Three months after CEO Greg Rizzo and other senior management warned investors that Chicago Rivet & Machine Co. is struggling to operate, the 106-year-old fastener manufacturer reported fastener segment sales rose 0.9% to $6.49 million in the third quarter of 2026.

Automotive sector sales fell 5.2% to $4.01 million, while non-automotive sector sales increased 12.5% to $2.5 million.

During the first nine months of 2026, fastener segment sales dropped 2.4% to $18.54 million, reflecting lower sales to non-automotive customers, particularly in the construction and electronics markets, which more than offset modest growth in sales to automotive customers from key OEMs.

Consolidated Chicago Rivet revenues in Q3 climbed 2.3% to $7.53 million, with gross margins deteriorating 49.5% to $671,810 and net loss totaling $915,977.

Nine-month sales dipped 1.3% to $21.62 million, “driven by lower order volumes from our fastener customers, reflecting continuing soft demand across key end markets” and broader macroeconomic conditions.

Lower sales volumes, reduced fixed-cost absorption, unfavorable product mix and higher material, labor, selling and administrative costs weighed on results.

“Customers continued to exhibit more cautious purchasing behavior during the period amid elevated interest rates, inflationary pressures, a renewed shortage in semiconductor supply, and ongoing economic uncertainty resulting, in part, from geopolitical events.”

Rizzo and other senior management reiterated their initial warning from August.

“Recurring operating losses, negative cash flows, declining revenues and reduced liquidity raise 'substantial doubt' about the company’s ability to continue operating within a year, even with planned asset sales and fresh financing.”

Founded in 1920, Chicago Rivet manufactures rivet setting machines, rivets, fasteners, and precision-engineered components for the automotive, heavy truck, appliance, cutlery, cooperage, HVAC, medical, furniture, and electronic industries.