NWPX Infrastructure (NASDAQ: NWPX) outlines 2025 strategy, backlog and risks

Q: How large is NWPX Infrastructure’s operational footprint and workforce?

NWPX operates 13 manufacturing facilities across North America, including plants in Oregon, California, Texas, Utah, West Virginia, Missouri, Mexico, and Colorado. As of December 31, 2025, it employed 1,318 people , with about 65% in hourly production roles and 35% in administrative and management positions.

Q: What are NWPX Infrastructure’s key backlog and order book figures for 2025?

For Water Transmission Systems, NWPX reported $234 million of backlog as of December 31, 2025, with backlog including confirmed orders at $346 million . The Precast segment’s order book was $57 million , representing unfulfilled precast orders that may fluctuate or be canceled without penalty.

Q: What recent acquisition did NWPX (NWPX Infrastructure) complete to expand its precast business?

On February 23, 2026, NWPX acquired 100% of Boughton’s Precast, Inc. , a single precast facility in Pueblo, Colorado, for approximately $9.0 million . This deal expands the company’s geographic reach for stormwater and sanitary sewer precast products in the Rocky Mountain region.

Q: What major risks does NWPX Infrastructure highlight in its 2025 Form 10-K?

The company cites risks from project delays and government spending downturns in public water projects, overcapacity and competition in steel pipe, steel price volatility , environmental and safety regulations, supply chain and labor challenges, cybersecurity threats, climate change impacts, and reliance on accurate over-time revenue estimates in Water Transmission Systems.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-K

Rhea-AI Filing Summary

NWPX Infrastructure, Inc., formerly Northwest Pipe Company, filed its 2025 Form 10-K describing a water-focused infrastructure business operating through Water Transmission Systems and Precast Infrastructure and Engineered Systems, with 13 manufacturing facilities across North America and 1,318 employees as of December 31, 2025.

The company highlights strong structural demand drivers from aging U.S. water systems, federal and state funding programs, and growing stormwater and wastewater needs, while noting risks from project delays, overcapacity and competition in steel pipe, steel price volatility, environmental regulation, and macroeconomic cycles.

NWPX reports Water Transmission Systems backlog of $234 million and Precast order book of $57 million as of December 31, 2025, and completed a roughly $9.0 million acquisition of Boughton’s Precast in February 2026 to expand its precast footprint into Colorado.

02/26/2026 - 04:08 PM

0001001385 NWPX Infrastructure, Inc. false --12-31 FY 2025 We believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls. We believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls. We believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls. true true true Our Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat. Our Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat. Our Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat. Our Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat. true true As of the date of this report, we are not aware of any material breaches to our networks or computer systems that have materially affected or are reasonably likely to materially affect our execution of our business strategy, results of operations, or financial condition. We describe potential risks from cybersecurity threats under the heading “Our information technology systems can be negatively affected by cybersecurity threats,” in Part I — Item 1. “Risk Factors” of this 2025 Form 10-K, which disclosures are incorporated herein by reference. false false false false true true true true Megan Kendrick Senior Vice President of Human Resources November 6, 2025 Scott Montross President and Chief Executive Officer December 3, 2025 Miles Brittain Executive Vice President December 5, 2025 Amanda Julian Member of Board of Directors December 15, 2025 3,473 true true 528 242 0.01 0.01 10,000,000 10,000,000 0 0 0 0 0.01 0.01 15,000,000 15,000,000 9,587,990 9,587,990 9,918,711 9,918,711 110 45 134 89 21 55 392 33 15 27 580 444 118 2 10 0 0 0 1 55.5 http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2025#Liabilities http://fasb.org/us-gaap/2025#Liabilities http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent 25.1 6.5 1.1 4.8 1.1 2 0 0 1 100 0 1 0 0 1 1 0 392 24 9 9 24 Long-term finance lease liabilities, less current portion are included in Other long-term liabilities. The number of PSAs disclosed in this table are at the target level of 100%. For the PSAs vested on March 31, 2025, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 118% for the 2022-2024 performance period, 111% for the 2023-2024 performance period, and 133% for the 2024 performance period. Finance lease right-of-use assets are presented net of accumulated amortization of $3.4 million and $2.3 million as of December 31, 2025 and 2024, respectively. Depreciation and amortization included in Cost of sales for the WTS segment for the years ended December 31, 2025, 2024, and 2023 was $11.4 million, $11.9 million, and $9.0 million, respectively. Depreciation and amortization included in Cost of sales for the Precast segment for the years ended December 31, 2025, 2024, and 2023 was $7.5 million, $6.6 million, and $6.2 million, respectively. Depreciation and amortization included in Cost of sales for the Precast segment was $1.1 million and $2.7 million for the three and nine months ended September 30, 2025, respectively and $0.9 million and $2.1 million for the three and nine months ended September 30, 2024, respectively. Current portion of finance lease liabilities are included in Accrued liabilities. There were no antidilutive shares for the years ended December 31, 2025, 2024, or 2023. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 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: 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)

Registrant’s telephone number, including area code 360‑397‑6250

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

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ☐

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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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D‑1(b). ☐

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

The aggregate market value of the common equity that was held by non-affiliates of the registrant was $345,346,358 as of June 30, 2025 based upon the last sales price as reported by the Nasdaq Global Select Market.

The number of shares outstanding of the registrant’s common stock as of February 17, 2026 was 9,574,225 shares.

DOCUMENTS INCORPORATED BY REFERENCE

The registrant has incorporated into Parts II and III of Form 10‑K by reference certain portions of its 2024 Form 10‑K, which was filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, and its Proxy Statement for its 2026 Annual Meeting of Shareholders.

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NWPX INFRASTRUCTURE, INC.

2025 ANNUAL REPORT ON FORM 10‑K

TABLE OF CONTENTS

		Page
Cautionary Statement Regarding Forward-Looking Statements		1

Part I

Item 1	Business	2
Item 1A	Risk Factors	11
Item 1B	Unresolved Staff Comments	21
Item 1C	Cybersecurity	21
Item 2	Properties	22
Item 3	Legal Proceedings	23
Item 4	Mine Safety Disclosures	23

Part II

Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
Item 6	[Reserved]	25
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	33
Item 8	Financial Statements and Supplementary Data	34
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	34
Item 9A	Controls and Procedures	35
Item 9B	Other Information	36
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	36

Part III

Item 10	Directors, Executive Officers and Corporate Governance	36
Item 11	Executive Compensation	38
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	38
Item 13	Certain Relationships and Related Transactions, and Director Independence	38
Item 14	Principal Accountant Fees and Services	38

Part IV

Item 15	Exhibit and Financial Statement Schedules	39
Item 16	Form 10‑K Summary	42

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Annual Report on Form 10‑K for the year ended December 31, 2025 (“2025 Form 10‑K”), other than purely historical information, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that are based on current expectations, estimates, and projections about our business, management’s beliefs, and assumptions made by management. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “should,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by us include:

	•	changes in demand and market prices for our products;
	•	product mix;
	•	bidding activity and order modifications or cancelations;
	•	timing of customer orders and deliveries;
	•	production schedules;
	•	price and availability of raw materials;
	•	excess or shortage of production capacity;
	•	product quality failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims;
	•	international trade policy and regulations;
	•	changes in trade policy (in particular Canada and Mexico) and duties imposed on imports and exports and related impacts on us;
	•	economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets;
	•	interest rate risk and changes in market interest rates, including the impact on our customers and related demand for our products;
	•	our ability to identify and complete internal initiatives and/or acquisitions in order to grow our business;
	•	our ability to effectively integrate recent and other future acquisitions into our business and operations that produce accretive financial results;
	•	effects of security breaches, computer viruses, and cybersecurity incidents;
	•	timing and amount of share repurchases;
	•	impacts of U.S. tax reform legislation on our results of operations, and the impact on our customers and related demand for our products;
	•	delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation;
	•	adequacy of our insurance coverage;
	•	supply chain challenges;
	•	our ability to attract and retain talented employees;
	•	impact of geopolitical trends, changes, and events, including various military conflicts or tensions and the regional and global ramifications of these conditions;
	•	operating problems at our manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters;
	•	effectiveness of future implementations or conversions of enterprise resource planning or other key systems;
	•	material weaknesses in our internal control over financial reporting and our ability to remediate such weaknesses;
	•	impacts of pandemics, epidemics, or other public health emergencies; and
	•	other risks discussed in Part I — Item 1A. “Risk Factors” of this 2025 Form 10‑K and from time to time in our other SEC filings and reports.

Such forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this 2025 Form 10‑K. If we do update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

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PART I

Item 1.

Business

Unless otherwise indicated, the terms “the Company,” “NWPX Infrastructure,” “we,” “our,” and “us” are used in this 2025 Form 10‑K to refer to NWPX Infrastructure, Inc. or one of our consolidated subsidiaries or to all of them taken as a whole. We were incorporated in the State of Oregon in 1966.

Overview

NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (“WTS”), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (“Precast”), which includes the brands NWPX Geneva and NWPX Park. Under the Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. We have broadened our manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases our capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, our skilled team is committed to quality and innovation while upholding our core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, we operate 13 manufacturing facilities across North America.

Our water infrastructure products are sold generally to installation contractors, who include our products in their bids to federal, state, and municipal agencies, privately-owned water companies, or developers for specific projects. We believe our sales are substantially driven by spending on urban growth and new water infrastructure with a recent trend towards spending on water infrastructure replacement, repair, and upgrade. Within the total range of products, our steel pipe best addresses the larger-diameter, higher-pressure pipeline applications, while our precast concrete products mainly serve stormwater and sanitary sewer systems.

Company Name

Our shareholders approved an amendment to our Articles of Incorporation to change our corporate name from Northwest Pipe Company to NWPX Infrastructure, Inc. at the Annual Meeting of Shareholders held on June 12, 2025. That same day, we effectuated the name change by filing an amendment of our Articles of Incorporation with the Oregon Secretary of State and amended and restated our Bylaws to reflect the name change.

At the same time, we renamed one of our two operating segments. The segment previously referred to as “Engineered Steel Pressure Pipe (SPP)” has been renamed “Water Transmission Systems (WTS)” to better reflect the value contribution specifically from our business unit’s capabilities in engineering, production execution, and delivery of critical integrated water pipeline systems. The “Precast Infrastructure and Engineered Systems (Precast)” segment name remains unchanged. This change in naming convention does not affect the composition of the segments or the basis of segment reporting, as there have been no changes to how our chief operating decision maker manages or evaluates performance.

Our Segments

Water Transmission Systems. WTS manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, WTS makes products for industrial plant piping systems and certain structural applications. WTS has manufacturing facilities located in Portland, Oregon; Adelanto and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico.

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Precast Infrastructure and Engineered Systems. Precast manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including reinforced concrete pipe (“RCP”), manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, and St. George, Utah.

Recent Strategic Actions

On February 23, 2026, we completed the acquisition of 100% of the shares of Boughton’s Precast, Inc. (“Boughton”), a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million. This acquisition expands our geographic footprint for our stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe.

Our Industries

Much of the United States water infrastructure is antiquated and many authorities, including the United States Environmental Protection Agency (“EPA”), believe the United States water infrastructure is in critical need of update, repair, or replacement. A combination of new population centers, rising demand on developed water sources, substantial underinvestment in water infrastructure over the past several decades, drought conditions, climate change, and increasingly stringent regulatory policies are driving demand for water infrastructure projects in the United States. These trends are intensifying the need for new water infrastructure as well as the need to upgrade, repair, and replace existing water infrastructure. While we believe this offers the potential for increased demand for our water infrastructure products and other products related to water transmission, budgetary pressures could impact governmental and public water agency projects in the near-term.

Federal initiatives to improve the conditions of the aging water infrastructure include the Water Finance Center at the EPA and the Water and Environmental Programs at the U.S. Department of Agriculture. The Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act (“IIJA”)), signed into law in November 2021, will invest $55 billion to expand access to clean drinking water for households, businesses, schools, and childcare centers all across the country. According to the August 2025 Bluefield Research Insight Report – Infrastructure Investment & Jobs Act: Tracking the Spending, Q3 2025, approximately $5 billion earmarked under the IIJA has currently been awarded to Drinking Water State Revolving Loan Fund (“DWSRF”) recipients via subawards. The DWSRF, a federal-state partnership and financial assistance program to help water systems and states achieve the health protection objectives of the Safe Drinking Water Act, provided $4.4 billion in assistance in fiscal 2023 and $57.3 billion in assistance since 1997, according to the 2023 DWSRF Annual Report. Separately, according to its latest report, 2024 Annual Report, the EPA’s Water Infrastructure Finance and Innovation Act program, a federal credit program for eligible water and wastewater infrastructure projects, closed 18 loans totaling $2 billion in 2024. As of January 22, 2026, according to the EPA, 149 loans totaling over $23 billion have closed since funding through the program began in 2018.

In addition to the Federal initiatives, individual states are also taking action. In November 2013, the State of Texas earmarked $27 billion of future bond funding for state water projects over the next 50 years through their State Water Implementation Fund for Texas (“SWIFT”). This program provides low-interest loans, extended payment terms, deferral of loan repayments, and incremental repurchase terms for projects with state ownership aspects. As of December 31, 2025, SWIFT has committed $17.0 billion in assistance toward state water plan projects according to its Fiscal Year 2025 SWIFT Project Status Report. In November 2025, the State of Texas also approved the allocation up to $1 billion annually of sales tax revenues to the Texas Water Fund from 2027 to 2047. The funds are to be used to fix infrastructure, develop new water sources, and support conservation efforts to help meet the state’s increasing water demands. In November 2014, the State of California approved the Water Quality, Supply and Infrastructure Improvement Act which authorizes $7.5 billion in general obligation bonds to fund state water supply infrastructure projects, such as public water system improvements, surface and groundwater storage, drinking water protection, water recycling and advanced water treatment technology, water supply management and conveyance, wastewater treatment, drought relief, emergency water supplies, and ecosystem and watershed protection and restoration. Nearly all of these funds have now been committed, which prompted the passing of California’s Safe Drinking Water, Wildfire Prevention, Drought Preparedness and Clean Air Bond Act in November 2024. The new funding is expected to provide approximately $4 billion for water infrastructure-related projects. Our strategically located manufacturing facilities are well-positioned to take advantage of the anticipated growth in demand.

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Water Transmission Systems. Our large-diameter, engineered welded steel pipeline systems are utilized in water, energy, structural, and plant piping applications. Our core market is the large-diameter, high-pressure portion of a water transmission pipeline that is typically at the “upper end” of a pipeline system. This is the portion of the overall water pipeline that generally transports water from the source to a treatment plant or from a treatment plant into the distribution system, rather than the small lines that deliver water directly into households.

In its Seventh Drinking Water Infrastructure Needs Survey and Assessment released in September 2023, the EPA estimated the nation will need to spend $625 billion on public water system infrastructure capital improvements from 2021 to 2040 to continue to provide safe drinking water to the public. The American Society of Civil Engineers (“ASCE”) has given poor ratings to many aspects of the United States water infrastructure in their latest report, the 2025 Infrastructure Report Card for Drinking Water. The Bridging the Gap: Economic Impacts of National Infrastructure Investment, 2024-2043 report published by ASCE and EBP in May 2024 anticipates there will be cumulative infrastructure needs for drinking water, wastewater, and stormwater infrastructure of $1.7 trillion from 2024 to 2033 and $3.6 trillion from 2024 to 2043.

According to the United States Census Bureau, the population of the United States will increase by approximately 21 million people between 2026 and 2050. The increase will require substantial new infrastructure, as the existing United States water infrastructure is not equipped to provide water to millions of new residents. The development of new sources of water at greater distances from population centers will drive the demand for new water transmission lines. Climate change may be a cause for drought conditions in some regions of the country which increases the demand for new infrastructure. According to ConstructConnect’s Winter 2025 Construction Starts Forecast, U.S. water and sewage treatment construction starts are forecasted to be $60.3 billion in 2026.

As water systems degrade over time and cause failures, many current water supply sources are in danger of reaching the end of their useful life. Much of the drinking water infrastructure in major cities was built in the mid-20th century with a lifespan of 75 to 100 years. In its 2025 Infrastructure Report Card for Drinking Water, the ASCE estimates there are approximately 240,000 water main breaks per year in the United States, resulting in roughly $2.6 billion in repair and maintenance costs. The ASCE also reports that nearly 20% of installed water mains (a little more than 450,000 miles of pipe) were reported to have exceeded their useful lives but are still awaiting replacement due to inadequate funding. These aging water and wastewater systems will drive demand for future investment.

Precast Infrastructure and Engineered Systems. Our high-quality precast and reinforced concrete products are typically used in low-pressure, gravity fed sewer and stormwater applications. Demand for these products is generally influenced by general economic conditions such as housing starts, commercial development, population growth, and interest rates. In addition, the continued expansion of data center development, driven by cloud computing and artificial intelligence applications, is contributing to increased demand for stormwater management, wastewater pretreatment, and related water infrastructure solutions, creating additional opportunities. New residential and commercial construction and transportation department funding of individual states impact our market.

According to the United States Census Bureau, the privately-owned housing starts were at a seasonally adjusted annual rate of 1.4 million in December 2025 and 1.5 million in December 2024. The October 2025 Construction Coverage U.S. Cities Building the Most Homes indicates Utah and Texas, where our Precast manufacturing facilities are located, are in the top six of U.S. states building the most homes. Our market in Texas is also driven by commercial development. According to ConstructConnect’s Winter 2025 Construction Starts Forecast, non-residential building in Texas is forecasted to grow 7.0% in 2026 compared to the 2025 forecast of $62.5 billion.

In its 2025 Infrastructure Report Card for Wastewater, the ASCE states that over the last decade, the sector’s renewal and replacement rate for large capital projects decreased from 3% to 2% while the average number of collection system failures for combined water utilities increased from 2 to 3.3 per 100 miles of pipe, indicating the impacts of aging infrastructure. In its 2025 Infrastructure Report Card for Stormwater, the ASCE warns that as the area covered by impervious surfaces expands at a rate of 1% every five years, impacts of stormwater runoff increase and can lead to urban flooding. In addition, deferred maintenance is expected to increase the likelihood of urban flooding and threatens water quality. In the U.S., the length of impaired rivers and streams increased from 424,000 miles in 2010 to over 703,000 miles in 2022. Bluefield Research’s August 2025 Analyst Presentation: U.S. & Canada Municipal Utility Capital Improvement Plans; Water, Wastewater, and Stormwater Budget Outlook, 2025-2034 estimated the utilities captured in its analysis are projecting approximately $173 billion in capital investment between 2025 and 2034 of for wastewater and approximately $29 billion for stormwater.

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Backlog and Order Book

Water Transmission Systems. We measure backlog as a key metric to evaluate the commercial health of our water infrastructure steel pipe business. Backlog represents the balance of remaining performance obligations under signed contracts for WTS water infrastructure steel pipe products for which revenue is recognized over time. Binding agreements received by us may be subject to cancelation or postponement; however, cancelation would obligate the customer to pay the contract consideration proportional to the costs we have incurred through the cancelation date. As of December 31, 2025 and 2024, backlog was $234 million and $213 million, respectively. Backlog as of any particular date may not be indicative of actual operating results for any fiscal period. There can be no assurance that any amount of backlog ultimately will be realized. Separate from our backlog, we have been notified that we are the successful bidder on additional projects, but binding agreements have not been executed (“confirmed orders”). As of December 31, 2025 and 2024, backlog including confirmed orders was $346 million and $310 million, respectively. Projects for which a binding agreement has not been executed could be canceled without penalty.

Precast Infrastructure and Engineered Systems. We measure order book as unfulfilled orders outstanding at the measurement date for Precast products. As of December 31, 2025 and 2024, order book was $57 million and $61 million, respectively. Order book as of any particular date may not be indicative of actual operating results for any fiscal period. There can be no assurance that any amount of order book ultimately will be realized. As unfulfilled orders do not have binding agreements, orders may be canceled without penalty.

Products

Water Transmission Systems. Water infrastructure steel pipe is used for high-pressure applications, typically requiring pipe to withstand pressures in excess of 150 pounds per square inch. Most of our water transmission products, mainly welded steel pipe and bar-wrapped cylinder pipe, are made to project specifications for fully engineered, large-diameter, high-pressure water infrastructure systems. Other uses include power generation circulating water systems, penstocks, pipe piling, and water and wastewater treatment plants. Spiral welded pipe is manufactured in diameters ranging from 24 inches to 156 inches with wall thickness of 0.135 inches to 1.00 inch. Our rolled and welded capabilities allow for manufacturing diameters greater than 156 inches and wall thicknesses exceeding 1.00 inch. Lining and coating capabilities include cement mortar, polyurethane, epoxy, and polyethylene tape according to our customers’ project specifications. Fabrication of fittings are performed at our own facilities providing installation contractors and project owners with a complete engineered system. Product is delivered to the jobsite using commercial trucks or marine transport as needed.

We manufacture Permalok® steel casing pipe, which is a proprietary pipe joining system that employs a press-fit interlocking connection system. The Permalok® product is generally installed in trenchless construction projects.

Precast Infrastructure and Engineered Systems. We manufacture a variety of high-quality precast concrete products for water, wastewater, and adjacent infrastructure applications. Our precast products include RCP, manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, lined RCP and manholes, and other precast infrastructure products.

We manufacture RCP in sizes ranging from twelve inches to 96 inches in diameter and in a variety of strength classes to ASTM International and American Association of State Highway and Transportation Officials (“AASHTO”) specifications which are primarily used for water transmission, sanitary sewer systems, storm drainage, and utilities fabrication. Our manholes, box culverts, vaults, and other structural products come in a variety of dimensions. Our lined products include high-density polyethylene (“HDPE”), polypropylene, or fiber reinforced plastic internal liners within manholes and RCP, providing additional corrosion protection in sanitary sewer and wastewater environments.

We also manufacture pre-assembled stormwater, wastewater, and water management systems housed predominantly in precast concrete or steel housings, including water meter assemblies, break tank systems, pump lift stations, and backflow prevention systems. Our stormwater products include catch basins, canal valves, and interceptors capable of removing sediments, trash, and oil from stormwater runoff, while our wastewater products protect the environment and limit pollutants from entering sewer systems and include interceptors designed to neutralize and macerate foreign materials such as fats, oils, and greases in wastewater for hospitals, service stations, restaurants, and other commercial applications. Our units are pre-assembled in a quality-controlled environment and are delivered ready to install to the job site, providing significant savings from onsite assembly.

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Manufacturing and Product Development

Water Transmission Systems. Water infrastructure steel pipe manufacturing begins with the preparation of engineered drawings of each unique piece of pipe in a project. These drawings are prepared on our proprietary computer-aided design system and are used as blueprints to manufacture pipe. After the drawings are completed and approved, the manufacturing of engineered steel water pipe begins by feeding a steel coil continuously at a specified angle into a spiral weld mill which cold-forms the band into a tubular configuration with a spiral seam. Automated arc welders, positioned on both the inside and the outside of the tube, are used to weld the seam. The welded pipe is then cut at the specified length. After completion of the forming and welding phases, the finished cylinder is tested and inspected in accordance with project specifications, which may include 100% radiographic analysis of the weld seam. The cylinders are then coated and lined as specified. Possible coatings include polyurethane paint, polyethylene tape, epoxy, and cement mortar. Following coating and lining, certain pieces may be custom fabricated as required for the project. This process is performed at our on-site fabrication facilities.

Precast Infrastructure and Engineered Systems. Precast concrete products are manufactured using either a dry cast or wet cast concrete mix, depending on the size of the piece and the number of identical pieces to be manufactured. In the dry cast method, a concrete mix with low water content, known as zero-slump concrete, is poured into a mold and then densely compacted around the steel reinforcement cage using a variety of manufacturing methods. The concrete structure is immediately removed from the mold and allowed to cure in a high humidity environment to ensure proper hydration of the concrete. This method allows multiple pieces to be produced from the same mold each day and is most suitable for high volume, repetitive manufacturing. We also manufacture RCP by producing a steel mesh cage, enclosing it in a form or mold, and then pouring concrete around it to produce the pipe. In the wet cast method, a concrete mix with relatively high water content is poured into a mold and allowed to cure in the mold, which can take from four to 16 hours.

We recently completed the installation in our Salt Lake City facility of a fully automated production system for concrete pipe and manhole components that offers greater efficiency and safety and increased our production capacity of RCP and manholes up to 60 inches in diameter. We are currently investing in a new catch basin machine capable of producing dry cast basins in excess of five square feet while providing significant cost advantages for the smaller sizes we currently manufacture. That project is expected to be completed in 2026. Additionally, to further diversify our product offerings, we continue to upgrade our monolithic precast forms which expand our production capabilities of dry utility products, which are now possible at both NWPX Geneva and NWPX Park. Our Houston facility includes a metal fabrication plant to build welded steel tanks required in many of our water storage tanks, dewatering containers, or other above ground housing or storage units. The metal fabrication plant also manufactures custom hatchways, ladders, and other parts needed for our environmental equipment.

We work hand-in-hand with our customers to develop custom water infrastructure products that help protect the environment. Many of our precast wastewater, stormwater, water management, and process systems include integrated Original Equipment Manufacturer components that we build out at our facilities into the finished solution. We build and test each unit to industry standards in our quality-controlled certified facilities. The units arrive at the jobsite ready to install, which reduces jobsite construction time and the need for specialized trades on site.

Technology. Advances in technology help us produce high-quality products at competitive prices. We have invested in modern welding and inspection equipment to improve both productivity and product quality. We own interlocking pipe joining system technologies (Permalok®) that provide an alternate joint solution used for connecting steel pipes. The Permalok® Radial Bending Joint enables steel pipe to be installed along a curved radius in microtunneling applications. This patent-pending technology is a groundbreaking advancement in trenchless construction and allows the pipe path to bend in any direction around existing utility lines, monuments, and building foundations. Benefits to the contractor include a smaller jobsite footprint, fewer shafts, and more precise execution of tunneling over longer distances. One of our team’s latest achievements is the InfraShield® Joint System which effectively absorbs deformation imposed by differential settlement or seismic events for use in challenging geological conditions. This technology is unique as it requires no changes to field installation seen with other seismic resistant pipe joints. We announced the patent on this product in February 2025.

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In addition, we are licensed to manufacture a conventional RCP with an HDPE liner to protect concrete pipe from corrosion, and a lined manhole system, which integrates a monolithic precast concrete base with a plastic liner that is chemically resistant to raw sewage gases. Newly added to our corrosion-resistant lined products is the fiber reinforced polymer (“FRP”) panel for rehabilitating large wastewater structures. The half-inch thick panel consists of seven layers including a high-strength honeycomb and an FRP gel coat. The panels are mechanically anchored to the inside of a structure and sealed to form a gas and water-tight lining. The FRP panel system is ideal for rehabilitating existing large concrete wastewater structures and extending the structure service life by decades.

Another new product offering is the Hybrid polyvinyl chloride (“PVC”) Manhole System, a cost-effective and corrosion-free solution for sanitary sewer rehabilitation. This system combines the corrosion and abrasion resistance benefits of traditional lined precast manholes with the ease of installation and the widespread availability of PVC pipes. Each unit includes an FRP-lined reinforced concrete base and lid and a PVC riser. Installation is quick and easy, and labor can be 100% self-performed by the contractor in the field.

We have achieved UL 508A certification for control panel systems that we incorporate into many of our water, wastewater, and stormwater infrastructure products. This certification indicates that a product has been tested by UL Solutions and meets scientific safety, quality, and security standards including correct component selection, proper conductor sizing, protection, and spacing; verified short-circuit current ratings; and accurate labeling, documentation, and wiring methods. This certification also assures our customers the product is in compliance with the National Electrical Code Article 409 and is expected to simplify permitting and inspection, streamline approvals, and shorten project timelines. UL certified control systems can be found on many of NWPX Park’s core products including oil-water separators, grease interceptors, lift stations, water storage units, metering backflow units, potable water, fire protection, and irrigation systems.

To stay current with technological developments in the United States and abroad, we participate in trade shows, industry associations, research projects, and vendor trials of new products. We believe our staff includes some of the most tenured and experienced pipe manufacturing and water infrastructure professionals in the nation.

Intellectual Property. We own various patents, registered trademarks and trade names and applications for, or licenses in respect of the same, that relate to our various products, including a number of innovative technologies relating to water infrastructure as well as precast infrastructure and engineered systems produced by NWPX Park and NWPX Geneva. We also license intellectual property for use in certain products from unaffiliated third parties. We believe that our patents, trademarks, and trade names are adequately protected and that any expiration or other loss of one or more of our patents or other intellectual property rights would not have a material adverse effect upon our business, financial condition, or results of operations.

Quality Assurance. We have quality management systems in place that assure we are consistently providing products that meet or exceed customer and applicable regulatory requirements. All of our water transmission systems manufacturing facilities’ quality management systems in the United States and Mexico are registered under a multi-site registration by the International Organization for Standardization. All of our water transmission systems manufacturing facilities are certified by NSF for cement lining. We are certified for specific precast and reinforced concrete products or operations by the National Precast Concrete Association and the National Ready Mixed Concrete Association. We also follow and make products to the following standards and specifications: American Institute of Steel Construction, American Society of Mechanical Engineers, American Welding Society, Caltrans, American Water Works Association, ASTM International, AASHTO, and the ASCE. All of our steel pipe nondestructive evaluation technicians are qualified and certified to the guidelines of the American Society for Nondestructive Testing, Inc.

Our quality assurance/quality control department is responsible for monitoring and measuring the characteristics of our products. Inspection capabilities include, but are not limited to, visual, dimensional, liquid penetrant, magnetic particle, hydrostatic, ultrasonic, conventional, computed and real-time x-ray/radioscopic, base material tensile, yield and elongation, sand sieve analysis, concrete compression, lining and coating dry film thickness, adhesion, concrete absorption, guided bend, charpy impact, hardness, metallurgical examinations, chemical analysis, spectrographic analysis, and finished product final inspection. Our products are not released for customer shipment until there is verification that all requirements have been met.

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Marketing

Water Transmission Systems. Our seven steel pipe manufacturing facilities in Oregon, California, West Virginia, Texas, Missouri, and Mexico allow us to efficiently serve customers throughout North America. The primary customers for our water infrastructure steel pipe products are installation contractors for projects funded by public water agencies. Our marketing strategy emphasizes early identification of potential water projects, promotion of specifications consistent with our capabilities and products, and close contact with the project designers and owners throughout the design phase. Our in-house sales force is comprised of sales representatives, engineers, and support personnel who work closely with public water agencies, contractors, and engineering firms, often years in advance of a project bid date. These relationships allow us to identify and evaluate planned projects at early stages, and pursue these projects by offering technical support and resources. After an agency completes a design, they publicize the upcoming bid for a water transmission project. We then obtain detailed plans and develop our estimate for the pipe portion of the project. We typically bid to installation contractors who include our bid in their proposals to public water agencies. A public water agency generally awards the entire project to the contractor with the lowest responsive bid.

Precast Infrastructure and Engineered Systems. Our six precast and water systems manufacturing facilities are in Texas and Utah with the majority of our customers located in Texas, the Intermountain West region, and surrounding states. We support sales to other regions with our remote-based national sales team. The primary customers for our precast infrastructure and reinforced concrete products are installation contractors for various commercial, government, residential, and industrial projects. Our marketing strategy emphasizes our product quality and variety of offerings, competitive pricing, customer service, delivery, and technical expertise. We market many of our engineered systems with preinstalled components as having the advantage of reduced field install time, the elimination of multiple vendors, and higher quality control. Our sales force is comprised of in-house and remote sales representatives, engineers, and support personnel who work closely with the customers to find the right product or solution for their specific need.

Competition

Water Transmission Systems. Most water infrastructure steel pipe projects are competitively bid and price competition is vigorous. Price competition may reduce the gross margin on sales, which may adversely affect overall profitability. Other competitive factors include timely delivery, customized specifications, and high freight costs which may limit the ability of manufacturers located in other market areas to compete with us. With water infrastructure steel pipe manufacturing facilities in Oregon, California, West Virginia, Texas, Missouri, and Mexico, we believe we can more effectively compete throughout North America. Our primary competitor in the western United States and southwestern Canada is West Coast Pipe. East of the Rocky Mountains, our primary competitors are Thompson Pipe Group, American SpiralWeld Pipe, and Mid America Pipe Fabricating & Supply, LLC. Our competitors could build new facilities or expand capacity within our market areas. New or expanded facilities or new competitors could have a material adverse effect on our market share, product pricing, sales, gross margins, and overall profitability in our business.

Precast Infrastructure and Engineered Systems. Our six precast and reinforced concrete product manufacturing facilities in Texas and Utah have several local competitors which are primarily other precast concrete manufacturers in the respective states where we operate. Our primary competitors are Oldcastle Infrastructure and Harper Precast Concrete Company in Utah and Oldcastle Infrastructure and AmeriTex Pipe & Products LLC in Texas.

Raw Materials and Supplies

We have at least two suppliers for most of our raw materials. We believe our relationships with our suppliers are positive and do not expect that we will experience shortages of raw materials or components essential to our production processes or that we will be forced to seek alternative sources of supply. Any shortages of raw materials may result in production delays and costs, which could have a material adverse effect on our financial position, results of operations, or cash flows.

Water Transmission Systems. The main raw component in our steel pipe manufacturing process is steel. We have historically purchased hot rolled steel coil and steel plate from both domestic and foreign steel mills. Our suppliers include Steel Dynamics, Inc., Nucor Corporation, SSAB, North Star BlueScope Steel, United States Steel Corporation, and JSW Steel USA. Steel is normally purchased after the steel pressure pipe orders are confirmed with an executed contract. Purchased steel represents a substantial portion of our cost of sales. The steel industry is highly cyclical in nature and steel prices fluctuate significantly, influenced by numerous factors beyond our control, including trade restrictions and tariffs, general economic conditions, availability of raw materials, energy costs, import duties, and currency exchange rates.

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Precast Infrastructure and Engineered Systems. The main raw components in our precast and reinforced concrete products are cement, steel, and aggregate, which are widely available commodities. When possible, we source these raw materials from suppliers near our facilities.

Seasonality

Our operations can be affected by seasonal variations and our results tend to be stronger in the second and third quarters of each year due to typically milder weather in the regions in which we operate. We are more likely to be impacted by severe weather events, such as hurricanes and excessive flash flooding, snow, ice, or frigid temperatures, which may cause temporary, short-term anomalies in our or our customers’ operational performance in certain localized geographic regions. However, these impacts usually have not been material to our operations as a whole. See Part I — Item 1A. “Risk Factors” of this 2025 Form 10‑K for further discussion.

Government Regulations

We are subject to various environmental, health, and employee safety laws and regulations. We believe we are in material compliance with these laws and regulations and do not currently believe that future compliance with such laws and regulations will have a material adverse effect on our capital expenditures, earnings, or competitive position. Nevertheless, we cannot guarantee that, in the future, we will not incur additional costs for compliance or that such costs will not be material.

In particular, we are subject to federal, state, local, and foreign environmental regulations, violations of which could lead to fines, penalties, other civil sanctions, or criminal sanctions. These environmental laws and regulations govern emissions to air; discharges to water; and the generation, handling, storage, transportation, treatment, and disposal of waste materials. We operate under numerous governmental permits and licenses relating to air emissions, stormwater runoff, and other environmental matters. We are subject to environmental laws requiring the investigation and cleanup of environmental contamination at properties we presently own or operate and at third-party disposal or treatment facilities to which these sites send or arrange to send hazardous waste. For example, we have been identified as a potentially responsible party at the Portland Harbor Superfund Site discussed in Note 14, “Commitments and Contingencies” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K. Estimating liabilities for environmental investigations and cleanup is complex and dependent upon a number of factors beyond our control which may change dramatically. We have no reserves for environmental investigation or cleanup, and we believe this is appropriate based on current information; however, we cannot provide assurance that our future environmental investigation and cleanup costs and liabilities will not result in a material expense.

Human Capital Resources

At NWPX Infrastructure, we recognize that our employees are the foundation of our success. We are committed to fostering a workplace where all individuals have the opportunity to grow, contribute, and succeed. Our approach to human capital management is centered on fairness, professional development, competitive compensation, and employee safety and well-being.

Employees. As of December 31, 2025, we had 1,318 employees, the overwhelming majority of which were full-time. Approximately 65% of our workforce are hourly production employees, while 35% are administrative support and management. As of December 31, 2025, none of our employees were subject to a collective bargaining agreement with a labor union. We consider our relations with our employees to be good. The average tenure of our employees is approximately 8 years of service. We believe the risk of employee or union led disruption to production is low.

Compensation and Benefits. Maintaining a sufficient number of skilled employees in order to support the operations at our corporate office and various manufacturing sites continues to be a key focus at NWPX Infrastructure. To that end, we offer a wide array of company-paid benefits to our employees both in the United States and Mexico. Benefits may vary between locations due to customary local practices and statutory requirements, or due to an employee’s full or part time status, work location, position, or tenure.

We are committed to maintaining competitive and equitable compensation practices and believe that as a whole our compensation packages are competitive relative to others in our industry. Our pay structures are regularly reviewed to align with market standards and reward performance, ensuring that employees are recognized for their contributions to the Company.

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Culture. Our key values are captured in the acronym ACT, which stands for Accountability, Commitment, and Teamwork, which we seek to demonstrate in our daily actions. Our executive leadership team guides our strategic direction to provide innovative water, environmental, and other infrastructure solutions for a wide range of commercial, residential, and municipal applications which are manufactured safely (see Health and Safety below) and efficiently. As a trusted partner to engineering firms, contractors, and water municipalities, we strive for operational, manufacturing, and client service excellence. Our success stems from our employees delivering product to our customers that consistently meets or exceeds their expectations.

We believe that our employees are our best resources. In order to recognize and reward the continued commitment and teamwork of our employees, when positions that may offer opportunities for advancement become open at NWPX Infrastructure, we first try to fill those positions from within. We provide employees with opportunities to enhance their skills, and advance their careers through training programs, mentorship and leadership development.

Health and Safety. Our goal is to send each employee home safe at the end of the day. As such, safety is at the central core of our culture, and is infused at every level of our organization. More than just policy and procedure, our safety program gives equal focus to the human side of safety, integrating coaching and mentoring efforts with compliance-driven approaches. By instilling a deep commitment to safety that reaches from our Chief Executive Officer to our general laborers, we have achieved industry-leading safety performance. Over the last four years, our average total recordable incident rate was 1.54 and our average days away rate was 0.31, calculated in accordance with the Occupational Safety and Health Administration’s record keeping requirements. Each of our facilities utilize various interactions to achieve this performance, from a toolbox meeting to cover the day’s work and any particular safety concern, to monthly Safety Plan Meetings, ‘No Days Away’ Safety Awards, and our employee-favorite, Safety Day. Each year, a facility may close for one full day, or “Safety Day,” to cover safety training and updates. Outside vendors demonstrate the latest safety procedures and equipment in a hands-on, fun atmosphere.

As a manufacturer, we work hard to eliminate hazards associated with high-risk work and have measures in place that include programs for fall protection, heavy equipment operation, and lockout/tagout. We also focus on personal safety issues, such as complacency and fatigue. We offer our employees medical, dental, and vision insurance coverage to support their physical and mental well-being.

Ethics and Compliance. We take pride in the high standards of conduct that identifies us as a company. We have controls in place relating to compliance with our Code of Business Conduct and Ethics (“Code”), including a requirement for employees to review and understand the requirements of our Code, as well as an established whistleblower hotline and related procedures. Our Code, along with other key governance policies, is published on our website.

We conduct training on our Code in regular intervals during the employee’s life cycle with us. The most recent ethics training for all salaried employees was conducted in the fourth quarter of 2024. We also conduct anti-trust training annually. The most recent anti-trust training for certain senior management and sales employees was conducted in the second quarter of 2025.

Information About Our Executive Officers

Information about our executive officers is set forth under the caption “Directors, Executive Officers, Promoters and Control Persons” in Part III — Item 10. “Directors, Executive Officers and Corporate Governance” of this 2025 Form 10‑K and is incorporated herein by reference.

Available Information

Our internet address is www.nwpx.com. Our Annual Reports on Form 10‑K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8‑K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge through our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. All statements made in any of our securities filings, including all forward-looking statements or information, are made as of the date of the document in which the statement is included, and we do not assume or undertake any obligation to update any of those statements or documents unless we are required to do so by law. Our website and the information contained therein or connected thereto are not incorporated into this 2025 Form 10‑K.

Additionally, the SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

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Item 1A.

Risk Factors

You should carefully consider the following factors, together with all the other information included in this 2025 Form 10‑K, in evaluating our company and our business. If any of the following risks actually occur, our business, financial condition, results of operations, or cash flows could be materially and adversely affected, and the value of our stock could decline. The risks and uncertainties described below are those that we currently believe may materially affect our company. Additional risks and uncertainties not presently known to us or that we deem immaterial also may impair our business operations. As such, you should not consider this list to be a complete statement of all potential risks or uncertainties.

Risk Factor Summary

This risk factor summary contains a high-level overview of certain of the principal factors and uncertainties that make an investment in our securities risky, including risks related to our industry and end markets, our business, our supply chain and production process, our financial condition, our internal control over financial reporting, and our common stock. The following summary is not complete and should be read together with the more detailed discussion of these and the other factors and uncertainties that follow before making an investment decision regarding our securities. The principal factors and uncertainties that make an investment in our securities risky include the following.

Risks Related to Our Industry and End Markets

	•	Project delays in public water transmission projects could adversely affect our business;
	•	A downturn in government spending related to public water transmission projects could adversely affect our business;
	•	Our Water Transmission Systems segment faces an overcapacity situation as well as the potential for increased competition from substitute products from manufacturers of concrete pressure pipe, ductile iron, PVC, and HDPE;
	•	The success of our business is affected by general and local economic conditions, and our business may be adversely affected by an economic slowdown or recession, or an inability of our pricing to keep pace with inflation of input costs; and
	•	We are subject to stringent environmental, health, and safety laws, which may require us to incur substantial compliance and remediation costs, thereby reducing our profits.

Risks Related to Our Business

	•	We face risks in connection with the integration of recent or future potential acquisitions and the implementation of future potential divestitures;
	•	Recent or future potential acquisitions could adversely affect operating results, dilute shareholders’ equity, or cause us to incur additional debt or assume contingent liabilities;
	•	Our quarterly results of operations are subject to significant fluctuation;
	•	Operating problems in our business could adversely affect our business, financial position, results of operations, or cash flows;
	•	We may be unable to develop or successfully market new products or our products might not obtain necessary approvals or achieve market acceptance, which could adversely affect our growth;
	•	Our over time revenue recognition in our Water Transmission Systems segment relies on estimates;
	•	We have a foreign operation which exposes us to the risks of doing business abroad;
	•	Our Water Transmission Systems backlog is subject to reduction and cancelation;
	•	Future outbreaks of infectious diseases or other public health emergencies may have an adverse impact on our business;
	•	Changes in U.S. and foreign government administrative policy, including the imposition of or increases in tariffs and changes to existing trade agreements, could have an adverse impact on our business;
	•	Conflicts around the world may have an adverse impact on our business;
	•	Climate change and related regulatory requirements present an ongoing risk to our business operations; and
	•	The use of artificial intelligence presents new risks and challenges to our business.

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Risks Related to Our Supply Chain and Production Process

	•	Our business may be adversely impacted by staffing shortages, other labor matters, and work stoppages;
	•	Fluctuations in steel prices and availability may affect our future results of operations;
	•	We may be subject to claims for damages for defective products;
	•	We may not be able to recover costs and damages from vendors that supply defective materials; and
	•	Our information technology systems are subject to cybersecurity threats.

Risks Related to Our Financial Condition

	•	We will need to increase working capital if market conditions and customer order levels grow;
	•	Our failure to comply with covenants in our debt agreements could result in our indebtedness being immediately due and payable, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows; and
	•	Disruptions in the financial markets, including in the banking industry, and a general economic slowdown could cause us to be unable to obtain financing, be impacted by declines in customer creditworthiness, and expose us to risks related to the overall macro-economic environment, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.

Risks Related to Our Internal Control Over Financial Reporting

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We have identified material weaknesses in internal controls in prior years.

Risks Related to Our Common Stock

	•	The relatively low trading volume of our common stock may limit your ability to sell your shares;
	•	The market price of our common stock could be subject to significant fluctuations;
	•	We cannot guarantee that our share repurchase program of our common stock will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our common stock; and
	•	Certain provisions of our governing documents and Oregon law could discourage potential acquisition proposals.

Risks Related to Our Industry and End Markets

Project delays in public water transmission projects could adversely affect our business. The public water agencies constructing water transmission projects generally announce the projects well in advance of the bidding and construction process. It is not unusual for WTS projects to be delayed and rescheduled. Projects are delayed and rescheduled for a number of reasons, including changes in project priorities, difficulties in complying with environmental and other government regulations, changes in ability to obtain adequate project funding, and additional time required to acquire rights-of-way or property rights. Delays in public water transmission projects may occur with insufficient notice to allow us to replace those projects in our manufacturing schedules. As a result, our business, financial position, results of operations, or cash flows may be adversely affected by unplanned downtime or reductions to facility utilization levels.

A downturn in government spending related to public water transmission projects could adversely affect our business. Our WTS business is primarily dependent upon spending on public water transmission projects, including water infrastructure upgrades, repairs, and replacement and new water infrastructure spending, which in turn depends on, among other things:

	•	the need for new or replacement infrastructure;
	•	the priorities placed on various projects by governmental entities;
	•	federal, state, and local government spending levels, including budgetary constraints related to capital projects and the ability to obtain financing; and
	•	the ability of governmental entities to obtain environmental approvals, right-of-way permits, and other required approvals and permits.

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Decreases in the number of, or government funding of, public water transmission projects could adversely affect our business, financial position, results of operations, or cash flows.

Our Water Transmission Systems segment faces an overcapacity situation as well as the potential for increased competition from substitute products from manufacturers of concrete pressure pipe, ductile iron, PVC, and HDPE. Most WTS projects are competitively bid and price competition can be vigorous. In a market that already has overcapacity issues, increases in capacity could negatively affect our sales, gross margins, and overall profitability. Other competitive factors include timely delivery, ability to meet customized specifications, and high freight costs. Although our WTS manufacturing facilities in Oregon, California, West Virginia, Texas, Missouri, and Mexico allow us to compete throughout North America, our competitors could build new facilities or expand capacity within our market areas. New or expanded facilities or new competitors could have a material adverse effect on our market share, product pricing, sales, gross margins, and overall profitability in our business.

Water transmission pipe is manufactured generally from steel, concrete, ductile iron, PVC, or HDPE. Each pipe material has advantages and disadvantages. Steel and concrete are more common materials for larger-diameter water transmission pipelines because ductile iron pipe generally is limited in diameter due to the manufacturing process. The public agencies and engineers who determine the specifications for water transmission projects analyze these pipe materials for suitability for each project. Individual project circumstances normally dictate the preferred material. If we experience cost increases in raw materials, labor, and overhead specific to our industry or the location of our facilities, while competing products or companies do not experience similar changes, we could experience an adverse change in the demand, price, and profitability of our products, which could have a material adverse effect on our business, financial position, results of operations, or cash flows.

The success of our business is affected by general and local economic conditions, and our business may be adversely affected by an economic slowdown or recession, or an inability of our pricing to keep pace with inflation of input costs. We are subject to national and regional economic conditions. These conditions include, but are not limited to, recession, inflation, interest rates, unemployment levels, the state of the housing market, and gasoline prices. These conditions and the economy in general could be affected by significant national or international events such as a global health crisis, acts of terrorism, or acts of war.

Periods of economic slowdown or recession in the United States, or the public perception that one may occur, have and could further decrease the demand for our products, affect the price of our products, and adversely impact our business. We have been impacted in the past by the general slowing of the economy, and the economic slowdown has had an adverse impact on our business, financial position, results of operations, or cash flows. Alternatively, our business may be adversely impacted by high inflation of input costs.

We currently conduct a significant portion of our precast and reinforced concrete products business in Texas and Utah, which we estimate represented approximately 42% and 52%, respectively, of Precast net sales for the year ended December 31, 2025. Local economic conditions depend on a variety of factors, including national economic conditions, local and state budgets, infrastructure spending, and the impact of federal cutbacks. Any decrease in construction activity in Texas or Utah could have a material adverse effect on our business, financial condition, and results of operations.

We are subject to stringent environmental, health, and safety laws, which may require us to incur substantial compliance and remediation costs, thereby reducing our profits. We are subject to many federal, state, local, and foreign environmental, health, and safety laws and regulations, particularly with respect to the use, handling, treatment, storage, discharge, and disposal of substances and hazardous wastes used or generated in our manufacturing processes. Compliance with these laws and regulations is a significant factor in our business. We have incurred, and expect to continue to incur, significant expenditures to comply with applicable environmental laws and regulations. Our failure to comply with applicable environmental laws and regulations and permit requirements could result in civil or criminal fines or penalties or enforcement actions, including regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, installation of pollution control equipment, or remedial actions.

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We are currently, and may in the future be, required to incur costs relating to the environmental assessment or environmental remediation of our property, and for addressing environmental conditions, including, but not limited to, the issues associated with our Portland, Oregon facility as discussed in Note 14, “Commitments and Contingencies” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K. Some environmental laws and regulations impose liability and responsibility on present and former owners, operators, or users of facilities and sites for contamination at such facilities and sites without regard to causation or knowledge of contamination. Consequently, we cannot assure you that existing or future circumstances, the development of new facts, or the failure of third parties to address contamination at current or former facilities or properties will not require significant expenditures by us.

We expect to continue to be subject to increasingly stringent environmental, health, and safety laws and regulations. It is difficult to predict the future interpretation and development of environmental, health, and safety laws and regulations or their impact on our future earnings and operations. We anticipate that compliance with these laws and regulations will continue to require capital expenditures and operating costs. Any increase in these costs, or unanticipated liabilities arising, for example, out of discovery of previously unknown conditions or more aggressive enforcement actions, could adversely affect our results of operations, and there is no assurance that they will not have a material adverse effect on our business, financial position, results of operations, or cash flows.

Risks Related to Our Business

We face risks in connection with the integration of recent or future potential acquisitions and the implementation of future potential divestitures. Acquiring businesses that expand and/or complement our operations has been an important element of our business strategy, and we continue to evaluate potential acquisitions that may expand and/or complement our business. We may not be able to successfully identify attractive acquisition candidates or negotiate favorable terms in the future. Furthermore, our ability to effectively integrate any future acquisitions will depend on, among other things, the adequacy of our implementation plans, the ability of our management to oversee and operate effectively the combined operations, and our ability to achieve desired operational efficiencies. We may face challenges in integrating cultures, information systems, and business processes and policies in a seamless manner that minimizes any adverse impact on customers, suppliers, employees, and other parties. Acquired businesses may have liabilities, adverse operating issues, or other matters of concern arise following the acquisition that we fail to discover through due diligence prior to the acquisition. Further, our acquisition targets may not have as robust internal controls over financial reporting as would be expected of a public company, and therefore could lead to potential internal control deficiencies or material weaknesses. Acquisitions may also result in the recording of goodwill and other intangible assets that are subject to potential impairment in the future that could harm our financial results. We may also consider other alternatives in order to strategically position our business and continue to compete in our markets, which may include joint ventures and/or divestitures. Our failure to successfully integrate the operations of any businesses that we may acquire in the future or our inability to attract a business partner in which to enter into a joint venture or a buyer willing to purchase our assets may adversely affect our business, financial position, results of operations, or cash flows.

We acquired Boughton on February 23, 2026. The success of this acquisition depends, in part, on our ability to successfully integrate this business with our current operations and to realize the anticipated benefits, including synergies, from the acquisition. There are a number of challenges and risks involved in our ability to successfully integrate Boughton with our current business and to realize the anticipated benefits of this acquisition, including all of the risks identified in the previous paragraph. Any of these factors could adversely affect our business, financial condition, results of operations, or cash flows.

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Recent or future potential acquisitions could adversely affect operating results, dilute shareholders’ equity, or cause us to incur additional debt or assume contingent liabilities. To increase business, broaden the diversification of our products, or for other business or strategic reasons, we may acquire other companies in the future. Acquisitions that we may enter into from time to time involve a number of risks that could harm our business and result in other acquired business not performing as expected, including:

	•	problems integrating the acquired operations, personnel, technologies, or products with the existing business and products;
	•	failure to achieve cost savings or other financial or operating objectives with respect to an acquisition;
	•	possible adverse short-term effects on cash flows or operating results, and the use of cash and other resources for the acquisition that might affect liquidity, and that could have been used for other purposes;
	•	diversion of management’s time and attention from our existing business to the acquired business;
	•	potential failure to retain key technical, management, sales, and other personnel of the acquired business;
	•	difficulties in retaining relationships with suppliers and customers of the acquired business, particularly where such customers or suppliers compete with us;
	•	difficulties in the integration of financial reporting systems, which could cause a delay in the issuance of, or impact the reliability of the consolidated financial statements;
	•	failure to comply with Section 404 of the Sarbanes-Oxley Act of 2002, including a delay in or failure to successfully integrate these businesses into our internal control over financial reporting, such as the material weaknesses in our internal control over financial reporting as of December 31, 2022 identified in connection with the design and implementation of the enterprise resource planning (“ERP”) system implemented on August 1, 2022 at Park Environmental Equipment, LLC (“ParkUSA”), and since remediated as of December 31, 2023;
	•	insufficient experience with technologies and markets in which the acquired business is involved, which may be necessary to successfully operate and integrate the business;
	•	subsequent impairment of goodwill and acquired long-lived assets, including intangible assets;
	•	failure to achieve the expected return on investment for capital deployed to the organic growth strategies associated with prior acquisitions; and
	•	assumption of liabilities including, but not limited to, lawsuits, environmental liabilities, regulatory liabilities, tax examinations, and warranty issues.

We may enter into acquisitions that are dilutive to earnings per share or that adversely impact margins as a whole. In addition, acquisitions could require investment of significant financial resources and require us to obtain additional equity financing, which may dilute shareholders’ equity, or require us to incur indebtedness.

Our quarterly results of operations are subject to significant fluctuation. Our net sales and operating results may fluctuate significantly from quarter to quarter due to a number of factors, including:

	•	the commencement, completion, or termination of contracts during any particular quarter;
	•	unplanned down time due to project delays or mechanical failure;
	•	underutilized capacity or facility productivity;
	•	adverse weather conditions;
	•	fluctuations in the cost of raw materials;
	•	disruptions in our supply chain; and
	•	competitive pressures.

Results of operations in any period are not indicative of results for any future period, and comparisons between any two periods may not be meaningful.

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Operating problems in our business could adversely affect our business, financial position, results of operations, or cash flows. Our manufacturing operations are subject to typical hazards and risks relating to the manufacture of similar products such as:

	•	explosions, fires, inclement weather, and natural disasters;
	•	mechanical failure;
	•	unscheduled downtime;
	•	labor shortages;
	•	loss of process control and quality;
	•	disruptions to supply;
	•	raw materials quality defects;
	•	service provider delays or failures;
	•	transportation delays or failures;
	•	an inability to obtain or maintain required licenses or permits; and
	•	environmental hazards such as chemical spills, discharges, or releases of toxic or hazardous substances or gases into the environment or workplace.

The occurrence of any of these operating problems at our facilities may have a material adverse effect on the productivity and profitability of a particular manufacturing facility or on our operations as a whole, during and after the period of these operating difficulties. The operating problems listed above may also cause personal injury and loss of life, severe damage to or destruction of property and equipment, and environmental damage. In addition, individuals could seek damages for alleged personal injury or property damage. Furthermore, we could be subject to present and future claims with respect to workplace injury, exposure to hazardous materials, workers’ compensation, and other matters. Although we maintain property and casualty insurance of the types and in the amounts that we believe are customary for our industries, we cannot assure you that our insurance coverage will be adequate for liability that may be ultimately incurred or that such coverage will continue to be available to us on commercially reasonable terms. Any claims that result in liability exceeding our insurance coverage could have an adverse effect on our business, financial position, results of operations, or cash flows.

We may be unable to develop or successfully market new products or our products might not obtain necessary approvals or achieve market acceptance, which could adversely affect our growth. We will continue to actively seek to develop new products and to expand our existing products into new markets, but we cannot assure you that we will be successful in these efforts. If we are unsuccessful in developing and marketing new products, expanding into new markets, or we do not obtain or maintain requisite approvals for our products, the demand for our products could be adversely affected, which could adversely affect our business, financial position, results of operations, or cash flows.

Our over time revenue recognition in our Water Transmission Systems segment relies on estimates. WTS revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses and is measured by the costs incurred to date relative to the estimated total direct costs to fulfill each contract. Estimated total costs of each contract requires judgment and are reviewed on a monthly basis by project management, operations, and cost accounting personnel for all active projects. All cost revisions that result in a material change in gross profit are reviewed by senior management personnel.

Judgment is required in estimating total costs and measuring the progress of project completion, as well as whether a loss is expected to be incurred on the contract. Changes in job performance, job conditions, and estimated profitability, including those arising from contract change orders, contract penalty provisions, foreign currency exchange rate movements, changes in raw materials costs, and final contract settlements may result in revisions to estimates of revenue, costs, and income, and are recognized in the period in which the revisions are determined. Due to the variability of events affecting our estimates which may have a material impact on our contract accounting, actual results could differ from those estimates. This could adversely affect our financial position, results of operations, or cash flows.

We have a foreign operation which exposes us to the risks of doing business abroad. Our facility in San Luis Río Colorado, Mexico primarily exports products to the United States. We may operate in additional countries in the future. Any material changes in the quotas, regulations, tariffs, or duties on imports imposed by the United States government and our agencies, or on exports imposed by these foreign governments and their agencies could adversely affect our foreign operations.

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We also sell some of our products internationally, most often into Canada. Our foreign activities are also subject to various other risks of doing business in a foreign country, including:

	•	currency fluctuations;
	•	the imposition of duties, tariffs, and other trade barriers;
	•	transportation delays and interruptions;
	•	political, social, and economic instability and disruptions;
	•	government embargoes or foreign trade restrictions;
	•	import and export controls;
	•	labor unrest and current and changing regulatory environments;
	•	limitations on our ability to enforce legal rights and remedies; and
	•	potentially adverse tax consequences.

No assurance can be given that our operations may not be adversely affected in the future. Any of these events could have an adverse effect on our operations in the future by reducing the demand for our products and services, decreasing the prices at which we can sell our products, or increasing costs such that there could be an adverse effect on our business, financial position, results of operations, or cash flows. We cannot assure you that we will continue to operate in compliance with applicable customs, currency exchange control regulations, transfer pricing regulations, or any other laws or regulations to which we may be subject, or that any such regulations or laws will not be modified. Any failure by us to comply with any such applicable regulations or laws, or any changes in any such regulations or laws could have a material adverse effect on our business, financial position, results of operations, or cash flows.

Our Water Transmission Systems backlog is subject to reduction and cancelation. Backlog, which represents the balance of remaining performance obligations under signed contracts for WTS water infrastructure steel pipe products for which revenue is recognized over time, was $234 million as of December 31, 2025. Our backlog is subject to fluctuations; moreover, cancelations of purchase orders, change orders on contracts, or reductions of product quantities could materially reduce our backlog and, consequently, future revenues. Our failure to replace canceled or reduced backlog could result in lower revenues, which could adversely affect our business, financial position, results of operations, or cash flows.

Future outbreaks of infectious diseases or other public health emergencies may have an adverse impact on our business. Future outbreaks of infectious diseases may result in widespread or localized health crises that adversely affect general commercial activity and the economies and markets of the countries and localities in which we operate, sell and purchase goods and services. Any outbreak of infectious disease poses the risk that we or our employees, contractors, suppliers, customers, transportation providers and other business partners may be prevented or impaired from conducting ordinary business activities for an indefinite period of time, including self-imposed facility shutdowns to protect the health and well-being of our employees or government-mandated shutdowns. In addition, our suppliers, business partners and customers may also experience similar negative impacts. Global supply chains may be disrupted, causing shortages, which could impact our ability to manufacture or supply our products. This disruption of our employees, distributors, suppliers and customers could adversely affect our business, financial position, results of operations, or cash flows.

Changes in U.S. and foreign government administrative policy, including the imposition of or increases in tariffs and changes to existing trade agreements, could have an adverse impact on our business. There is uncertainty surrounding U.S. and foreign government administrative policy, and there may be changes to existing trade agreements, greater restrictions on free trade generally, the imposition of or significant increases in tariffs on goods imported into the U.S., particularly those from Mexico, and adverse responses by foreign governments, particularly retaliatory tariffs on finished products we ship into Canada, among other possible outcomes. Increases in tariffs may also raise prices for raw materials and components, impacting profitability. Additionally, trade policy shifts, including renegotiations or withdrawals from agreements, could create uncertainty and limit our competitiveness. If we cannot effectively mitigate these risks, our business, financial position, results of operations, or cash flows could be materially affected.

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Conflicts around the world may have an adverse impact on our business. Current conflicts around the world, including those in Ukraine and the Middle East or tensions in the Taiwan Strait and South China Sea, and related sanctions could damage or disrupt international commerce and the global economy. We monitor the impacts of current conflicts on all aspects of our business, including how they may impact our employees, customers, supply chain, and distribution network. Impacts include financial and commodity volatility in raw material and other input costs and availability, as well as volatility in the financial markets. The severity of impacts on the global economy and our business, results of operations, financial position and cash flows remain unknown.

Climate change and related regulatory requirements present an ongoing risk to our business operations. The rise in average global temperatures has resulted in elevated levels of carbon dioxide and other greenhouse gases in the atmosphere, altering long-term weather patterns that lead to an increased frequency and severity of natural disasters. Severe weather conditions could potentially disrupt our manufacturing and construction activities; areas prone to flooding could face delays resulting in lost production and extreme heat could threaten the health and well-being of our employees. Given the changes in weather patterns brought on by climate change, essentially all of our facilities are vulnerable to extreme conditions and natural disasters, increasing the risk of damage to our facilities and products. Those risks could also hinder our supply chain processes and limit our access to raw materials or our ability to fulfill orders for customers. Evolving governmental regulations to combat climate change risks would likely increase our costs for items including energy and transportation, which may prove disproportional to similar increases in costs experienced by competitors. We anticipate continually increasing regulatory focus, and any failure to comply with new environmental regulations and policies could result in reputational damage with our stakeholders, resulting in decreased demand for our products and lower than expected revenue.

The use of artificial intelligence presents new risks and challenges to our business. Artificial intelligence (“AI”) is increasingly being used across the global business landscape. We expect our use of AI to increase as the technology rapidly evolves and improves. However, AI innovation presents risks and challenges that could impact our business. AI algorithms may produce inaccurate output that may go undetected by our verifications processes. Ineffective AI development and deployment practices could result in violations of our confidentiality and privacy obligations or applicable laws and regulations, jeopardize our intellectual property rights, result in the misuse of personally identifiable information, or give rise to significant cyber security risks, any of which could have a material adverse effect on our business, results of operations, and financial condition.

We may also face increased competition from competitors that are employing AI and related technologies, some of whom may discover approaches that prove to be more effective use cases resulting in competitive advantage either commercially or through improved cost structure. In addition, uncertainties surrounding legal and regulatory requirements may require significant resources to support and maintain business practices compliant with laws concerning the use of AI and related technologies, the nature of which cannot be determined at this time.

Risks Related to Our Supply Chain and Production Process

Our business may be adversely impacted by staffing shortages, other labor matters, and work stoppages. Current nationwide staffing shortages have impacted our ability to attract both skilled and unskilled workers needed for our manufacturing operations, and the inability to fully staff any one of our facilities may impact our ability to work on projects and, as a result, could have a material adverse effect on our business, financial position, results of operations, or cash flows. A work stoppage or other limitation on production could occur at our facilities or our suppliers’ facilities for any number of reasons, including as a result of absenteeism, public health issues, labor issues, including disputes under a collective bargaining agreement or in connection with negotiation of new collective bargaining agreements, or for other reasons.

We believe that our relations with our employees are good, and although none of our employees are currently covered by collective bargaining agreements, no assurances can be made that our employees will not elect to be represented by labor unions in the future, or that we will not experience conflicts with other groups representing employees, or our employees in general which could increase our labor costs.

Additionally, the employees of some of our customers and suppliers are unionized. Any strikes, other labor matters, or work stoppages experienced by our customers or suppliers may impact our ability to work on projects and, as a result, have an adverse effect on our business, financial position, results of operations, or cash flows.

Fluctuations in steel prices and availability may affect our future results of operations. Purchased steel represents a substantial portion of WTS cost of sales. The steel industry is highly cyclical in nature, and at times, pricing can be highly volatile due to a number of factors beyond our control, including general economic conditions, import duties, other trade restrictions, and currency exchange rates. Our average cost for a ton of steel was approximately $967 per ton in 2025, $914 per ton in 2024, and $994 per ton in 2023. In 2025, our monthly average steel purchasing costs ranged from a high of approximately $1,093 per ton to a low of approximately $838 per ton. This volatility can significantly affect our gross profit.

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Although we seek to recover increases in steel prices through price increases in our products, we have not always been successful. Any increase in steel prices that is not offset by an increase in our prices could have an adverse effect on our business, financial position, results of operations, or cash flows. In addition, if we are unable to secure timely access to steel supplies, we may need to decline project bidding opportunities, which could also have an adverse effect on our business, financial position, results of operations, or cash flows.

We may be subject to claims for damages for defective products. We warrant our products to be free of certain defects. We have, from time to time, had claims alleging defects in our products. We cannot assure you that we will not experience material product liability losses in the future or that we will not incur significant costs to defend such claims. While we currently have product liability insurance, we cannot assure you that our product liability insurance coverage will be adequate for liabilities that may be incurred in the future or that such coverage will continue to be available to us on commercially reasonable terms. Any claims relating to defective products that result in liabilities exceeding our insurance coverage could have an adverse effect on our business, financial position, results of operations, or cash flows.

We may not be able to recover costs and damages from vendors that supply defective materials. We may receive defective materials from our vendors that are incorporated into our products during the manufacturing process. The cost to repair, remake, or replace defective products could be greater than the amount that can be recovered from the vendor, in addition to creating inefficiencies in our production scheduling. Such excess costs could have an adverse effect on our business, financial position, results of operations, or cash flows.

Our information technology systems are subject to cybersecurity threats. Increased global information technology security requirements, vulnerabilities, threats, and a rise in sophisticated and targeted computer crime pose a risk to the security of our systems, networks, and the confidentiality, availability, and integrity of our data. Despite our efforts to protect sensitive information and confidential and personal data, our facilities and systems and those of our third-party service providers may be vulnerable to security breaches. This could lead to disclosure, modification, or destruction of proprietary, employee, and other key information and operational disruptions. To the extent that any disruption or security breach results in a loss or damage to our data, or an inappropriate disclosure of confidential or protected personal information, it could cause significant damage to our reputation, affect our relationships with our customers, suppliers, and employees, lead to claims against us, and ultimately harm our business. Additionally, we may be required to incur significant costs to protect against damage caused by these disruptions or security breaches in the future. Any of the foregoing factors could have an adverse effect on our business, financial position, results of operations, or cash flows.

Risks Related to Our Financial Condition

We will need to increase working capital if market conditions and customer order levels grow. If market conditions and WTS customer order levels were to dramatically increase, we would have to increase our working capital substantially, as it takes several months for project production to be translated into cash receipts. In general, our revolving loan borrowings and letters of credit are limited to the aggregate amount of $125 million, with an option for us to increase that amount by $50 million. As of December 31, 2025, we had $0.3 million of outstanding revolving loan borrowings, $1.1 million of outstanding letters of credit, and additional borrowing capacity of approximately $124 million. We may not have sufficient availability to borrow the amounts we need, and other opportunities to borrow additional funds or raise capital in the equity markets may be limited or nonexistent. A shortage in the availability of working capital could have a material adverse effect on our business, financial condition, results of operations, or cash flows.

Our failure to comply with covenants in our debt agreements could result in our indebtedness being immediately due and payable, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows. The agreements governing our debt include covenants that impose certain requirements with respect to our financial condition and results of operations and general business activities. These covenants place restrictions on, among other things, our ability to incur certain additional debt and to create liens or other encumbrances on assets. In addition, our obligations under our credit agreement are secured by a senior security interest in substantially all of our and our subsidiaries’ assets.

Our ability to comply with the covenants under our debt instruments in the future is uncertain and will be affected by our results of operations and financial condition as well as other events and circumstances beyond our control. If market and other economic conditions deteriorate, our ability to comply with these covenants may be impaired. A failure to comply with the requirements of these covenants, if not waived or cured, could permit acceleration of the related debt. If any of our debt is accelerated, we cannot assure you that we would have sufficient assets to repay such debt or that we would be able to refinance such debt on commercially reasonable terms or at all. The acceleration of a significant portion of our current and future debt could have a material adverse effect on our business, financial condition, results of operations, or cash flows.

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Disruptions in the financial markets, including the banking industry, and a general economic slowdown could cause us to be unable to obtain financing, be impacted by declines in customer creditworthiness, and expose us to risks related to the overall macro-economic environment, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows. The United States equity and credit markets, as well as certain financial institutions, have experienced significant price volatility, dislocations, and liquidity disruptions, which have caused market prices of many equities to fluctuate substantially, the spreads on prospective debt financings to widen considerably, and disruptions in select banking transactions. These circumstances have materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in some cases have resulted in the unavailability of financing, even for companies who are otherwise qualified to obtain financing. These events may make it less likely that we will be able to obtain additional financing, may make it more difficult or prohibitively costly for us to raise capital through the issuance of debt or equity securities, which may prove necessary to execute our growth strategies, and may impact our customers’ creditworthiness.

Risks Related to Our Internal Control Over Financial Reporting

We have identified material weaknesses in internal control in prior years. As of December 31, 2022, a material weakness in our internal control over financial reporting related to the implementation of our ERP system for the acquisition of ParkUSA was identified. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements would not be prevented or detected. This material weakness was remediated as of December 31, 2023.

No material weaknesses were identified as of December 31, 2025. However, we cannot assure you that additional material weaknesses in our internal control over financial reporting will not be identified in the future. Any failure to maintain or implement required new or improved controls, or any difficulties we encounter in their implementation, could result in additional material weaknesses, or could result in material misstatements in our financial statements. These misstatements could result in a restatement of financial statements, cause us to fail to meet our reporting obligations or cause investors to lose confidence in our reported financial information, leading to a decline in our stock price.

Risks Related to Our Common Stock

The relatively low trading volume of our common stock may limit your ability to sell your shares. Although our shares of common stock are listed on the Nasdaq Global Select Market, we have historically experienced a relatively low trading volume. If we have a low trading volume in the future, holders of our shares may have difficulty selling a large number of shares of our common stock in the manner or at a price that might otherwise be attainable.

The market price of our common stock could be subject to significant fluctuations. The market price of our common stock has experienced, and may continue to experience, significant volatility. Among the factors that could affect our stock price are:

	•	our operating and financial performance and prospects;
	•	quarterly variations in the rate of growth of our financial indicators, such as earnings per share, net income, and net sales;
	•	changes in revenue or earnings estimates or publication of research reports by analysts;
	•	loss of any member of our senior management team;
	•	speculation in the press or investment community;
	•	strategic actions by us or our competitors, such as acquisitions or restructuring;
	•	sales of our common stock by shareholders;
	•	relatively low trading volume;
	•	our repurchase of our common stock pursuant to our share repurchase program;
	•	general market conditions and market expectations for our industry and the financial health of our customers; and
	•	domestic and international economic, legal, and regulatory factors unrelated to our performance.

The stock markets in general have experienced broad fluctuations that have often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock.

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We cannot guarantee that our share repurchase program of our common stock will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our common stock. On October 10, 2023, our Board of Directors authorized a share repurchase program of up to $30 million of our outstanding common stock. On December 11, 2025, our Board of Directors authorized a share repurchase program of up to an additional $10 million of our outstanding common stock. These programs do not commit to any particular timing or quantity of purchases, and the programs may be suspended or discontinued at any time. During the year ended December 31, 2025, we repurchased approximately 425,000 shares of our common stock and had an aggregate amount of approximately $16.4 million remaining in share repurchase capacity as of December 31, 2025, including the $10 million increase described above. The actual timing and amount of repurchases remain subject to a variety of factors, including stock price, trading volume, market conditions and other general business considerations. We cannot guarantee that the program will be fully consummated or that it will enhance long-term stockholder value. The program could affect the trading price of our common stock and increase volatility, and any announcement of a termination of this program may result in a decrease in the trading price of our common stock.

Certain provisions of our governing documents and Oregon law could discourage potential acquisition proposals. Our articles of incorporation contain provisions that:

	•	classify the board of directors into three classes, each of which serves for a three-year term with one class elected each year;
	•	provide that directors may be removed by shareholders only for cause and only upon the affirmative vote of 75% of the outstanding shares of common stock;
	•	permit the board of directors to issue preferred stock in one or more series, fix the number of shares constituting any such series, and determine the voting powers and all other rights and preferences of any such series, without any further vote or action by our shareholders; and
	•	require the approval of holders of not less than 67% of our outstanding shares of common stock for any agreement of merger or consolidation which requires shareholder approval, or for the sale, lease, or exchange of all or substantially all of our property and assets.

In addition, we are subject to certain provisions of the Oregon Business Corporation Act that could discourage potential acquisition proposals, could deter, delay, or prevent a change in control that our shareholders consider favorable, and could depress the market value of our common stock. Additional information regarding the above described provisions of our governing documents and the Oregon Business Corporation Act is set forth in the “Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934” filed as Exhibit 4.2 to our 2019 Form 10‑K, which was filed with the SEC on March 3, 2020.

Item 1B.

Unresolved Staff Comments

None.

Item 1C.

Cybersecurity

We believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls.

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The pace of change in approaches undertaken by cyber criminals requires that we strive for continuous improvement and constant monitoring of the broader landscape. In 2024 we adopted the cybersecurity framework of the National Institute of Standards and Technology (“NIST”), and worked to assess our adoption of the NIST cybersecurity framework against a group of peers. We believe that continued evaluation by external experts is the best means to ensure both the design and operational effectiveness of our cybersecurity policies, internal controls, and standards. Furthermore, these periodic reviews are critical to evaluate that we have the right people, technology, and processes to identify, prevent, and detect the activities of bad actors who desire to challenge the system continuity and functionality of the information technology we depend on to operate our business.

In addition to our prevention efforts, we also prepare for criminal infiltration through the evaluation of our incident response plan including table top exercises, which helps us assess our ability to react timely and effectively to various degrees of cybersecurity incidents. We believe our plan is well-designed and capable to manage an unforeseen breach including the eradication of the infiltrator from our networks. We carry cyber insurance to transfer a portion of the residual risk of an incident. We also work with our cyber insurance carrier to regularly refine our response procedures, which include the definition of internal and external communications channels to key stakeholders, as well as the identification of material breaches and the associated incident reporting up to senior management and our Board of Directors.

Our Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat.

As of the date of this report, we are not aware of any material breaches to our networks or computer systems that have materially affected or are reasonably likely to materially affect our execution of our business strategy, results of operations, or financial condition. We describe potential risks from cybersecurity threats under the heading “Our information technology systems can be negatively affected by cybersecurity threats,” in Part I — Item 1. “Risk Factors” of this 2025 Form 10‑K, which disclosures are incorporated herein by reference.

Item 2.

Properties

Our facilities serve regional markets, which vary in the number and sizes of projects year-over-year. Consequently, we have excess manufacturing capacity from time to time at each of our facilities. We believe the quality and productive capacity of our facilities are sufficient to maintain our competitive position for the foreseeable future.

The following tables provide certain information about our operating facilities as of December 31, 2025:

Water Transmission Systems

	Manufacturing Space	Property Size
Location	(approx. sq. ft.)	(approx. acres)	Ownership
Portland, Oregon	300,000	25	Owned
San Luis Río Colorado, Mexico	285,000	105	Owned
Adelanto, California	200,000	100	Owned
Parkersburg, West Virginia	170,000	90	Owned
Saginaw, Texas (2 facilities)	170,000	50	1 Owned, 1 Leased
Tracy, California	165,000	87	Owned
St. Louis, Missouri	100,000	20	Leased

Additionally, land adjacent to our Portland, Oregon, Saginaw, Texas, and St. Louis, Missouri facilities used for parking and/or pipe storage is leased.

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Precast Infrastructure and Engineered Systems

	Manufacturing Space	Property Size
Location	(approx. sq. ft.)	(approx. acres)	Ownership
Houston, Texas	239,000	25	Leased
Orem, Utah	150,000	20	Leased
Salt Lake City, Utah	94,000	20	Leased
Dallas, Texas	62,000	11	Leased
San Antonio, Texas	34,000	7	Leased
St. George, Utah	6,000	8	Leased

Item 3.

Legal Proceedings

We are party to a variety of legal actions arising out of the ordinary course of business. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material impact on our consolidated financial results. We are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties, and other costs in substantial amounts. See Note 14, “Commitments and Contingencies” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is quoted on the Nasdaq Global Select Market under the symbol “NWPX.”

Holders

There were 14 shareholders of record as of February 17, 2026. A substantially greater number of holders of our common stock are beneficial holders, whose shares are held of record by banks, brokers, and other financial institutions.

Dividends

We do not intend to pay cash dividends in the foreseeable future.

Securities Authorized for Issuance under Equity Compensation Plans

The information with respect to equity compensation plans is included under Part III — Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this 2025 Form 10‑K.

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Performance Graph

The following graph compares the performance of our common stock to the performance of the Russell 2000 Index and a weighted composite of certain industry-based peer companies (“Peer Group”) selected by us. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity markets. The Peer Group is comprised of Badger Meter, Inc., Concrete Pumping Holdings, Inc., DMC Global Inc., Great Lakes Dredge & Dock Corporation, Insteel Industries, Inc., L.B. Foster Company, Lindsay Corporation, Luxfer Holdings, PLC, Mueller Water Products, Inc., NN, Inc., and Orion Group Holdings, Inc. The comparisons in the chart below are provided in response to SEC disclosure requirements and, therefore, are not intended to forecast or be indicative of future performance of our common stock.

	Indexed Return
	NWPX Infrastructure, Inc.		Russell 2000 Index		Peer Group
December 31, 2020	$	100.00	$	100.00	$	100.00
December 31, 2021	112.37		114.82		117.91
December 31, 2022	119.08		91.35		96.65
December 31, 2023	106.93		106.82		121.58
December 31, 2024	170.53		119.14		153.55
December 31, 2025	220.81		134.40		148.29

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Recent Sales of Unregistered Securities

There were no unregistered sales of our equity securities during the year ended December 31, 2025.

Use of Proceeds from Registered Securities

On December 4, 2023, our shelf registration statement on Form S‑3 (Registration No. 333‑275691) covering the potential future sale of up to $150 million of our equity and/or debt securities or combinations thereof, was declared effective by the SEC. This shelf registration statement, which replaced the registration statement on Form S‑3 that expired on November 3, 2023, provides another potential source of capital, in addition to other alternatives already in place. We cannot be certain that funding will be available on favorable terms or available at all. To the extent that we raise additional funds by issuing equity securities, our shareholders may experience significant dilution. As of the date of this 2025 Form 10‑K, we have not yet sold any securities under this registration statement, nor do we have an obligation to do so. Please refer to the factors discussed in Part I — Item 1A. “Risk Factors” of this 2025 Form 10‑K.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

On October 10, 2023, our Board of Directors authorized a share repurchase program of up to $30 million of our outstanding common stock. On December 11, 2025, our Board of Directors authorized a share repurchase program of up to an additional $10 million of our outstanding common stock. These programs do not commit to any particular timing or quantity of purchases, and the programs may be suspended or discontinued at any time. Under the programs, shares may be purchased in the open market, including through plans adopted pursuant to Rule 10b5‑1 of the Exchange Act, or in privately negotiated transactions administered by our broker. At this time, we have elected to limit our share repurchase transactions to only those transactions made under Rule 10b5‑1 trading plans, which we believe consider our liquidity, including availability of borrowings and covenant compliance under our credit agreement, and other capital allocation priorities of the business. For details regarding our Rule 10b5‑1 trading plans and share repurchase program, see Note 11, “Stockholders’ Equity” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

The following table provides information relating to our repurchase of common stock during the three months ended December 31, 2025 pursuant to our share repurchase program.

Period	Total Number of Shares Purchased		Average Price Paid Per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs

October 1, 2025 to October 31, 2025		26,586	$	52.17		26,586	$	7,700,787
November 1, 2025 to November 30, 2025		-		-		-		7,700,787
December 1, 2025 to December 31, 2025		20,203		62.91		20,203		16,429,776
Total		46,789		56.81		46,789

(1)

Exclusive of commission fees incurred in relation to the repurchase of common stock.

Subsequent to December 31, 2025, through February 17, 2026, we repurchased 30,605 shares of our common stock at an average price of $66.98 per share for an aggregate amount of $2.1 million pursuant to a Rule 10b5‑1 trading plan, thereby reducing the remaining share repurchase availability to $14.4 million under our share repurchase program.

Item 6.

[Reserved]

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Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is management’s discussion and analysis of certain significant factors that have affected our consolidated financial condition and results of operations during the periods included herein. This discussion should be read in conjunction with our historical Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I — Item 1A. “Risk Factors” or in other parts of this 2025 Form 10‑K. For discussion related to the results of operations and changes in financial condition for the year ended December 31, 2024 compared to the year ended December 31, 2023 refer to Part II — Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Year Ended December 31, 2024 Compared to Year Ended December 31, 2023” and “Liquidity and Capital Resources” in our 2024 Form 10‑K, which was filed with the SEC on February 27, 2025, and which is incorporated herein by reference.

Overview

Under our Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. We have broadened our manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases our capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, our skilled team is committed to quality and innovation while upholding our core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, we operate 13 manufacturing facilities across North America.

On February 23, 2026, we completed the acquisition of 100% of the shares of Boughton’s Precast, Inc., a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million. This acquisition expands our geographic footprint for our stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe. The financial information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations is that of NWPX Infrastructure, Inc. prior to the acquisition of Boughton because the acquisition was completed after the period covered by the financial statements included in this 2025 Form 10‑K.

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Our Current Economic Environment

Demand for our Precast products is generally influenced by general economic conditions such as housing starts, population growth, interest rates, and rates of inflation. According to the United States Census Bureau, privately-owned housing starts were at a seasonally adjusted annual rate of 1.4 million in December 2025 and 1.5 million in December 2024, and the population of the United States is expected to increase by approximately 1 million people in 2026. While the housing market has softened recently and the current elevated federal funds rate could temper demand for our precast products, we continue to see steady demand in Texas and Utah which are two of the four states in the United States with the highest capital expenditures per capita according to the June 2025 Bluefield Research Insight Report – U.S. & Canada Water & Wastewater Pipe CAPEX Forecasts, 2025-2035 and the states in which our Precast manufacturing facilities are located.

Our WTS projects are often planned for many years in advance, as we operate that business with a long-term time horizon for which the projects are sometimes part of 50‑year build-out plans. Our 2025 project bidding levels approximated those realized in 2024, and we expect near and medium term demand for water infrastructure projects in the United States to remain relatively healthy. Our WTS business faces uncertainty in the broader domestic economy as recent executive orders, staffing cuts, and other federal funding disputes are viewed to delay funding brought on by the IIJA and the Inflation Reduction Act. While these delays first impact the engineering and design phases in the early part of the project cycle, elongated delays to funding State Revolving Funds would eventually impact future project bids. According to the August 2025 Bluefield Research Insight Report – Infrastructure Investment & Jobs Act: Tracking the Spending, Q3 2025, approximately $5 billion earmarked under the IIJA has currently been awarded to Drinking Water State Revolving Loan Fund recipients via subawards, leaving most of the $55 billion spending package available; we expect to benefit from this spending late in the cycle due to the long timelines associated with WTS projects.

Purchased steel typically represents approximately 29% of our WTS projects’ cost of sales, and higher steel costs generally result in higher selling prices and revenue; however, volatile fluctuations in steel markets can affect our business. WTS contracts are generally quoted on a fixed-price basis, and volatile steel markets can result in selling prices that no longer correlate to the cost available at the time of steel purchase. Our average price of purchased steel was $967 per ton in 2025, compared to $914 in 2024 and $994 in 2023.

Economic uncertainty, including the impacts of U.S. global economic policy, inflationary pressures, potential risks of a recession, and disruptions in the financial markets could have an adverse effect on our business. We believe uncertainty around the tariffs and related countermeasures could further dampen construction activity and impact our costs, particularly in the short term; however, these risks will be mitigated to the extent possible. Should the economic environment remain uncertain, the direct and indirect impact on our business will also depend on future developments, which cannot be predicted.

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Results of Operations

The following table sets forth, for the periods indicated, certain financial information regarding costs and expenses expressed in dollars (in thousands) and as a percentage of total net sales.

	Year Ended						Year Ended						Year Ended
	December 31, 2025						December 31, 2024						December 31, 2023
	$			% of Net Sales			$			% of Net Sales			$			% of Net Sales
Net sales:
Water Transmission Systems	$	350,879			66.7	%	$	337,945			68.6	%	$	296,381			66.7	%
Precast Infrastructure and Engineered Systems		175,124			33.3			154,603			31.4			147,974			33.3
Total net sales		526,003			100.0			492,548			100.0			444,355			100.0
Cost of sales:
Water Transmission Systems		283,738			53.9			275,341			55.9			253,954			57.2
Precast Infrastructure and Engineered Systems		138,628			26.4			121,802			24.7			112,759			25.3
Total cost of sales		422,366			80.3			397,143			80.6			366,713			82.5
Gross profit:
Water Transmission Systems		67,141			12.8			62,604			12.7			42,427			9.5
Precast Infrastructure and Engineered Systems		36,496			6.9			32,801			6.7			35,215			8.0
Total gross profit		103,637			19.7			95,405			19.4			77,642			17.5
Selling, general, and administrative expense		52,767			10.0			47,161			9.6			43,784			9.9
Operating income		50,870			9.7			48,244			9.8			33,858			7.6
Other income (loss)		(1,783	)		(0.3	)		(213	)		-			276			0.1
Interest expense		(2,609	)		(0.6	)		(5,660	)		(1.2	)		(4,855	)		(1.1	)
Income before income taxes		46,478			8.8			42,371			8.6			29,279			6.6
Income tax expense		11,067			2.1			8,165			1.7			8,207			1.8
Net income	$	35,411			6.7	%	$	34,206			6.9	%	$	21,072			4.8	%

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Net sales. Net sales increased 6.8% to $526.0 million in 2025 compared to $492.5 million in 2024.

WTS net sales increased 3.8% to $350.9 million in 2025 compared to $337.9 million in 2024 driven by a 14% increase in selling price per ton due to changes in product mix, which was partially offset by a 9% decrease in tons produced resulting from changes in project timing. Bidding activity, backlog, and production levels may vary significantly from period to period, thereby affecting sales volumes.

Precast net sales increased 13.3% to $175.1 million in 2025 compared to $154.6 million in 2024 driven by an 8% increase in volume shipped and a 4% increase in selling prices due to changes in product mix.

Gross profit. Gross profit increased 8.6% to $103.6 million (19.7% of net sales) in 2025 compared to $95.4 million (19.4% of net sales) in 2024.

WTS gross profit increased 7.2% to $67.1 million (19.1% of WTS net sales) in 2025 compared to $62.6 million (18.5% of WTS net sales) in 2024 primarily due to increased selling prices.

Precast gross profit increased 11.3% to $36.5 million (20.8% of Precast net sales) in 2025 compared to $32.8 million (21.2% of Precast net sales) in 2024 primarily due to increased volume shipped.

Selling, general, and administrative expense. Selling, general, and administrative expense increased 11.9% to $52.8 million (10.0% of net sales) in 2025 compared to $47.2 million (9.6% of net sales) in 2024 primarily due to $2.8 million in higher incentive compensation expense and $2.6 million in higher base compensation and benefits expense.

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Income taxes. Income tax expense was $11.1 million in 2025 (an effective income tax rate of 23.8%) compared to $8.2 million in 2024 (an effective income tax rate of 19.3%). The effective income tax rate for 2025 was primarily impacted by non-deductible permanent differences and a reduction in uncertain income tax positions due to a lapse in statute of limitations for the year the position originated. The effective income tax rate for 2024 was primarily impacted by reduction in uncertain income tax positions due to a lapse in statute of limitations for the year the position originated. The effective income tax rate can change significantly depending on the relationship of permanent income tax differences to estimated pre-tax income or loss. Accordingly, the comparison of effective income tax rates between periods is not meaningful in all situations.

Liquidity and Capital Resources

Sources and Uses of Cash

Our principal sources of liquidity generally include operating cash flows and our credit agreement. From time to time our long-term capital needs may be met through the issuance of additional debt or equity. Our principal uses of liquidity generally include capital expenditures, working capital, organic growth initiatives, acquisitions, share repurchases, and debt service. Information regarding our cash flows for the years ended December 31, 2025, 2024, and 2023 are presented in our Consolidated Statements of Cash Flows contained in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K, and are further discussed below.

As of December 31, 2025, our working capital (current assets minus current liabilities) was $184.9 million compared to $187.4 million as of December 31, 2024. Cash and cash equivalents totaled $2.3 million and $5.0 million as of December 31, 2025 and 2024, respectively.

Fluctuations in WTS working capital accounts result from timing differences between production, shipment, invoicing, and collection, as well as changes in levels of production and costs of materials. We typically have a relatively large investment in working capital, as we generally pay for materials, labor, and other production costs in the initial stages of a project, while payments from our customers are generally received after finished product is delivered. A portion of our revenues are recognized over time as the manufacturing process progresses; therefore, cash receipts typically occur subsequent to when revenue is recognized and the elapsed time between when revenue is recorded and when cash is received can be significant. As such, our payment cycle is a significantly shorter interval than our collection cycle, although the effect of this difference in the cycles may vary by project, and from period to period.

As of December 31, 2025, we had $0.3 million of outstanding revolving loan borrowings, $11.5 million of outstanding long-term debt, $91.1 million of operating lease liabilities, and $7.1 million of finance lease liabilities. As of December 31, 2024, we had $24.7 million of outstanding revolving loan borrowings, $14.5 million of outstanding long-term debt, $90.7 million of operating lease liabilities, and $6.8 million of finance lease liabilities. For future maturities of these obligations, see Notes 6, 7, and 8 of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

Due to the uncertainty with respect to the timing of future cash flows associated with our approximately $1.9 million in unrecognized tax benefits as of December 31, 2025, we are unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities. For further information, see Note 16, “Income Taxes” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

Net Cash Provided by Operating Activities

Net cash provided by operating activities was $67.3 million in 2025 compared to $55.1 million in 2024. Net income, adjusted for noncash items, provided $73.8 million of operating cash flow in 2025 compared to $60.4 million of operating cash flow in 2024. The net change in working capital used $6.5 million of operating cash flow in 2025 compared to $5.3 million of operating cash flow in 2024.

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Net Cash Used in Investing Activities

Net cash used in investing activities was $20.1 million in 2025 compared to $20.7 million in 2024. Capital expenditures were $20.2 million in 2025 compared to $20.8 million in 2024, which includes $1.1 million in 2025 and $2.0 million in 2024 of investment in our new reinforced concrete pipe mill, $0.3 million in 2025 and $5.4 million in 2024 for the construction of a building at our Salt Lake City, Utah facility for the new mill, $1.4 million in 2025 for the catch basin in the Orem, Utah facility, and the remainder primarily for standard capital replacement. We currently expect capital expenditures in 2026 to be approximately $20 million to $24 million, which includes approximately $4 million for the catch basin machine in the Orem, Utah facility, and the remainder primarily for standard capital replacement.

Net Cash Used in Financing Activities

Net cash used in financing activities was $49.9 million in 2025 compared to $33.4 million in 2024. Net repayments on the line of credit were $24.4 million in 2025 compared to $29.8 million in 2024. Net borrowings (repayments) on other debt were ($3.0) million in 2025 compared to $3.7 million in 2024. Repurchases of common stock were $18.4 million in 2025 compared to $4.4 million in 2024.

We anticipate that our existing cash and cash equivalents, cash flows expected to be generated by operations, and additional borrowing capacity under our credit agreement and other loans will be adequate to fund our working capital, debt service, capital expenditure requirements, and share repurchases for the foreseeable future. To the extent necessary, we may also satisfy capital requirements through additional bank borrowings, senior notes, term notes, subordinated debt, and finance and operating leases, if such resources are available on satisfactory terms. We have from time to time evaluated and continue to evaluate opportunities for acquisitions and expansion. Any such transactions, if consummated, may necessitate additional bank borrowings or other sources of funding. As previously discussed, we acquired Boughton in February 2026 which was funded by borrowings on the line of credit.

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Credit Agreement

The Credit Agreement dated June 30, 2021 with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the lenders from time to time party thereto, including the initial sole lender, Wells Fargo (the “Lenders”), as amended by the Incremental Amendment dated October 22, 2021, the Second Amendment to Credit Agreement dated April 29, 2022, the Third Amendment to Credit Agreement dated June 29, 2023, and the Fourth Amendment to Credit Agreement and Ratification of Loan Documents dated August 13, 2025 (together, the “Amended Credit Agreement”) provides for a revolving loan, swingline loan, and letters of credit in the aggregate amount of up to $125 million (“Revolver Commitment”), with an option for us to increase that amount by $50 million, subject to provisions of the Amended Credit Agreement. The Amended Credit Agreement will expire, and all obligations outstanding will mature, on August 13, 2030. We may prepay outstanding amounts at our discretion without penalty at any time, subject to applicable notice requirements. As of December 31, 2025 under the Amended Credit Agreement, we had $0.3 million of outstanding revolving loan borrowings, $1.1 million of outstanding letters of credit, and additional borrowing capacity of approximately $124 million.

Revolving loans under the Amended Credit Agreement bear interest at rates related to, at our option and subject to the provisions of the Amended Credit Agreement, either: (i) Base Rate (as defined in the Amended Credit Agreement) plus the Applicable Margin; (ii) Adjusted Daily Simple Secured Overnight Finance Rate (“SOFR”) (as defined in the Amended Credit Agreement) plus the Applicable Margin; or (iii) Adjusted Term SOFR (as defined in the Amended Credit Agreement) plus the Applicable Margin. The “Applicable Margin” is 0.50% to 2.00%, depending on our Consolidated Senior Leverage Ratio (as defined in the Amended Credit Agreement) and the interest rate option chosen. Interest on outstanding revolving loans is payable monthly in arrears. Swingline loans under the Amended Credit Agreement bear interest at the Base Rate plus the Applicable Margin. As of December 31, 2025, the weighted-average interest rate for outstanding borrowings was 5.35%. The Amended Credit Agreement requires the payment of a commitment fee of between 0.20% and 0.25%, based on the amount by which the Revolver Commitment exceeds the average daily balance of outstanding borrowings (as defined in the Amended Credit Agreement). Such fee is payable monthly in arrears. We are also obligated to pay additional fees customary for credit facilities of this size and type.

The letters of credit outstanding as of December 31, 2025 relate to workers’ compensation insurance and a public improvement project. Based on the nature of these arrangements and our historical experience, we do not expect to make any material payments under these arrangements.

The Amended Credit Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, events of default, and indemnification provisions in favor of the Lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, annual capital expenditures, certain investments, acquisitions, and dispositions, and other matters, all subject to certain exceptions. The Amended Credit Agreement requires us to regularly provide financial information to Wells Fargo and to maintain a consolidated senior leverage ratio no greater than 3.00 to 1.00 (subject to certain exceptions) and a minimum consolidated earnings before interest, taxes, depreciation, and amortization (as defined in the Amended Credit Agreement) of at least $35 million for the four consecutive fiscal quarters most recently ended. Pursuant to the Amended Credit Agreement, we have also agreed that we will not sell, assign, or otherwise dispose or encumber, any of our owned real property. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement. We were in compliance with our financial covenants as of December 31, 2025, and expect to continue to be in compliance in the near term.

Our obligations under the Amended Credit Agreement are secured by a senior security interest in substantially all of our and our subsidiaries’ assets.

Long-term Debt

On October 28, 2024, we converted the outstanding balance of the Interim Funding Agreement dated August 2, 2022 with Wells Fargo Equipment Finance, Inc. (“WFEF”), as amended January 23, 2023, March 15, 2023, July 21, 2023, and November 2, 2023 into a $15 million term loan with WFEF that was used to fund our new reinforced concrete pipe mill. The term loan matures on October 28, 2029, bears interest at the SOFR Average (as defined in the term loan) plus 2.22%, is payable in monthly installments of $0.3 million plus accrued interest, and is secured by the pipe mill. As of December 31, 2025, the outstanding balance of the term loan was $11.5 million and the weighted-average interest rate for outstanding borrowings was 6.24%. The term loan may be prepaid in full at any time provided that we pay a prepayment fee equal to 2% of the outstanding principal balance if repaid in the first 30 months of the loan.

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Recent Accounting Pronouncements

For a description of recent accounting pronouncements affecting our Company, including the dates of adoption and estimated effects on financial position, results of operations, and cash flows, see Note 2, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II — Item 8. “Financial Statements and Supplementary Data” of this 2025 Form 10‑K.

Critical Accounting Estimates

Management Estimates

The preparation of our Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses, and disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, we evaluate all of our estimates including those related to revenue recognition, goodwill, income taxes, and litigation and other contingencies. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies and related judgments and estimates affect the preparation of our Consolidated Financial Statements.

Revenue Recognition

WTS revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of our right to payment for work performed to date plus a reasonable profit on cancellations for unique products that have no alternative use to us. Revenue is measured by the costs incurred to date relative to the estimated total direct costs to fulfill each contract. Contract costs include all material, labor, and other direct costs incurred in satisfying performance obligations. The cost of steel material is recognized as a contract cost when the steel is introduced into the manufacturing process. Estimated total costs of each contract requires judgment and are reviewed on a monthly basis by project management, operations, and cost accounting personnel for all active projects. All cost revisions that result in a material change in gross profit are reviewed by senior management personnel. Judgment is required in estimating total costs which primarily include labor costs and productivity, and cost and availability of materials, which could be influenced by inflationary trends, supplier performance, or asset utilization, amongst other factors. We use certain assumptions and develop estimates based on a number of considerations, including the degree of required product customization, our historical experience, the project plans, and an assessment of the risks and uncertainties inherent in the contract related to implementation delays or performance issues that may or may not be within our control. Changes in job performance, job conditions, and estimated profitability, including those arising from contract change orders, contract penalty provisions, foreign currency exchange rate movements, changes in raw materials costs, and final contract settlements may result in revisions to estimates of revenue, costs, and income, and are recognized in the period in which the revisions are determined. Provisions for losses on uncompleted contracts are estimated by comparing total estimated contract revenue to the total estimated contract costs and a loss is recognized during the period in which it becomes probable and can be reasonably estimated.

Precast revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers, which is generally at the time of shipment, in an amount that reflects the consideration we expect to be entitled to in exchange for the products. All variable considerations that may affect the total transaction price, including contractual discounts, returns, and credits are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance, and management’s judgment.

We generally do not recognize revenue on a contract until the contract has approval and commitment from both parties, the contract rights and payment terms can be identified, the contract has commercial substance, and its collectability is probable. Our contracts do not contain significant financing.

Goodwill

Goodwill is reviewed for impairment annually as of November 30, or whenever events occur or circumstances change that indicate goodwill may be impaired. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component).

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In testing goodwill for impairment, we have the option to perform a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more-likely-than-not (more than 50%) that the fair value of a reporting unit is less than its carrying amount. When performing a qualitative assessment, we evaluate factors such as industry and market conditions, cost factors, overall financial performance, and other relevant entity specific events and changes. In the evaluation, we also look at the long-term prospects for the reporting unit, which requires considerable management judgment.

If the qualitative assessment indicates that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, or if we choose not to perform the qualitative assessment, then a quantitative assessment is performed to determine the reporting unit’s fair value. The fair value calculation uses a combination of income and market approaches. The income approach is based upon projected future after-tax cash flows discounted to present value using factors that consider the timing and risk associated with the future after-tax cash flows. The market approach is based upon historical and/or forward-looking measures using multiples of revenue or earnings before interest, tax, depreciation, and amortization. We utilize a weighted average of the income and market approaches. If the reporting unit’s carrying value exceeds its fair value, then an impairment loss is recognized for the amount of the excess of the carrying amount over the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Fair value determinations require considerable judgment and are sensitive to changes in underlying estimates, assumptions, and market factors, and future changes in any of these could result in different fair value determinations in the future.

Income Taxes

Income taxes are recorded using an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in our Consolidated Financial Statements or income tax returns. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The determination of our provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Our provision for income taxes primarily reflects a combination of income earned and taxed in the various United States federal, state, local, and to a lesser extent, foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for unrecognized income tax benefits or valuation allowances, and our change in the mix of earnings from these taxing jurisdictions all affect the overall effective income tax rate.

We record income tax reserves for federal, state, local, and international exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. We assess our income tax positions and record income tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those income tax positions where it is more-likely-than-not that an income tax benefit will be sustained, we have recorded the largest amount of income tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that an income tax benefit will be sustained, no income tax benefit has been recognized in the Consolidated Financial Statements.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

The primary market risks affecting our business relate to our exposure to commodity risk, interest rate risk, and foreign currency exchange rate risk.

Commodity Risk

Certain materials we use in our business are classified as commodities traded in the worldwide markets, of which the most significant commodity is steel, used in the manufacturing of pipe. We do not hedge our commodity risk and do not enter into any transactions in commodities for trading purposes. The impact of volatility in steel prices varies significantly. This volatility can significantly affect our gross profit. Although we seek to recover increases in steel prices through price increases in our products, we have not always been successful.

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Purchased steel typically represents approximately 29% of our WTS projects’ cost of sales. As this raw material represents a substantial portion of our cost of sales, we attempt to minimize our risk exposure to steel price volatility by submitting bids based on general assumptions of the expected price of steel when we will receive a purchase order or contract, which is typically awarded within 30 to 90 days of the bid date, as well as ordering steel as soon as possible after a project is contracted.

Interest Rate Risk

Our debt bears interest at both fixed and variable rates. As of December 31, 2025 and 2024, we had $11.8 million and $39.1 million, respectively, of variable-rate debt outstanding. We have managed a portion of our variable-rate debt with interest rate swap agreements to effectively convert a portion of our variable-rate debt to fixed-rate debt. The principal objective of these contracts is to reduce the variability of the cash flows in interest payments associated with a portion of our variable-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. We have elected to apply the hedge accounting rules in accordance with authoritative guidance for these contracts.

As of December 31, 2025 and 2024, the total notional amount of the interest rate swaps was $7.0 million and $30.0 million, respectively. We receive floating interest payments monthly based on variable rates and pay fixed rates to the counterparties.

Assuming average interest rates and borrowings on variable-rate debt, a hypothetical 1.0%, or 100 basis points, change in interest rates would not have a material impact on our interest expense in 2025 or 2024.

Foreign Currency Exchange Rate Risk

We conduct business in various foreign countries and, from time to time, settle our transactions in foreign currencies. We have experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on the settlement and the remeasurement of monetary assets and liabilities denominated in currencies that are not our functional currency. As of December 31, 2025, our foreign currency exposures were between the U.S. Dollar and the Canadian Dollar and Mexican Peso.

We have established a program that utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures. Foreign currency forward contracts are consistent with our strategy for financial risk management and are not used for trading or for speculative purposes. As of December 31, 2025, the total notional amount of the foreign currency forward contracts was $18.3 million (CAD$25.1 million), and all foreign currency forward contracts were designated as cash flow hedges. As of December 31, 2025, our foreign currency forward contracts mature at various dates through December 2027. As of December 31, 2024, the total notional amount of the foreign currency forward contracts was $4.5 million (CAD$6.5 million) and $1.1 million (EUR€1.1 million), which included $3.4 million (CAD$4.8 million) and $1.1 million (EUR€1.1 million) of foreign currency forward contracts not designated as cash flow hedges.

A hypothetical 10% change in the Canadian Dollar, Mexican Peso, or European Euro foreign currency exchange rates would not have a material impact on our reported net income in 2025 or 2024.

Item 8.

Financial Statements and Supplementary Data

The Consolidated Financial Statements required by this item are included on pages F-1 to F-33 at the end of this 2025 Form 10‑K. The financial statement schedule required by this item is included on page S‑1.

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

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Item 9A.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) are designed to provide reasonable assurance that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (“SEC”) and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosures.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. Based on their evaluation, as of December 31, 2025, our CEO and CFO have concluded that our disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) were effective to provide reasonable assurance that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that our transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and our directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an assessment of our internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth in “Internal Control-Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their report which appears herein.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Item 9B.

Other Information

During the three months ended December 31, 2025, none of our directors or officers adopted, modified, or terminated a Rule 10b5‑1 trading arrangement or a non-Rule 10b5‑1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S‑K, except as follows (1):

Name	Title	Adoption Date	Duration (2)	Total Number of Shares of Common Stock to be Sold (3)

Megan Kendrick	Senior Vice President of Human Resources	November 6, 2025	March 4, 2026 to December 31, 2026	Up to 4,500 shares
Scott Montross	President and Chief Executive Officer	December 3, 2025	March 9, 2026 to April 30, 2026	Up to 9,556 shares
Miles Brittain	Executive Vice President	December 5, 2025	March 12, 2026 to June 4, 2027	Up to 7,300 shares
Amanda Julian	Member of Board of Directors	December 15, 2025	March 16, 2026 to March 31, 2027	Up to 3,473 shares

(1)	Each trading arrangement listed is a Rule 10b5‑1 trading arrangement and is intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) under the Exchange Act.

(2)	Each Rule 10b5‑1 trading arrangement may expire on such earlier date as all transactions are completed.

(3)	Each Rule 10b5‑1 trading arrangement provides for the potential sale of shares of our common stock so long as the market price of our commons stock is higher than certain minimum threshold prices specified in each Rule 10b5‑1 trading arrangement.

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Directors, Executive Officers, Promoters and Control Persons

The information required by Paragraph (a) and Paragraphs (c) through (g) of Item 401 of Regulation S‑K (except for information required by Paragraph (e) of that Item to the extent the required information pertains to our executive officers) and Item 405 of Regulation S‑K (to the extent required) is hereby incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the caption Nominees and Continuing Directors.

The following table lists our executive officers and each of their ages and positions as of December 31, 2025.

Name	Age	Current Position with NWPX Infrastructure, Inc.
Scott Montross	60	Director, President, and Chief Executive Officer
Aaron Wilkins	51	Senior Vice President, Chief Financial Officer, and Corporate Secretary
Miles Brittain	62	Executive Vice President
Eric Stokes	54	Senior Vice President and General Manager of Water Transmission Systems
Michael Wray	52	Senior Vice President and General Manager of Precast Infrastructure and Engineered Systems
Megan Kendrick	49	Senior Vice President of Human Resources

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Scott Montross has served as our Director, President, and CEO since January 1, 2013. Mr. Montross joined the Company in May 2011 and served as our Executive Vice President and Chief Operating Officer. Mr. Montross has served in Senior Vice President level positions since 2003 with commercial, operational, and planning responsibilities and has spent a total of 24 years in the steel industry prior to joining the Company. Mr. Montross previously served as the Executive Vice President of the Flat Products Group for EVRAZ North America’s Oregon Steel Division from 2010 to 2011, as the Vice President and General Manager of EVRAZ North America from 2007 to 2010, as the Vice President of Marketing and Sales for Oregon Steel Mills, Inc. from 2003 to 2007, and as the Vice President of Marketing and Sales for National Steel Corporation from 2002 to 2003.

Aaron Wilkins has served as our Senior Vice President and CFO since April 2020 and our Corporate Secretary since September 2019. Mr. Wilkins served as our Vice President of Finance and Corporate Controller from September 2016 to April 2020. Prior to joining the Company, Mr. Wilkins served two years as CFO of Omega Morgan, an industrial services company. Prior to that, Mr. Wilkins served seven years with Oregon Steel Mills, Inc. and then EVRAZ North America, holding several finance and accounting positions including Corporate Controller and Assistant Treasurer and Director of Finance of EVRAZ North America’s Flat Products Group.

Miles Brittain has served as our Executive Vice President since May 2021, and as previously announced, will retire in April 2026. Prior to that, Mr. Brittain served as our Vice President of Operations from February 2020 to May 2021, Vice President of Operations for Water Transmission Engineered Systems from September 2018 to February 2020, and our Vice President of Operations, Water Transmission from 2013 to September 2018. Prior to joining the Company, Mr. Brittain served in the steel industry for over 28 years, holding key positions including Vice President and General Manager for EVRAZ North America/Claymont Steel, Director of Operations for EVRAZ North America/Oregon Steel Mills, Inc., and Regional Director of Quality Assurance for National Steel Corporation.

Eric Stokes has served as our Senior Vice President and Water Transmission Systems Group President since January 2026. Prior to that, Mr. Stokes served as our Senior Vice President and General Manager of Water Transmission Systems from May 2021 to January 2026, Senior Vice President of Sales and Marketing, Water Transmission from February 2020 to May 2021, and Vice President of Sales from April 2012 to February 2020. Prior to joining the Company in 2008, Mr. Stokes spent twelve years with Anderson Construction, holding key positions including Project Superintendent.

Michael Wray has served as our Executive Vice President since January 2026. Mr. Wray served as our Senior Vice President and General Manager of Precast Infrastructure and Engineered Systems from November 2021 to January 2026, Vice President and General Manager of Geneva from February 2020 to October 2021, and as Senior Director of Operations from September 2018 to January 2020. Prior to that, Mr. Wray held a variety of operational positions within the Company. Prior to joining the Company in 2007, Mr. Wray spent two years with Continental Pipe Company and nine years with Megadiamond, now owned by Element Six, a De Beers company.

Megan Kendrick has served as our Senior Vice President of Human Resources since March 2025. Ms. Kendrick served as our Vice President of Human Resources from January 2017 to March 2025. Prior to that, Ms. Kendrick held a variety of positions within the Company in the accounting and human resource departments. Prior to joining the Company in 2008, Ms. Kendrick worked for the Memphis Grizzlies of the National Basketball Association for seven years.

Code of Ethics

We have a Code of Business Conduct and Ethics for all employees and a Code of Ethics for Senior Financial Officers. Copies can be found on our website (www.nwpx.com) in the Corporate Governance area of the Investor Relations section. None of the material on our website is part of this 2025 Form 10‑K. If there is any waiver from any provision of either the Code of Business Conduct and Ethics or the Code of Ethics for Senior Financial Officers, we will disclose the nature of such waiver on our website or in a Current Report on Form 8‑K.

Corporate Governance

The information required by Items 407(c)(3), (d)(4), and (d)(5) of Regulation S‑K is hereby incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the caption Corporate Governance.

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Insider Trading Policies and Procedures

We have an Insider Trading Policy that governs the purchase and sale or other dispositions of our securities by us, our directors, officers, and employees, that is reasonably designed to promote compliance with insider trading laws, rules, and regulations, and any listing standards applicable to us. A copy of our insider trading policy is filed as Exhibit 19.1 to this 2025 Form 10‑K.

Item 11.

Executive Compensation

The information required by this Item is hereby incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the captions Executive Compensation Discussion and Analysis, Compensation Committee Interlocks and Insider Participation, and Compensation Committee Report.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table provides information as of December 31, 2025 with respect to the shares of our common stock that may be issued under our existing equity compensation plans.

	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Plan Category	(a) (1)		(b)		(c)

Equity compensation plans approved by security holders		229,797	$	-		453,641
Equity compensation plans not approved by security holders (2)		-		-		-
Total		229,797	$	-		453,641

(1)	Consists of performance share awards and restricted stock unit awards under our 2022 Stock Incentive Plan. The number of securities disclosed in this table for performance share awards are at the target level of 100%.

(2)	We do not have any equity compensation plans or arrangements that have not been approved by shareholders.

The information required by Item 403 of Regulation S‑K is included in our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the caption Stock Owned by Management and Principal Shareholders and is incorporated herein by reference.

Item 13.

Certain Relationships and Related Transactions, and Director Independence

The information required by this Item is hereby incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the captions Certain Relationships and Related Transactions and Nominees and Continuing Directors.

Item 14.

Principal Accountant Fees and Services

The information required by this Item is hereby incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Shareholders under the caption Disclosure of Fees Paid to Independent Registered Public Accounting Firm.

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PART IV

Item 15.

Exhibit and Financial Statement Schedules

(a) (1) Consolidated Financial Statements

The Consolidated Financial Statements, together with the report thereon of Baker Tilly US, LLP are included on the pages indicated below.

	Page
Report of Independent Registered Public Accounting Firm (Baker Tilly US, LLP, Portland, Oregon, PCAOB ID No. 23)	F-1

Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023	F-3

Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023	F-4

Consolidated Balance Sheets as of December 31, 2025 and 2024	F-5

Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025, 2024, and 2023	F-6

Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023	F-7

Notes to Consolidated Financial Statements	F-9

(a) (2) Financial Statement Schedule

The following schedule is filed herewith:

		Page
Schedule II	Valuation and Qualifying Accounts	S-1

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is included in the Consolidated Financial Statements or notes thereto.

(a) (3) Exhibits included herein:

Exhibit Number

Description

3.1		Second Restated Articles of Incorporation, incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 16, 2022

3.2		First Amendment to Second Restated Articles of Incorporation, incorporated by reference to Exhibits to the Company’s Registration Statement on Form S‑3, as amended, as filed with the Securities and Exchange Commission on October 20, 2006, Commission Registration No. 333‑137923

3.3		Second Amendment to Second Restated Articles of Incorporation, incorporated by reference to the Company’s Current Report on Form 8‑K as filed with the Securities and Exchange Commission on June 13, 2025

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Exhibit Number

Description

3.4		Amended and Restated Bylaws, incorporated by reference to the Company’s Current Report on Form 8‑K as filed with the Securities and Exchange Commission on December 19, 2023

3.5		Amendment to Amended and Restated Bylaws, incorporated by reference to the Company’s Current Report on Form 8‑K as filed with the Securities and Exchange Commission on June 13, 2025

4.1		Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934, incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission on March 3, 2020

10.1		Northwest Pipe NQ Retirement Savings Plan, dated July 1, 1999, incorporated by reference to Exhibits to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2000, as filed with the Securities and Exchange Commission on August 11, 2000*

10.2		Amended and Restated Change in Control Agreement between Scott Montross and Northwest Pipe Company dated August 1, 2016, incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission on August 3, 2016*

10.3		Change in Control Agreement dated April 1, 2020 between Northwest Pipe Company and Aaron Wilkins, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 3, 2020*

10.4		Change in Control Agreement dated June 10, 2021 between Northwest Pipe Company and Miles Brittain, incorporated by reference to the Company’s Current Report on Form 8‑K/A, as filed with the Securities and Exchange Commission on June 11, 2021*

10.5		Credit Agreement dated June 30, 2021 by and among Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Northwest Pipe Company, NWPC, LLC, and Geneva Pipe and Precast Company, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on July 7, 2021

10.6		Guaranty and Security Agreement dated June 30, 2021 among Northwest Pipe Company, NWPC, LLC, Geneva Pipe and Precast Company, Permalok Corporation, Thompson Tank Holdings, Inc., WTG Holding U.S., Inc., Bolenco Corporation, and Wells Fargo Bank, National Association, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on July 7, 2021

10.7		Incremental Amendment dated October 22, 2021 by and among Northwest Pipe Company, NWPC, LLC, Geneva Pipe and Precast Company, Park Environmental Equipment, LLC, certain other subsidiaries of Northwest Pipe Company, and Wells Fargo Bank, National Association, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on October 28, 2021

10.8		Northwest Pipe Company 2022 Stock Incentive Plan, incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A, as filed with the Securities and Exchange Commission on April 28, 2022*

10.9		Second Amendment to Credit Agreement dated April 29, 2022 by and among Northwest Pipe Company, NWPC, LLC, Geneva Pipe and Precast Company, Park Environmental Equipment, LLC, certain other subsidiaries of Northwest Pipe Company, and Wells Fargo Bank, National Association, incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on May 6, 2022

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Exhibit Number

Description

10.10		Form of Indemnification Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K as filed with the Securities and Exchange Commission on December 12, 2022

10.11		Form of Performance Share Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 13, 2023*

10.12		Form of Restricted Stock Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 13, 2023*

10.13		Third Amendment to Credit Agreement dated as of June 29, 2023, by and among Northwest Pipe Company, NWPC, LLC, Geneva Pipe and Precast Company, Park Environmental Equipment, LLC, certain other subsidiaries of Northwest Pipe Company, and Wells Fargo Bank National Association, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on July 3, 2023**

10.14		Form of Performance Share Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 3, 2024*

10.15		Form of Restricted Stock Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 3, 2024*

10.16		Change in Control Agreement dated April 1, 2020 between Northwest Pipe Company and Eric Stokes, incorporated by reference to Exhibits to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on May 2, 2024*

10.17		Term loan agreement dated October 28, 2024 by and between Wells Fargo Equipment Finance, Inc. and Geneva Pipe and Precast Company, incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on October 31, 2024

10.18		Form of Performance Share Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 2, 2025*

10.19		Form of Restricted Stock Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 2, 2025*

10.20		Fourth Amendment to Credit Agreement and Ratification of Loan Documents dated as of August 13, 2025, by and among NWPX Infrastructure, Inc., NWPC, LLC, Geneva Pipe and Precast Company, Park Environmental Equipment, LLC, certain other subsidiaries of NWPX Infrastructure, Inc., and Wells Fargo Bank, National Association, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on August 19, 2025**

10.21		Change in Control Agreement dated January 15, 2026 between NWPX Infrastructure, Inc. and Michael Wray, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on January 22, 2026*

Table of Contents

Exhibit Number

Description

19.1		Insider Trading Policy, filed herewith

21.1		Subsidiaries of the Registrant, filed herewith

23.1		Consent of Baker Tilly US, LLP, filed herewith

31.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith

31.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith

97.1		Incentive Compensation Recovery Policy, filed herewith

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	This exhibit constitutes a management contract or compensatory plan or arrangement.

**	Schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) to Regulation S‑K. The Registrant will furnish supplementally a copy of any omitted schedule or similar attachment to the Securities and Exchange Commission request.

Item 16.

Form 10‑K Summary

None.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

NWPX Infrastructure, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of NWPX Infrastructure, Inc (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting included in Item 9A. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Revenue Recognition – Estimated Direct Costs to Complete a Contract

Critical Audit Matter Description

As presented in the consolidated statement of operations and described in Notes 2 and 15 to the consolidated financial statements, the Company’s consolidated revenues were $526 million for the year ended December 31, 2025. Revenue of $351 million was derived from contracts where revenue is recognized over time as work is completed because of the continuous transfer of control to the customer. Under this method, the direct costs incurred to date as a percentage of the total estimated direct costs at completion are used to calculate revenue. Total estimated direct costs, and thus contract revenues and margin, are impacted by many factors, which can cause significant changes in estimates during the life cycle of a contract.

Based on the high degree of subjectivity involved in the determination of estimated direct costs to complete a contract, which in turn led to a high degree of auditor effort and subjectivity in performing procedures and evaluating audit evidence, we have identified these estimates as a critical audit matter. Changes in these estimates could have significant impact on both the timing and amount of contract revenues to be recognized.

How We Addressed the Matter in Our Audit

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included evaluating the design and testing the operating effectiveness of internal controls related to the Company’s processes around the estimated direct costs to complete a project. Our audit procedures related to the estimated direct costs to complete a contract included the following, among others:

	•	Testing a selection of contracts based on earned revenues for the year ended December 31, 2025, which included comparing the initial estimated direct costs to complete a contract to initial quotes and bid documentation.
	•	Assessing the reasonableness of management’s estimated direct costs to complete a contract by performing a lookback analysis comparing margins and estimated direct costs to complete on contracts in process as of December 31, 2024, that were completed or in process during the year ended December 31, 2025.

/s/ Baker Tilly US, LLP

Portland, Oregon

February 26, 2026

We have served as the Company’s auditor since 2016.

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	*Year Ended December 31,*
	*2025*			*2024*			*2023*

Net sales	$	526,003		$	492,548		$	444,355
Cost of sales		422,366			397,143			366,713
Gross profit		103,637			95,405			77,642
Selling, general, and administrative expense		52,767			47,161			43,784
Operating income		50,870			48,244			33,858
Other income (loss)		(1,783	)		(213	)		276
Interest expense		(2,609	)		(5,660	)		(4,855	)
Income before income taxes		46,478			42,371			29,279
Income tax expense		11,067			8,165			8,207
Net income	$	35,411		$	34,206		$	21,072

Net income per share:
Basic	$	3.62		$	3.45		$	2.11
Diluted	$	3.56		$	3.40		$	2.09

Shares used in per share calculations:
Basic		9,774			9,916			9,991
Diluted		9,937			10,066			10,081

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

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

	*Year Ended December 31,*
	*2025*			*2024*			*2023*

Net income	$	35,411		$	34,206		$	21,072

Other comprehensive income (loss), net of tax:
Pension liability adjustment		919			274			339
Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges		(182	)		23			(107	)
Unrealized loss on interest rate swaps designated as cash flow hedges		(46	)		(171	)		(403	)
Other comprehensive income (loss), net of tax		691			126			(171	)

Comprehensive income	$	36,102		$	34,332		$	20,901

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

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share amounts)

	*December 31,*
	*2025*			*2024*
Assets
Current assets:
Cash and cash equivalents	$	2,273		$	5,007
Trade and other receivables, net of allowance of $528 and $242		78,171			66,946
Contract assets		91,036			103,422
Inventories		74,287			79,770
Prepaid expenses and other		5,665			7,343
Total current assets		251,432			262,488
Property and equipment, net		157,509			150,456
Operating lease right-of-use assets		86,894			87,747
Goodwill		55,504			55,504
Intangible assets, net		23,008			27,041
Other assets		5,283			6,417
Total assets	$	579,630		$	589,653

Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	2,994		$	2,994
Accounts payable		22,190			27,783
Accrued liabilities		27,743			28,172
Contract liabilities		8,794			11,197
Current portion of operating lease liabilities		4,829			4,987
Total current liabilities		66,550			75,133
Borrowings on line of credit		276			24,677
Long-term debt		8,482			11,476
Operating lease liabilities		86,223			85,744
Deferred income taxes		12,484			8,297
Other long-term liabilities		10,832			10,323
Total liabilities		184,847			215,650

Commitments and contingencies (Note 14)

Stockholders’ equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued or outstanding		-			-
Common stock, $.01 par value, 15,000,000 shares authorized, 9,587,990 and 9,918,711 shares issued and outstanding as of December 31, 2025 and 2024, respectively		96			99
Additional paid-in-capital		113,088			128,407
Retained earnings		281,742			246,331
Accumulated other comprehensive loss		(143	)		(834	)
Total stockholders’ equity		394,783			374,003
Total liabilities and stockholders’ equity	$	579,630		$	589,653

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

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollar amounts in thousands)

												*Accumulated*
							*Additional*					*Other*			*Total*
	*Common Stock*						*Paid-In-*			*Retained*		*Comprehensive*			*Stockholders’*
	*Shares*			*Amount*			*Capital*			*Earnings*		*Loss*			*Equity*

Balances, December 31, 2022		9,927,360		$	99		$	127,911		$	191,053	$	(789	)	$	318,274
Net income		-			-			-			21,072		-			21,072
Other comprehensive income (loss):
Pension liability adjustment, net of tax expense of $110		-			-			-			-		339			339
Unrealized loss on foreign currency forward contracts designated as cash flow hedges, net of tax benefit of $45		-			-			-			-		(107	)		(107	)
Unrealized loss on interest rate swaps designated as cash flow hedges, net of tax benefit of $134		-			-			-			-		(403	)		(403	)
Issuance of common stock under stock compensation plans, net of tax withholdings		86,836			1			(1,653	)		-		-			(1,652	)
Repurchase of common stock		(28,616	)		-			(835	)		-		-			(835	)
Share-based compensation expense		-			-			3,672			-		-			3,672
Balances, December 31, 2023		9,985,580			100			129,095			212,125		(960	)		340,360
Net income		-			-			-			34,206		-			34,206
Other comprehensive income (loss):
Pension liability adjustment, net of tax expense of $89		-			-			-			-		274			274
Unrealized gain on foreign currency forward contracts designated as cash flow hedges, net of tax expense of $21		-			-			-			-		23			23
Unrealized loss on interest rate swaps designated as cash flow hedges, net of tax benefit of $55		-			-			-			-		(171	)		(171	)
Issuance of common stock under stock compensation plans, net of tax withholdings		78,021			-			(1,449	)		-		-			(1,449	)
Repurchase of common stock		(144,890	)		(1	)		(4,300	)		-		-			(4,301	)
Share-based compensation expense		-			-			5,061			-		-			5,061
Balances, December 31, 2024		9,918,711			99			128,407			246,331		(834	)		374,003
Net income		-			-			-			35,411		-			35,411
Other comprehensive income (loss):
Pension liability adjustment, net of tax expense of $392		-			-			-			-		919			919
Unrealized loss on foreign currency forward contracts designated as cash flow hedges, net of tax benefit of $33		-			-			-			-		(182	)		(182	)
Unrealized loss on interest rate swaps designated as cash flow hedges, net of tax benefit of $15		-			-			-			-		(46	)		(46	)
Issuance of common stock under stock compensation plans, net of tax withholdings		94,718			1			(2,314	)		-		-			(2,313	)
Repurchase of common stock		(425,439	)		(4	)		(18,569	)		-		-			(18,573	)
Share-based compensation expense		-			-			5,564			-		-			5,564
Balances, December 31, 2025		9,587,990		$	96		$	113,088		$	281,742	$	(143	)	$	394,783

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

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	*Year Ended December 31,*
	*2025*			*2024*			*2023*
Cash flows from operating activities:
Net income	$	35,411		$	34,206		$	21,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and finance lease amortization		15,405			15,038			11,616
Amortization of intangible assets		4,033			4,033			4,190
Share-based compensation expense		5,564			5,061			3,672
Settlement loss on defined benefit plans		1,451			-			-
Noncash operating lease expense		6,127			6,053			5,922
Deferred income taxes		4,281			(4,684	)		(172	)
Gain on insurance proceeds		-			-			(466	)
Other, net		1,527			728			1,547
Changes in operating assets and liabilities:
Trade and other receivables		(12,376	)		(19,968	)		23,775
Contract assets, net		9,983			6,840			5,256
Inventories		5,483			11,459			(20,200	)
Prepaid expenses and other assets		2,454			1,629			(681	)
Accounts payable		(6,037	)		(3,447	)		4,704
Accrued and other liabilities		(1,071	)		3,234			(1,870	)
Operating lease liabilities		(4,952	)		(5,131	)		(4,910	)
Net cash provided by operating activities		67,283			55,051			53,455

Cash flows from investing activities:
Purchases of property and equipment		(20,177	)		(20,799	)		(18,291	)
Payment of working capital adjustment in acquisition of business		-			-			(2,731	)
Proceeds from insurance		-			-			431
Other investing activities		31			63			219
Net cash used in investing activities		(20,146	)		(20,736	)		(20,372	)

Cash flows from financing activities:
Borrowings on line of credit		155,771			171,329			155,398
Repayments on line of credit		(180,172	)		(201,137	)		(184,609	)
Borrowings on other debt		-			4,244			-
Payments on other debt		(3,000	)		(500	)		-
Payments on finance lease liabilities		(1,660	)		(1,419	)		(826	)
Tax withholdings related to net share settlements of equity awards		(2,313	)		(1,449	)		(1,652	)
Repurchase of common stock		(18,351	)		(4,429	)		(707	)
Other financing activities		(146	)		(15	)		(300	)
Net cash used in financing activities		(49,871	)		(33,376	)		(32,696	)
Change in cash and cash equivalents		(2,734	)		939			387
Cash and cash equivalents, beginning of period		5,007			4,068			3,681
Cash and cash equivalents, end of period	$	2,273		$	5,007		$	4,068

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NWPX INFRASTRUCTURE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued

(In thousands)

	*Year Ended December 31,*
	*2025*		*2024*		*2023*

Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	2,466	$	5,878	$	4,660
Cash paid during the period for income taxes:
Federal		7,600		8,180		4,106
State and local:
California		1,447		*		570
Oregon, net of refunds of , , and $27		*		*		511
Other, net of refunds of $580, $444, and $118		788		843		724
Foreign		319		318		226

Noncash investing and financing activities:
Accrued property and equipment purchases	$	1,233	$	872	$	656
Accrued payment for repurchase of common stock		222		-		128
Right-of-use assets obtained in exchange for finance lease liabilities		2,184		1,130		5,270
Right-of-use assets obtained in exchange for operating lease liabilities		5,273		5,646		952

The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

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

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NWPX INFRASTRUCTURE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.	ORGANIZATION:

NWPX Infrastructure, Inc. (collectively with its subsidiaries, the “Company”) is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (“WTS”), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (“Precast”), which includes the brands NWPX Geneva and NWPX Park. This segment presentation is consistent with how the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, evaluates the performance of the Company and makes decisions regarding the allocation of resources. See Note 18, “Segment Information” for detailed descriptions of these segments.

Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. The Company has broadened its manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases the Company’s capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company’s skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America.

Company Name

The Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to change the corporate name of the Company from Northwest Pipe Company to NWPX Infrastructure, Inc. at the Annual Meeting of Shareholders held on June 12, 2025. That same day, the Company effectuated the name change by filing an amendment of the Articles of Incorporation with the Oregon Secretary of State and amended and restated its Bylaws to reflect the name change.

At the same time, the Company renamed one of its two operating segments. The segment previously referred to as “Engineered Steel Pressure Pipe (SPP)” has been renamed “Water Transmission Systems (WTS)” to better reflect the value contribution specifically from the business unit’s capabilities in engineering, production execution, and delivery of critical integrated water pipeline systems. The “Precast Infrastructure and Engineered Systems (Precast)” segment name remains unchanged. This change in naming convention does not affect the composition of the segments or the basis of segment reporting, as there have been no changes to how the CODM manages or evaluates performance.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of Consolidation and Presentation

The Consolidated Financial Statements are expressed in United States Dollars and include the accounts of the Company and its subsidiaries over which the Company exercises control as of the financial statement date. Intercompany accounts and transactions have been eliminated. Certain amounts from the prior year financial statements have been reclassified in order to conform to the current year presentation. These reclassifications had no effect on the Company’s financial position or results of operations.

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Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, the Company evaluates all of its estimates, including those related to business combinations, allowance for credit losses, inventories, property and equipment (including depreciation and valuation), goodwill, intangible assets (including amortization), revenue recognition, share-based compensation, income taxes, and litigation and other contingencies. Actual results may differ from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term, highly-liquid investments with maturities of three months or less when purchased. At times, the Company will have outstanding checks in excess of related bank balances (“book overdraft”). If this occurs, the amount of the book overdraft will be reclassified to accounts payable, and changes in the book overdraft will be reflected as a component of operating activities in the Consolidated Statements of Cash Flows. The Company had $1.0 million of book overdrafts as of December 31, 2025 and no book overdrafts as of December 31, 2024.

Receivables and Allowance for Credit Losses

Trade receivables are reported on the Consolidated Balance Sheets net of an allowance for credit losses. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount expected to be collected, resulting from the inability of its customers to make required payments or from contract disputes. The amount of the allowance for credit losses is based on historical experience, customer specific circumstances, and current economic conditions. The Company will write down or write off a receivable account once the account is deemed uncollectible.

Contract Assets and Contract Liabilities

Contract assets primarily represent revenue earned over time but not yet billable based on the terms of the contracts. These amounts will be billed based on the terms of the contracts, which can include certain milestones, partial shipments, or completion of the contracts. Payment terms of amounts billed vary based on the customer but are typically due within 30 days of invoicing. Contract liabilities represent advance billings on contracts, typically for purchased steel.

Inventories

Inventories are stated at the lower of cost and net realizable value. The cost of raw material inventories of steel is either on a specific identification basis or on an average cost basis. The cost of substantially all other raw material inventories, as well as work-in-process and supplies, is either on an average cost basis or at standard cost. The cost of finished goods uses the first-in, first-out method of accounting.

Property and Equipment

Property and equipment are recorded at cost. Maintenance and repairs are expensed as incurred, and costs of new equipment and buildings, as well as costs of expansions or refurbishment of existing equipment and buildings, including interest where applicable, are capitalized. Depreciation and amortization are determined by the units of production method for most equipment and by the straight-line method for the remaining assets based on the estimated useful lives of the related assets. Estimated useful lives by major classes of property and equipment are as follows: Land improvements (15 – 30 years); Buildings (20 – 40 years); Leasehold improvements (5 – 30 years); and Machinery and equipment (3 – 30 years). Depreciation expense calculated under the units of production method may be less than, equal to, or greater than depreciation expense calculated under the straight-line method due to variances in production levels. Upon disposal, costs and related accumulated depreciation of the assets are removed from the accounts and resulting gains or losses are reflected in operating expenses. The Company leases certain equipment under long-term finance leases, which are being amortized on a straight-line basis over the shorter of its useful life or the lease term, if no purchase option exists. A finance lease that contains a purchase option that the Company is reasonably certain will be exercised is amortized over its useful life.

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The Company assesses impairment of property and equipment whenever changes in circumstances indicate that the carrying values of the asset or asset group(s) may not be recoverable. The asset group is the lowest level at which identifiable cash flows are largely independent of the cash flows of other groups of assets or liabilities. The recoverable value of a long-lived asset group is determined by estimating future undiscounted cash flows using assumptions about the expected future operating performance of the Company.

Leases

The Company has entered into various equipment and property leases. Certain lease agreements include renewals and/or purchase options set to expire at various dates, and certain lease agreements include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is a lease at inception. Leases with an initial term of twelve months or less are not recorded on the balance sheet; costs for these leases are recognized as incurred over the lease term. For leases with an initial term greater than twelve months, right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. When the Company’s leases do not provide an implicit rate of return, the Company uses its revolving loan borrowing rate in determining the present value of lease payments. Some of the Company’s lease agreements contain non-lease components, which are accounted for separately.

Goodwill

Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in conjunction with an acquisition. Goodwill is reviewed for impairment annually as of November 30, or whenever events occur or circumstances change that indicate goodwill may be impaired.

In testing goodwill for impairment, the Company has the option to perform a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more-likely-than-not (more than 50%) that the fair value of a reporting unit is less than its carrying amount. When performing a qualitative assessment, the Company evaluates factors such as industry and market conditions, cost factors, overall financial performance, and other relevant entity specific events and changes. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, or if the Company chooses not to perform the qualitative assessment, then a quantitative assessment is performed to determine the reporting unit’s fair value. If the reporting unit’s carrying value exceeds its fair value, then an impairment loss is recognized for the amount of the excess of the carrying amount over the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.

Intangible Assets

Intangible assets consist primarily of customer relationships, trade names and trademarks, and patents recorded as the result of acquisition activity. Intangible assets are amortized using the straight-line method over estimated useful lives ranging from 10 to 21 years.

Workers Compensation

The Company is self-insured and maintains high deductible policies for losses and liabilities associated with workers compensation claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. As of December 31, 2025 and 2024, workers compensation reserves recorded were $3.1 million and $1.9 million, respectively, of which $1.0 million and $0.5 million, respectively, were included in Accrued liabilities and $2.1 million and $1.4 million, respectively, were included in Other long-term liabilities.

Accrued Liabilities

Accrued liabilities as of December 31, 2025 and 2024 includes accrued bonus of $11.4 million and $9.6 million, respectively, and accrued vacation of $4.2 million and $3.8 million, respectively.

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Derivative Instruments

In the normal course of business, the Company is exposed to interest rate and foreign currency exchange rate fluctuations. Consistent with the Company’s strategy for financial risk management, the Company has established a program that utilizes foreign currency forward contracts and interest rate swaps to offset the risks associated with the effects of these exposures. The Company utilizes cash flow hedge accounting treatment for qualifying foreign currency forward contracts and interest rate swaps. Instruments that do not qualify for cash flow hedge accounting treatment are remeasured at fair value on each balance sheet date and resulting gains and losses are recognized in earnings.

Share Repurchases

All shares reacquired in connection with the Company’s share repurchase program are retired and treated as authorized and unissued shares.

Pension Benefits

The Company had two defined benefit pension plans that have been frozen since 2001. Until their termination effective April 30, 2025, the Company funded these plans to cover current plan costs plus amortization of the unfunded plan liabilities. To record these obligations, management used estimates relating to investment returns, mortality, and discount rates.

Foreign Currency Transactions

The functional currency of the Company, including its Mexican operations, is the United States dollar. Monetary assets and liabilities are remeasured at current exchange rates and non-monetary assets and liabilities are remeasured at historical exchange rates. Revenue and expenses related to monetary assets and liabilities are remeasured at average exchange rates and at historical exchange rates for the revenue and expenses related to non-monetary assets and liabilities.

Transaction gains (losses) from foreign currency forward contracts designated as cash flow hedges are included in Accumulated other comprehensive loss as a separate component of Stockholders’ equity. For the years ended December 31, 2025, 2024 and 2023, net foreign currency transaction gains (losses) of ($0.2) million, ($0.4) million, and $0.4 million, respectively, were recognized in earnings.

Revenue Recognition

WTS revenue for water infrastructure steel pipe products is recognized over time as the manufacturing process progresses because of the Company’s right to payment for work performed to date plus a reasonable profit on cancellations for unique products that have no alternative use to the Company. Revenue is measured by the costs incurred to date relative to the estimated total direct costs to fulfill each contract. Contract costs include all material, labor, and other direct costs incurred in satisfying the performance obligations. The cost of steel material is recognized as a contract cost when the steel is introduced into the manufacturing process. Changes in job performance, job conditions, and estimated profitability, including those arising from contract change orders, contract penalty provisions, foreign currency exchange rate movements, changes in raw materials costs, and final contract settlements may result in revisions to estimates of revenue, costs, and income, and are recognized in the period in which the revisions are determined. Provisions for losses on uncompleted contracts, included in Accrued liabilities, are estimated by comparing total estimated contract revenue to the total estimated contract costs and a loss is recognized during the period in which it becomes probable and can be reasonably estimated.

Precast revenue for water infrastructure concrete pipe and precast concrete products is recognized at the time control is transferred to customers which is generally at the time of shipment, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. All variable considerations that may affect the total transaction price, including contractual discounts, returns, and credits, are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance, and management’s judgment.

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The Company generally does not recognize revenue on a contract until the contract has approval and commitment from both parties, the contract rights and payment terms can be identified, the contract has commercial substance, and its collectability is probable. The Company’s contracts do not contain significant financing.

Share-based Compensation

The Company recognizes the compensation cost of employee and director services received in exchange for awards of equity instruments based on the grant date estimated fair value of the awards. The Company estimates the fair value of restricted stock units (“RSUs”) and performance share awards (“PSAs”) using the value of the Company’s stock on the date of grant. Share-based compensation cost is recognized over the period during which the employee or director is required to provide service in exchange for the award and, as forfeitures occur, the associated compensation cost recognized to date is reversed. For awards with performance-based payout conditions, the Company recognizes compensation cost based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of change. Any recognized compensation cost is reversed if the conditions are ultimately not met.

Income Taxes

Income taxes are recorded using an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Consolidated Financial Statements or income tax returns. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The determination of the provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The provision for income taxes primarily reflects a combination of income earned and taxed in the various United States federal, state, local, and to a lesser extent, foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for unrecognized income tax benefits or valuation allowances, and the change in the mix of earnings from these taxing jurisdictions all affect the overall effective income tax rate.

The Company records income tax reserves for federal, state, local, and international exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. The Company assesses income tax positions and records income tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those income tax positions where it is more-likely-than-not that an income tax benefit will be sustained, the Company has recorded the largest amount of income tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that an income tax benefit will be sustained, no income tax benefit has been recognized in the Consolidated Financial Statements.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes unrealized gains and losses on derivative instruments related to the effective portion of cash flow hedges and, until the termination of the Company’s pension plans in 2025, unrecognized actuarial gains and losses of the defined benefit pension plans, both net of the related income tax effect.

Net Income per Share

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all dilutive potential shares of common stock, including RSUs and PSAs, assumed to be outstanding during the period using the treasury stock method. Performance-based PSAs are considered dilutive when the related performance conditions have been met assuming the end of the reporting period represents the end of the performance period. In periods with a net loss, all potential shares of common stock are excluded from the computation of diluted net loss per share as the impact would be antidilutive.

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Net income per basic and diluted weighted-average common share outstanding was calculated as follows (in thousands, except per share amounts):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*

Net income	$	35,411	$	34,206	$	21,072

Basic weighted-average common shares outstanding		9,774		9,916		9,991
Effect of potentially dilutive common shares (1)		163		150		90
Diluted weighted-average common shares outstanding		9,937		10,066		10,081

Net income per common share
Basic	$	3.62	$	3.45	$	2.11
Diluted	$	3.56	$	3.40	$	2.09

(1)

There were no antidilutive shares for the years ended December 31, 2025, 2024, or 2023.

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables, foreign currency forward contracts, interest rate swaps, and deferred compensation plan assets. Trade receivables generally represent a large number of customers, including municipalities, manufacturers, distributors, and contractors, dispersed across a wide geographic base. As of December 31, 2025, no customer had a balance in excess of 10% of total accounts receivable, and one customer had a balance in excess of 10% of total accounts receivable as of December 31, 2024. Foreign currency forward contracts and interest rate swaps are with a high-quality financial institution. The Company’s deferred compensation plan assets, included in Other assets, are invested in a diversified portfolio of stock and bond mutual funds.

Recent Accounting and Reporting Developments

Accounting Changes

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023‑09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023‑09”) which improves the transparency, effectiveness, and comparability of income tax disclosures and allows investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operation opportunities affect its income tax rate and prospects for future cash flows. The Company adopted ASU 2023‑09 for its 2025 annual reporting and applied ASU 2023‑09 retrospectively to all prior periods presented in the notes to the consolidated financial statements.

Recent Accounting Standards

In October 2023, the FASB issued ASU No. 2023‑06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023‑06”) which incorporates certain Securities and Exchange Commission (“SEC”) disclosure requirements into the Accounting Standards Codification. The amendments will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S‑X or S‑K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. As the Company is currently subject to Regulations S‑X and S‑K, it does not expect a material impact to its consolidated financial statements or disclosures from adoption of this guidance.

In November 2024, the FASB issued ASU No. 2024‑03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220‑40): Disaggregation of Income Statement Expenses” (“ASU 2024‑03”) which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements. ASU 2024‑03 is required to be applied prospectively, and will be effective for the Company’s 2027 annual reporting and for interim periods beginning in 2028. Early adoption and retrospective application are permitted. The Company does not expect that the adoption of this guidance will have a material impact on the consolidated financial statements, other than additional disclosures in the notes to the consolidated financial statements.

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In July 2025, the FASB issued ASU No. 2025‑05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025‑05”) which provides a practical expedient permitting all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. ASU 2025‑05 will be adopted prospectively and will be effective for the Company beginning January 1, 2026, including interim periods in 2026. The Company does not expect a material impact to its financial position, results of operations, or cash flows from adoption of this guidance.

In December 2025, the FASB issued ASU No. 2025‑11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025‑11”) which improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. Under ASU 2025‑11, an entity is subject to Topic 270 if it provides interim financial statements and notes in accordance with U.S. GAAP. ASU 2025‑11 also addresses the form and content of such financial statements, adds lists to Topic 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025‑11 is effective for the Company beginning January 1, 2028, including interim periods in 2028, and will be early adopted on a prospective basis by the Company on January 1, 2026. The Company does not expect a material impact to its consolidated financial statements or disclosures from adoption of this guidance.

3.	INVENTORIES:

Inventories consist of the following (in thousands):

	*December 31,*
	*2025*		*2024*

Raw materials	$	46,737	$	54,024
Work-in-process		892		1,008
Finished goods		23,741		22,204
Supplies		2,917		2,534
Total inventories	$	74,287	$	79,770

4.	PROPERTY AND EQUIPMENT:

Property and equipment, net consists of the following (in thousands):

	*December 31,*
	*2025*			*2024*

Land and improvements	$	26,360		$	25,633
Buildings		64,168			55,900
Leasehold improvements		4,423			3,446
Machinery and equipment		196,509			163,194
Equipment under finance lease		10,811			8,830
		302,271			257,003
Less accumulated depreciation and amortization		(153,364	)		(139,221	)
		148,907			117,782
Construction in progress		8,602			32,674
Property and equipment, net	$	157,509		$	150,456

All property and equipment is located in the United States, except for $17.0 million and $17.9 million of net property and equipment which is located in Mexico as of December 31, 2025 and 2024, respectively.

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5.	GOODWILL AND INTANGIBLE ASSETS:

Goodwill

The Company has recorded goodwill of $55.5 million as of December 31, 2025 and 2024 in connection with its business acquisitions within the Precast segment. The Company performed its annual goodwill impairment test as of November 30, 2025, utilizing a qualitative analysis, and did not identify that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. It is possible that future changes in circumstances, judgments, or assumptions, including prolonged economic weakness or unexpected significant declines in Precast operating results or projections, may result in goodwill impairment charges in the future.

Intangible Assets

Intangible assets consist of the following (in thousands):

	*Gross Carrying*		*Accumulated*			*Intangible*
	*Amount*		*Amortization*			*Assets, Net*
As of December 31, 2025
Customer relationships	$	27,831	$	(12,735	)	$	15,096
Trade names and trademarks		12,825		(6,224	)		6,601
Patents		1,627		(316	)		1,311
Total	$	42,283	$	(19,275	)	$	23,008

As of December 31, 2024
Customer relationships	$	27,831	$	(10,025	)	$	17,806
Trade names and trademarks		12,825		(4,979	)		7,846
Patents		1,627		(238	)		1,389
Total	$	42,283	$	(15,242	)	$	27,041

The estimated amortization expense for each of the next five years and thereafter is as follows (in thousands):

Year ending December 31,
2026	$	4,033
2027		4,033
2028		4,033
2029		3,958
2030		3,766
Thereafter		3,185
Total amortization expense	$	23,008

6.	CREDIT AGREEMENT:

The Credit Agreement dated June 30, 2021 with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the lenders from time to time party thereto, including the initial sole lender, Wells Fargo (the “Lenders”), as amended by the Incremental Amendment dated October 22, 2021, the Second Amendment to Credit Agreement dated April 29, 2022, the Third Amendment to Credit Agreement dated June 29, 2023, and the Fourth Amendment to Credit Agreement and Ratification of Loan Documents dated August 13, 2025 (together, the “Amended Credit Agreement”), provides for a revolving loan, swingline loan, and letters of credit in the aggregate amount of up to $125 million (“Revolver Commitment”), with an option for the Company to increase that amount by $50 million, subject to provisions of the Amended Credit Agreement. The Amended Credit Agreement will expire, and all obligations outstanding will mature, on August 13, 2030. The Company may prepay outstanding amounts at its discretion without penalty at any time, subject to applicable notice requirements.

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The Amended Credit Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, events of default, and indemnification provisions in favor of the Lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, annual capital expenditures, certain investments, acquisitions, and dispositions, and other matters, all subject to certain exceptions. The Amended Credit Agreement requires the Company to regularly provide financial information to Wells Fargo and to maintain a consolidated senior leverage ratio no greater than 3.00 to 1.00 (subject to certain exceptions) and a minimum consolidated earnings before interest, taxes, depreciation, and amortization (as defined in the Amended Credit Agreement) of at least $35 million for the four consecutive fiscal quarters most recently ended. Pursuant to the Amended Credit Agreement, the Company has also agreed that it will not sell, assign, or otherwise dispose or encumber, any of its owned real property. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement. The Company was in compliance with its financial covenants as of December 31, 2025.

The Company’s obligations under the Amended Credit Agreement are secured by a senior security interest in substantially all of the Company’s and its subsidiaries’ assets.

Interest expense from revolving loan borrowings, current debt, long-term debt, and finance leases was $2.6 million, net of amounts capitalized of $0.7 million in 2025, $5.7 million, net of amounts capitalized of $1.0 million in 2024, and $4.9 million, net of amounts capitalized of $0.5 million in 2023.

Line of Credit (Revolving and Swingline Loans)

As of December 31, 2025 under the Amended Credit Agreement, the Company had $0.3 million of outstanding revolving loan borrowings, $1.1 million of outstanding letters of credit, and additional borrowing capacity of approximately $124 million. As of December 31, 2024 under the Amended Credit Agreement, the Company had $24.7 million of outstanding revolving loan borrowings and $1.6 million of outstanding letters of credit. Revolving loans under the Amended Credit Agreement bear interest at rates related to, at the Company’s option and subject to the provisions of the Amended Credit Agreement, either: (i) Base Rate (as defined in the Amended Credit Agreement) plus the Applicable Margin; (ii) Adjusted Daily Simple Secured Overnight Finance Rate (“SOFR”) (as defined in the Amended Credit Agreement) plus the Applicable Margin; or (iii) Adjusted Term SOFR (as defined in the Amended Credit Agreement) plus the Applicable Margin. The “Applicable Margin” is 0.50% to 2.00%, depending on the Company’s Consolidated Senior Leverage Ratio (as defined in the Amended Credit Agreement) and the interest rate option chosen. Interest on outstanding revolving loans is payable monthly in arrears. Swingline loans under the Amended Credit Agreement bear interest at the Base Rate plus the Applicable Margin. As of December 31, 2025 and 2024, the weighted-average interest rate for outstanding borrowings was 5.35% and 6.68%, respectively. The Amended Credit Agreement requires the payment of a commitment fee of between 0.20% and 0.25%, based on the amount by which the Revolver Commitment exceeds the average daily balance of outstanding borrowings (as defined in the Amended Credit Agreement). Such fee is payable monthly in arrears. The Company is also obligated to pay additional fees customary for credit facilities of this size and type.

7.	LONG-TERM DEBT:

On October 28, 2024, the Company converted the outstanding balance of the Interim Funding Agreement dated August 2, 2022 with Wells Fargo Equipment Finance, Inc. (“WFEF”), as amended January 23, 2023, March 15, 2023, July 21, 2023, and November 2, 2023 into a $15 million term loan with WFEF that was used to fund the Company’s new reinforced concrete pipe mill. The term loan matures on October 28, 2029, bears interest at the SOFR Average (as defined in the term loan) plus 2.22%, is payable in monthly installments of $0.3 million plus accrued interest, and is secured by the pipe mill. As of December 31, 2025 and 2024, the outstanding balance of the term loan was $11.5 million and $14.5 million, respectively, and the weighted-average interest rate for outstanding borrowings was 6.24% and 6.90%, respectively. The term loan may be prepaid in full at any time provided that the Company pays a prepayment fee equal to 2% of the outstanding principal balance if repaid in the first 30 months of the loan.

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Future principal payments of long-term debt are as follows (in thousands):

Year ending December 31,
2026	$	3,000
2027		3,000
2028		3,000
2029		2,500
2030		-
Total future principal payments		11,500
Less: Unamortized debt issuance costs		(24	)
Less: Current portion of long-term debt		(2,994	)
Long-term debt, net of current portion	$	8,482

8.	LEASES:

The following table summarizes the Company’s leases recorded on the Consolidated Balance Sheets (in thousands):

	*December 31,*
	*2025*		*2024*
Right-of-use assets:
Finance leases, net, included in Property and equipment (1)	$	7,369	$	6,497
Operating leases		86,894		87,747
Total right-of-use assets	$	94,263	$	94,244

Lease liabilities:
Finance leases	$	7,120	$	6,824
Operating leases		91,052		90,731
Total lease liabilities	$	98,172	$	97,555

(1)

Finance lease right-of-use assets are presented net of accumulated amortization of $3.4 million and $2.3 million as of December 31, 2025 and 2024, respectively.

Lease cost consists of the following (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*
Finance lease cost:
Amortization of right-of-use assets	$	1,480	$	1,356	$	795
Interest on lease liabilities		468		488		266
Operating lease cost		8,481		7,882		7,765
Short-term lease cost		1,705		1,481		1,402
Variable lease cost		1,405		494		313
Total lease cost	$	13,539	$	11,701	$	10,541

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The future payments of lease liabilities as of December 31, 2025 are as follows (in thousands):

	*Finance Leases*			*Operating Leases*

2026	$	2,529		$	7,321
2027		2,296			7,248
2028		1,829			7,367
2029		757			7,173
2030		520			6,988
Thereafter		149			80,520
Total lease payments		8,080			116,617
Amount representing interest		(960	)		(25,565	)
Present value of lease liabilities		7,120			91,052
Current portion of lease liabilities (1)		(2,094	)		(4,829	)
Long-term lease liabilities (2)	$	5,026		$	86,223

	(1)	Current portion of finance lease liabilities are included in Accrued liabilities.

	(2)	Long-term finance lease liabilities, less current portion are included in Other long-term liabilities.

The following table summarizes the lease terms and discount rates for the lease liabilities:

	*December 31,*
	*2025*			*2024*
Weighted-average remaining lease term (years)
Finance leases		3.30			3.39
Operating leases		15.80			16.51
Weighted-average discount rate
Finance leases		7.00	%		7.06	%
Operating leases		2.81	%		2.54	%

The following table presents other information related to the operating and finance leases (in thousands):

	*Year Ended December 31,*
	*2025*			*2024*			*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	(468	)	$	(488	)	$	(266	)
Operating cash flows from operating leases		(7,445	)		(7,121	)		(6,930	)
Financing cash flows from finance leases		(1,660	)		(1,419	)		(826	)
Right-of-use assets obtained in exchange for finance lease liabilities		2,184			1,130			5,270
Right-of-use assets obtained in exchange for operating lease liabilities		5,273			5,646			952

9.	FAIR VALUE MEASUREMENTS:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date.

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The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. These levels are: Level 1 (inputs are quoted prices in active markets for identical assets or liabilities); Level 2 (inputs are other than quoted prices that are observable, either directly or indirectly through corroboration with observable market data); and Level 3 (inputs are unobservable, with little or no market data that exists, such as internal financial forecasts). The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The following table summarizes information regarding the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	*Total*			*Level 1*		*Level 2*			*Level 3*
As of December 31, 2025
Financial assets:
Deferred compensation plan	$	3,722		$	3,324	$	398		$	-
Interest rate swaps		38			-		38			-
Total financial assets	$	3,760		$	3,324	$	436		$	-

Financial liabilities:
Foreign currency forward contracts	$	(277	)	$	-	$	(277	)	$	-

As of December 31, 2024
Financial assets:
Deferred compensation plan	$	3,784		$	3,282	$	502		$	-
Foreign currency forward contracts		143			-		143			-
Interest rate swaps		187			-		187			-
Total financial assets	$	4,114		$	3,282	$	832		$	-

Financial liabilities:
Foreign currency forward contracts	$	(6	)	$	-	$	(6	)	$	-
Interest rate swaps		(88	)		-		(88	)		-
Total financial liabilities	$	(94	)	$	-	$	(94	)	$	-

The deferred compensation plan assets consist of cash and several publicly traded stock and bond mutual funds, valued using quoted market prices in active markets, classified as Level 1 within the fair value hierarchy, as well as guaranteed investment contracts, valued at principal plus interest credited at contract rates, classified as Level 2 within the fair value hierarchy. Deferred compensation plan assets are included within Other assets in the Consolidated Balance Sheets.

The foreign currency forward contracts and interest rate swaps are derivatives valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves and currency rates, and are classified as Level 2 within the fair value hierarchy. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit risk adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the counterparty or the Company. However, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The foreign currency forward contracts and interest rate swaps are presented at their gross fair values. The current portion of foreign currency forward contract and interest rate swap assets are included within Prepaid expenses and other and foreign currency forward contract and interest rate swap liabilities are included within Accrued liabilities in the Consolidated Balance Sheets. The noncurrent portion of interest rate swap assets are included within Other assets in the Consolidated Balance Sheets.

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The net carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The net carrying amount of the borrowings on the line of credit approximates fair value due to its variable interest rate based on current market rates. The Company is obligated to repay the carrying value of its long-term debt. The fair value of the Company’s long-term debt is calculated using interest rates for its existing debt arrangements which are classified as Level 2 inputs within the fair value hierarchy. As of December 31, 2025, the fair value of the Company’s long-term debt approximates the carrying value due to its variable interest rate based on current market rates.

10.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES:

For each derivative entered into in which the Company seeks to obtain cash flow hedge accounting treatment, the Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness. This process includes linking all derivatives to specific firm commitments or forecasted transactions and designating the derivatives as cash flow hedges. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of these hedged items is reflected in Unrealized gain (loss) on cash flow hedges on the Consolidated Statements of Comprehensive Income. If it is determined that a derivative is not highly effective, or that it has ceased to be a highly effective hedge, the Company is required to discontinue hedge accounting with respect to that derivative prospectively.

As of December 31, 2025, the total notional amount of the foreign currency forward contracts was $18.3 million (CAD$25.1 million), and all foreign currency forward contracts were designated as cash flow hedges. As of December 31, 2024, the total notional amount of the foreign currency forward contracts was $4.5 million (CAD$6.5 million) and $1.1 million (EUR€1.1 million), which included $3.4 million (CAD$4.8 million) and $1.1 million (EUR€1.1 million) of foreign currency forward contracts not designated as cash flow hedges. As of December 31, 2025, the Company’s foreign currency forward contracts mature at various dates through December 2027 and are subject to an enforceable master netting arrangement.

The Company has entered into interest rate swaps which effectively convert a portion of its variable-rate debt to fixed-rate debt and are designated as cash flow hedges. For the first cash flow hedge, which matured in April 2024, the Company received floating interest payments monthly based on SOFR and paid a fixed rate of 1.941% on the total notional amount. For the second cash flow hedge, beginning April 3, 2023, the Company receives floating interest payments monthly based on the SOFR Average 30 day and pays a fixed rate of 2.96% to the counterparty on the total notional amount of $7.0 million and $10.0 million as of December 31, 2025 and 2024, respectively, which amortizes ratably on a monthly basis to zero by the April 2028 maturity date. For the third cash flow hedge, beginning June 30, 2024, the Company received floating interest payments monthly based on SOFR and paid a fixed rate of 5.10% to the counterparty on the total notional amount of $20.0 million as of December 31, 2024, which amortized ratably on a monthly basis to $20 million through December 2024, and matured in June 2025.

The following table summarizes the gains (losses) recognized on derivatives in the Consolidated Financial Statements (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*			*2023*
Foreign currency forward contracts:
Net sales	$	99	$	238		$	(708	)
Property and equipment		115		(43	)		(109	)

Interest rate swaps:
Interest expense		46		319			719
Total	$	260	$	514		$	(98	)

As of December 31, 2025, unrealized pretax gains on outstanding cash flow hedges in Accumulated other comprehensive loss was $0.2 million, of which approximately $0 is expected to be reclassified to Net sales and Interest expense within the next twelve months as a result of underlying hedged transactions also being recorded in this line item. See Note 17, “Accumulated Other Comprehensive Loss” for additional quantitative information regarding foreign currency forward contract and interest rate swap gains and losses.

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11.

STOCKHOLDERS’ EQUITY:

Share Repurchase Program

On October 10, 2023, the Board of Directors of the Company authorized a share repurchase program of up to $30 million of its outstanding common stock. On December 11, 2025, the Board of Directors of the Company authorized a share repurchase program of up to an additional $10 million of its outstanding common stock. These programs do not commit to any particular timing or quantity of purchases, and the programs may be suspended or discontinued at any time. Under the programs, shares may be purchased in the open market, including through plans adopted pursuant to Rule 10b5‑1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions administered by its broker.

At this time, the Company has elected to limit its share repurchase transactions to only those transactions made under Rule 10b5‑1 trading plans. In November 2023, the Company executed a Rule 10b5‑1 trading plan which designated up to $10 million for daily share repurchases with volumes that fluctuated with changes in the trading price of its common stock. This Rule 10b5‑1 trading plan was terminated in December 2024. In March 2025, the Company executed a Rule 10b5‑1 trading plan which designated up to $5 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. All shares under this Rule 10b5‑1 trading plan were repurchased as of April 15, 2025. In May 2025, the Company executed a Rule 10b5‑1 trading plan which designated up to $10 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. All shares under this Rule 10b5‑1 trading plan were repurchased as of July 31, 2025. In August 2025, the Company executed a Rule 10b5‑1 trading plan which designated up to $9 million for daily share repurchases with volumes that fluctuate with changes in the trading price of its common stock. Shares totaling $2.2 million were repurchased under this Rule 10b5‑1 trading plan as of October 30, 2025. In November 2025, the Company executed a Rule 10b5‑1 trading plan which designates up to $7.7 million for daily share repurchases between December 7, 2025 and April 30, 2026 with volumes that fluctuate with changes in the trading price of its common stock.

During the years ended December 31, 2025, 2024, and 2023, the Company repurchased approximately 425,000 shares, 145,000 shares, and 29,000 shares, respectively, of the Company’s common stock for an aggregate amount of $18.4 million, $4.3 million, and $0.8 million, respectively. As of December 31, 2025, $16.4 million of the share repurchase authorization remained available for repurchases under these programs.

Subsequent to December 31, 2025, through February 17, 2026, the Company repurchased approximately 31,000 shares at an average price of $66.98 per share for an aggregate amount of $2.1 million pursuant to a Rule 10b5‑1 trading plan.

12.

RETIREMENT PLANS:

Defined Contribution Plan

The Company has a defined contribution retirement plan that covers substantially all of its employees and provides for a Company match of up to 50% of the first 8% of employee contributions to the plan, subject to certain limitations.

Non-qualified Retirement Savings Plan

The Company has a deferred compensation plan that covered officers and selected highly compensated employees until it was frozen in 2016. As of December 31, 2025 and 2024, deferred compensation plan balances of $3.7 million and $3.8 million, respectively, were recorded in Other assets and Other long-term liabilities.

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Defined Benefit Plans

The Company had two noncontributory defined benefit plans. Effective 2001, both plans were frozen and participants were fully vested in their accrued benefits as of the date each plan was frozen. These plans were terminated effective April 30, 2025. The Company purchased annuity contracts to transfer its remaining obligations under the plans, and due to the plans’ over-funded status, transferred excess funds. In connection with the plans’ termination, the Company recorded a noncash settlement loss of $1.5 million for the year ended December 31, 2025.

As of December 31, 2024, the Company had recorded, in accordance with the actuarial valuations, an accrued pension asset of $0.9 million in Other long-term assets and an unrecognized actuarial loss, net of tax, of $0.9 million in Accumulated other comprehensive loss. Additionally, as of December 31, 2024, the projected and accumulated benefit obligation was $4.3 million and the fair value of plan assets was $5.2 million. The net periodic benefit cost was approximately $0 for each of the years ended December 31, 2025, 2024, and 2023. The weighted-average discount rate used to measure the projected benefit obligation was 5.33% as of December 31, 2024. The plan assets were invested in pooled separate accounts stated at fair value based on the daily net asset value of the account and were therefore not categorized in the fair value hierarchy. The expected weighted-average long-term rate of return on plan assets was 7.00% as of December 31, 2024.

Total expense for all retirement plans for the years ended December 31, 2025, 2024, and 2023 was $4.6 million, $2.6 million, and $2.5 million, respectively.

13.

SHARE-BASED COMPENSATION:

The Company has one active stock incentive plan for employees and directors, the 2022 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, RSUs, and PSAs. In addition, the Company had one inactive stock incentive plan, the 2007 Stock Incentive Plan, under which the last awards granted vested on April 1, 2024.

The following table summarizes share-based compensation expense recorded (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*

Cost of sales	$	1,338	$	1,511	$	1,027
Selling, general, and administrative expense		4,226		3,550		2,645
Total	$	5,564	$	5,061	$	3,672

There were 453,641 shares of common stock available for future issuance under the Company’s stock incentive plan as of December 31, 2025, assuming the outstanding PSAs vest at the target level of 100%.

Restricted Stock Units and Performance Share Awards

The Company’s stock incentive plan provides for equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares at specified times. RSUs and PSAs are service-based awards that vest according to the terms of the grant. PSAs have performance-based payout conditions.

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The following table summarizes the Company’s RSU and PSA activity:

	*Number of RSUs and PSAs (1)*			*Weighted- Average Grant Date Fair Value*

Unvested RSUs and PSAs as of December 31, 2024		240,071		$	31.89
RSUs and PSAs granted		107,065			42.41
RSUs and PSAs vested (2)		(117,339	)		31.24
Unvested RSUs and PSAs as of December 31, 2025		229,797			37.12

	(1)	The number of PSAs disclosed in this table are at the target level of 100%.

	(2)	For the PSAs vested on March 31, 2025, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 118% for the 2022-2024 performance period, 111% for the 2023-2024 performance period, and 133% for the 2024 performance period.

The unvested balance of RSUs and PSAs as of December 31, 2025 includes approximately 172,000 PSAs at the target level of 100%. The vesting of these awards is subject to the achievement of specified performance-based conditions, and the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0 to 200%.

The weighted-average grant date fair value of RSUs and PSAs granted during the years ended December 31, 2025, 2024, and 2023 was $42.41, $34.68, and $28.41, respectively. The total fair value of RSUs and PSAs vested during the years ended December 31, 2025, 2024, and 2023 was $6.3 million, $4.1 million, and $4.4 million, respectively.

Based on the estimated level of achievement of the performance targets associated with the PSAs as of December 31, 2025, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $4.1 million, which is expected to be recognized over a weighted-average period of 1.5 years.

Stock Awards

For the years ended December 31, 2025, 2024, and 2023, stock awards of 12,996 shares, 14,424 shares, and 15,904 shares, respectively, were granted to non-employee directors, which vested immediately upon issuance. The Company recorded compensation expense based on the weighted-average fair market value per share of the awards on the grant date of $39.23 in 2025, $33.27 in 2024, and $29.51 in 2023.

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14.

COMMITMENTS AND CONTINGENCIES:

Portland Harbor Superfund Site

In 2000, a section of the lower Willamette River known as the Portland Harbor Superfund Site was included on the National Priorities List at the request of the United States Environmental Protection Agency (“EPA”). While the Company’s Portland, Oregon manufacturing facility does not border the Willamette River, an outfall from the facility’s stormwater system drains into a neighboring property’s privately owned stormwater system and slip. Also in 2000, the Company was notified by the EPA and the Oregon Department of Environmental Quality (“ODEQ”) of potential liability under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). A remedial investigation and feasibility study of the Portland Harbor Superfund Site was directed by a group of 14 potentially responsible parties (“PRPs”) known as the Lower Willamette Group, under agreement with the EPA. The EPA finalized the remedial investigation report in 2016, and the feasibility study in 2016, which identified multiple remedial alternatives. In 2017, the EPA issued its Record of Decision (“ROD”) selecting the remedy for cleanup at the Portland Harbor Superfund Site, which it believes will cost approximately $1 billion at net present value and 13 years to complete. These costs are likely to increase given remediation will not be implemented for several years. In November 2024, the Company was one of approximately 60 PRPs to receive a confidential Special Notice Letter (“SNL”) from the EPA. The EPA expressed its intent is to obtain a commitment from named PRPs of their intent to negotiate towards a Consent Decree that is aligned with the ROD. The Company submitted its response in May 2025 which, like the SNL, is intended to remain confidential. The EPA has commented that it continues to expect settlement negotiations to take approximately two years, and it has not yet determined who is responsible for the costs of cleanup or how the cleanup costs will be allocated among the more than 150 PRPs. Because of the large number of PRPs and the variability in the range of remediation alternatives, the Company is unable to estimate an amount or an amount within a range of costs for its obligation with respect to the Portland Harbor Superfund Site matters, and no liability has been recorded as of the date of this filing.

The Company and the ODEQ have agreed to a monitored natural attenuation work plan designed to provide ongoing monitoring of shallow groundwater objectives established for the Company’s site. Regular testing has confirmed that natural attenuation is an effective form of controlling the release of contaminants into the Willamette River. Any future liabilities or other obligations associated with source control would be derived from observed failure to meet groundwater objectives, which the Company considers unlikely based on the Company’s pattern of successful testing results.

Concurrent with the activities of the EPA and the ODEQ, the Portland Harbor Natural Resources Trustee Council (“Trustees”) sent some or all of the same parties, including the Company, a notice of intent to perform a Natural Resource Damage Assessment (“NRDA”) for the Portland Harbor Superfund Site to determine the nature and extent of natural resource damages under CERCLA Section 107. The Trustees for the Portland Harbor Superfund Site consist of representatives from several Northwest Indian Tribes, three federal agencies, and one state agency. The Trustees act independently of the EPA and the ODEQ. The Trustees have encouraged PRPs to voluntarily participate in the funding of their injury assessments and several of those parties have agreed to do so. In 2014, the Company agreed to participate in the injury assessment process, which included funding $0.4 million of the assessment. The Company has not assumed any additional payment obligations or liabilities with the participation with the NRDA, nor does the Company expect to incur significant future costs in the resolution of the NRDA.

In 2017, the Confederated Tribes and Bands of the Yakama Nation, a Trustee until they withdrew from the council in 2009, filed a complaint against the PRPs including the Company to recover costs related to their own injury assessment and compensation for natural resources damages. The case has been stayed, and the Company does not have sufficient information at this time to determine the likelihood of a loss in this matter or the amount of damages that could be allocated to the Company.

The Company has insurance policies for defense costs, as well as indemnification policies it believes will provide reimbursement for the remediation assessed. However, the Company can provide no assurance that those policies will cover all of the costs which the Company may incur.

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All Sites

The Company operates its facilities under numerous governmental permits and licenses relating to air emissions, stormwater runoff, and other environmental matters. The Company’s operations are also governed by many other laws and regulations, including those relating to workplace safety and worker health, principally the Occupational Safety and Health Act and regulations thereunder which, among other requirements, establish noise and dust standards. The Company believes it is in material compliance with its permits and licenses and these laws and regulations, and the Company does not believe that future compliance with such laws and regulations will have a material adverse effect on its financial position, results of operations, or cash flows.

Other Contingencies and Legal Proceedings

From time to time, the Company is party to a variety of legal actions, including claims, suits, complaints, and investigations arising out of the ordinary course of its business. The Company maintains insurance coverage against potential claims in amounts that are believed to be adequate. To the extent that insurance does not cover legal, defense, and indemnification costs associated with a loss contingency, the Company records accruals when such losses are considered probable and reasonably estimable. The Company believes that it is not presently a party to legal actions, the outcomes of which would have a material adverse effect on its business, financial condition, results of operations, or cash flows.

Commitments

As of December 31, 2025, the Company’s commitments include approximately $2.1 million remaining relating to its investment in a catch basin machine at the Orem, Utah facility.

Guarantees

The Company has entered into certain letters of credit that total $1.1 million as of December 31, 2025. The letters of credit relate to workers’ compensation insurance and a public improvement project.

15.

REVENUE:

Net sales by geographic region, based on the location of the customer, were as follows (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*
Net sales by geographic region:
United States	$	487,614	$	475,105	$	420,925
Canada		38,389		17,443		23,430
Total	$	526,003	$	492,548	$	444,355

No WTS customer accounted for more than 10% of total net sales for the years ended December 31, 2025 and 2024. One WTS customer accounted for 10% of total net sales for the year ended December 31, 2023. No Precast customer accounted for more than 10% of total net sales for the years ended December 31, 2025, 2024, and 2023.

During the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue of $6.1 million, $4.5 million, and ($1.1) million, respectively, from performance obligations satisfied (or partially satisfied) in previous periods as a result of changes in the transaction price or revisions to contract estimates.

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Disaggregation of Revenue

The following table disaggregates revenue by recognition over time or at a point in time, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*

Over time	$	350,879	$	337,945	$	296,381
Point in time		175,124		154,603		147,974
Net sales	$	526,003	$	492,548	$	444,355

Accounts Receivable, Contract Assets, and Contract Liabilities

The following table summarizes the Company’s accounts receivable, contract assets, and contract liabilities (in thousands):

	*December 31,*
	*2025*			*2024*			*2023*

Accounts receivable	$	78,171		$	66,946		$	47,645
Contract assets		91,036			103,422			120,516
Contract liabilities		(8,794	)		(11,197	)		(21,450	)

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and billings. The changes in the contract assets and contract liabilities balances during the years ended December 31, 2025, 2024, and 2023 were not materially affected by any other factors.

The Company recognized revenue that was included in the contract liabilities balance at the beginning of each period of $11.2 million, $20.6 million, and $17.0 million during the years ended December 31, 2025, 2024, and 2023, respectively.

Backlog

Backlog represents the balance of remaining performance obligations under signed contracts for WTS water infrastructure steel pipe products for which revenue is recognized over time. As of December 31, 2025, backlog was $234 million. The Company expects to recognize approximately 72% of the remaining performance obligations in 2026, 24% in 2027, and the balance thereafter.

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16.

INCOME TAXES:

The United States and foreign components of Income before income taxes are as follows (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*

United States	$	45,194	$	40,626	$	27,814
Foreign		1,284		1,745		1,465
Total	$	46,478	$	42,371	$	29,279

The components of Income tax expense are as follows (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*			*2023*
Current:
Federal	$	5,031	$	8,308		$	6,817
State		1,605		2,104			1,519
Foreign		348		286			289
Total current income tax expense		6,984		10,698			8,625
Deferred:
Federal		3,865		(2,127	)		(612	)
State		210		(419	)		195
Foreign		8		13			(1	)
Total deferred income tax expense (benefit)		4,083		(2,533	)		(418	)
Total:
Federal		8,896		6,181			6,205
State		1,815		1,685			1,714
Foreign		356		299			288
Total income tax expense	$	11,067	$	8,165		$	8,207

The difference between the Company’s effective income tax rate and the federal statutory income tax rate is explained as follows (dollar amounts in thousands):

	*Year Ended December 31,*
	*2025*					*2024*					*2023*

United States Federal statutory income tax rate	$	9,760		21.0	%	$	8,902		21.0	%	$	6,148		21.0	%
State and local income taxes, net of federal income tax effect (1)		1,478		3.2			1,244		3.0			1,396		4.8
Foreign tax effects		86		0.2			(68	)	(0.2	)		(21	)	(0.1	)
Effects of cross-border tax laws		(27	)	(0.1	)		(40	)	(0.1	)		(17	)	(0.1	)
Tax credits		-		-			2		-			-		-
Nontaxable or nondeductible items:
Excess officer compensation		868		1.9			345		0.8			460		1.6
Other nondeductible expenses (benefits)		(265	)	(0.6	)		(2	)	-			51		0.2
Changes in unrecognized income tax benefits		(663	)	(1.4	)		(2,152	)	(5.1	)		201		0.7
Other		(170	)	(0.4	)		(66	)	(0.1	)		(11	)	(0.1	)
Effective income tax rate	$	11,067		23.8	%	$	8,165		19.3	%	$	8,207		28.0	%

(1)

In 2025 and 2024, state and local income taxes in California comprise the majority of the state and local income taxes, net of federal income tax effect category. In 2023, state and local income taxes in Texas and Oregon comprise the majority of the state and local income taxes, net of federal income tax effect category.

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The income tax effect of temporary differences that give rise to significant portions of deferred income tax assets and liabilities is presented below (in thousands):

	*December 31,*
	*2025*			*2024*
Deferred income tax assets:
Accrued employee benefits	$	5,109		$	4,237
Inventories		267			373
Trade receivable, net		766			536
Net operating loss carryforwards		3,059			2,733
Tax credit carryforwards		2,611			2,628
Contract assets, net		1,100			680
Intangible assets		165			-
Other		1,277			2,476
		14,354			13,663
Valuation allowance		(6,072	)		(5,709	)
		8,282			7,954
Deferred income tax liabilities:
Property and equipment		(17,531	)		(12,804	)
Intangible assets		-			(312	)
Goodwill		(2,127	)		(1,692	)
Prepaid expenses		(997	)		(1,238	)
		(20,655	)		(16,046	)

Net deferred income tax liabilities	$	(12,373	)	$	(8,092	)

Amounts are presented in the Consolidated Balance Sheets as follows:
Deferred income tax assets, included in Other assets	$	111		$	205
Deferred income taxes		(12,484	)		(8,297	)
Net deferred income tax liabilities	$	(12,373	)	$	(8,092	)

In assessing the ability to realize deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, taxable income in carryback periods, and tax planning strategies in making this assessment. The Company believes it is more likely than not it will realize the benefits of its deductible differences as of December 31, 2025, net of any valuation allowance. As of December 31, 2025, the Company continues to maintain a valuation allowance on federal tax credits and select state jurisdictions.

As of December 31, 2025, the Company had approximately $0.2 million of federal income tax credit carryforwards, which expire in 2026. As of December 31, 2025, the Company also had approximately $12.4 million of state net operating loss carryforwards, which expire on various dates between 2026 and 2036, and state income tax credit carryforwards of $4.3 million, which began to expire in 2025. As of December 31, 2025, the Company also had approximately $8.1 million of foreign net operating loss carryforwards, which expire on various dates between 2026 and 2033.

The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company is no longer subject to United States Federal, state, or foreign income tax examinations for years before 2021.

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On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the OBBBA and implemented provisions effective 2025, which did not have a material impact on its effective income tax rate for 2025. Certain provisions of the OBBBA will be effective in future periods and are also expected to have an immaterial impact on the consolidated financial statements. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

A summary of the changes in the unrecognized income tax benefits associated with uncertain income tax positions is presented below (in thousands):

	*Year Ended December 31,*
	*2025*			*2024*			*2023*

Unrecognized income tax benefits, beginning of year	$	2,532		$	4,736		$	4,472
Decreases for lapse in statute of limitations		(1,024	)		(2,277	)		-
Increases for positions taken in the current year		279			-			-
Increases for positions taken in prior years		69			73			264
Unrecognized income tax benefits, end of year	$	1,856		$	2,532		$	4,736

During the years ended December 31, 2025 and 2024, the Company recorded a reduction in the uncertain income tax positions due to the lapse of the statute of limitations of $1.0 million and $2.3 million, respectively. Effectively all of the unrecognized income tax benefits would affect the Company’s effective income tax rate if recognized at some point in the future.

The Company recognizes interest and penalties related to uncertain income tax positions in Income tax expense. As of December 31, 2025 and 2024, the Company had approximately $0 and $0.2 million, respectively, of accrued interest related to uncertain income tax positions. Total interest for uncertain income tax positions did not change materially in 2025, 2024, or 2023.

17.

ACCUMULATED OTHER COMPREHENSIVE LOSS:

Accumulated other comprehensive loss consists of the following (in thousands):

	*December 31,*
	*2025*			*2024*

Pension liability adjustment, net of income tax benefit of $0 and $392	$	-		$	(919	)
Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges, net of income tax (expense) benefit of $24 and $(9)		(172	)		10
Unrealized gain on interest rate swaps designated as cash flow hedges, net of income tax expense of $9 and $24		29			75
Total	$	(143	)	$	(834	)

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The following table summarizes changes in the components of Accumulated other comprehensive loss (in thousands). All amounts are net of income tax:

	*Pension Liability Adjustment*			*Unrealized Gain (Loss) on Foreign Currency Forward Contracts Designated as Cash Flow Hedges*			*Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges*			*Total*

Balances, December 31, 2023	$	(1,193	)	$	(13	)	$	246		$	(960	)

Other comprehensive income before reclassifications		309			21			70			400
Amounts reclassified from Accumulated other comprehensive loss		(35	)		2			(241	)		(274	)
Net current period adjustments to Other comprehensive income		274			23			(171	)		126

Balances, December 31, 2024		(919	)		10			75			(834	)

Other comprehensive loss before reclassifications		(66	)		(384	)		(11	)		(461	)
Amounts reclassified from Accumulated other comprehensive loss		985			202			(35	)		1,152
Net current period adjustments to Other comprehensive income		919			(182	)		(46	)		691

Balances, December 31, 2025	$	-		$	(172	)	$	29		$	(143	)

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The following table provides additional detail about Accumulated other comprehensive loss components that were reclassified to the Consolidated Statements of Operations (in thousands):

	*Amount reclassified from Accumulated Other Comprehensive Loss*									*Affected line item in the Consolidated*
Details about Accumulated Other	*Year Ended December 31,*									*Statements*
Comprehensive Loss Components	*2025*			*2024*			*2023*			*of Operations*

Pension liability adjustment:
Net periodic pension cost:
Service cost	$	(10	)	$	(10	)	$	(13	)	Cost of sales
Non-service cost		42			53			11		Other income (loss)
Settlement costs		(1,451	)		-			-		Other income (loss)
Associated income tax (expense) benefit		434			(8	)		1		Income tax expense
		(985	)		35			(1	)

Unrealized gain (loss) on foreign currency forward contracts:
Gain (loss) on cash flow hedges		(268	)		(3	)		99		Net sales
Loss on cash flow hedges		-			-			(109	)	Property and equipment
Associated income tax benefit		66			1			2		Income tax expense
		(202	)		(2	)		(8	)

Unrealized gain on interest rate swaps:
Gain on cash flow hedges		46			319			719		Interest expense
Associated income tax expense		(11	)		(78	)		(174	)	Income tax expense
		35			241			545

Total reclassifications for the period	$	(1,152	)	$	274		$	536

18.

SEGMENT INFORMATION:

The operating segments reported below are based on the nature of the products sold and the manufacturing process used by the Company and are the segments of the Company for which discrete financial information is available and for which operating results are regularly evaluated by the Company’s CODM, its Chief Executive Officer.

The Company’s Water Transmission Systems segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, WTS makes products for industrial plant piping systems and certain structural applications. WTS has manufacturing facilities located in Portland, Oregon; Adelanto and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico.

The Company’s Precast Infrastructure and Engineered Systems segment manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, and St. George, Utah.

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The CODM uses gross profit to assess performance of each segment by comparing actual gross profit results to historical results and previously forecasted financial information, and to determine allocation of operating and capital resources. The Company does not allocate selling, general, and administrative expenses, interest, other non-operating income or expense items, or taxes to segments, and there are no intersegment revenues. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.

The following table summarizes net sales, cost of sales, and gross profit based on the Company’s reportable segments (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*		*2023*
Net sales:
Water Transmission Systems	$	350,879	$	337,945	$	296,381
Precast Infrastructure and Engineered Systems		175,124		154,603		147,974
Total net sales	$	526,003	$	492,548	$	444,355

Cost of sales:
Water Transmission Systems (1)	$	283,738	$	275,341	$	253,954
Precast Infrastructure and Engineered Systems (2)		138,628		121,802		112,759
Total cost of sales	$	422,366	$	397,143	$	366,713

Gross profit:
Water Transmission Systems	$	67,141	$	62,604	$	42,427
Precast Infrastructure and Engineered Systems		36,496		32,801		35,215
Total gross profit	$	103,637	$	95,405	$	77,642

	(1)	Depreciation and amortization included in Cost of sales for the WTS segment for the years ended December 31, 2025, 2024, and 2023 was $11.4 million, $11.9 million, and $9.0 million, respectively.

	(2)	Depreciation and amortization included in Cost of sales for the Precast segment for the years ended December 31, 2025, 2024, and 2023 was $7.5 million, $6.6 million, and $6.2 million, respectively.

The Company’s total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the CODM.

19.

SUBSEQUENT EVENT:

Business Combination

On February 23, 2026, the Company completed the acquisition of 100% of the shares of Boughton’s Precast, Inc. (“Boughton”), a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million. This acquisition expands the Company’s geographic footprint for its stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time since the acquisition date and the ongoing status of the valuation. Pro forma results of operations related to this acquisition will not be presented because they are not material to the Consolidated Statements of Operations.

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Schedule II

NWPX INFRASTRUCTURE, INC.

VALUATION AND QUALIFYING ACCOUNTS

(Dollars in thousands)

	*Balance at Beginning of Period*		*Charged to Profit and Loss*			*Deduction from Reserves*			*Balance at End of Period*
Year Ended December 31, 2025:
Allowance for credit losses	$	242	$	1,151		$	(865	)	$	528
Valuation allowance for deferred income tax assets		5,709		427			(64	)		6,072

Year Ended December 31, 2024:
Allowance for credit losses	$	121	$	625		$	(504	)	$	242
Valuation allowance for deferred income tax assets		6,641		(790	)		(142	)		5,709

Year Ended December 31, 2023:
Allowance for credit losses	$	369	$	189		$	(437	)	$	121
Valuation allowance for deferred income tax assets		6,051		696			(106	)		6,641

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 26th day of February 2026.

	NWPX INFRASTRUCTURE, INC.

	By	/S/ SCOTT MONTROSS
		Scott Montross
		Director, President, and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated, on the 26th day of February 2026.

Signature		Title

/S/ RICHARD A. ROMAN		Director and Chairman of the Board
Richard A. Roman

/S/ SCOTT MONTROSS		Director, President, and Chief Executive Officer
Scott Montross		(principal executive officer)

/S/ AARON WILKINS		Senior Vice President, Chief Financial Officer, and Corporate Secretary
Aaron Wilkins		(principal financial and accounting officer)

/S/ MICHAEL C. FRANSON		Director
Michael C. Franson

/S/ AMANDA L. JULIAN		Director
Amanda L. Julian

/S/ KEITH R. LARSON		Director
Keith R. Larson

/S/ IRMA LOCKRIDGE		Director
Irma Lockridge

/S/ JOHN T. PASCHAL		Director
John T. Paschal

Source: View Original Filing on SEC EDGAR

FAQ

What does NWPX (NWPX Infrastructure, Inc.) do and how is its business structured?

NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. It operates two segments: Water Transmission Systems, focused on large-diameter steel pipeline systems, and Precast Infrastructure and Engineered Systems, producing precast concrete and engineered water, wastewater, and stormwater solutions.

How large is NWPX Infrastructure’s operational footprint and workforce?

NWPX operates 13 manufacturing facilities across North America, including plants in Oregon, California, Texas, Utah, West Virginia, Missouri, Mexico, and Colorado. As of December 31, 2025, it employed 1,318 people, with about 65% in hourly production roles and 35% in administrative and management positions.

What are NWPX Infrastructure’s key backlog and order book figures for 2025?

For Water Transmission Systems, NWPX reported $234 million of backlog as of December 31, 2025, with backlog including confirmed orders at $346 million. The Precast segment’s order book was $57 million, representing unfulfilled precast orders that may fluctuate or be canceled without penalty.

What recent acquisition did NWPX (NWPX Infrastructure) complete to expand its precast business?

On February 23, 2026, NWPX acquired 100% of Boughton’s Precast, Inc., a single precast facility in Pueblo, Colorado, for approximately $9.0 million. This deal expands the company’s geographic reach for stormwater and sanitary sewer precast products in the Rocky Mountain region.

What major risks does NWPX Infrastructure highlight in its 2025 Form 10-K?

The company cites risks from project delays and government spending downturns in public water projects, overcapacity and competition in steel pipe, steel price volatility, environmental and safety regulations, supply chain and labor challenges, cybersecurity threats, climate change impacts, and reliance on accurate over-time revenue estimates in Water Transmission Systems.

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