nnbr-20260331

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 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 001-39268

NN, Inc.

(Exact name of registrant as specified in its charter)


Delaware						62-1096725
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

6210 Ardrey Kell Road, Suite 120

Charlotte, North Carolina 28277

(Address of principal executive offices, including zip code)

(980) 264-4300

(Registrant’s telephone number, including area code)

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

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, par value $0.01

NNBR

The Nasdaq Stock Market LLC

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 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 ☒

As of April 27, 2026, there were 52,773,512 shares of the registrant’s common stock, par value $0.01 per share, outstanding.


		Page
PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3


























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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	26

PART II. OTHER INFORMATION		27

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
SIGNATURES		29


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Net sales	$	118,452	$	105,688
Cost of sales (exclusive of depreciation and amortization shown separately below)	99,031		91,646
Selling, general, and administrative expense	13,294		11,170
Depreciation and amortization	9,240		8,774

Other operating income, net	(1,055)		(1,113)
Loss from operations	(2,058)		(4,789)
Interest expense	5,769		5,194



Other expense (income), net	502		(2,169)
Loss before provision for income taxes and share of net income from joint venture	(8,329)		(7,814)
Provision for income taxes	(717)		(1,310)
Share of net income from joint venture	2,218		2,439


Net loss	$	(6,828)	$	(6,685)
Other comprehensive income:
Foreign currency translation gain	$	1,547	$	3,125



Other comprehensive income	$	1,547	$	3,125
Comprehensive loss	$	(5,281)	$	(3,560)













Basic and diluted net loss per share	$	(0.25)	$	(0.23)
Shares used to calculate basic and diluted net loss per share	49,702		49,075


(in thousands, except per share data)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	8,471	$	11,377
Accounts receivable, net of allowances of $1,496 and $1,401 at March 31, 2026 and December 31, 2025	71,977		59,785
Inventories	68,181		65,978
Income tax receivable	13,622		13,389
Prepaid assets	5,375		2,952
Other current assets	12,466		10,526
Total current assets	180,092		164,007
Property, plant and equipment, net of accumulated depreciation of $271,954 and $265,399 at March 31, 2026 and December 31, 2025	158,369		158,885
Operating lease right-of-use assets	33,474		35,155
Intangible assets, net	27,384		30,789
Investment in joint venture	45,332		42,543
Deferred tax assets	1,673		1,673
Other non-current assets	7,102		7,732
Total assets	$	453,426	$	440,784
Liabilities, Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	51,881	$	49,442
Accrued salaries, wages and benefits	17,136		14,004
Income tax payable	323		553
Current maturities of long-term debt	3,511		5,791
Current portion of operating lease liabilities	5,846		6,430
Other current liabilities	17,826		13,575
Total current liabilities	96,523		89,795
Deferred tax liabilities	4,427		4,312

Long-term debt, net of current maturities	166,853		153,758
Operating lease liabilities, net of current portion	35,168		37,092
Other non-current liabilities	6,505		9,420
Total liabilities	309,476		294,377
Commitments and contingencies (Note 11)
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at March 31, 2026 and December 31, 2025	117,847		112,409
Stockholders’ equity:
Common stock - $0.01 par value per share, 90,000 shares authorized, 52,789 and 50,196 shares issued and outstanding at March 31, 2026 and December 31, 2025	527		502
Additional paid-in capital	437,061		439,700
Accumulated deficit	(374,453)		(367,625)
Accumulated other comprehensive loss	(37,032)		(38,579)
Total stockholders’ equity	26,103		33,998
Total liabilities, preferred stock, and stockholders’ equity	$	453,426	$	440,784


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash flows from operating activities
Net loss	$	(6,828)	$	(6,685)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,240		8,774
Amortization of debt issuance costs and discount	249		716
Paid-in-kind interest	1,542		316


Total derivative loss (gain), net of cash settlements	245		(1,762)
Share of net income from joint venture	(2,218)		(2,439)

Share-based compensation expense	801		839
Deferred income taxes	179		174
Other	(196)		(519)
Changes in operating assets and liabilities:
Accounts receivable	(12,011)		(5,403)
Inventories	(1,919)		(220)
Other operating assets	(4,479)		(3,444)
Income taxes receivable and payable, net	(457)		(163)
Accounts payable	578		6,468
Other operating liabilities	6,653		3
Net cash used in operating activities	(8,621)		(3,345)
Cash flows from investing activities
Acquisition of property, plant and equipment	(3,297)		(3,907)
Proceeds from sale of property, plant, and equipment	100		177

Net cash used in investing activities	(3,197)		(3,730)
Cash flows from financing activities
Proceeds from asset backed credit facilities	16,200		11,000
Repayments of asset backed credit facilities	(15,950)		(9,026)
Proceeds from long-term debt	10,000		—
Repayments long-term debt	(284)		—

Cash paid for debt issuance costs	(100)		—




Repayments of financing obligations	(465)		(297)

Other	(1,444)		(1,094)
Net cash provided by financing activities	7,957		583
Effect of exchange rate changes on cash flows	955		103
Net change in cash and cash equivalents	(2,906)		(6,389)
Cash and cash equivalents at beginning of period	11,377		18,128
Cash and cash equivalents at end of period	$	8,471	$	11,739


	Common Stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total
(in thousands)	Number of shares	Par value
Balance as of December 31, 2025	50,196	$	502	$	439,700	$	(367,625)	$	(38,579)	$	33,998
Net loss	—	—		—		(6,828)		—		(6,828)

Dividends accrued for preferred stock	—	—		(5,438)		—		—		(5,438)
Shares issued for warrants exercised	1,455	14		2,095		—		—		2,109
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	1,206	12		(12)		—		—		—
Share-based compensation expense	—	—		801		—		—		801
Restricted shares surrendered for tax withholdings under stock incentive plans	(68)	(1)		(85)		—		—		(86)

Other comprehensive income	—	—		—		—		1,547		1,547

Balance as of March 31, 2026	52,789	$	527	$	437,061	$	(374,453)	$	(37,032)	$	26,103


Three Months Ended March 31, 2026	Mobile Solutions		Power Solutions		Corporate and Eliminations		Total
Net sales	$	63,113	$	55,400	$	(61)	$	118,452
Cost of sales	55,633		43,469		(71)		99,031
Selling, general, and administrative expense	4,136		3,043		6,115		13,294
Depreciation expense	4,663		800		372		5,835
Other segment items (1)	756		1,791		(197)		2,350
Segment operating (loss) income	$	(2,075)	$	6,297	$	(6,280)	$	(2,058)
Interest expense							5,769

Other expense, net							502
Loss before provision for income taxes and share of net income from joint venture							$	(8,329)


Three Months Ended March 31, 2025	Mobile Solutions		Power Solutions		Corporate and Eliminations		Total
Net sales	$	62,244	$	43,508	(64)		$	105,688
Cost of sales	56,450		35,268		(72)		91,646
Selling, general, and administrative expense	3,538		2,682		4,950		11,170
Depreciation expense	4,209		780		380		5,369
Other segment items (1)	734		1,755		(197)		2,292
Segment operating (loss) income	$	(2,687)	$	3,023	$	(5,125)	$	(4,789)
Interest expense							5,194
Other income, net							(2,169)
Loss before provision for income taxes and share of net income from joint venture							$	(7,814)


	March 31, 2026		December 31, 2025
Mobile Solutions (1)	$	292,879	$	287,974
Power Solutions	129,044		123,883
Corporate	31,503		28,927
Total	$	453,426	$	440,784


	Three Months Ended
	March 31, 2026		March 31, 2025
Balance at beginning of period	1,401		$	1,515
Additions	49		(72)
Write-offs and other	49		(81)
Currency impact	(3)		13
Balance at end of period	$	1,496	$	1,375


	March 31, 2026		December 31, 2025
Raw materials	$	25,991	$	26,528
Work in process	22,101		19,739
Finished goods	20,089		19,711
Total inventories	$	68,181	$	65,978


	March 31, 2026		December 31, 2025
Term loan facilities	$	131,810	$	120,289
ABL Facility	4,950		4,700
Financing obligations from sale-leaseback transactions	29,777		30,213
International loans	7,534		8,148
Unamortized debt issuance costs and discount (1)	(3,707)		(3,801)
Total debt	$	170,364	$	159,549


	Three Months Ended March 31,
	2026	2025
Stock options	74	168
Warrants	1,370	1,500
Performance share units	820	820
Total antidilutive securities	2,264	2,488


Balance as of December 31, 2025	$	42,543
Share of earnings	2,218

Foreign currency translation gain	571

Balance as of March 31, 2026	$	45,332


Balance as of December 31, 2025	$	112,409



Accrual of in-kind dividends	3,452
Amortization	1,986

Balance as of March 31, 2026	$	117,847


	Financial Statement Line Item	March 31, 2026		December 31, 2025
Finance lease assets	Property, plant and equipment, net	17,498		18,108

Finance lease current liabilities	Other current liabilities	4,269		4,163
Finance lease non-current liabilities	Other non-current liabilities	3,057		4,110
Total finance lease liabilities		$	7,326	$	8,273

SEC Form 10-Q filed by NN Inc.