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Discontinued Operations | 6 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations The Company committed to sell CBlade in August 2024 in order to streamline operations and refocus on its core aerospace forging entities. On August 1, 2024, the Company’s Board of Directors approved and authorized the execution of a share purchase agreement (the “SPA”), under which SIFCO Irish Holdings, Ltd., a wholly owned subsidiary of the Company, entered into an agreement to sell 100% of the share capital of CBlade to TB2 S.r.l. (the “Buyer”) at an enterprise value of €20,000, less debt, for cash consideration of €13,800 in net equity value at closing, subject to adjustments for changes in working capital and certain other items (the “CBlade Sale”). The Company determined that CBlade met the criteria for classification as assets held for sale and discontinued operations upon the aforementioned events, and, based on the significance of the disposed operations (i.e., strategic shift), CBlade represented discontinued operations upon classification of the CBlade assets and liabilities as held for sale. In October 2024, upon regulatory approval, the Company completed the CBlade Sale and received cash consideration of approximately $14,516, net of transaction costs of $422. The Company does not expect to have any significant continuing involvement with CBlade after the sale. All operating activities prior to the disposal date were included in the Company's financial statements separately as discontinued operations, including income before income tax provision, gain from the sale CBlade (i.e., cash proceeds received less net assets transferred), and the release of accumulated other comprehensive income (loss) attributable to the Company's European operations. Due to the CBlade Sale, the Company ceased manufacturing operations within the European market, as CBlade represented the last remaining facility in this region. Prior to the transaction, CBlade was directly owned by SIFCO Irish Holdings Inc., a wholly-owned subsidiary of the Company incorporated in Ireland (“Irish Holdings”), which historically acted as the holding company for the Company's international operations. With the disposal of CBlade, the Company determined that its European operations represented a substantially complete liquidation. Therefore, $5,851 of cumulative translation adjustment loss attributable to these operations (related to Irish Holdings) was recognized in the statement of operations as a component of the gain on sale of discontinued operations upon the loss of a controlling financial interest in CBlade, which represented in excess of 90% of the assets of the Company's European operations. The principal components of the assets and liabilities related to discontinued operations classified as held for sale as of September 30, 2024 were as follows:
|  |  | September 30, 2024
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents |  |  | $ | 1,009 |
Short-term investments |  |  | 1,114 |
Receivables, net |  |  | 6,259 |
Inventories, net |  |  | 6,185 |
Prepaid expenses and other current assets |  |  | 1,400 |
Total current assets |  |  | 15,967 |
Property, plant and equipment, net |  |  | 6,625 |
Other long-term assets |  |  | 239 |
Total assets of discontinued operations |  |  | $ | 22,831 |
LIABILITIES |  |  |
Current liabilities: |  |  |
Current maturities of long-term debt |  |  | $ | 3,843 |
Accounts payable |  |  | 2,770 |
Accrued and other current liabilities |  |  | 3,445 |
Total current liabilities |  |  | 10,058 |
Long-term debt, net |  |  | 3,536 |
Other long-term liabilities |  |  | 354 |
Total liabilities of discontinued operations |  |  | $ | 13,948 |
A summary of the operating results for the discontinued operations is as follows:
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales | $ | — |  |  | $ | 6,028 |  |  | $ | 622 |  |  | $ | 11,606 |
Cost of sales | — |  |  | 4,795 |  |  | 348 |  |  | 9,092 |
Interest expense, net | — |  |  | 145 |  |  | 15 |  |  | 233 |
Income from discontinued operations before income tax expense and gain on sale | — |  |  | 685 |  |  | 214 |  |  | 1,376 |
Income tax expense from discontinued operations | — |  |  | 43 |  |  | 167 |  |  | 87 |
Loss on sale of discontinued operations before income tax expense | (70) |  |  | — |  |  | (11) |  |  | — |
(Loss) income from discontinued operations, net of tax | $ | (70) |  |  | $ | 642 |  |  | $ | 36 |  |  | $ | 1,289 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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