plow20250331

plow20250331_10q.htm

Table of Contents

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, 2025

☐

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 6, 2025 was 23,209,426.

Table of Contents

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, 2025 and December 31, 2024	3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 2024	4
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	5
Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2025 and 2024	6
Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	41
PART II. OTHER INFORMATION	41
Item 1. Legal Proceedings	41
Item 1A. Risk Factors	42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3. Defaults Upon Senior Securities	42
Item 4. Mine Safety Disclosures	42
Item 5. Other Information	42
Item 6. Exhibits	43
Signatures	44

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,*
	*2025*		*2024*
	(unaudited)		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,207	$	5,119
Accounts receivable, net		69,219		87,407
Inventories		171,472		137,034
Inventories - truck chassis floor plan		21,174		2,612
Prepaid and other current assets		5,181		6,053
Total current assets		274,253		238,225
Property, plant, and equipment, net		40,791		41,311
Goodwill		113,134		113,134
Other intangible assets, net		112,000		113,550
Operating lease - right of use asset		68,271		70,801
Non-qualified benefit plan assets		10,562		10,482
Other long-term assets		2,029		2,480
Total assets	$	621,040	$	589,983
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	42,864	$	32,319
Accrued expenses and other current liabilities		23,532		26,182
Floor plan obligations		21,174		2,612
Operating lease liability - current		7,185		7,394
Income taxes payable		1,612		1,685
Short term borrowings		12,000		—
Current portion of long-term debt		7,416		—
Total current liabilities		115,783		70,192
Retiree benefits and deferred compensation		13,309		13,616
Deferred income taxes		24,605		24,574
Long-term debt, less current portion		140,467		146,679
Operating lease liability - noncurrent		62,636		64,785
Other long-term liabilities		5,355		5,922
Stockholders’ equity:
Common Stock, par value $0.01, 200,000,000 shares authorized, 23,209,426 and 23,094,047 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		232		231
Additional paid-in capital		172,080		170,092
Retained earnings		81,552		88,420
Accumulated other comprehensive income, net of tax		5,021		5,472
Total stockholders’ equity		258,885		264,215
Total liabilities and stockholders’ equity	$	621,040	$	589,983

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

Douglas Dynamics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

SEC Form 10-Q filed by Douglas Dynamics Inc.