-R-Us trade names and trademarks and found no indicators of impairment.

The following table provides information regarding our other intangible assets:

	As of December 31, 2024						As of December 31, 2023
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	50,880	$	18,240	$	32,640	$	39,080	$	15,068	$	24,012
Unpatented technology		3,940		403		3,537		540		195		345
Patented technology		2,200		1,444		756		2,200		1,169		1,031
Non-compete agreements		3,230		2,876		354		2,980		2,490		490
Trade Names		20,990		116		20,874		19,390		-		19,390
Backlog		1,600		697		903		-		-		-
	$	82,840	$	23,776	$	59,064	$	64,190	$	18,922	$	45,268

We recorded $4,855, $3,810, and $3,903 of intangible asset amortization expense, as a part of Selling, general and administrative expense as presented on the Consolidated Statement of Operations, during 2024, 2023 and 2022.

The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows:

	Amount
2025		5,538
2026		4,508
2027		4,513
2028		4,156
2029		3,865
Thereafter		17,094
Total	$	39,674

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 533	$ 276
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	2,000	2,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	80,000	80,000
Common stock, shares outstanding (in shares)	34,917	34,303

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (2,795)	$ 6,464	$ 36,558
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	20,252	16,953	14,774
Non-cash stock based compensation expense	10,250	7,834	7,619
Deferred income taxes	(6,245)	(6,911)	(5,510)
Loss on disposal of assets	677	389	826
Changes in accounts receivable and contract assets	11,372	72,857	(93,989)
Changes in inventories	5,988	(4,975)	(32,977)
Changes in accounts payable	(6,687)	(27,963)	41,302
Changes in accrued compensation and related taxes	(586)	(908)	(4,630)
Changes in accrued warranty	422	70	1,186
Changes in other assets and liabilities	(2,592)	(7,566)	15,998
Net cash provided by (used in) operating activities	30,056	56,244	(18,843)
Cash flows from investing activities:
Purchases of property, plant and equipment	(13,661)	(20,733)	(20,564)
Proceeds from sale of property, plant and equipment	95	119	148
Acquisition of businesses, net of cash acquired	(47,631)	(500)	0
Net cash used in investing activities	(61,197)	(21,114)	(20,416)
Cash flows from financing activities:
Proceeds from long-term debt	150,000	132,500	145,000
Payments on long-term debt	(105,000)	(138,500)	(89,000)
Payments of dividends	(6,976)	(7,109)	(7,148)
Purchase and retirement of common stock	(113)	(19,083)	(26,789)
Exercise and vesting of stock incentive awards	(947)	(4,460)	(8,414)
Distribution to non-controlling interest owner	0	(69)	0
Net cash provided by (used in) financing activities	36,964	(36,721)	13,649
Net increase (decrease) in cash and cash equivalents	5,823	(1,591)	(25,610)
Cash and cash equivalents at beginning of year	9,957	11,548	37,158
Cash and cash equivalents at end of year	$ 15,780	$ 9,957	$ 11,548

Note 5 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Goodwill [Table Text Block]

	FVS				SV				Total
	December 31,				December 31,				December 31,
	2024		2023		2024		2023		2024		2023
Goodwill, beginning of year	$	15,323	$	15,323	$	33,557	$	33,557	$	48,880	$	48,880
Acquisition and measurement period adjustments		-		-		15,214		-		15,214		-
Goodwill, end of year	$	15,323	$	15,323	$	48,771	$	33,557	$	64,094	$	48,880

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	As of December 31, 2024						As of December 31, 2023
	Gross carrying amount		Accumulated amortization		Net		Gross carrying amount		Accumulated amortization		Net
Customer relationships	$	50,880	$	18,240	$	32,640	$	39,080	$	15,068	$	24,012
Unpatented technology		3,940		403		3,537		540		195		345
Patented technology		2,200		1,444		756		2,200		1,169		1,031
Non-compete agreements		3,230		2,876		354		2,980		2,490		490
Trade Names		20,990		116		20,874		19,390		-		19,390
Backlog		1,600		697		903		-		-		-
	$	82,840	$	23,776	$	59,064	$	64,190	$	18,922	$	45,268

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Amount
2025		5,538
2026		4,508
2027		4,513
2028		4,156
2029		3,865
Thereafter		17,094
Total	$	39,674

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Note 12 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Total debt	$ 95,458	$ 50,329
Less current portion of long-term debt	(235)	(185)
Total long-term debt	95,223	50,144
Line of Credit [Member]
Total debt	95,000	50,000
Finance Lease Liability [Member]
Total debt	$ 458	$ 329

Note 12 - Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Text Block]

NOTE 12 – DEBT

Short-term debt consists of the following:

	December 31, 2024		December 31, 2023
Chassis pool agreements	$	37,032	$	34,496
Total short-term debt	$	37,032	$	34,496

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, service bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer).

Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled related obligations in cash, except as required under our credit agreement. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of December 31, 2024 and December 31, 2023, the Company’s outstanding chassis converter pool with manufacturers totaled $37,032 and $34,496, respectively, and the Company has included this financing agreement on the Company’s Consolidated Balance Sheets within Other receivables – chassis pool agreements and Short-term debt – chassis pool agreements. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company. The chassis converter pool is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets.

Long-term debt consists of the following:

	December 31, 2024			December 31, 2023
Revolving credit facility	$	95,000		$	50,000
Finance lease obligations		458			329
Total debt		95,458			50,329
Less current portion of long-term debt		(235	)		(185	)
Total long-term debt	$	95,223		$	50,144

Revolving Credit Facility

On November 30, 2021, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A., as administrative agent, and the lenders party thereto consisting of Wells Fargo, N.A., JPMorgan Chase Bank, N.A., PNC Bank, N.A. and Bank of America, N.A. (the "Lenders"). Certain of our other subsidiaries have executed guaranties guarantying the borrowers' obligations under the Credit Agreement.

On March 27, 2024, we entered into the Second Amendment to Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement, among other things, (i) reduced the revolving credit commitments from $400,000 to $300,000, (ii) increased the applicable margin for term Secured Overnight Financing Rate ("SOFR") loans and base rate loans, (iii) adjusted the calculation of debt for purposes of determining the leverage ratio and (iv) temporarily increased the maximum leverage ratio through June 30, 2024.

Under the Credit Agreement, we may borrow up to $300,000 from the Lenders under a secured revolving credit facility which matures November 30, 2026. We may also request an increase in the facility of up to $200,000 in the aggregate, subject to customary conditions. The revolving credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $10,000, subject to certain limitations and restrictions. The revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted SOFR including a credit spread adjustment plus 2.0%; or (ii) adjusted SOFR, in each case plus a margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including the margin was 6.2% (or one-month SOFR including a credit spread adjustment plus 1.75%) at December 31, 2024. The revolving credit facility is secured by security interests in, and liens on, all assets of the borrowers and guarantors, other than real property and certain other excluded assets. At December 31, 2024 and December 31, 2023, we had outstanding letters of credit totaling $1,900 and $1,550, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $77,950 and $83,243 at December 31, 2024 and December 31, 2023, respectively. The Credit Agreement requires us to maintain certain financial ratios and other financial covenants; prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. Our net leverage ratio limits available borrowings. At December 31, 2024 and December 31, 2023, we were in compliance with all covenants in our Credit Agreement.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation	$ 15,397	$ 13,143	$ 10,871
Interest Costs Capitalized	$ 0	$ 0	$ 0

Note 16 - Business Segments - Reconciliation of Other Items From Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest expense	$ (8,540)	$ (6,527)	$ (2,833)
Depreciation and amortization	(20,252)	(16,953)	(14,774)
Restructuring and other related charges	(1,324)	(1,741)	(757)
Transaction related expenses and adjustments	(10,154)	(440)	(884)
Non-cash stock-based compensation expense	(10,250)	(7,834)	(7,619)
Loss from write-off of assets	(147)	(1,872)
Legacy legal matters	(2,000)	(956)
CEO transition	(147)	(2,629)
Gains from insurance settlement	1,737
Income (loss) before income taxes	(2,229)	696	43,926
Net loss attributable to non-controlling interest	0	(32)	0
Non-recurring professional fees		(288)
Operating Segments [Member]
Adjusted EBITDA	98,478	96,512	120,132
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Adjusted EBITDA	(49,630)	(56,544)	(49,339)
Depreciation and amortization	$ (5,388)	$ (3,681)	$ (3,208)

Note 4 - Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2024		2023
Finished goods	$	7,654	$	9,374
Work in process		3,304		2,543
Raw materials and purchased components		98,901		93,218
Total Inventories	$	109,859	$	105,135

Note 14 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shares purchased (in shares)	0	1,022
Purchase value	$ 0	$ 19,083
The 2022 Share Repurchase Program [Member]
Remaining shares allowable to be purchased	$ 223,019	$ 223,019

Note 13 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance, non-vested shares outstanding (in shares)	20	71	190
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 36.72	$ 27.14	$ 21.81
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year)	3 years 4 months 24 days	3 months 18 days	7 months 6 days	1 year
Vested (in shares)	(297)	(47)	(91)
Vested (in dollars per share)	$ 13.35	$ 22.28	$ 17.62
Forfeited (in shares)		(4)	(28)
Forfeited (in dollars per share)		$ 36.31	$ 21.98
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	636
Granted (in dollars per share)	$ 11.74	$ 0	$ 0
Balance, non-vested shares outstanding (in shares)	359	20	71	190
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 11.74	$ 36.72	$ 27.14	$ 21.81

Note 2 - Acquisition Activities - Schedule of Intangible Assets Acquired (Details) - Independent Truck Upfitters [Member] $ in Thousands	Jul. 24, 2024 USD ($)
Finite-Lived Intangibles	$ 18,650
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	10 years 8 months 12 days
Customer Relationships [Member]
Finite-Lived Intangibles	$ 11,800
Finite-Lived Intangible Asset, Useful Life (Year)	13 years
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	8 years 2 months 12 days
Order or Production Backlog [Member]
Finite-Lived Intangibles	$ 1,600
Finite-Lived Intangible Asset, Useful Life (Year)	1 year
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	1 month 6 days
Trademarks and Trade Names [Member]
Finite-Lived Intangibles	$ 1,600
Finite-Lived Intangible Asset, Useful Life (Year)	6 years
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	6 months
Unpatented Technology [Member]
Finite-Lived Intangibles	$ 3,400
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	1 year 9 months 18 days
Noncompete Agreements [Member]
Finite-Lived Intangibles	$ 250
Finite-Lived Intangible Asset, Useful Life (Year)	5 years
Finite-Lived Intangible Asset, Weighted Average Amortization Period (Year)	1 month 6 days

Note 10 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance of accrued warranty	$ 7,231	$ 7,161
Accruals for warranties issued	3,590	5,882
Changes in liability for pre-existing warranties	1,260	(1,309)
Cash settlements	(4,488)	(4,503)
Acquisition	60	0
Balance of accrued warranty	$ 7,653	$ 7,231

Note 8 - Taxes on Income (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance	$ 0	$ 0
Unrecognized Tax Benefits	5,247	4,664	$ 5,748	$ 5,247
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	1,117
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued	6,364
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Noncurrent	5,759
Deferred Tax Assets, Offsetting Credit, Unrecognized Tax Benefits	605
Unrecognized Tax Benefits, Period Increase (Decrease)	491	(63)	160
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	6,005	4,933	$ 5,463
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	415	638
Tax Credit Carryforward, Amount	$ 3,162	$ 2,938

Note 5 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accumulated amortization, finite-lived	$ 23,776	$ 18,922
Net carrying amount, finite-lived	39,674
Gross carrying amount, intangible assets	82,840	64,190
Net carrying amount, intangible assets	59,064	45,268
Customer Relationships [Member]
Gross carrying amount, finite-lived	50,880	39,080
Accumulated amortization, finite-lived	18,240	15,068
Net carrying amount, finite-lived	32,640	24,012
Unpatented Technology [Member]
Gross carrying amount, finite-lived	3,940	540
Accumulated amortization, finite-lived	403	195
Net carrying amount, finite-lived	3,537	345
Patented Technology [Member]
Gross carrying amount, finite-lived	2,200	2,200
Accumulated amortization, finite-lived	1,444	1,169
Net carrying amount, finite-lived	756	1,031
Noncompete Agreements [Member]
Gross carrying amount, finite-lived	3,230	2,980
Accumulated amortization, finite-lived	2,876	2,490
Net carrying amount, finite-lived	354	490
Trade Names [Member]
Gross carrying amount, intangible assets	20,990	19,390
Accumulated amortization, intangible assets	116	0
Net carrying amount, intangible assets	20,874	19,390
Order or Production Backlog [Member]
Gross carrying amount, finite-lived	1,600	0
Accumulated amortization, finite-lived	697	0
Net carrying amount, finite-lived	$ 903	$ 0

Note 7 - Leases - Lease Expense and Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Operating leases

$ 10,921

$ 11,388

$ 10,302

Short-term leases (1)

^[1]

1,356

1,285

301

Total lease expense

$ 12,277

$ 12,673

10,603

Weighted average remaining lease term of operating leases (in years) (Year)

7 years

7 years 2 months 12 days

Weighted average discount rate of operating leases

3.30%

2.90%

Operating cash flow for operating leases

$ 11,632

$ 11,041

9,500

Operating leases

5,583

7,025

19,159

Finance leases

$ 444

$ 95

$ 304

[1]	Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

Note 3 - Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Text Block]

NOTE 3 – REVENUE

Contract Assets and Liabilities

The tables below disclose changes in contract assets and liabilities as of the periods indicated.

	December 31, 2024			December 31, 2023
Contract Assets
Contract assets, beginning of year	$	50,305		$	86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(50,193	)		(86,627	)
Contract assets recognized, net of reclassification to receivables		40,784			49,939
Contract assets, end of year	$	40,896		$	50,305

Contract Liabilities
Contract liabilities, beginning of year	$	4,756		$	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(4,602	)		(5,182	)
Cash received in advance and not recognized as revenue		3,399			4,683
Contract liabilities, end of year	$	3,553		$	4,756

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $244,784 and $68,460, respectively, with substantially all revenue expected to be recognized within one year as of December 31, 2024.

For performance obligations that are satisfied over time, revenue is expected to be recognized over the time period to complete the contract. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on constraining estimates of variable consideration.

In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the years ended December 31, 2024, 2023, and 2022. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.

	Year Ended December 31, 2024
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	386,671	$	346,979	$	733,650	$	4,095		$	737,745
Other		47,522		909		48,431		-			48,431
Total sales	$	434,193	$	347,888	$	782,081	$	4,095		$	786,176

Timing of revenue recognition
Products transferred at a point in time	$	66,855	$	130,001	$	196,856	$	4,268		$	201,124
Products and services transferred over time		367,338		217,887		585,225		(173	)		585,052
Total sales	$	434,193	$	347,888	$	782,081	$	4,095		$	786,176

	Year Ended December 31, 2023
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	517,116	$	334,559	$	851,675	$	(4,183	)	$	847,492
Other		24,522		184		24,706		-			24,706
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

Timing of revenue recognition
Products transferred at a point in time	$	54,566	$	147,766	$	202,332	$	467		$	202,799
Products and services transferred over time		487,072		186,977		674,049		(4,650	)		669,399
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

	Year Ended December 31, 2022
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	639,441	$	386,536	$	1,025,977	$	(6,483	)	$	1,019,494
Other		7,562		108		7,670		-			7,670
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

Timing of revenue recognition
Products transferred at a point in time	$	41,750	$	208,645	$	250,395	$	-		$	250,395
Products and services transferred over time		605,253		177,999		783,252		(6,483	)		776,769
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 8 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
?Taxes (benefit) on income	$ 566	$ (5,768)	$ 7,368

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Note 13 - Stock Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Text Block]

NOTE 13 – STOCK BASED COMPENSATION

We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 5,056,250. Total shares remaining available for stock incentive grants under these plans totaled 441,134 at December 31, 2024. We are currently authorized to grant new restricted stock, restricted stock units, performance stock units, stock options and stock appreciation rights under our Stock Incentive Plan of 2016.

Restricted Stock

We issue restricted stock, at no cash cost, to our key employees. Shares awarded entitle the shareholder to all rights of common stock ownership except that the shares are subject to the risk of forfeiture and may not be sold, transferred, pledged, exchanged or otherwise disposed of during the vesting period, which is three years. The unearned stock-based compensation related to restricted stock awards, using the market price on the date of grant, is being amortized to compensation expense over the applicable vesting periods.

We receive an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as operating cash flows.

Restricted stock activity for the years ended December 31, 2024, 2023, and 2022, is as follows:

	Total Number of Non-vested Shares (000)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Life (Years)
Non-vested shares outstanding at January 1, 2022		190		$	21.81		1.0
Vested		(91	)		17.62
Forfeited		(28	)		21.98
Non-vested shares outstanding at December 31, 2022		71			27.14		0.6
Vested		(47	)		22.28
Forfeited		(4	)		36.31
Non-vested shares outstanding at December 31, 2023		20			36.72		0.3
Granted		636			11.74
Vested		(297	)		13.35
Non-vested shares outstanding at December 31, 2024		359		$	11.74		3.4

The weighted-average grant date fair value of non-vested shares granted was $11.74, none, and none for the years ended December 31, 2024, 2023 and 2022. During 2024, 2023 and 2022, we recorded compensation expense, net of cancellations, of $3,389, $790, and $1,189, related to restricted stock awards. The total income tax benefit related to restricted stock awards was $578, $196, and $275 for 2024, 2023 and 2022. For the years ended December 31, 2024, 2023, and 2022, restricted shares vested with a fair market value of $3,496, $1,049, and $1,591. As of December 31, 2024, we had unearned stock-based compensation of $4,214 associated with these restricted stock grants, which will be recognized over a weighted average of 3.4 years.

Performance Stock Units

During the year ended December 31, 2024, 2023, and 2022, we granted 342,334, 294,191, and 124,427 performance stock units (“PSUs”), respectively, to certain employees, which are earned over a three-year service period.

After completion of the performance period, the number of PSUs earned will be issued as shares of common stock. The aggregate number of shares of common stock that ultimately may be issued under PSUs where the performance period has not been completed can range from 0% to 200% of the target amount. The awards will generally be forfeited if a participant leaves the Company for reasons other than retirement, disability or death.

A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as common stock. At the end of the performance period, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee.

136,933, 89,804 and 49,769 of the PSUs granted in 2024, 2023, and 2022, respectively, are earned based on our three-year cumulative GAAP net income, subject to such adjustments as approved by the Company’s Human Resources and Compensation Committee in its sole discretion (“Net Income PSUs”), which is a performance condition. The number of shares that may be earned under the Net Income PSUs and Exceptional Performance PSUs can range from 0% to 200% of the target amount. The Net Income PSUs and Exceptional Performance PSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the performance period based on the probability that the performance conditions will be met. The expense recorded will be adjusted as the estimate of the total number of Net Income PSUs and Exceptional Performance PSUs that will ultimately be earned changes. The grant date fair value per unit is equal to the closing price of the Company’s stock on the date of grant.

205,401, 204,387, and 74,658 of the PSUs granted in 2024, 2023, and 2022, respectively, are earned based on achievement of certain total shareholder return results relative to a comparison group of companies (“TSR PSUs”), which is a market condition. The number of shares that may be earned under the TSR PSUs can range from 0% to 200% of the target amount. The TSR PSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the performance period.

The fair value of the TSR PSUs granted was calculated using the Monte Carlo simulation model which resulted in the weighted average grant date fair value for these TSR PSUs of $16.77, 24.35 and $43.41 per unit in 2024, 2023, and 2022, respectively.

The Monte Carlo simulation was computed using the following assumptions:

	Granted in 2024			Granted in 2023			Granted in 2022
Risk-free rate of return ⁽¹⁾		4.45	%		4.15	%		2.41	%
Expected term (in years)		2.8			2.8			2.7
Estimated volatility ⁽²⁾		54.5	%		49.5	%		55.6	%

⁽¹⁾	Based on the U.S. government bond benchmark on the grant date.

⁽²⁾	Represents the historical price volatility of the Company’s common stock for the three-year period preceding the grant date.

The total PSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2024 was $1,054 and $193, respectively, for the year ended December 31, 2023 was $2,790 and $70, respectively, and for the year ended December 31, 2022 was $3,176 and $197, respectively.

The PSU activity for the years ended December 31, 2024, 2023, and 2022, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2022		483		$	19.33
Granted		124			40.49
Vested		(194	)		11.82
Forfeited		(38	)		28.27
Non-vested as of December 31, 2022		375			29.31
Granted		294			23.86
Vested		(187	)		20.89
Forfeited		(39	)		36.89
Non-vested as of December 31, 2023		443			30.99
Granted		342			15.03
Vested		(67	)		47.84
Forfeited		(178	)		24.15
Non-vested as of December 31, 2024		540		$	18.06

As of December 31, 2024 there was $4,205 of remaining unrecognized compensation cost related to non-vested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.6 years.

Restricted Stock Units

During the year ended December 31, 2024, 2023, and 2022, we awarded 552,644, 273,904, and 241,217 restricted stock units (“RSUs”), respectively, to certain employees and Board members. These RSUs generally vest ratably over three years after the date of grant for employees and vest one year after date of grant for Board members, at which time the units will be issued as unrestricted shares of common stock. RSUs are expensed and recorded in Common stock on the Consolidated Balance Sheets over the requisite service period based on the value of the underlying shares on the date of grant. Upon vesting, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee.

The RSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2024 was $5,808 and $1,143, respectively, awards for the year ended December 31, 2023 was $4,254 and $742, respectively and, for the year ended December 31, 2022 was $3,253 and $668, respectively.

The RSU activity for the years ended December 31, 2024, 2023, and 2022, is as follows:

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2022		201		$	24.51
Granted		241			29.58
Vested		(105	)		22.15
Forfeited		(30	)		32.96
Non-vested as of December 31, 2022		307			28.38
Granted		274			19.38
Vested		(154	)		25.53
Forfeited		(42	)		28.47
Non-vested as of December 31, 2023		385			21.05
Granted		553			12.45
Vested		(309	)		21.48
Forfeited		(103	)		16.18
Non-vested as of December 31, 2024		526		$	14.35

As of December 31, 2024 there was $5,311 of remaining unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of 1.8 years.

Employee Stock Purchase Plan

We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 whereby essentially all employees who meet certain service requirements can purchase our common stock on quarterly offering dates at 90% of the fair market value of the shares on the purchase date. A maximum of 750,000 shares are authorized for purchase. During the years ended December 31, 2024, 2023, and 2022, we received proceeds of $554, $393, and $434 for the purchase of approximately 51,000, 26,000, and 20,000 shares under the ESPP.

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends, Per Share (in dollars per share)	$ 0.2	$ 0.2	$ 0.2

Note 15 - Earnings Per Share (Details Textual)	12 Months Ended
Note 15 - Earnings Per Share (Details Textual)	Dec. 31, 2024 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,066,405

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		$ 95,375	$ 171,379	$ 101	$ 266,855
Issuance of common stock and tax impact of stock incentive plan (in shares)	18
Issuance of common stock and tax impact of stock incentive plan		(8,414)	0	0	(8,414)
Dividends declared		0	(7,135)	0	(7,135)
Purchase and retirement of common stock (in shares)	(607)
Purchase and retirement of common stock		(1,598)	(25,191)	0	(26,789)
Issuance of restricted stock, net of cancellation (in shares)	239
Issuance of restricted stock, net of cancellation		0	0	0	0
Stock-based compensation expense		7,619	0	0	7,619
Net income (loss)		0	36,558	0	36,558
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	268,694
Issuance of common stock and tax impact of stock incentive plan (in shares)	21
Issuance of common stock and tax impact of stock incentive plan		(4,460)	0	0	(4,460)
Dividends declared		0	(7,101)	0	$ (7,101)
Purchase and retirement of common stock (in shares)	(1,023)				(1,022)
Purchase and retirement of common stock		(2,651)	(16,545)	0	$ (19,196)
Issuance of restricted stock, net of cancellation (in shares)	239
Issuance of restricted stock, net of cancellation		0	0	0	0
Stock-based compensation expense		7,834	0	0	7,834
Net income (loss)		0	6,496	(32)	6,464
Distribution to Non-controlling interest owner		0	0	(69)	(69)
Balance (in shares) at Dec. 31, 2023	34,303
Balance at Dec. 31, 2023		93,705	158,461	0	252,166
Issuance of common stock and tax impact of stock incentive plan (in shares)	48
Issuance of common stock and tax impact of stock incentive plan		(4,203)	0	0	(4,203)
Dividends declared		0	(7,095)	0	$ (7,095)
Purchase and retirement of common stock (in shares)					0
Issuance of restricted stock, net of cancellation (in shares)	566
Issuance of restricted stock, net of cancellation		0	0	0	$ 0
Stock-based compensation expense		10,250	0	0	10,250
Net income (loss)		0	(2,795)	0	(2,795)
Balance (in shares) at Dec. 31, 2024	34,917
Balance at Dec. 31, 2024		$ 99,752	$ 148,571	$ 0	$ 248,323

Note 9 - Transactions with Major Customers

12 Months Ended

Dec. 31, 2024

Concentration Risk Disclosure [Text Block]

NOTE 9 – TRANSACTIONS WITH MAJOR CUSTOMERS

Major customers are defined as those with sales greater than 10 percent of consolidated sales in a given year. No customer individually exceeded 10% of our consolidated sales for 2024 and 2023. Sales to customers that individually exceeded 10% of our consolidated sales for 2022 are as follows:

Year		Number of major customers				Combined percentage of consolidated sales				Segment
2022			2				25.4	%		FVS and SV

Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, plant and equipment, gross	$ 166,095	$ 158,943
Less accumulated depreciation	(85,028)	(75,506)
Total property, plant and equipment, net	81,067	83,437
Land and Land Improvements [Member]
Property, plant and equipment, gross	14,007	12,578
Building and Building Improvements [Member]
Property, plant and equipment, gross	57,539	53,789
Machinery and Equipment [Member]
Property, plant and equipment, gross	70,840	60,517
Furniture and Fixtures [Member]
Property, plant and equipment, gross	19,500	19,474
Vehicles [Member]
Property, plant and equipment, gross	2,249	2,015
Construction in Progress [Member]
Property, plant and equipment, gross	$ 1,960	$ 10,570

Note 8 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current (benefit):
Federal	$ 5,471	$ (610)	$ 10,672
State	1,033	1,521	1,960
Foreign	307	231	175
Total current	6,811	1,142	12,807
Deferred (benefit):
Federal	(5,764)	(5,828)	(4,976)
State	(481)	(1,082)	(463)
Total deferred	(6,245)	(6,910)	(5,439)
Total taxes (benefit) on income	$ 566	$ (5,768)	$ 7,368

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 16, 2024 $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 24, 2024 USD ($)
Board Of Director Members	11
Number of Reportable Segments		2
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		$ 8,011	$ 5,620	$ 2,176
Income Taxes Paid, Net		5,071	5,585	1,319
Capital Expenditures Incurred but Not yet Paid		1,151	$ 5,585	$ 2,489
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation		$ 3,257
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)		20 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		15 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		7 years
Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)		3 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years
Spartan-Gimaex Joint Venture [Member]
Noncontrolling Interest, Ownership Percentage by Parent				50.00%
Aebi Schmidt Designated Board of Directors [Member]
Board Of Director Members	6
The Shyft Group Designated Board of Directors [Member]
Board Of Director Members	5
Aebi Schmidt Merger Agreement [Member]
Conversion of Shares To Rights To Receive Shares (in shares) \| shares	1.040166432
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 1
Independent Truck Upfitters [Member]
Business Acquisition, Percentage of Voting Interests Acquired					100.00%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High					$ 8,000

Note 8 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Operating lease liability	$ 10,873	$ 11,783
Research and development costs	23,175	19,937
Warranty reserve	1,446	1,164
Inventory costs and reserves	5,400	5,784
Contract assets	3,848	5,181
Stock-based compensation	1,262	1,699
Net operating loss carry-forwards, net of federal income tax benefit	328	504
Compensation related accruals	973	916
Credit carry-forwards net of federal income tax benefit	1,894	1,752
Other	911	857
Total deferred income tax assets	50,110	49,577
Deferred income tax liabilities:
Cost offset method	(5,726)	(8,304)
Right of use assets	(10,327)	(11,231)
Depreciation	(8,026)	(8,551)
Intangible assets	(965)	(2,709)
Prepaid expenses	(1,521)	(1,482)
Total deferred income tax liabilities	(26,565)	(32,277)
Net deferred tax asset	$ 23,545	$ 17,300

Note 2 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Dec. 31, 2024	Jul. 24, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill	$ 64,094		$ 64,094	$ 64,094	$ 48,880	$ 48,880
Amortization of Intangible Assets				4,855	$ 3,810	$ 3,903
Independent Truck Upfitters [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Payments to Acquire Businesses, Gross	49,889	$ 50,889
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		8,000
Working Capital Adjustment			1,000
Business Combination, Acquisition Related Costs				1,576
Goodwill	15,214	15,214	15,214	15,214
Business Combination, Contingent Consideration, Liability, Current	2,680		2,680	2,680
Business Combination, Contingent Consideration, Liability, Noncurrent	1,620		1,620	1,620
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 18,650	$ 18,650	$ 18,650	18,650
Amortization of Intangible Assets				$ 1,378

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2024	Feb. 14, 2025	Jun. 28, 2024
Document Information [Line Items]
Entity Central Index Key	0000743238
Entity Registrant Name	SHYFT GROUP, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-33582
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2078923
Entity Address, Address Line One	41280 Bridge Street
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48375
City Area Code	517
Local Phone Number	543-6400
Title of 12(b) Security	Common Stock
Trading Symbol	SHYF
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 404,697,831
Entity Common Stock, Shares Outstanding		34,932,272
Auditor Name	Deloitte & Touche LLP
Auditor Location	Detroit, Michigan
Auditor Firm ID	34

Note 16 - Business Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting Disclosure [Text Block]

NOTE 16 – BUSINESS SEGMENTS

We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker, who is our President and Chief Executive Officer, to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles.

The chief operating decision maker evaluates the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is defined as income before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, transaction related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations.

The chief operating decision maker uses Adjusted EBITDA to evaluate financial performance of the segments and to allocate resources in the budget and forecasting process. This allocation principally includes operating budgets, capital expenditures, product development, strategical acquisitions, and management of other financial, capital and human resources. Adjusted EBITDA is also used in monitoring actual versus budget and forecast results in order to assess segment performance and evaluate segment management.

Our FVS segment focuses on designing and manufacturing walk-in vans for parcel delivery, mobile retail, and trades and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories.

Our SV segment consists of service bodies operations, operations that engineer and manufacture motorhome chassis, specialty upfit, other specialty chassis and distributes related aftermarket parts and assemblies. We also provide vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand.

The accounting policies of the segments are the same as those described, or referred to, in “Note 1 – Nature of Operations and Basis of Presentation”. Assets and related depreciation expense in the row labeled “Eliminations and Other” pertain to capital assets maintained at the corporate level. Eliminations and other” includes eliminations for inter-segment sales and insignificant sales outside of reportable segments. Segment loss from operations in the “Eliminations and other” column contains corporate related expenses not allocable to the operating segments. Interest expense and Taxes on income are not included in the information utilized by the chief operating decision makers to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below.

Sales to customers outside the United States were $48,431, $24,706, and $7,670 for the years ended December 31, 2024, 2023, and 2022, or 6.2%, 2.8%, and 0.7%, respectively, of sales for those years. Substantially all of our long-lived assets are located in the United States.

Sales and other financial information by business segment are as follows:

Year Ended December 31, 2024

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	367,338	$	-	$	367,338
Motorhome chassis sales		-		75,895		75,895
Other specialty vehicles sales		-		243,117		243,117
Aftermarket parts and accessories sales		66,855		28,876		95,731
Segment sales	$	434,193	$	347,888		782,081
Eliminations and other						4,095
Total consolidated sales					$	786,176

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	7,157	$	7,707	$	5,388	$	20,252
Segment assets	$	201,544	$	274,377	$	92,827	$	568,748
Capital expenditures	$	1,843	$	1,890	$	5,490	$	9,223

The reconciliation of the significant segment expenses to Adjusted EBITDA by business segment is as follows:

Year Ended December 31, 2024

	Segment
	FVS			SV
Sales	$	434,193		$	347,888
Cost of products sold		(374,014	)		(245,662	)
Research and development		(1,682	)		(1,545	)
Selling, general and administrative		(28,988	)		(36,133	)
Other segment items¹		1,679			2,742
Adjusted EBITDA	$	31,188		$	67,290

¹ Other segment items include interest and other income, management fees, depreciation and amortization, restructuring and other related charges, non-cash stock-based compensation expense and loss from write-off of assets.

The reconciliation of total Segment Adjusted EBITDA to income (loss) before income taxes as follows:

Year Ended December 31, 2024

Total Segment Adjusted EBITDA	$	98,478
Unallocated corporate expenses		(49,630	)
Interest expense		(8,540	)
Depreciation and amortization		(20,252	)
Restructuring and other related charges		(1,324	)
Transaction related expenses and adjustments		(10,154	)
Non-cash stock-based compensation expense		(10,250	)
Loss from write-off of assets		(147	)
Legacy legal matters		(2,000	)
CEO transition		(147	)
Gains from insurance settlement		1,737
Income (loss) before income taxes	$	(2,229	)

Year Ended December 31, 2023

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	487,072	$	-	$	487,072
Motorhome chassis sales		-		104,882		104,882
Other specialty vehicles sales		-		209,434		209,434
Aftermarket parts and accessories sales		54,566		20,427		74,993
Segment sales	$	541,638	$	334,743		876,381
Eliminations and other						(4,183	)
Total consolidated sales					$	872,198

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	6,552	$	6,720	$	3,681	$	16,953
Segment assets	$	241,546	$	213,509	$	74,994	$	530,049
Capital expenditures	$	5,065	$	2,567	$	17,844	$	25,476

The reconciliation of the significant segment expenses to Adjusted EBITDA by business segment is as follows:

Year Ended December 31, 2023

	Segment
	FVS				SV
Sales	$	541,638		$	334,743
Cost of products sold		(482,899	)		(241,429	)
Research and development		(1,787	)		(1,737	)
Selling, general and administrative		(24,729	)		(30,304	)
Other segment items¹		(1,897	)		4,913
Adjusted EBITDA	$	30,326		$	66,186

The reconciliation of total Segment Adjusted EBITDA to income before income taxes as follows:

Year Ended December 31, 2023

Total Segment Adjusted EBITDA	$	96,512
Unallocated corporate expenses		(56,544	)
Net loss attributable to non-controlling interest		(32	)
Interest expense		(6,527	)
Depreciation and amortization		(16,953	)
Restructuring and other related charges		(1,741	)
Transaction related expenses and adjustments		(440	)
Non-cash stock-based compensation expense		(7,834	)
Loss from write-off of assets		(1,872	)
Legacy legal matters		(956	)
Non-recurring professional fees		(288	)
CEO transition		(2,629	)
Income before income taxes	$	696

Year Ended December 31, 2022

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	605,253	$	-	$	605,253
Motorhome chassis sales		-		175,030		175,030
Other specialty vehicles sales		-		191,882		191,882
Aftermarket parts and accessories sales		41,750		19,732		61,482
Segment sales	$	647,003	$	386,644		1,033,647
Eliminations and other						(6,483	)
Total consolidated sales					$	1,027,164

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	4,555	$	7,011	$	3,208	$	14,774
Segment assets	$	308,357	$	220,768	$	51,356	$	580,481
Capital expenditures	$	13,381	$	1,268	$	6,893	$	21,542

The reconciliation of the significant segment expenses to Adjusted EBITDA by business segment is as follows:

Year Ended December 31, 2022

	Segment
	FVS				SV
Sales	$	647,003		$	386,644
Cost of products sold		(550,076	)		(303,138	)
Research and development		(3,310	)		(1,596	)
Selling, general and administrative		(22,810	)		(31,040	)
Other segment items¹		(5,087	)		3,544
Adjusted EBITDA	$	65,719		$	54,413

¹ Other segment items include interest and other income, management fees, depreciation and amortization, restructuring and other related charges and non-cash stock-based compensation expense.

The reconciliation of total Segment Adjusted EBITDA to income before income taxes as follows:

Year Ended December 31, 2022

Total Segment Adjusted EBITDA	$	120,132
Unallocated corporate expenses		(49,339	)
Interest expense		(2,833	)
Depreciation and amortization		(14,774	)
Restructuring and other related charges		(757	)
Transaction related expenses and adjustments		(884	)
Non-cash stock-based compensation expense		(7,619	)
Income before income taxes	$	43,926

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 14 - Shareholders Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Common Stock Repurchased and Retired [Table Text Block]

Year Ended

December 31,

purchased

(000)

Purchase

value

Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Plans or Programs

2024

223,019

2023

1,022

19,083

223,019

Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Expense	$ 12,277	$ 12,673	$ 10,603
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	15 years
Lessee, Operating Lease, Renewal Term (Year)	15 years

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contract assets, beginning of year	$ 50,305	$ 86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(50,193)	(86,627)
Contract assets recognized, net of reclassification to receivables	40,784	49,939
Contract assets, end of year	40,896	50,305
Contract liabilities, beginning of year	4,756	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(4,602)	(5,182)
Cash received in advance and not recognized as revenue	3,399	4,683
Contract liabilities, end of year	$ 3,553	$ 4,756

Note 3 - Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	December 31, 2024			December 31, 2023
Contract Assets
Contract assets, beginning of year	$	50,305		$	86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(50,193	)		(86,627	)
Contract assets recognized, net of reclassification to receivables		40,784			49,939
Contract assets, end of year	$	40,896		$	50,305

Contract Liabilities
Contract liabilities, beginning of year	$	4,756		$	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(4,602	)		(5,182	)
Cash received in advance and not recognized as revenue		3,399			4,683
Contract liabilities, end of year	$	3,553		$	4,756

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2024
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	386,671	$	346,979	$	733,650	$	4,095		$	737,745
Other		47,522		909		48,431		-			48,431
Total sales	$	434,193	$	347,888	$	782,081	$	4,095		$	786,176

Timing of revenue recognition
Products transferred at a point in time	$	66,855	$	130,001	$	196,856	$	4,268		$	201,124
Products and services transferred over time		367,338		217,887		585,225		(173	)		585,052
Total sales	$	434,193	$	347,888	$	782,081	$	4,095		$	786,176

	Year Ended December 31, 2023
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	517,116	$	334,559	$	851,675	$	(4,183	)	$	847,492
Other		24,522		184		24,706		-			24,706
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

Timing of revenue recognition
Products transferred at a point in time	$	54,566	$	147,766	$	202,332	$	467		$	202,799
Products and services transferred over time		487,072		186,977		674,049		(4,650	)		669,399
Total sales	$	541,638	$	334,743	$	876,381	$	(4,183	)	$	872,198

	Year Ended December 31, 2022
	FVS		SV		Total Reportable Segments		Eliminations and Other			Total
Primary geographical markets
United States	$	639,441	$	386,536	$	1,025,977	$	(6,483	)	$	1,019,494
Other		7,562		108		7,670		-			7,670
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

Timing of revenue recognition
Products transferred at a point in time	$	41,750	$	208,645	$	250,395	$	-		$	250,395
Products and services transferred over time		605,253		177,999		783,252		(6,483	)		776,769
Total sales	$	647,003	$	386,644	$	1,033,647	$	(6,483	)	$	1,027,164

Note 9 - Transactions with Major Customers (Tables)

12 Months Ended

Dec. 31, 2024

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Year		Number of major customers				Combined percentage of consolidated sales				Segment
2022			2				25.4	%		FVS and SV

Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance at Beginning of Period	$ 276	$ 246	$ 187
Additions Charged to Costs and Expenses	453	159	240
Additions Charged to Other Accounts	0	0	0
Deductions	(196)	(129)	(181)
Balance at End of Period	$ 533	$ 276	$ 246

Note 1 - Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2024

Business Description and Accounting Policies [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

As used herein, the term “Company”, “we”, “us” or “our” refers to The Shyft Group, Inc. and its subsidiaries unless designated or identified otherwise.

Nature of Operations

We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, service and vocational truck bodies, luxury Class A diesel motorhome chassis and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture as well as truck accessories.

The Aebi Schmidt Transaction

On December 16, 2024, we entered into that certain Agreement and Plan of Merger, dated as of December 16, 2024 (the “Merger Agreement”), by and among the Company, Aebi Schmidt Holding AG, a Switzerland Aktiengesellschaft (“Aebi Schmidt”), ASH US Group, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Aebi Schmidt (“Holdco”), and Badger Merger Sub, Inc., a Michigan corporation and direct, wholly owned subsidiary of Holdco (“Merger Sub”), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”, and the time at which the Merger is effective, the “Effective Time”), with the Company surviving the Merger as a direct, wholly owned subsidiary of Holdco and as an indirect, wholly owned subsidiary of Aebi Schmidt (the transactions contemplated by the Merger Agreement, the “Transactions”).

At the Effective Time, each share of our common stock issued and outstanding as of immediately prior to the Effective Time (other than any shares of our common stock that are held as of immediately prior to the Effective Time by Holdco, Aebi Schmidt, Merger Sub or any of their respective subsidiaries) will automatically be converted into the right to receive 1.040166432 fully paid and nonassessable shares of common stock, par value $1.00 per share, of Aebi Schmidt (“Aebi Schmidt Common Stock”), on the terms and subject to the conditions set forth in the Merger Agreement.

Following the closing of the Transactions (the “Closing”), the holders of shares of our common stock as of immediately prior to the Effective Time will own approximately 48% of the issued and outstanding shares of Aebi Schmidt Common Stock and the holders of shares of Aebi Schmidt Common Stock as of immediately prior to the Effective Time will own approximately 52% of the issued and outstanding shares of Aebi Schmidt Common Stock.

As of immediately following the Effective Time, the board of directors of Aebi Schmidt (the “Aebi Schmidt Board”) will be composed of eleven members, six of whom will be designated by Aebi Schmidt and five of whom will be designated by the Company. James A. Sharman, the Chairman of our Board of Directors as of immediately prior to the Effective Time, will serve as the Chairman of the Aebi Schmidt Board following the Effective Time. The Merger Agreement includes a covenant requiring the Company and Aebi Schmidt to cooperate in good faith until the Closing to agree on a new name and ticker symbol for Aebi Schmidt.

The Closing is is expected to occur in mid-2025, subject to certain closing conditions, including, among others, (a) the affirmative vote of the holders of a majority of the outstanding shares of our common stock, (b) the approval by a two-thirds majority of the shares of Aebi Schmidt Common Stock represented at an extraordinary meeting of the shareholders of Aebi Schmidt of the Transactions and debt financing, (c) the expiration or termination of any waiting periods (or any extension thereof) applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and (d) the receipt of certain required regulatory consents, approvals, non-disapprovals and other authorizations under certain applicable antitrust and foreign direct investment laws and regulations specified in the Merger Agreement. The obligation of the Company to consummate the Closing is further conditioned on Aebi Schmidt obtaining debt financing substantially concurrently with the Closing.

Principles of Consolidation

The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated.

Non-Controlling Interest. In the fourth quarter of 2023, the liquidation of the Spartan-Gimaex joint venture was completed. At December 31, 2022, The Shyft Group USA, Inc. held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, The Shyft Group USA, Inc. was considered to have had the ability to control the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex was reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture was not active and the liquidation was substantially complete.

Use of Estimates. In the preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, impairment assessments of tangible and intangible assets, and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may have a material impact on the financial statements.

Revenue Recognition. Essentially all of our revenue is generated through contracts with our customers. We may recognize revenue over time or at a point in time when or as obligations under the terms of a contract with our customer are satisfied, depending on the terms and features of the contract and the products supplied. Our contracts generally do not have any significant variable consideration. The collectability of consideration on the contract is reasonably assured before revenue is recognized. On certain vehicles, payment may be received in advance of us satisfying our performance obligations. Such payments are recorded in Contract liabilities on the Consolidated Balance Sheets. The corresponding performance obligations are generally satisfied within one year of the contract inception. In such cases, we have elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. The financing impact on contracts that contain performance obligations that are not expected to be satisfied within one year are expected to be immaterial to our consolidated financial statements.

We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one year or less. We use an observable price to allocate the stand-alone selling price to separate performance obligations within a contract or a cost-plus margin approach when an observable price is not available. The estimated costs to fulfill our base warranties are recognized as expense when the products are sold (see “Note 10 – Commitments and Contingent Liabilities” for further information on warranties). Our contracts with customers do not contain a provision for product returns, except for contracts related to certain parts sales.

Revenue for parts sales for all segments is recognized at the time that control has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial.

For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one to six years from the date of the shipment of the related vehicle or chassis. We receive payment with the shipment of the related vehicle or at the inception of the extended service contract, if later, and recognize revenue over the coverage term of the agreement, generally on a straight-line basis, which approximates the pattern of costs expected to be incurred in satisfying the obligations under the contract.

Distinct revenue recognition policies for our segments are as follows:

Fleet Vehicles and Services (“FVS”)

Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized.

Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms.

Specialty Vehicles (“SV”)

We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis and service bodies where we own the chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized.

Revenue for service bodies where the customer owns the chassis, upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms.

Business Combinations. When acquiring other businesses, we recognize identifiable assets acquired and liabilities assumed at their acquisition date estimated fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, is measured as the excess amount of any consideration transferred, which is measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

Accounting for such acquisitions requires us to make significant assumptions and estimates and are adjusted during the measurement period for a period of up to one year after the acquisition date. Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred.

Shipping and Handling of Products. Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales.

Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, cash on deposit, treasuries and money market funds. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts consistent with it reflecting related lifetime expected credit losses, management considers relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets.

Inventories. Inventories are stated at the lower of first-in, first-out cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory, and future demands.

Contract Assets. Contract assets arise upon the transfer of goods or services to a customer before the customer pays consideration. The Company presents the contract as either a contract asset or as a receivable, depending on the nature of the entity’s right to consideration for its performance. Contract assets are a right to consideration in exchange for goods or services that the Company has transferred to a customer, when the right is conditioned on something other than the passage of time.

Property, Plant and Equipment. Property, plant and equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight-line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 years for buildings and improvements, three to 15 years for plant machinery and equipment, three to seven years for furniture and fixtures and three to five years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. We review our property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. See “Note 6 – Property, Plant and Equipment” for further information on our property and equipment.

Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. We review indefinite lived intangible assets annually for impairment by comparing the carrying value of those assets to their fair value.

Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.

We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to a quantitative impairment test.

If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test, whereby we compare the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, we consider current and projected future levels of income based on our plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, up to the carrying value of the goodwill.

We evaluate the recoverability of our indefinite lived intangible assets by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for those branded products, business trends, prospects and market and economic conditions.

Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 5 – Goodwill and Intangible Assets” for further details on our goodwill and other intangible assets.

Warranties. Our policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring our obligations under the warranty agreements. Expense related to warranty liabilities accrued for product sales, as well as adjustments to pre-existing warranty liabilities, are reflected within Cost of products sold on our Consolidated Statements of Operations. Our estimates are based on historical experience, the number of units involved, and the extent of features and components included in product models. See “Note 10 – Commitments and Contingent Liabilities” for further information regarding warranties.

Contract Liabilities. We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Sales associated with these deposits are recognized over time based on the inputs completed for a given performance obligation during the reporting period or deferred and recognized upon shipment of the related product to the customer depending on the terms of the contract.

Research and Development. Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred.

Taxes on Income. We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax returns, but not both.

We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals.

Interest and penalties attributable to income taxes are recorded as a component of income taxes. See “Note 8 – Taxes on Income” for further details on our income taxes.

Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations. See “Note 13– Stock-Based Compensation” and “Note 15 – Earnings Per Share” for further details.

Stock-Based Compensation. Stock based compensation cost for equity-based awards is measured on the grant date based on the estimated fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of restricted stock awards, restricted stock units and performance stock units subject to a performance condition is based upon the quoted market price of the common stock on the date of grant. Fair value of performance stock units subject to a market condition is calculated using the Monte Carlo simulation model. Our stock-based compensation plans are described in more detail in “Note 13 – Stock Based Compensation”.

Fair Value. We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2024 and 2023 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates.

Segment Reporting. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. More detailed information about our reportable segments can be found in “Note 16 – Business Segments”.

Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $8,011, $5,620 and $2,176 for 2024, 2023, and 2022. Cash paid for income taxes, net of refunds, was $5,071, $5,585 and $1,319 for 2024, 2023, and 2022. Non-cash investing included $1,151 of capital expenditures in 2024, $5,585 in 2023, and $2,489 in 2022. The Company has Chassis Pool Agreements, where it participates in a chassis converter pool that is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See “Note 12 – Debt” for further information about the Chassis Pool Agreements. On July 24, 2024, the Company acquired 100% of the outstanding membership interests of ITU Holdings, Inc. and its subsidiary Independent Truck Upfitters, LLC, which included non-cash consideration for 2024 of up to an additional $8,000 earn-out amount subject to meeting certain performance criteria within the first two years after the acquisition. In 2024, non-cash financing included $3,257 of taxes withheld associated with the vesting of stock incentive awards.

Recently Adopted Accounting Standards. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 as of December 31, 2024 and applied the amendments retrospectively to all prior periods presented in the financial statements.

Recently issued accounting pronouncements not yet adopted. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.

Note 16 - Business Segments - Segment Reporting Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

$ 786,176

$ 872,198

$ 1,027,164

20,252

16,953

14,774

568,748

530,049

580,481

Selling, general and administrative

9,223

25,476

21,542

Cost of products sold

(628,986)

(721,840)

(846,731)

Research and development

(16,319)

(25,185)

(25,324)

(136,764)

(118,420)

(107,600)

Operating Segments [Member]

782,081

876,381

1,033,647

Operating Segments [Member] | Fleet Vehicle Sales [Member]

98,478

96,512

120,132

Operating Segments [Member] | Motorhome Chassis [Member]

367,338

487,072

605,253

Operating Segments [Member] | Other Specialty Vehicles [Member]

75,895

104,882

175,030

Operating Segments [Member] | Aftermarket Parts and Accessories Sales [Member]

243,117

209,434

191,882

Operating Segments [Member] | Fleet Vehicles and Services [Member]

95,731

74,993

61,482

434,193

541,638

647,003

7,157

6,552

4,555

201,544

241,546

308,357

Selling, general and administrative

1,843

5,065

13,381

Cost of products sold

(374,014)

(482,899)

(550,076)

Research and development

(1,682)

(1,787)

(3,310)

(28,988)

(24,729)

(22,810)

Other segment items

^[1]

1,679

(1,897)

(5,087)

Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member]

31,188

30,326

65,719

Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member]

367,338

487,072

605,253

Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member]

Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member]

Operating Segments [Member] | Specialty Vehicles [Member]

66,855

54,566

41,750

347,888

334,743

386,644

7,707

6,720

7,011

274,377

213,509

220,768

Selling, general and administrative

1,890

2,567

1,268

Cost of products sold

(245,662)

(241,429)

(303,138)

Research and development

(1,545)

(1,737)

(1,596)

(36,133)

(30,304)

(31,040)

Other segment items

^[1]

2,742

4,913

3,544

Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member]

67,290

66,186

54,413

Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member]

Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member]

75,895

104,882

175,030

Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member]

243,117

209,434

191,882

Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]

28,876

20,427

19,732

4,095

(4,183)

(6,483)

5,388

3,681

3,208

92,827

74,994

51,356

5,490

17,844

6,893

$ (49,630)

$ (56,544)

$ (49,339)

[1]	Other segment items include interest and other income, management fees, depreciation and amortization, restructuring and other related charges, non-cash stock-based compensation expense and loss from write-off of assets.

Note 7 - Leases (Tables)

12 Months Ended

Dec. 31, 2024

Lease, Cost [Table Text Block]

	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Operating leases	$	10,921	$	11,388	$	10,302
Short-term leases (1)		1,356		1,285		301
Total lease expense	$	12,277	$	12,673	$	10,603

Year ended

December 31,

2024

Year ended

December 31,

2023

Weighted average remaining lease term of operating leases (in years)

7.0

7.2

Weighted average discount rate of operating leases

3.3

2.9

	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	11,632	$	11,041	$	9,500

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	5,583	$	7,025	$	19,159
Finance leases	$	444	$	95	$	304

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Years ending December 31:
2025		10,924
2026		9,013
2027		6,323
2028		4,675
2029		4,087
Thereafter		13,204
Total lease payments		48,226
Less: imputed interest		(5,393	)
Total lease liabilities	$	42,833

Note 10 - Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Text Block]

NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES

At December 31, 2024, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our businesses. In the opinion of management, our financial position, future operating results or cash flows will not be materially affected by the final outcome of these legal proceedings.

Warranty Related

We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles.

Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. An estimate of possible penalty or loss, if any, cannot be made at this time.

Changes in our warranty liability during the years ended December 31, 2024 and 2023 were as follows:

	2024			2023
Balance of accrued warranty, beginning of year	$	7,231		$	7,161
Accruals for warranties issued		3,590			5,882
Changes in liability for pre-existing warranties		1,260			(1,309	)
Cash settlements		(4,488	)		(4,503	)
Acquisition		60			-
Balance of accrued warranty, end of year	$	7,653		$	7,231

Legal Proceedings Relating to Environmental Matters

As previously disclosed, in May 2020, the Company received an information request from the United States Environmental Protection Agency (“EPA”) requesting certain information regarding emissions labels on chassis, vocational vehicles, and vehicles that the Company manufactured or imported into the U.S. between January 1, 2017 to the date the Company received the request in May 2020. The Company responded to the EPA’s request and furnished the requested materials in the third quarter of 2020.

On April 6, 2022, the Company received a Notice of Violation from the EPA alleging a failure to secure certain certifications on manufactured chassis and a failure to comply with recordkeeping and reporting requirements related to supplier-provided chassis.

On September 27, 2024, the Company received the final approval from the EPA to settle this matter for $2,000. We paid the settlement in full in October of 2024.

Note 11 - Defined Contribution Plans

12 Months Ended

Dec. 31, 2024

Compensation and Employee Benefit Plans [Text Block]

NOTE 11 – DEFINED CONTRIBUTION PLANS

We sponsor defined contribution retirement plans which cover all employees who meet length of service and minimum age requirements. Our matching contributions vest over five years and were $3,558, $3,631, and $3,291 in 2024, 2023, and 2022, respectively. These amounts are expensed as incurred.

Note 12 - Debt (Details Textual) - USD ($) $ in Thousands		12 Months Ended
Note 12 - Debt (Details Textual) - USD ($) $ in Thousands	Mar. 27, 2024	Dec. 31, 2024	Dec. 31, 2023
Short-Term Debt		$ 37,032	$ 34,496
Letters of Credit Outstanding, Amount		$ 1,900	1,550
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000		400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		6.20%
Line of Credit Facility, Current Borrowing Capacity		$ 77,950	83,243
Lenders [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] \| Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%	1.75%
Lenders [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000
Lenders [Member] \| Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000
Chassis Pool Agreements [Member]
Short-Term Debt		$ 37,032	$ 34,496

Note 10 - Commitments and Contingent Liabilities (Details Textual) $ in Millions	Sep. 27, 2024 USD ($)
Possible EPA Violation [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 2

Note 11 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Company Matching Contributions Vesting Period (Year)	5 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 3,558	$ 3,631	$ 3,291

Note 14 - Shareholders Equity

12 Months Ended

Dec. 31, 2024

Equity [Text Block]

NOTE 14 – SHAREHOLDERS EQUITY

On February 17, 2022, we announced that our Board of Directors had authorized the repurchase of up to $250.0 million of our common stock. The repurchase authorization does not have an expiration date although we are currently restricted from repurchasing our common stock under the terms of the Merger Agreement.

The following table represents our purchases of our common stock during the year ended December 31, 2024 and 2023 under the share repurchase program.

Year Ended

December 31,

purchased

(000)

Purchase

value

Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Plans or Programs

2024

223,019

2023

1,022

19,083

223,019

The entire disclosure for equity.

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Note 7 - Leases

12 Months Ended

Dec. 31, 2024

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 7 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to 15 years. Our leases do not contain residual value guarantees. As of December 31, 2024 and 2023, assets recorded under finance leases were immaterial (See “Note 12 – Debt”). Lease expense totaled $12,277, $12,673 and $10,603 for the years ended December 31, 2024, 2023 and 2022, respectively.

Operating lease expenses are classified as cost of products sold and operating expenses on the Consolidated Statements of Operations. The components of lease expense were as follows:

	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Operating leases	$	10,921	$	11,388	$	10,302
Short-term leases (1)		1,356		1,285		301
Total lease expense	$	12,277	$	12,673	$	10,603

(1) Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

The weighted average remaining lease term and weighted average discount rate were as follows:

Year ended

December 31,

2024

Year ended

December 31,

2023

Weighted average remaining lease term of operating leases (in years)

7.0

7.2

Weighted average discount rate of operating leases

3.3

2.9

Supplemental cash flow information related to leases was as follows:

	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	11,632	$	11,041	$	9,500

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	5,583	$	7,025	$	19,159
Finance leases	$	444	$	95	$	304

Maturities of operating lease liabilities as of December 31, 2024 are as follows:

Years ending December 31:
2025		10,924
2026		9,013
2027		6,323
2028		4,675
2029		4,087
Thereafter		13,204
Total lease payments		48,226
Less: imputed interest		(5,393	)
Total lease liabilities	$	42,833

Note 15 - Earnings Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic weighted average common shares outstanding (in shares)	34,427	34,721	35,073
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares)	0	140	421
Diluted weighted average common shares outstanding (in shares)	34,427	34,861	35,494

Note 3 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 786,176	$ 872,198	$ 1,027,164
Transferred at Point in Time [Member]
Revenues	201,124	202,799	250,395
Transferred over Time [Member]
Revenues	585,052	669,399	776,769
Operating Segments [Member]
Revenues	782,081	876,381	1,033,647
Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	196,856	202,332	250,395
Operating Segments [Member] \| Transferred over Time [Member]
Revenues	585,225	674,049	783,252
Consolidation, Eliminations [Member]
Revenues	4,095	(4,183)	(6,483)
Consolidation, Eliminations [Member] \| Transferred at Point in Time [Member]
Revenues	4,268	467	0
Consolidation, Eliminations [Member] \| Transferred over Time [Member]
Revenues	(173)	(4,650)	(6,483)
Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	434,193	541,638	647,003
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	66,855	54,566	41,750
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	367,338	487,072	605,253
Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	347,888	334,743	386,644
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	130,001	147,766	208,645
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	217,887	186,977	177,999
UNITED STATES
Revenues	737,745	847,492	1,019,494
UNITED STATES \| Operating Segments [Member]
Revenues	733,650	851,675	1,025,977
UNITED STATES \| Consolidation, Eliminations [Member]
Revenues	4,095	(4,183)	(6,483)
UNITED STATES \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	386,671	517,116	639,441
UNITED STATES \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	346,979	334,559	386,536
Non-US [Member]
Revenues	48,431	24,706	7,670
Non-US [Member] \| Operating Segments [Member]
Revenues	48,431	24,706	7,670
Non-US [Member] \| Consolidation, Eliminations [Member]
Revenues	0	0	0
Non-US [Member] \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	47,522	24,522	7,562
Non-US [Member] \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	$ 909	$ 184	$ 108

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 13 - Stock Based Compensation - PSU and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance Shares [Member]
Balance, non-vested shares outstanding (in shares)	443,000	375,000	483,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 30.99	$ 29.31	$ 19.33
Granted (in shares)	342,334	294,191	124,427
Granted, weighted average grant date fair value (in dollars per share)	$ 15.03	$ 23.86	$ 40.49
Vested (in shares)	(67,000)	(187,000)	(194,000)
Vested, weighted average grant date fair value (in dollars per share)	$ 47.84	$ 20.89	$ 11.82
Forfeited (in shares)	(178,000)	(39,000)	(38,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 24.15	$ 36.89	$ 28.27
Balance, non-vested shares outstanding (in shares)	540,000	443,000	375,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 18.06	$ 30.99	$ 29.31
Restricted Stock Units (RSUs) [Member]
Balance, non-vested shares outstanding (in shares)	385,000	307,000	201,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 21.05	$ 28.38	$ 24.51
Granted (in shares)	552,644	273,904	241,217
Granted, weighted average grant date fair value (in dollars per share)	$ 12.45	$ 19.38	$ 29.58
Vested (in shares)	(309,000)	(154,000)	(105,000)
Vested, weighted average grant date fair value (in dollars per share)	$ 21.48	$ 25.53	$ 22.15
Forfeited (in shares)	(103,000)	(42,000)	(30,000)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 16.18	$ 28.47	$ 32.96
Balance, non-vested shares outstanding (in shares)	526,000	385,000	307,000
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share)	$ 14.35	$ 21.05	$ 28.38

Note 5 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill, beginning of year	$ 48,880	$ 48,880
Acquisition and measurement period adjustments	15,214	0
Goodwill, end of year	64,094	48,880
Fleet Vehicles and Services [Member]
Goodwill, beginning of year	15,323	15,323
Acquisition and measurement period adjustments	0	0
Goodwill, end of year	15,323	15,323
Specialty Vehicles [Member]
Goodwill, beginning of year	33,557	33,557
Acquisition and measurement period adjustments	15,214	0
Goodwill, end of year	$ 48,771	$ 33,557

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Note 6 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized by major classifications as follows:

	December 31,
	2024			2023
Land and improvements	$	14,007		$	12,578
Buildings and improvements		57,539			53,789
Plant machinery and equipment		70,840			60,517
Furniture and fixtures		19,500			19,474
Vehicles		2,249			2,015
Construction in process		1,960			10,570
Subtotal		166,095			158,943
Less accumulated depreciation		(85,028	)		(75,506	)
Total property, plant and equipment, net	$	81,067		$	83,437

We recorded depreciation expense of $15,397, $13,143, and $10,871 during 2024, 2023, and 2022, respectively. There were no capitalized interest costs in 2024, 2023, or 2022.

Note 8 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Federal income taxes at the statutory rate	$ (468)	$ 146	$ 9,224
State tax expense, net of federal income tax benefit	363	509	1,132
Non-deductible compensation	1,021	422	851
Stock based compensation	1,265	(82)	(819)
Foreign-derived intangible income deduction	(492)	(515)	0
EPA settlement	422	0	0
Unrecognized tax benefit adjustment	400	(2,234)	0
Federal research and development tax credit	(1,898)	(3,645)	(2,681)
Other	(47)	(369)	(339)
Total taxes (benefit) on income	$ 566	$ (5,768)	$ 7,368

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

APPENDIX A

SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
THE SHYFT GROUP, INC. AND SUBSIDIARIES

Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions			Balance at End of Period
Year ended December 31, 2024:
Allowance for doubtful accounts	$	276	$	453	$	-	$	(196	)	$	533

Year ended December 31, 2023:
Allowance for doubtful accounts	$	246	$	159	$	-	$	(129	)	$	276

Year ended December 31, 2022:
Allowance for doubtful accounts	$	187	$	240	$	-	$	(181	)	$	246

Note 14 - Shareholders Equity (Details Textual) $ in Millions	Feb. 17, 2022 USD ($)
The 2022 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount	$ 250

Note 8 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance, beginning of year	$ 4,664	$ 5,748	$ 5,247
Increase (decrease) related to prior year tax positions	471	362
Increase (decrease) related to prior year tax positions			(139)
Increase related to current year tax positions	203	679	775
Settlement	0	0	(97)
Expiration of statute	(91)	(2,125)	(38)
Balance at beginning of year	$ 5,247	$ 4,664	$ 5,748

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Merger Agreement [Policy Text Block]	The Aebi Schmidt Transaction On December 16, 2024, we entered into that certain Agreement and Plan of Merger, dated as of December 16, 2024 (the “Merger Agreement”), by and among the Company, Aebi Schmidt Holding AG, a Switzerland Aktiengesellschaft (“Aebi Schmidt”), ASH US Group, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Aebi Schmidt (“Holdco”), and Badger Merger Sub, Inc., a Michigan corporation and direct, wholly owned subsidiary of Holdco (“Merger Sub”), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”, and the time at which the Merger is effective, the “Effective Time”), with the Company surviving the Merger as a direct, wholly owned subsidiary of Holdco and as an indirect, wholly owned subsidiary of Aebi Schmidt (the transactions contemplated by the Merger Agreement, the “Transactions”). At the Effective Time, each share of our common stock issued and outstanding as of immediately prior to the Effective Time (other than any shares of our common stock that are held as of immediately prior to the Effective Time by Holdco, Aebi Schmidt, Merger Sub or any of their respective subsidiaries) will automatically be converted into the right to receive 1.040166432 fully paid and nonassessable shares of common stock, par value $1.00 per share, of Aebi Schmidt (“Aebi Schmidt Common Stock”), on the terms and subject to the conditions set forth in the Merger Agreement. Following the closing of the Transactions (the “Closing”), the holders of shares of our common stock as of immediately prior to the Effective Time will own approximately 48% of the issued and outstanding shares of Aebi Schmidt Common Stock and the holders of shares of Aebi Schmidt Common Stock as of immediately prior to the Effective Time will own approximately 52% of the issued and outstanding shares of Aebi Schmidt Common Stock. As of immediately following the Effective Time, the board of directors of Aebi Schmidt (the “Aebi Schmidt Board”) will be composed of eleven members, six of whom will be designated by Aebi Schmidt and five of whom will be designated by the Company. James A. Sharman, the Chairman of our Board of Directors as of immediately prior to the Effective Time, will serve as the Chairman of the Aebi Schmidt Board following the Effective Time. The Merger Agreement includes a covenant requiring the Company and Aebi Schmidt to cooperate in good faith until the Closing to agree on a new name and ticker symbol for Aebi Schmidt. The Closing is is expected to occur in mid-2025, subject to certain closing conditions, including, among others, (a) the affirmative vote of the holders of a majority of the outstanding shares of our common stock, (b) the approval by a two-thirds majority of the shares of Aebi Schmidt Common Stock represented at an extraordinary meeting of the shareholders of Aebi Schmidt of the Transactions and debt financing, (c) the expiration or termination of any waiting periods (or any extension thereof) applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and (d) the receipt of certain required regulatory consents, approvals, non-disapprovals and other authorizations under certain applicable antitrust and foreign direct investment laws and regulations specified in the Merger Agreement. The obligation of the Company to consummate the Closing is further conditioned on Aebi Schmidt obtaining debt financing substantially concurrently with the Closing.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Non-Controlling Interest. In the fourth quarter of 2023, the liquidation of the Spartan-Gimaex joint venture was completed. At December 31, 2022, The Shyft Group USA, Inc. held a 50% share in Spartan-Gimaex, however, due to the management and operational structure of the joint venture, The Shyft Group USA, Inc. was considered to have had the ability to control the operations of Spartan-Gimaex. Accordingly, Spartan-Gimaex was reported as a consolidated subsidiary of The Shyft Group, Inc. The joint venture was not active and the liquidation was substantially complete.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates. In the preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”), management uses estimates and makes judgments and assumptions that affect asset and liability values and the amounts reported as income and expense during the periods presented. Certain of these estimates, judgments and assumptions, such as the allowance for credit losses, warranty expenses, impairment assessments of tangible and intangible assets, and the provision for income taxes, are particularly sensitive. If actual results are different from estimates used by management, they may have a material impact on the financial statements.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition. Essentially all of our revenue is generated through contracts with our customers. We may recognize revenue over time or at a point in time when or as obligations under the terms of a contract with our customer are satisfied, depending on the terms and features of the contract and the products supplied. Our contracts generally do not have any significant variable consideration. The collectability of consideration on the contract is reasonably assured before revenue is recognized. On certain vehicles, payment may be received in advance of us satisfying our performance obligations. Such payments are recorded in Contract liabilities on the Consolidated Balance Sheets. The corresponding performance obligations are generally satisfied within one year of the contract inception. In such cases, we have elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. The financing impact on contracts that contain performance obligations that are not expected to be satisfied within one year are expected to be immaterial to our consolidated financial statements. We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one year or less. We use an observable price to allocate the stand-alone selling price to separate performance obligations within a contract or a cost-plus margin approach when an observable price is not available. The estimated costs to fulfill our base warranties are recognized as expense when the products are sold (see “Note 10 – Commitments and Contingent Liabilities” for further information on warranties). Our contracts with customers do not contain a provision for product returns, except for contracts related to certain parts sales. Revenue for parts sales for all segments is recognized at the time that control has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one to six years from the date of the shipment of the related vehicle or chassis. We receive payment with the shipment of the related vehicle or at the inception of the extended service contract, if later, and recognize revenue over the coverage term of the agreement, generally on a straight-line basis, which approximates the pattern of costs expected to be incurred in satisfying the obligations under the contract. Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services (“FVS”) Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms. Specialty Vehicles (“SV”) We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis and service bodies where we own the chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for service bodies where the customer owns the chassis, upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three months, in accordance with our underlying payment terms.
Business Combinations Policy [Policy Text Block]	Business Combinations. When acquiring other businesses, we recognize identifiable assets acquired and liabilities assumed at their acquisition date estimated fair values, and separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, is measured as the excess amount of any consideration transferred, which is measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. Accounting for such acquisitions requires us to make significant assumptions and estimates and are adjusted during the measurement period for a period of up to one year after the acquisition date. Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred.
Shipping and Handling of Products [Policy Text Block]	Shipping and Handling of Products. Costs incurred related to the shipment and handling of products are classified in cost of products sold. Amounts billed to customers for shipping and handling of products are included in sales.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, cash on deposit, treasuries and money market funds. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Accounts Receivable [Policy Text Block]	Accounts Receivable. Our receivables are subject to credit risk, and we do not typically require collateral on our accounts receivable. We perform periodic credit evaluations of our customers’ financial condition and generally require a security interest in the products sold. Receivables generally are due within 30 to 60 days. We maintain an allowance for customer accounts that reduces receivables to amounts that are expected to be collected. In estimating the allowance for doubtful accounts consistent with it reflecting related lifetime expected credit losses, management considers relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets.
Inventory, Policy [Policy Text Block]	Inventories. Inventories are stated at the lower of first-in, first-out cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell and considers our current assessment of general market and economic conditions, slow-moving inventory, and future demands.
Contract Assets, Policy [Policy Text Block]	Contract Assets. Contract assets arise upon the transfer of goods or services to a customer before the customer pays consideration. The Company presents the contract as either a contract asset or as a receivable, depending on the nature of the entity’s right to consideration for its performance. Contract assets are a right to consideration in exchange for goods or services that the Company has transferred to a customer, when the right is conditioned on something other than the passage of time.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment. Property, plant and equipment is stated at cost and the related assets are depreciated over their estimated useful lives on a straight-line basis for financial statement purposes and an accelerated method for income tax purposes. Cost includes an amount of interest associated with significant capital projects. Estimated useful lives range from 20 years for buildings and improvements, three to 15 years for plant machinery and equipment, three to seven years for furniture and fixtures and three to five years for vehicles. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the asset. Maintenance and repair costs are charged to earnings, while expenditures that increase asset lives are capitalized. We review our property, plant and equipment, along with all other long-lived assets that have finite lives, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. See “Note 6 – Property, Plant and Equipment” for further information on our property and equipment.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to impairment tests on an annual basis, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill is allocated to the reporting unit from which it was created. A reporting unit is an operating segment or sub-segment to which goodwill is assigned when initially recorded. We review indefinite lived intangible assets annually for impairment by comparing the carrying value of those assets to their fair value. Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 and monitor for interim triggering events on an ongoing basis. For goodwill we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Under authoritative guidance, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We have the option to bypass the qualitative assessment and proceed to a quantitative impairment test. If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test, whereby we compare the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined by estimating the future cash flows of the reporting unit to which the goodwill relates, and then discounting the future cash flows at a market-participant-derived weighted-average cost of capital (“WACC”). In determining the estimated future cash flows, we consider current and projected future levels of income based on our plans for that business; business trends, prospects and market and economic conditions; and market-participant considerations. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered to not be impaired. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, up to the carrying value of the goodwill. We evaluate the recoverability of our indefinite lived intangible assets by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for those branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 5 – Goodwill and Intangible Assets” for further details on our goodwill and other intangible assets.
Standard Product Warranty, Policy [Policy Text Block]	Warranties. Our policy is to record a provision for the estimated cost of warranty-related claims at the time of the sale, and periodically adjust the warranty liability to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring our obligations under the warranty agreements. Expense related to warranty liabilities accrued for product sales, as well as adjustments to pre-existing warranty liabilities, are reflected within Cost of products sold on our Consolidated Statements of Operations. Our estimates are based on historical experience, the number of units involved, and the extent of features and components included in product models. See “Note 10 – Commitments and Contingent Liabilities” for further information regarding warranties.
Deposits from Customers [Policy Text Block]	Contract Liabilities. We sometimes receive advance payments from customers for product orders and record these amounts as liabilities. We accept such deposits when presented by customers seeking improved pricing in connection with orders that are placed for products to be manufactured and sold at a future date. Sales associated with these deposits are recognized over time based on the inputs completed for a given performance obligation during the reporting period or deferred and recognized upon shipment of the related product to the customer depending on the terms of the contract.
Research and Development Expense, Policy [Policy Text Block]	Research and Development. Our research and development costs, which consist of compensation costs, travel and entertainment, administrative expenses and new product development among other items, are expensed as incurred.
Income Tax, Policy [Policy Text Block]	Taxes on Income. We recognize deferred income tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax returns, but not both. We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, we consider the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. Although we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different than what is reflected in the historical income tax provisions and accruals. Interest and penalties attributable to income taxes are recorded as a component of income taxes. See “Note 8 – Taxes on Income” for further details on our income taxes.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share. Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations. See “Note 13– Stock-Based Compensation” and “Note 15 – Earnings Per Share” for further details.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation. Stock based compensation cost for equity-based awards is measured on the grant date based on the estimated fair value of the award at that date, and is recognized over the requisite service period, net of estimated forfeitures. Fair value of restricted stock awards, restricted stock units and performance stock units subject to a performance condition is based upon the quoted market price of the common stock on the date of grant. Fair value of performance stock units subject to a market condition is calculated using the Monte Carlo simulation model. Our stock-based compensation plans are described in more detail in “Note 13 – Stock Based Compensation”.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value. We are required to disclose the estimated fair value of our financial instruments. The carrying value at December 31, 2024 and 2023 of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The carrying value of variable rate debt instruments approximate their fair value based on their relative terms and market rates.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting. We identify our reportable segments based on our management structure and the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. More detailed information about our reportable segments can be found in “Note 16 – Business Segments”.
Supplemental Disclosures of Cash Flow Policy [Policy Text Block]	Supplemental Disclosures of Cash Flow Information. Cash paid for interest was $8,011, $5,620 and $2,176 for 2024, 2023, and 2022. Cash paid for income taxes, net of refunds, was $5,071, $5,585 and $1,319 for 2024, 2023, and 2022. Non-cash investing included $1,151 of capital expenditures in 2024, $5,585 in 2023, and $2,489 in 2022. The Company has Chassis Pool Agreements, where it participates in a chassis converter pool that is a non-cash arrangement and is offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See “Note 12 – Debt” for further information about the Chassis Pool Agreements. On July 24, 2024, the Company acquired 100% of the outstanding membership interests of ITU Holdings, Inc. and its subsidiary Independent Truck Upfitters, LLC, which included non-cash consideration for 2024 of up to an additional $8,000 earn-out amount subject to meeting certain performance criteria within the first two years after the acquisition. In 2024, non-cash financing included $3,257 of taxes withheld associated with the vesting of stock incentive awards.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted ASU 2023-07 as of December 31, 2024 and applied the amendments retrospectively to all prior periods presented in the financial statements. Recently issued accounting pronouncements not yet adopted. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2024

Valuation Allowances and Reserves [Table Text Block]

Description	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions			Balance at End of Period
Year ended December 31, 2024:
Allowance for doubtful accounts	$	276	$	453	$	-	$	(196	)	$	533

Year ended December 31, 2023:
Allowance for doubtful accounts	$	246	$	159	$	-	$	(129	)	$	276

Year ended December 31, 2022:
Allowance for doubtful accounts	$	187	$	240	$	-	$	(181	)	$	246

Note 16 - Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	367,338	$	-	$	367,338
Motorhome chassis sales		-		75,895		75,895
Other specialty vehicles sales		-		243,117		243,117
Aftermarket parts and accessories sales		66,855		28,876		95,731
Segment sales	$	434,193	$	347,888		782,081
Eliminations and other						4,095
Total consolidated sales					$	786,176

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	7,157	$	7,707	$	5,388	$	20,252
Segment assets	$	201,544	$	274,377	$	92,827	$	568,748
Capital expenditures	$	1,843	$	1,890	$	5,490	$	9,223

	Segment
	FVS			SV
Sales	$	434,193		$	347,888
Cost of products sold		(374,014	)		(245,662	)
Research and development		(1,682	)		(1,545	)
Selling, general and administrative		(28,988	)		(36,133	)
Other segment items¹		1,679			2,742
Adjusted EBITDA	$	31,188		$	67,290

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	487,072	$	-	$	487,072
Motorhome chassis sales		-		104,882		104,882
Other specialty vehicles sales		-		209,434		209,434
Aftermarket parts and accessories sales		54,566		20,427		74,993
Segment sales	$	541,638	$	334,743		876,381
Eliminations and other						(4,183	)
Total consolidated sales					$	872,198

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	6,552	$	6,720	$	3,681	$	16,953
Segment assets	$	241,546	$	213,509	$	74,994	$	530,049
Capital expenditures	$	5,065	$	2,567	$	17,844	$	25,476

	Segment
	FVS				SV
Sales	$	541,638		$	334,743
Cost of products sold		(482,899	)		(241,429	)
Research and development		(1,787	)		(1,737	)
Selling, general and administrative		(24,729	)		(30,304	)
Other segment items¹		(1,897	)		4,913
Adjusted EBITDA	$	30,326		$	66,186

	Segment
	FVS		SV		Total
Fleet vehicles sales	$	605,253	$	-	$	605,253
Motorhome chassis sales		-		175,030		175,030
Other specialty vehicles sales		-		191,882		191,882
Aftermarket parts and accessories sales		41,750		19,732		61,482
Segment sales	$	647,003	$	386,644		1,033,647
Eliminations and other						(6,483	)
Total consolidated sales					$	1,027,164

		Segment
		FVS		SV		Eliminations and Other		Consolidated
Depreciation and amortization expense	$	4,555	$	7,011	$	3,208	$	14,774
Segment assets	$	308,357	$	220,768	$	51,356	$	580,481
Capital expenditures	$	13,381	$	1,268	$	6,893	$	21,542

	Segment
	FVS				SV
Sales	$	647,003		$	386,644
Cost of products sold		(550,076	)		(303,138	)
Research and development		(3,310	)		(1,596	)
Selling, general and administrative		(22,810	)		(31,040	)
Other segment items¹		(5,087	)		3,544
Adjusted EBITDA	$	65,719		$	54,413

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

Total Segment Adjusted EBITDA	$	98,478
Unallocated corporate expenses		(49,630	)
Interest expense		(8,540	)
Depreciation and amortization		(20,252	)
Restructuring and other related charges		(1,324	)
Transaction related expenses and adjustments		(10,154	)
Non-cash stock-based compensation expense		(10,250	)
Loss from write-off of assets		(147	)
Legacy legal matters		(2,000	)
CEO transition		(147	)
Gains from insurance settlement		1,737
Income (loss) before income taxes	$	(2,229	)

Total Segment Adjusted EBITDA	$	96,512
Unallocated corporate expenses		(56,544	)
Net loss attributable to non-controlling interest		(32	)
Interest expense		(6,527	)
Depreciation and amortization		(16,953	)
Restructuring and other related charges		(1,741	)
Transaction related expenses and adjustments		(440	)
Non-cash stock-based compensation expense		(7,834	)
Loss from write-off of assets		(1,872	)
Legacy legal matters		(956	)
Non-recurring professional fees		(288	)
CEO transition		(2,629	)
Income before income taxes	$	696

Total Segment Adjusted EBITDA	$	120,132
Unallocated corporate expenses		(49,339	)
Interest expense		(2,833	)
Depreciation and amortization		(14,774	)
Restructuring and other related charges		(757	)
Transaction related expenses and adjustments		(884	)
Non-cash stock-based compensation expense		(7,619	)
Income before income taxes	$	43,926

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,780	$ 9,957
Accounts receivable, less allowance of $533 and $276	86,677	79,573
Contract assets	40,896	50,305
Inventories	109,859	105,135
Other receivables – chassis pool agreements	37,032	34,496
Other current assets	7,346	7,462
Total current assets	297,590	286,928
Property, plant and equipment, net	81,067	83,437
Right of use assets – operating leases	41,101	45,827
Goodwill	64,094	48,880
Intangible assets, net	59,064	45,268
Net deferred tax assets	23,545	17,300
Other assets	2,287	2,409
TOTAL ASSETS	568,748	530,049
Current liabilities:
Accounts payable	95,128	99,855
Accrued warranty	7,653	7,231
Accrued compensation and related taxes	16,198	13,526
Contract liabilities	3,553	4,756
Operating lease liability	9,677	10,817
Other current liabilities and accrued expenses	12,798	11,965
Short-term debt – chassis pool agreements	37,032	34,496
Current portion of long-term debt	235	185
Total current liabilities	182,274	182,831
Other non-current liabilities	9,772	8,184
Long-term operating lease liability	33,156	36,724
Long-term debt, less current portion	95,223	50,144
Total liabilities	320,425	277,883
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	0	0
Common stock, no par value: 80,000 shares authorized; 34,917 and 34,303 outstanding	99,752	93,705
Retained earnings	148,571	158,461
Total shareholders' equity	248,323	252,166
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 568,748	$ 530,049

Note 5 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
2025	$ 5,538
2026	4,508
2027	4,513
2028	4,156
2029	3,865
Thereafter	17,094
Total	$ 39,674

Note 12 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Short-term debt	$ 37,032	$ 34,496
Chassis Pool Agreements [Member]
Short-term debt	$ 37,032	$ 34,496

Note 2 - Acquisition Activities (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Preliminary purchase price:
Cash paid	$	49,889
Fair value of contingent consideration		4,300
Total preliminary purchase price	$	54,189

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	2,259
Accounts receivable		8,726
Contract assets		341
Inventory		10,711
Other current assets		13
Property, plant and equipment		5,525
Right of use assets-operating leases		33
Other assets		5
Intangible assets		18,650
Goodwill		15,214
Total assets acquired		61,477

Accounts payable		(6,395	)
Contract liabilities		(17	)
Operating lease liabilities		(6	)
Other current liabilities and accrued expenses		(843	)
Long-term operating lease liability		(27	)
Total liabilities assumed		(7,288	)
Total fair value allocation of preliminary purchase price	$	54,189

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Amount		Useful Life (in years)		Weighted Average Amortization Period (in years)
Customer relationships	$	11,800		13		8.2
Backlog		1,600		1		0.1
Trade names and trademarks		1,600		6		0.5
Unpatented technology		3,400		10		1.8
Non-competition agreements		250		5		0.1
	$	18,650				10.7

Note 8 - Taxes on Income

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Text Block]

NOTE 8 – TAXES ON INCOME

Income taxes consist of the following:

	Year Ended December 31,
	2024		2023			2022
Taxes (benefit) on income	$	566	$	(5,768	)	$	7,368

Income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2024			2023			2022
Current (benefit):
Federal	$	5,471		$	(610	)	$	10,672
State		1,033			1,521			1,960
Foreign		307			231			175
Total current		6,811			1,142			12,807
Deferred (benefit):
Federal		(5,764	)		(5,828	)		(4,976	)
State		(481	)		(1,082	)		(463	)
Total deferred		(6,245	)		(6,910	)		(5,439	)
Total taxes (benefit) on income	$	566		$	(5,768	)	$	7,368

Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings before taxes on income and the actual tax expense (benefit) are as follows:

	Year Ended December 31,
	2024			2023			2022
Federal income taxes at the statutory rate	$	(468	)	$	146		$	9,224
State tax expense, net of federal income tax benefit		363			509			1,132
Increase (decrease) in income taxes resulting from:
Non-deductible compensation		1,021			422			851
Stock based compensation		1,265			(82	)		(819	)
Foreign-derived intangible income deduction		(492	)		(515	)		-
EPA settlement		422			-			-
Unrecognized tax benefit adjustment		400			(2,234	)		-
Federal research and development tax credit		(1,898	)		(3,645	)		(2,681	)
Other		(47	)		(369	)		(339	)
Total	$	566		$	(5,768	)	$	7,368

Temporary differences which give rise to deferred income tax assets (liabilities) are as follows:

	December 31,
	2024			2023
Deferred income tax assets:
Operating lease liability	$	10,873		$	11,783
Research and development costs		23,175			19,937
Warranty reserve		1,446			1,164
Inventory costs and reserves		5,400			5,784
Contract assets		3,848			5,181
Stock-based compensation		1,262			1,699
Net operating loss carry-forwards, net of federal income tax benefit		328			504
Compensation related accruals		973			916
Credit carry-forwards net of federal income tax benefit		1,894			1,752
Other		911			857
Total deferred income tax assets	$	50,110		$	49,577

Deferred income tax liabilities:
Cost offset method	$	(5,726	)	$	(8,304	)
Right of use assets		(10,327	)		(11,231	)
Depreciation		(8,026	)		(8,551	)
Intangible assets		(965	)		(2,709	)
Prepaid expenses		(1,521	)		(1,482	)
Total deferred income tax liabilities	$	(26,565	)	$	(32,277	)

Net deferred tax asset	$	23,545		$	17,300

Based upon an assessment of the available positive and negative evidence at December 31, 2024 and 2023, the total deferred income tax assets are more likely than not to be realized based on the consideration of deferred tax liability reversals and projected future taxable income. Therefore, no valuation allowance was recorded at December 31, 2024 and 2023.

At December 31, 2024 and 2023, we had state tax NOL carry-forwards of $415 and $638, respectively, which expire between years 2029-2043. At December 31, 2024 and 2023, we had state tax credit carry-forwards of $3,162 and $2,938, respectively, which expire between years 2026-2034.

A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three years ended December 31, 2024, 2023 and 2022 is as follows:

	2024			2023			2022
Balance, beginning of year	$	4,664		$	5,748		$	5,247
Increase (decrease) related to prior year tax positions		471			362			(139	)
Increase related to current year tax positions		203			679			775
Settlement		-			-			(97	)
Expiration of statute		(91	)		(2,125	)		(38	)
Balance, end of year	$	5,247		$	4,664		$	5,748

As of December 31, 2024, we had an ending UTB balance of $5,247 along with $1,117 of interest and penalties, for a total liability of $6,364, of which $5,759 is recorded as a non-current liability and $605 as a credit offsetting deferred tax assets. The change in interest and penalties amounted to an increase of $491 in 2024, a decrease of $63 in 2023, and an increase of $160 in 2022, which were reflected in Income tax expense within our Consolidated Statement of Operations.

At December 31, 2024, 2023 and 2022, we had total amounts of UTB that, if recognized, would impact our effective tax rate of $6,005, $4,933 and $5,463, respectively.

As of December 31, 2024, the U.S. federal statute of limitations for tax years 2020 and forward remains open. We also file tax returns in several states and those jurisdictions remain subject to audit in accordance with relevant state statutes. These audits can involve complex issues that may require an extended period of time to resolve and may cover multiple years.

We do not expect the total amount of UTB to significantly increase or decrease over the next twelve months.

The entire disclosure for income tax.

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Note 16 - Business Segments (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Excluding Assessed Tax	$ 786,176	$ 872,198	$ 1,027,164
Non-US [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 48,431	$ 24,706	$ 7,670
Non-US [Member] \| Geographic Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	6.20%	2.80%	0.70%

Note 4 - Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Text Block]

NOTE 4 – INVENTORIES

Inventories are summarized as follows:

	December 31,
	2024		2023
Finished goods	$	7,654	$	9,374
Work in process		3,304		2,543
Raw materials and purchased components		98,901		93,218
Total Inventories	$	109,859	$	105,135

Note 15 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Text Block]

NOTE 15 – EARNINGS PER SHARE

The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2024, 2023, and 2022 (in thousands). Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share also include the dilutive effect of additional potential common shares issuable from stock-based awards and are determined using the treasury stock method. Basic earnings per share represents net earnings divided by basic weighted average number of common shares outstanding during the period. Diluted earnings per share represents net earnings divided by diluted weighted average number of common shares outstanding, which includes the average dilutive effect of all potentially dilutive securities that are outstanding during the period. Our unvested restricted stock units and performance stock units are included in the number of shares outstanding for diluted earnings per share calculations, unless a net loss is reported, in which situation unvested stock awards are excluded from the number of shares outstanding for diluted earnings per share calculations. For 2024, 1,066,405 shares of unvested stock awards were excluded from the number of shares outstanding for the diluted earnings per share calculation because they were antidilutive.

	Year Ended December 31,
	2024		2023		2022
Basic weighted average common shares outstanding		34,427		34,721		35,073
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		-		140		421
Diluted weighted average common shares outstanding		34,427		34,861		35,494

Note 8 - Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income Tax Expense (Benefit), Including Discontinued Operations [Table Text Block]

	Year Ended December 31,
	2024		2023			2022
Taxes (benefit) on income	$	566	$	(5,768	)	$	7,368

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2024			2023			2022
Current (benefit):
Federal	$	5,471		$	(610	)	$	10,672
State		1,033			1,521			1,960
Foreign		307			231			175
Total current		6,811			1,142			12,807
Deferred (benefit):
Federal		(5,764	)		(5,828	)		(4,976	)
State		(481	)		(1,082	)		(463	)
Total deferred		(6,245	)		(6,910	)		(5,439	)
Total taxes (benefit) on income	$	566		$	(5,768	)	$	7,368

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2024			2023			2022
Federal income taxes at the statutory rate	$	(468	)	$	146		$	9,224
State tax expense, net of federal income tax benefit		363			509			1,132
Increase (decrease) in income taxes resulting from:
Non-deductible compensation		1,021			422			851
Stock based compensation		1,265			(82	)		(819	)
Foreign-derived intangible income deduction		(492	)		(515	)		-
EPA settlement		422			-			-
Unrecognized tax benefit adjustment		400			(2,234	)		-
Federal research and development tax credit		(1,898	)		(3,645	)		(2,681	)
Other		(47	)		(369	)		(339	)
Total	$	566		$	(5,768	)	$	7,368

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2024			2023
Deferred income tax assets:
Operating lease liability	$	10,873		$	11,783
Research and development costs		23,175			19,937
Warranty reserve		1,446			1,164
Inventory costs and reserves		5,400			5,784
Contract assets		3,848			5,181
Stock-based compensation		1,262			1,699
Net operating loss carry-forwards, net of federal income tax benefit		328			504
Compensation related accruals		973			916
Credit carry-forwards net of federal income tax benefit		1,894			1,752
Other		911			857
Total deferred income tax assets	$	50,110		$	49,577

Deferred income tax liabilities:
Cost offset method	$	(5,726	)	$	(8,304	)
Right of use assets		(10,327	)		(11,231	)
Depreciation		(8,026	)		(8,551	)
Intangible assets		(965	)		(2,709	)
Prepaid expenses		(1,521	)		(1,482	)
Total deferred income tax liabilities	$	(26,565	)	$	(32,277	)

Net deferred tax asset	$	23,545		$	17,300

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2024			2023			2022
Balance, beginning of year	$	4,664		$	5,748		$	5,247
Increase (decrease) related to prior year tax positions		471			362			(139	)
Increase related to current year tax positions		203			679			775
Settlement		-			-			(97	)
Expiration of statute		(91	)		(2,125	)		(38	)
Balance, end of year	$	5,247		$	4,664		$	5,748

Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
2025	$ 10,924
2026	9,013
2027	6,323
2028	4,675
2029	4,087
Thereafter	13,204
Total lease payments	48,226
Less: imputed interest	(5,393)
Total lease liabilities	$ 42,833

Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finished goods	$ 7,654	$ 9,374
Work in process	3,304	2,543
Raw materials and purchased components	98,901	93,218
Total Inventories	$ 109,859	$ 105,135

Note 6 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Table Text Block]

	December 31,
	2024			2023
Land and improvements	$	14,007		$	12,578
Buildings and improvements		57,539			53,789
Plant machinery and equipment		70,840			60,517
Furniture and fixtures		19,500			19,474
Vehicles		2,249			2,015
Construction in process		1,960			10,570
Subtotal		166,095			158,943
Less accumulated depreciation		(85,028	)		(75,506	)
Total property, plant and equipment, net	$	81,067		$	83,437

Note 13 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member]

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Risk-free rate of return (1)

^[1]

4.45%

4.15%

2.41%

Expected term (in years) (Year)

2 years 9 months 18 days

2 years 8 months 12 days

Estimated volatility (2)

^[2]

54.50%

49.50%

55.60%

[1]	Based on the U.S. government bond benchmark on the grant date.
[2]	Represents the historical price volatility of the Company's common stock for the three-year period preceding the grant date.

Note 2 - Acquisition Activities

12 Months Ended

Dec. 31, 2024

Business Combination Disclosure [Text Block]

NOTE 2 – ACQUISITION ACTIVITIES

On July 24, 2024, the Company acquired 100% of the outstanding membership interests of ITU Holdings, Inc. and its subsidiary Independent Truck Upfitters, LLC (collectively “ITU”) for cash consideration of $50,889 and up to an additional $8,000 earn-out amount subject to meeting certain performance criteria within the first two years after the acquisition. ITU serves utility, construction, and fleet management companies with custom solutions, including bodies, crane packages, liftgates, and aftermarket accessories for commercial work trucks. Specializing in larger vehicles and complex service body upfitting, ITU enables Shyft to enter new markets and capture a greater share of higher class-sized products.

In December 2024, the Company received a partial payment for net working capital adjustment, resulting in a decrease in the cash consideration and to the purchase price of $1,000. The purchase price was funded with cash on hand and borrowings under our existing credit facility. We recorded pretax charges totaling $1,576 in 2024 for legal expenses and other transaction costs related to the acquisition, which were reported in Selling, general and administrative expense on the Condensed Consolidated Statements of Operations. ITU is part of our Specialty Vehicle segment.

The ITU acquisition was accounted for using the acquisition method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include customer relationships, backlog, trade names and trademarks, unpatented technology and non-competition agreements. The excess of the purchase price over the estimated fair values of the tangible and intangible assets acquired of $15,214 was recorded as goodwill, which is expected to be deductible for tax purposes.

In accordance with ASC 805, the allocation of the purchase price for the acquisition of ITU is preliminary and subject to adjustment during the measurement period, which may extend up to one year from the acquisition date. The initial allocation of assets acquired and liabilities assumed is based on preliminary estimates and assumptions, and as such, the values assigned to certain working capital balances, identifiable intangible assets, and contingent liabilities may be adjusted as additional information becomes available. These adjustments could result in changes to the amounts recognized in the consolidated financial statements, including potential adjustments to goodwill. The Company will continue to refine its estimates and assumptions as it obtains more information, and any adjustments identified during the measurement period will be recognized in the reporting period in which the adjustments are determined.

The preliminary purchase price was comprised of the following:

Preliminary purchase price:
Cash paid	$	49,889
Fair value of contingent consideration		4,300
Total preliminary purchase price	$	54,189

The Company recorded a current and a non-current contingent consideration liability for the earn-out at a fair value of $2,680 and $1,620, respectively, as of December 31, 2024. The fair value was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed-upon performance criteria based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the discount rate, estimated probability of achieving the performance criteria, and expected timing of payments.

As of December 31, 2024, the preliminary purchase price allocation to the fair value of assets acquired and liabilities assumed is as follows:

Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	2,259
Accounts receivable		8,726
Contract assets		341
Inventory		10,711
Other current assets		13
Property, plant and equipment		5,525
Right of use assets-operating leases		33
Other assets		5
Intangible assets		18,650
Goodwill		15,214
Total assets acquired		61,477

Accounts payable		(6,395	)
Contract liabilities		(17	)
Operating lease liabilities		(6	)
Other current liabilities and accrued expenses		(843	)
Long-term operating lease liability		(27	)
Total liabilities assumed		(7,288	)
Total fair value allocation of preliminary purchase price	$	54,189

Intangible assets totaling $18,650 have provisionally been assigned to customer relationships, backlog, trade names and trademarks, unpatented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands):

	Amount		Useful Life (in years)		Weighted Average Amortization Period (in years)
Customer relationships	$	11,800		13		8.2
Backlog		1,600		1		0.1
Trade names and trademarks		1,600		6		0.5
Unpatented technology		3,400		10		1.8
Non-competition agreements		250		5		0.1
	$	18,650				10.7

The Company amortizes the customer relationships utilizing an accelerated approach and amortizes backlog, trade names and trademarks, unpatented technology and non-competition agreement assets utilizing a straight-line approach. Amortization expense, as a part of Selling, general and administrative expense as presented on the Consolidated Statement of Operations, was $1,378 for 2024.

Goodwill consists of operational synergies that are expected to be realized in both the short and long-term and the opportunity to enter into new markets which will enable us to increase value to our customers and shareholders. Key areas of expected cost savings include an expanded dealer network, complementary product portfolios and manufacturing and supply chain work process improvements.

Due to its insignificant size relative to the Company, supplemental pro forma financial information of the combined entity for the prior reporting period is not provided.

Note 16 - Business Segments - Reconciliation of Other Items From Segments to Consolidated (Details) (Parentheticals)	12 Months Ended
	Dec. 31, 2024
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales	$ 786,176	$ 872,198	$ 1,027,164
Cost of products sold	628,986	721,840	846,731
Gross profit	157,190	150,358	180,433
Operating expenses:
Research and development	16,319	25,185	25,324
Selling, general and administrative	136,764	118,420	107,600
Total operating expenses	153,083	143,605	132,924
Operating income	4,107	6,753	47,509
Other income (expense):
Interest expense	(8,540)	(6,527)	(2,833)
Other income (expense)	2,204	470	(750)
Total other expense	(6,336)	(6,057)	(3,583)
Income (loss) before income taxes	(2,229)	696	43,926
Income tax expense (benefit)	566	(5,768)	7,368
Net income (loss)	(2,795)	6,464	36,558
Less: net (loss) attributable to non-controlling interest	0	(32)	0
Net income (loss) attributable to Shyft Group, Inc.	$ (2,795)	$ 6,496	$ 36,558
Basic earnings (loss) per share (in dollars per share)	$ (0.08)	$ 0.19	$ 1.04
Diluted earnings (loss) per share (in dollars per share)	$ (0.08)	$ 0.19	$ 1.03
Basic weighted average common shares outstanding (in shares)	34,427	34,721	35,073
Diluted weighted average common shares outstanding (in shares)	34,427	34,861	35,494

Note 15 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Weighted Average Number of Shares [Table Text Block]

	Year Ended December 31,
	2024		2023		2022
Basic weighted average common shares outstanding		34,427		34,721		35,073
Plus dilutive effect of Restricted Stock Units and Performance Stock Units		-		140		421
Diluted weighted average common shares outstanding		34,427		34,861		35,494

Note 13 - Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Total Number of Non-vested Shares (000)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Life (Years)
Non-vested shares outstanding at January 1, 2022		190		$	21.81		1.0
Vested		(91	)		17.62
Forfeited		(28	)		21.98
Non-vested shares outstanding at December 31, 2022		71			27.14		0.6
Vested		(47	)		22.28
Forfeited		(4	)		36.31
Non-vested shares outstanding at December 31, 2023		20			36.72		0.3
Granted		636			11.74
Vested		(297	)		13.35
Non-vested shares outstanding at December 31, 2024		359		$	11.74		3.4

Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block]

	Granted in 2024			Granted in 2023			Granted in 2022
Risk-free rate of return ⁽¹⁾		4.45	%		4.15	%		2.41	%
Expected term (in years)		2.8			2.8			2.7
Estimated volatility ⁽²⁾		54.5	%		49.5	%		55.6	%

Share-Based Payment Arrangement, Activity [Table Text Block]

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2022		483		$	19.33
Granted		124			40.49
Vested		(194	)		11.82
Forfeited		(38	)		28.27
Non-vested as of December 31, 2022		375			29.31
Granted		294			23.86
Vested		(187	)		20.89
Forfeited		(39	)		36.89
Non-vested as of December 31, 2023		443			30.99
Granted		342			15.03
Vested		(67	)		47.84
Forfeited		(178	)		24.15
Non-vested as of December 31, 2024		540		$	18.06

	Total Number of Non-vested Shares (000)			Weighted- Average Grant Date Fair Value per Unit
Non-vested as of January 1, 2022		201		$	24.51
Granted		241			29.58
Vested		(105	)		22.15
Forfeited		(30	)		32.96
Non-vested as of December 31, 2022		307			28.38
Granted		274			19.38
Vested		(154	)		25.53
Forfeited		(42	)		28.47
Non-vested as of December 31, 2023		385			21.05
Granted		553			12.45
Vested		(309	)		21.48
Forfeited		(103	)		16.18
Non-vested as of December 31, 2024		526		$	14.35

Note 3 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 $ in Thousands	Dec. 31, 2024 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 244,784
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 68,460
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 10 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Product Warranty Liability [Table Text Block]

	2024			2023
Balance of accrued warranty, beginning of year	$	7,231		$	7,161
Accruals for warranties issued		3,590			5,882
Changes in liability for pre-existing warranties		1,260			(1,309	)
Cash settlements		(4,488	)		(4,503	)
Acquisition		60			-
Balance of accrued warranty, end of year	$	7,653		$	7,231

Note 13 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	5,056,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	441,134
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	750,000
Employee Stock Purchase Plan Discount	90.00%
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 554	$ 393	$ 434
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	51,000	26,000	20,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 11.74	$ 0	$ 0
Share-Based Payment Arrangement, Expense	$ 3,389	$ 790	$ 1,189
Share-Based Payment Arrangement, Expense, Tax Benefit	578	196	275
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	3,496	$ 1,049	$ 1,591
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4,214
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	636,000
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 15.03	$ 23.86	$ 40.49
Share-Based Payment Arrangement, Expense	$ 1,054	$ 2,790	$ 3,176
Share-Based Payment Arrangement, Expense, Tax Benefit	193	$ 70	$ 197
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 4,205
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	342,334	294,191	124,427
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	136,933	89,804	49,769
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 16.77	$ 24.35	$ 43.41
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	205,401	204,387	74,658
Performance Shares [Member] \| Minimum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Minimum [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Minimum [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	0.00%
Performance Shares [Member] \| Maximum [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Performance Shares [Member] \| Maximum [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Performance Shares [Member] \| Maximum [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned	200.00%
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 12.45	$ 19.38	$ 29.58
Share-Based Payment Arrangement, Expense	$ 5,808	$ 4,254	$ 3,253
Share-Based Payment Arrangement, Expense, Tax Benefit	1,143	$ 742	$ 668
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 5,311
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 9 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	552,644	273,904	241,217
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member] \| Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year

Note 12 - Debt (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Short-Term Debt [Table Text Block]

	December 31, 2024		December 31, 2023
Chassis pool agreements	$	37,032	$	34,496
Total short-term debt	$	37,032	$	34,496

Schedule of Long-Term Debt Instruments [Table Text Block]

	December 31, 2024			December 31, 2023
Revolving credit facility	$	95,000		$	50,000
Finance lease obligations		458			329
Total debt		95,458			50,329
Less current portion of long-term debt		(235	)		(185	)
Total long-term debt	$	95,223		$	50,144

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7