plow20260331

plow20260331_10q.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 001-34728

DOUGLAS DYNAMICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		13-4275891
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

11270 W Park Place Ste 300

Milwaukee, Wisconsin 53224

(Address of principal executive offices) (Zip code)

(414) 354-2310

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	PLOW	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐		Accelerated filer ☒

Non-accelerated filer ☐		Smaller reporting company ☐

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of registrant’s common shares outstanding as of May 5, 2026 was 23,125,192.

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DOUGLAS DYNAMICS, INC.

Table of Contents


PART I. FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025	4
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	5
Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2026 and 2025	6
Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3. Quantitative and Qualitative Disclosures About Market Risk	27
Item 4. Controls and Procedures	27
PART II. OTHER INFORMATION	28
Item 1. Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3. Defaults Upon Senior Securities	28
Item 4. Mine Safety Disclosures	28
Item 5. Other Information	28
Item 6. Exhibits	29
Signatures	30

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Douglas Dynamics, Inc.

Condensed Consolidated Balance Sheets

(In thousands except share data)

	*March 31,*		*December 31,*
	*2026*		*2025*
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	5,189	$	8,297
Accounts receivable, net		67,702		97,561
Inventories		185,775		149,656
Inventories - truck chassis floor plan		4,239		4,184
Refundable income taxes paid		—		920
Prepaid and other current assets		4,832		5,415
Total current assets		267,737		266,033
Property, plant, and equipment, net		45,944		44,764
Goodwill		116,779		116,779
Other intangible assets, net		114,751		116,269
Operating lease - right of use asset		71,058		68,972
Non-qualified benefit plan assets		11,779		12,038
Other long-term assets		2,243		1,846
Total assets	$	630,291	$	626,701
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	35,770	$	38,687
Accrued expenses and other current liabilities		26,131		33,406
Floor plan obligations		4,239		4,184
Operating lease liability - current		7,234		7,154
Income taxes payable		123		—
Short term borrowings		20,000		5,000
Current portion of long-term debt		7,416		7,416
Total current liabilities		100,913		95,847
Retiree benefits and deferred compensation		15,056		14,947
Deferred income taxes		33,540		33,104
Long-term debt, less current portion		133,391		135,162
Operating lease liability - noncurrent		62,443		60,134
Other long-term liabilities		5,514		6,061
Stockholders’ equity:
Common Stock, par value $0.01, 200,000,000 shares authorized, 23,125,192 and 23,069,841 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		231		231
Additional paid-in capital		169,291		170,653
Retained earnings		106,627		107,381
Accumulated other comprehensive income, net of tax		3,285		3,181
Total stockholders’ equity		279,434		281,446
Total liabilities and stockholders’ equity	$	630,291	$	626,701

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

Douglas Dynamics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share data)

	*Three Months Ended*
	*March 31,*			*March 31,*
	*2026*			*2025*
	(unaudited)

Net sales	$	137,797		$	115,067
Cost of sales		100,026			86,928
Gross profit		37,771			28,139
Selling, general, and administrative expense		26,341			23,387
Intangibles amortization		1,517			1,550
Income from operations		9,913			3,202
Interest expense, net		(2,062	)		(2,384	)
Debt modification expense		—			(176	)
Loss on extinguishment of debt		—			(156	)
Other income		44			4
Income before taxes		7,895

SEC Form 10-Q filed by Douglas Dynamics Inc.