nwpx20260630

nwpx20260630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended: June 30, 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: 0-27140

NWPX Infrastructure, Inc.

(Exact name of registrant as specified in its charter)

Oregon	93-0557988
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

201 NE Park Plaza Drive, Suite 100

Vancouver, Washington 98684

(Address of principal executive offices and Zip Code)

360‑397‑6250

(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 $0.01 per share	NWPX	Nasdaq Global Select Market

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, a 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 ☒

The number of shares outstanding of the registrant’s common stock as of July 21, 2026 was 9,637,202 shares.

Table of Contents

NWPX INFRASTRUCTURE, INC.

FORM 10‑Q

TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited):

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025	2

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025	3

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	4

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025	5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	7

Notes to Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3. Quantitative and Qualitative Disclosures About Market Risk	27

Item 4. Controls and Procedures	27

PART II - OTHER INFORMATION

Item 1. Legal Proceedings	28

Item 1A. Risk Factors	28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 5. Other Information	29

Item 6. Exhibits	30

Signatures	31

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2026*			*2025*			*2026*			*2025*

Net sales	$	159,476		$	133,182		$	297,730		$	249,297
Cost of sales		125,117			107,817			236,706			204,567
Gross profit		34,359			25,365			61,024			44,730
Selling, general, and administrative expense		13,208			12,129			27,216			25,925
Operating income		21,151			13,236			33,808			18,805
Other income (expense)		492			20			713			(7	)
Interest income		156			1			164			35
Interest expense		(320	)		(763	)		(668	)		(1,398	)
Income before income taxes		21,479			12,494			34,017			17,435
Income tax expense		5,645			3,431			7,649			4,408
Net income	$	15,834		$	9,063		$	26,368		$	13,027

Net income per share:
Basic	$	1.64		$	0.91		$	2.74		$	1.31
Diluted	$	1.62		$	0.91		$	2.69		$	1.30

Shares used in per share calculations:
Basic		9,638			9,882			9,608			9,908
Diluted		9,791			9,961			9,798			10,041

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	*Three Months Ended June 30,*					*Six Months Ended June 30,*
	*2026*		*2025*			*2026*		*2025*

Net income	$	15,834	$	9,063		$	26,368	$	13,027

Other comprehensive income (loss), net of tax:
Pension liability adjustment		-		17			-		33
Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges		149		(170	)		329		(200	)
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges		2		2			6		(13	)
Other comprehensive income (loss), net of tax		151		(151	)		335		(180	)

Comprehensive income	$	15,985	$	8,912		$	26,703	$	12,847

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

	*June 30, 2026*		*December 31, 2025*
Assets
Current assets:
Cash and cash equivalents	$	19,320	$	2,273
Trade and other receivables, net of allowance of $504 and $528		98,409		78,171
Contract assets		105,528		91,036
Inventories		91,079		74,287
Prepaid expenses and other		3,941		5,665
Total current assets		318,277		251,432
Property and equipment, less accumulated depreciation and amortization of $159,559 and $153,364