Mayville Engineering Company Announces Fourth Quarter and Full-Year 2025 Results
Key Terms
adjusted diluted eps financial
adjusted ebitda financial
free cash flow financial
net debt financial
trailing twelve-month financial
senior secured revolving credit facility financial
FOURTH QUARTER 2025 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
$134.3 million 10.7% y/y -
Net loss of
$4.4 million $0.22 $0.08 -
Adjusted EBITDA of
$6.3 million -
Adjusted EBITDA margin of
4.7% of net sales -
Quarterly Free Cash Flow of
$10.2 million - Ratio of net debt to trailing twelve-month Adjusted EBITDA of 3.7x as of December 31, 2025
FULL-YEAR 2025 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
$546.5 million 6.0% ) y/y -
Net loss of
$8.1 million $0.40 $0.31 -
Adjusted EBITDA of
$47.1 million -
Adjusted EBITDA margin of
8.6% of net sales -
Free Cash Flow of
$26.9 million
MANAGEMENT COMMENTARY
“We closed fiscal 2025 with strong momentum within our Data Center & Critical Power end market, securing
“While demand conditions across several legacy end markets remain soft, we remain focused on operational discipline, MBX-driven cost management, and working capital performance,” Reddy continued. “To provide investors with better visibility into business trends in light of the fast-moving Data Center & Critical Power environment and developing improvements within our legacy end markets, we are introducing quarterly guidance in addition to full-year guidance.”
“From a profitability perspective, our fourth quarter results reflect margin pressure associated with temporary launch-phase dynamics across projects in our Data Center & Critical Power and Commercial Vehicle end markets,” Reddy added. “We expect this margin pressure to persist in the near-term, ahead of initial Data Center & Critical Power program launches. As these programs ramp and volumes scale, we expect operating leverage and favorable mix to drive year-over-year profitability growth for full-year 2026.”
“Finally, we remain committed to disciplined capital allocation,” Reddy concluded. “With end market conditions still uneven, we are prioritizing debt reduction through free cash flow generation, supported by focused working capital management.”
PERFORMANCE SUMMARY
Net sales increased by
Manufacturing margin was
Profit sharing, bonus and deferred compensation expense was
Interest expense was
Net loss for the fourth quarter of 2025 was
MEC reported Adjusted EBITDA of
Fourth quarter Adjusted Net Loss was
Free cash flow during the fourth quarter of 2025 was
END MARKET UPDATE
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||
|
|
December 31, |
||||
|
|
2025 |
|
2024 |
||
Commercial Vehicle |
|
$ |
38,442 |
|
$ |
47,215 |
Construction & Access |
|
|
19,190 |
|
|
16,971 |
Powersports |
|
|
20,851 |
|
|
17,414 |
Data Center & Critical Power |
|
|
20,395 |
|
|
4,329 |
Agriculture |
|
|
7,675 |
|
|
7,660 |
Military |
|
|
6,674 |
|
|
7,407 |
Other |
|
|
21,043 |
|
|
20,310 |
Net Sales |
|
$ |
134,270 |
|
$ |
121,306 |
Commercial Vehicles
MEC is a Tier 1 supplier to many of the country’s top original equipment manufacturers (OEM) of commercial vehicles providing exhaust & aftertreatment, engine components, cooling, fuel and structural systems for both heavy- and medium-duty commercial vehicles.
Net sales to the Commercial Vehicle end market were
Construction & Access
MEC manufactures components and sub-assemblies for OEMs within the construction & access market including fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products such as exhaust & aftertreatment, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the Construction & Access end market were
Powersports
MEC manufactures stampings and complex metal assemblies and coatings for OEMs within the marine propulsion, all-terrain vehicles (ATV), multi-utility vehicles (MUV) and motorcycle markets. MEC’s powersports expertise includes axle housings, steering columns, swing arms, fenders, suspension components, ATV/MUV racks, cowl assemblies and vehicle frames.
Net sales to the Powersports end market were
Data Center & Critical Power
MEC manufactures precision metal enclosures, racks, frames, and sub-assemblies for OEMs that deliver reliable power distribution, backup energy systems, and intelligent power management solutions in mission-critical data center and electrical infrastructure environments.
Net sales to the Data Center & Critical Power end market were
Agriculture
MEC is an integral partner in the supply chain of the world’s leading agriculture OEMs manufacturing components and sub-assemblies including fenders, hoods, supports, frames, platforms, frame structures, doors, and tubular products such as exhaust, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the Agriculture end market were
Military
MEC holds the International Traffic in Arms Regulations (ITAR) certification and produces components for
Net sales to the Military end market were
Other
MEC also produces a wide variety of components and assemblies for customers in the industrial equipment & fixtures, consumer tools, mining, forestry, automotive, and medical market.
Net sales to Other end markets for the fourth quarter of 2025 were
BALANCE SHEET UPDATE
As of December 31, 2025, MEC had net debt outstanding of
__________________________________
1 This amount is reduced to approximately |
FINANCIAL GUIDANCE
Today, the Company issued financial guidance for the first quarter and full-year of 2026. All guidance is current as of the time provided and is subject to change.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2025 |
|
Q1 2026 Forecast |
||||||||
(in Millions) |
|
Actual |
|
Low |
|
Mid |
|
High |
||||
Net Sales |
|
$ |
135.6 |
|
$ |
137 |
|
$ |
140 |
|
$ |
143 |
Adjusted EBITDA |
|
$ |
12.2 |
|
$ |
5 |
|
$ |
6 |
|
$ |
7 |
The Company’s first quarter 2026 guidance reflects continued demand softness across legacy end markets, particularly Commercial Vehicle, Agriculture and Military. Adjusted EBITDA guidance for the quarter also incorporates ongoing project launch costs within the Data Center & Critical Power end market, supporting recently awarded programs as project activity is expected to ramp in the second quarter of 2026. Free cash flow for the first quarter of 2026 is expected to reflect normal seasonal working capital usage, incremental working capital investment to support the Data Center & Critical Power ramp up and planned capital expenditures of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2025 |
|
FY 2026 Forecast |
||||||||
(in Millions) |
|
Actual |
|
Low |
|
Mid |
|
High |
||||
Net Sales |
|
$ |
546.5 |
|
$ |
580 |
|
$ |
600 |
|
$ |
620 |
Adjusted EBITDA |
|
$ |
47.1 |
|
$ |
50 |
|
$ |
55 |
|
$ |
60 |
Free Cash Flow |
|
$ |
26.9 |
|
$ |
25 |
|
$ |
30 |
|
$ |
35 |
Full-year 2026 guidance assumes a full year of Accu-Fab ownership,
FOURTH QUARTER AND FULL-YEAR 2025 RESULTS CONFERENCE CALL
The Company will host a conference call on Wednesday, March 4, 2026 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
For a live webcast of the conference call and to access the accompanying investor presentation, please visit www.mecinc.com and click on the link to the live webcast on the Investors page.
For telephone access to the conference, call (833) 470-1428 within
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that reflect plans, estimates and beliefs. Such statements involve risk and uncertainties. Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: macroeconomic conditions, including inflation, elevated interest rates, labor availability, material cost pressures and inconsistent demand, have had, and may continue to have, a negative impact on our business, financial condition, cash flows and results of operations (including future uncertain impacts); risks relating to developments in the industries in which our customers operate; risks related to scheduling production accurately and maximizing efficiency; our ability to realize net sales represented by our awarded business; failure to compete successfully in our markets; our ability to maintain our manufacturing, engineering and technological expertise; the loss of any of our large customers or the loss of their respective market shares; volatility in the prices or availability of raw materials critical to our business; geopolitical and economic developments, including foreign trade relations and associated tariffs; risks related to entering new markets; our ability to recruit and retain our key executive officers, managers and trade-skilled personnel; manufacturing risks, including delays and technical problems, issues with third-party suppliers, environmental risks and applicable statutory and regulatory requirements; our ability to successfully identify or integrate acquisitions; our ability to develop new and innovative processes and gain customer acceptance of such processes; risks related to our information technology systems and infrastructure; results of legal disputes, including product liability, intellectual property infringement and other claims; risks associated with our capital-intensive industry; risks related to our treatment as an S Corporation prior to the consummation of our initial public offering; risks related to our employee stock ownership plan’s treatment as a tax-qualified retirement plan; our ability to maintain effective internal control over financial reporting; and other factors described in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. This discussion should be read in conjunction with our audited consolidated financial statements included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2024. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
ABOUT MAYVILLE ENGINEERING COMPANY
Founded in 1945, MEC is a leading
NON-GAAP FINANCIAL MEASURES
This press release contains financial information calculated in a manner other than in accordance with
The non-GAAP measures used in this press release are EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Diluted EPS and Free Cash Flow.
EBITDA represents net income (loss) before interest expense, provision (benefit) for income taxes, depreciation, and amortization. EBITDA Margin represents EBITDA as a percentage of net sales for each period. Adjusted EBITDA represents EBITDA before stock-based compensation expense, legal costs due to the former fitness customer, Chief Financial Officer (CFO) transition costs, natural disaster costs, acquisition related costs, restructuring, costs recognized on step-up of Accu-Fab acquired inventory and lawsuit settlement gain. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period. Adjusted Net Income (Loss) and Adjusted Diluted EPS represent net income (loss) before the aforementioned Adjusted EBITDA addback items and acquisition related amortization of intangible assets, which do not reflect our core operating performance. Free Cash Flow represents net cash provided by, or used in, operating activities, less cash flows used in the purchase of property, plant and equipment. We present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income (loss) or cash flow provided by, or used in, operating activities, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. These measures may not be comparable to the similarly named measures reported by other companies and have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP.
Please reference our reconciliation of net income (loss), the most directly comparable measure calculated in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and the calculation of EBITDA Margin and Adjusted EBITDA Margin included in this press release.
Mayville Engineering Company, Inc. Consolidated Balance Sheets (in thousands, except share amounts) |
||||||||
|
|
|
|
|
|
|
||
|
|
December 31, |
|
December 31, |
||||
|
|
2025 |
|
2024 |
||||
ASSETS |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,502 |
|
|
$ |
206 |
|
Receivables, net of allowances for doubtful accounts of |
|
|
57,551 |
|
|
|
49,782 |
|
Inventories, net |
|
|
59,398 |
|
|
|
54,756 |
|
Tooling in progress |
|
|
4,746 |
|
|
|
4,761 |
|
Prepaid expenses and other current assets |
|
|
5,217 |
|
|
|
3,439 |
|
Total current assets |
|
|
128,414 |
|
|
|
112,944 |
|
Property, plant and equipment, net |
|
|
149,996 |
|
|
|
156,528 |
|
Assets held for sale |
|
|
1,402 |
|
|
|
1,402 |
|
Goodwill |
|
|
140,246 |
|
|
|
92,650 |
|
Intangible assets, net |
|
|
111,280 |
|
|
|
51,734 |
|
Operating lease assets |
|
|
30,473 |
|
|
|
28,615 |
|
Other long-term assets |
|
|
1,829 |
|
|
|
1,697 |
|
Total assets |
|
$ |
563,640 |
|
|
$ |
445,570 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
52,377 |
|
|
$ |
39,119 |
|
Current portion of operating lease obligation |
|
|
6,729 |
|
|
|
4,914 |
|
Accrued liabilities: |
|
|
|
|
|
|
||
Salaries, wages, and payroll taxes |
|
|
2,753 |
|
|
|
5,094 |
|
Bonuses and deferred compensation |
|
|
2,170 |
|
|
|
4,626 |
|
Other current liabilities |
|
|
10,740 |
|
|
|
10,839 |
|
Total current liabilities |
|
|
74,769 |
|
|
|
64,592 |
|
Bank revolving credit notes |
|
|
202,525 |
|
|
|
79,725 |
|
Operating lease obligation, less current maturities |
|
|
25,572 |
|
|
|
25,412 |
|
Deferred compensation, less current portion |
|
|
5,240 |
|
|
|
4,719 |
|
Deferred income tax liability |
|
|
11,298 |
|
|
|
16,831 |
|
Other long-term liabilities |
|
|
3,499 |
|
|
|
2,538 |
|
Total liabilities |
|
$ |
322,903 |
|
|
$ |
193,817 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Common shares, no par value, 75,000,000 authorized, 22,505,704 shares issued at December 31, 2025 and 22,300,106 at December 31, 2024 |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
208,777 |
|
|
|
207,076 |
|
Retained earnings |
|
|
51,976 |
|
|
|
60,086 |
|
Treasury shares at cost, 2,187,334 shares at December 31, 2025 and 1,883,198 at December 31, 2024 |
|
|
(20,016 |
) |
|
|
(15,409 |
) |
Total shareholders’ equity |
|
|
240,737 |
|
|
|
251,753 |
|
Total liabilities and shareholders' equity |
|
$ |
563,640 |
|
|
$ |
445,570 |
|
Mayville Engineering Company, Inc. Consolidated Statements of Net Income (Loss) (in thousands, except share amounts and per share data) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Net sales |
|
$ |
134,270 |
|
|
$ |
121,306 |
|
|
$ |
546,487 |
|
|
$ |
581,604 |
|
Cost of sales |
|
|
125,352 |
|
|
|
110,514 |
|
|
|
492,478 |
|
|
|
510,507 |
|
Amortization of intangible assets |
|
|
3,125 |
|
|
|
1,733 |
|
|
|
9,716 |
|
|
|
6,933 |
|
Bonuses and deferred compensation |
|
|
1,653 |
|
|
|
3,583 |
|
|
|
8,724 |
|
|
|
13,593 |
|
Other selling, general and administrative expenses |
|
|
9,685 |
|
|
|
7,930 |
|
|
|
39,413 |
|
|
|
31,518 |
|
Gain on lawsuit settlement |
|
|
— |
|
|
|
(25,500 |
) |
|
|
— |
|
|
|
(25,500 |
) |
Income (loss) from operations |
|
|
(5,545 |
) |
|
|
23,046 |
|
|
|
(3,844 |
) |
|
|
44,553 |
|
Interest expense |
|
|
(3,821 |
) |
|
|
(2,011 |
) |
|
|
(10,215 |
) |
|
|
(10,989 |
) |
Income (loss) before taxes |
|
|
(9,366 |
) |
|
|
21,035 |
|
|
|
(14,059 |
) |
|
|
33,564 |
|
Income tax expense (benefit) |
|
|
(5,008 |
) |
|
|
5,064 |
|
|
|
(5,949 |
) |
|
|
7,596 |
|
Net income (loss) and comprehensive income (loss) |
|
$ |
(4,358 |
) |
|
$ |
15,971 |
|
|
$ |
(8,110 |
) |
|
$ |
25,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.22 |
) |
|
$ |
0.77 |
|
|
$ |
(0.40 |
) |
|
$ |
1.26 |
|
Diluted |
|
$ |
(0.22 |
) |
|
$ |
0.76 |
|
|
$ |
(0.40 |
) |
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
20,427,916 |
|
|
|
20,639,456 |
|
|
|
20,471,356 |
|
|
|
20,611,192 |
|
Diluted |
|
|
20,427,916 |
|
|
|
21,069,686 |
|
|
|
20,471,356 |
|
|
|
20,972,192 |
|
Mayville Engineering Company, Inc. Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Year Ended |
||||||
|
|
December 31, |
||||||
|
|
2025 |
|
2024 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
(8,110 |
) |
|
$ |
25,968 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
31,570 |
|
|
|
30,655 |
|
Amortization |
|
|
9,716 |
|
|
|
6,933 |
|
Allowance for doubtful accounts |
|
|
305 |
|
|
|
(437 |
) |
Inventory excess and obsolescence reserve |
|
|
(110 |
) |
|
|
(220 |
) |
Stock-based compensation expense |
|
|
3,278 |
|
|
|
5,186 |
|
Gain on disposal of property, plant and equipment |
|
|
(12 |
) |
|
|
(172 |
) |
Deferred compensation |
|
|
1,272 |
|
|
|
864 |
|
Non-cash lease expense |
|
|
6,128 |
|
|
|
5,367 |
|
Other non-cash adjustments |
|
|
469 |
|
|
|
291 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
6,042 |
|
|
|
8,101 |
|
Inventories |
|
|
62 |
|
|
|
13,246 |
|
Tooling in progress |
|
|
15 |
|
|
|
696 |
|
Prepaids and other current assets |
|
|
(1,049 |
) |
|
|
(185 |
) |
Accounts payable |
|
|
8,360 |
|
|
|
(7,994 |
) |
Deferred income taxes |
|
|
(5,533 |
) |
|
|
4,225 |
|
Operating lease obligations |
|
|
(5,997 |
) |
|
|
(5,092 |
) |
Accrued liabilities |
|
|
(7,844 |
) |
|
|
2,375 |
|
Net cash provided by operating activities |
|
|
38,562 |
|
|
|
89,807 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
||
Purchases of property, plant and equipment |
|
|
(11,648 |
) |
|
|
(12,098 |
) |
Proceeds from sale of property, plant and equipment |
|
|
72 |
|
|
|
386 |
|
Payment for acquisition, net of cash acquired |
|
|
(139,954 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(151,530 |
) |
|
|
(11,712 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Proceeds from bank revolving credit notes |
|
|
1,558,613 |
|
|
|
810,558 |
|
Payments on bank revolving credit notes |
|
|
(1,435,813 |
) |
|
|
(878,326 |
) |
Repayments of other long-term debt |
|
|
(500 |
) |
|
|
(806 |
) |
Payments of financing costs |
|
|
(817 |
) |
|
|
— |
|
Shares withheld for employees' taxes |
|
|
(1,578 |
) |
|
|
(3,829 |
) |
Purchase of treasury stock |
|
|
(4,607 |
) |
|
|
(5,896 |
) |
Payments on finance leases |
|
|
(1,034 |
) |
|
|
(607 |
) |
Proceeds from the exercise of stock options |
|
|
— |
|
|
|
345 |
|
Net cash provided by (used in) financing activities |
|
|
114,264 |
|
|
|
(78,561 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
1,296 |
|
|
|
(466 |
) |
Cash and cash equivalents at beginning of period |
|
|
206 |
|
|
|
672 |
|
Cash and cash equivalents at end of period |
|
$ |
1,502 |
|
|
$ |
206 |
|
Mayville Engineering Company, Inc. Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in thousands) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
|||||||||||||
|
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||||||
Net income (loss) and comprehensive income (loss) |
|
$ |
(4,358 |
) |
|
$ |
15,971 |
|
|
$ |
(8,110 |
) |
|
$ |
25,968 |
|
|
Interest expense |
|
|
3,821 |
|
|
|
2,011 |
|
|
|
10,215 |
|
|
|
10,989 |
|
|
Provision (benefit) for income taxes |
|
|
(5,008 |
) |
|
|
5,064 |
|
|
|
(5,949 |
) |
|
|
7,596 |
|
|
Depreciation and amortization |
|
|
11,065 |
|
|
|
9,461 |
|
|
|
41,287 |
|
|
|
37,588 |
|
|
EBITDA |
|
|
5,520 |
|
|
|
32,507 |
|
|
|
37,443 |
|
|
|
82,141 |
|
|
Stock-based compensation expense |
|
|
325 |
|
|
|
1,339 |
|
|
|
3,278 |
|
|
|
5,186 |
|
|
Legal costs due to former fitness customer |
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
2,088 |
|
|
CFO transition costs |
|
|
— |
|
|
|
— |
|
|
|
1,148 |
|
|
|
— |
|
|
Natural disaster costs |
|
|
3 |
|
|
|
— |
|
|
|
310 |
|
|
|
— |
|
|
Acquisition related costs |
|
|
158 |
|
|
|
— |
|
|
|
3,423 |
|
|
|
— |
|
|
Restructuring |
|
|
305 |
|
|
|
492 |
|
|
|
864 |
|
|
|
492 |
|
|
Costs recognized on step-up of Accu-Fab acquired inventory |
|
|
— |
|
|
|
— |
|
|
|
591 |
|
|
|
— |
|
|
Gain on lawsuit settlement |
|
|
— |
|
|
|
(25,500 |
) |
|
|
— |
|
|
|
(25,500 |
) |
|
Adjusted EBITDA |
|
$ |
6,311 |
|
|
$ |
9,185 |
|
|
$ |
47,057 |
|
|
$ |
64,407 |
|
|
Net sales |
|
$ |
134,270 |
|
|
$ |
121,306 |
|
|
$ |
546,487 |
|
|
$ |
581,604 |
|
|
EBITDA Margin |
|
|
4.1 |
|
% |
|
26.8 |
|
% |
|
6.9 |
|
% |
|
14.1 |
|
% |
Adjusted EBITDA Margin |
|
|
4.7 |
|
% |
|
7.6 |
|
% |
|
8.6 |
|
% |
|
11.1 |
|
% |
Mayville Engineering Company, Inc. Reconciliation of Net Income (Loss) and Diluted EPS to Adjusted Net Income and Diluted EPS (in thousands, except share amounts and per share data) |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
2025 |
|
|
2024 |
||||||||||||||||||||||||
|
|
Earnings |
|
Diluted EPS |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
|
|
Earnings |
|
Diluted EPS |
||||||||||||||||
Net income (loss) and comprehensive income (loss) |
|
$ |
(4,358 |
) |
|
$ |
(0.22 |
) |
|
|
$ |
15,971 |
|
|
$ |
0.76 |
|
|
$ |
(8,110 |
) |
|
$ |
(0.40 |
) |
|
|
$ |
25,968 |
|
|
$ |
1.24 |
|
Stock-based compensation expense |
|
|
325 |
|
|
|
0.02 |
|
|
|
|
1,339 |
|
|
|
0.06 |
|
|
|
3,278 |
|
|
|
0.16 |
|
|
|
|
5,186 |
|
|
|
0.24 |
|
Legal costs due to former fitness customer |
|
|
— |
|
|
|
— |
|
|
|
|
347 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
|
2,088 |
|
|
|
0.10 |
|
CFO transition costs |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,148 |
|
|
|
0.06 |
|
|
|
|
— |
|
|
|
— |
|
Natural disaster costs |
|
|
3 |
|
|
|
0.00 |
|
|
|
|
— |
|
|
|
— |
|
|
|
310 |
|
|
|
0.01 |
|
|
|
|
— |
|
|
|
— |
|
Acquisition related costs |
|
|
158 |
|
|
|
0.01 |
|
|
|
|
— |
|
|
|
— |
|
|
|
3,423 |
|
|
|
0.15 |
|
|
|
|
— |
|
|
|
— |
|
Restructuring |
|
|
305 |
|
|
|
0.01 |
|
|
|
|
492 |
|
|
|
0.02 |
|
|
|
864 |
|
|
|
0.04 |
|
|
|
|
492 |
|
|
|
0.02 |
|
Costs recognized on step-up of Accu-Fab acquired inventory |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
591 |
|
|
|
0.03 |
|
|
|
|
— |
|
|
|
— |
|
Acquisition related amortization of intangible assets |
|
|
3,125 |
|
|
|
0.15 |
|
|
|
|
1,733 |
|
|
|
0.08 |
|
|
|
9,716 |
|
|
|
0.46 |
|
|
|
|
6,933 |
|
|
|
0.32 |
|
Gain on lawsuit settlement |
|
|
— |
|
|
|
— |
|
|
|
|
(25,500 |
) |
|
|
(1.21 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(25,500 |
) |
|
|
(1.21 |
) |
Tax effect of above adjustments |
|
|
(936 |
) |
|
|
(0.05 |
) |
|
|
|
5,362 |
|
|
|
0.25 |
|
|
|
(4,253 |
) |
|
|
(0.20 |
) |
|
|
|
3,125 |
|
|
|
0.14 |
|
Adjusted net income and comprehensive income |
|
$ |
(1,378 |
) |
|
$ |
(0.08 |
) |
|
|
$ |
(256 |
) |
|
$ |
(0.01 |
) |
|
$ |
6,967 |
|
|
$ |
0.31 |
|
|
|
$ |
18,292 |
|
|
$ |
0.86 |
|
Mayville Engineering Company, Inc. Reconciliation of Free Cash Flow (in thousands) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
December 31, |
|
December 31, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
Net cash provided by operating activities |
|
$ |
13,381 |
|
$ |
37,959 |
|
$ |
38,562 |
|
$ |
89,807 |
Less: Capital expenditures |
|
|
3,218 |
|
|
2,345 |
|
|
11,648 |
|
|
12,098 |
Free cash flow |
|
$ |
10,163 |
|
$ |
35,614 |
|
$ |
26,914 |
|
$ |
77,709 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303173613/en/
INVESTOR CONTACT
Stefan Neely or Noel Ryan
(615) 844-6248
MEC@val-adv.com
Source: Mayville Engineering Company
