How does NWPX define backlog and related non-GAAP measures like backlog including confirmed orders?

NWPX defines backlog as remaining performance obligations under signed WTS contracts recognized over time. Backlog including confirmed orders adds projects where NWPX is the successful bidder but no binding agreement exists. These non-GAAP measures supplement GAAP results for assessing ongoing operations.

Record Q2 2026 earnings at NWPX Infrastructure (NASDAQ: NWPX)

Q: What were NWPX (NWPX Infrastructure, Inc.) net sales and earnings in Q2 2026?

NWPX reported Q2 2026 net sales of $159.5 million , up 19.7% year-over-year, and net income of $15.8 million . Diluted earnings per share were $1.62, compared with $0.91 in the second quarter of 2025.

Q: How did NWPX’s Water Transmission Systems segment perform in Q2 2026?

The Water Transmission Systems segment delivered net sales of $113.2 million , up 33.8% from Q2 2025, and gross profit of $24.2 million. Gross margin rose to 21.4%, helped by a 26% increase in tons produced and a 6% increase in selling price per ton.

Q: What were NWPX’s backlog and order book levels at June 30, 2026?

As of June 30, 2026, WTS backlog was $305 million and backlog including confirmed orders was $423 million . The Precast Infrastructure and Engineered Systems order book was $61 million , up from $55 million at March 31, 2026.

Q: How did the Precast segment of NWPX (NWPX Infrastructure) perform in Q2 2026?

Precast net sales were $46.3 million , down 4.8% year-over-year, mainly from an 11% volume decline partly offset by higher prices. Gross profit was $10.1 million, with margin improving to 21.9% versus 21.2% in the prior-year quarter.

Q: What is NWPX’s cash flow and debt position based on Q2 2026 results?

NWPX generated $14.1 million of net cash from operating activities in Q2 2026, versus $5.4 million a year earlier. As of June 30, 2026, it had no outstanding revolving borrowings and about $124 million of additional capacity under its credit facility.

Q: What outlook did NWPX (NWPX Infrastructure) give for Q3 2026 performance?

Management stated it expects third-quarter 2026 performance to be comparable to, or stronger than, Q2 2026 . This view is supported by healthy end-market demand, elevated bidding activity, and momentum in the Precast business entering the second half of the year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

NWPX Infrastructure, Inc. reported record second-quarter 2026 results, with net sales of $159.5 million, up 19.7% year-over-year, and gross profit of $34.4 million, a 21.5% margin. Net income rose to $15.8 million, or $1.62 per diluted share, compared to $9.1 million, or $0.91, in 2025.

The Water Transmission Systems segment drove growth, with revenue of $113.2 million, up 33.8%, and gross profit of $24.2 million, a 21.4% margin, supported by higher volume and pricing. Backlog including confirmed orders was $423 million as of June 30, 2026, while the Precast segment ended with a $61 million order book and stable margins despite lower sales.

The company generated $14.1 million of operating cash in the quarter and had no outstanding revolving loan borrowings, with about $124 million of additional capacity. Management expects third-quarter 2026 performance to be comparable to, or stronger than, the second quarter.

Positive

Record Q2 net income of $15.8 million, up 74.7% year-over-year, with diluted EPS of $1.62 versus $0.91.
Water Transmission Systems net sales grew to $113.2 million, up 33.8% year-over-year, with gross margin expanding to 21.4%.
Backlog including confirmed orders reached $423 million as of June 30, 2026, alongside a Precast order book of $61 million.

Negative

None.

Filing Explained

At June 30, 2026, NWPX held $19,320 thousand cash, no revolving borrowings, and approximately $124 million unused borrowing capacity.

The July 29 Form 8-K reports NWPX’s completed quarter ended June 30, 2026 and furnishes the results release as Exhibit 99.1. At quarter-end, NWPX reported $19,320 thousand of cash, no revolving loan borrowings, and approximately $124 million of additional revolving capacity; these are the disclosed liquidity resources at that date.

Form 8-K reports specified material events within four business days, and Item 2.02 identifies results of operations and financial condition. The company defines WTS backlog as remaining performance obligations under signed contracts, while its separate $423 million backlog including confirmed orders also contains successful bids without binding agreements.

The six-month cash-flow statement reports $43,340 thousand of operating cash provided, versus $10,272 thousand in the prior-year period, and reports a $2,722 thousand repurchase of common stock. The filing does not provide a resulting outstanding-share count for that repurchase.

A specific resolution point is whether the confirmed-order portion of the WTS amount becomes binding, because the company says those projects had not yet reached executed agreements.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net sales: $159.5 million Gross profit and margin: $34.4 million (21.5% of net sales) Net income and diluted EPS: $15.8 million; $1.62 per diluted share +5 more

8 metrics

Net sales $159.5 million Quarter ended June 30, 2026; up 19.7% from $133.2 million in Q2 2025

Gross profit and margin $34.4 million (21.5% of net sales) Quarter ended June 30, 2026; up from $25.4 million and 19.0% in Q2 2025

Net income and diluted EPS $15.8 million; $1.62 per diluted share Quarter ended June 30, 2026; up 74.7% from $9.1 million and $0.91 in Q2 2025

WTS net sales $113.2 million Water Transmission Systems Q2 2026 net sales, up 33.8% from $84.6 million in Q2 2025

WTS backlog including confirmed orders $423 million As of June 30, 2026; compares with $430 million at March 31, 2026 and $348 million at June 30, 2025

Precast order book $61 million As of June 30, 2026; up from $55 million at March 31, 2026 and $56 million at June 30, 2025

Operating cash flow Q2 2026 $14.1 million Net cash provided by operating activities in the second quarter of 2026; $5.4 million in Q2 2025

Revolving credit capacity $124 million Additional borrowing capacity under the revolving credit facility as of June 30, 2026; no outstanding borrowings

Key Terms

backlog, confirmed orders, order book, bargain purchase gain, +2 more

6 terms

backlog financial

"defines "backlog" as the balance of remaining performance obligations"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

confirmed orders financial

"defines "confirmed orders" as projects where it is the successful bidder"

Confirmed orders are firm, legally enforceable purchase commitments from customers—usually documented by a signed contract or official purchase order—rather than tentative inquiries or quotes. For investors, confirmed orders matter because they give clearer visibility into future sales, cash flow and production needs, much like a restaurant reservation that guarantees seats and helps the owner plan staffing and supplies.

order book financial

"defines "order book" as unfulfilled orders outstanding at the measurement date"

A stock market order book is a live list of all pending buy and sell requests for a particular security, showing quantities and the prices traders are willing to trade at. Think of it as a market’s bulletin board: it reveals how much demand and supply exists at different prices, so investors can gauge liquidity, how easily a trade will fill, and how close the market is to moving the price.

bargain purchase gain financial

"included a $21.9 million bargain purchase gain associated with the acquisition"

A bargain purchase gain happens when a buyer acquires another company's assets for less than those assets' estimated fair value, producing an immediate accounting profit for the buyer. For investors, it matters because that one-time gain boosts the acquirer's reported earnings and can signal a very favorable deal — like finding a valuable item at a steep discount — but it may also prompt scrutiny about whether asset values or the deal terms were estimated correctly.

Non-GAAP financial measures financial

"See reconciliation of Non-GAAP Financial Measures in our Form 8-K filed"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

forward-looking statements regulatory

"contain "forward-looking statements" within the meaning of the Private Securities Litigation"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Net sales: $159.5 million · Guidance included

Quarter ended June 30, 2026

Net sales $159.5 million Up 19.7% from $133.2 million in the second quarter of 2025

Gross profit $34.4 million (21.5% margin) Up from $25.4 million and 19.0% of net sales in the second quarter of 2025

Net income $15.8 million Up 74.7% from $9.1 million in the second quarter of 2025

Diluted EPS $1.62 Up from $0.91 in the second quarter of 2025

WTS backlog including confirmed orders $423 million Up from $348 million at June 30, 2025; slightly below $430 million at March 31, 2026

Guidance

Management expects performance in the third quarter of 2026 to be comparable to, or stronger than, the second quarter of 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/29/2026 - 04:18 PM Accepted by SEC EDGAR 07/29/2026 - 04:17 PM

FAQ

What were NWPX (NWPX Infrastructure, Inc.) net sales and earnings in Q2 2026?

NWPX reported Q2 2026 net sales of $159.5 million, up 19.7% year-over-year, and net income of $15.8 million. Diluted earnings per share were $1.62, compared with $0.91 in the second quarter of 2025.

How did NWPX’s Water Transmission Systems segment perform in Q2 2026?

The Water Transmission Systems segment delivered net sales of $113.2 million, up 33.8% from Q2 2025, and gross profit of $24.2 million. Gross margin rose to 21.4%, helped by a 26% increase in tons produced and a 6% increase in selling price per ton.

What were NWPX’s backlog and order book levels at June 30, 2026?

As of June 30, 2026, WTS backlog was $305 million and backlog including confirmed orders was $423 million. The Precast Infrastructure and Engineered Systems order book was $61 million, up from $55 million at March 31, 2026.

How did the Precast segment of NWPX (NWPX Infrastructure) perform in Q2 2026?

Precast net sales were $46.3 million, down 4.8% year-over-year, mainly from an 11% volume decline partly offset by higher prices. Gross profit was $10.1 million, with margin improving to 21.9% versus 21.2% in the prior-year quarter.

What is NWPX’s cash flow and debt position based on Q2 2026 results?

NWPX generated $14.1 million of net cash from operating activities in Q2 2026, versus $5.4 million a year earlier. As of June 30, 2026, it had no outstanding revolving borrowings and about $124 million of additional capacity under its credit facility.

What outlook did NWPX (NWPX Infrastructure) give for Q3 2026 performance?

Management stated it expects third-quarter 2026 performance to be comparable to, or stronger than, Q2 2026. This view is supported by healthy end-market demand, elevated bidding activity, and momentum in the Precast business entering the second half of the year.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

NWPX Infrastructure, Inc.

(Exact name of registrant as specified in its charter)

Oregon	0-27140	93-0557988
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

201 NE Park Plaza Drive, Suite 100

Vancouver, WA 98684

(Address of principal executive offices and Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		NWPX		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02.		RESULTS OF OPERATIONS AND FINANCIAL CONDITION

		On July 29, 2026, NWPX Infrastructure, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026 and its current outlook. The press release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. The press release issued July 29, 2026 is furnished herewith as Exhibit No. 99.1 to this Report, and shall not be deemed filed for purposes of Section 18 of the Exchange Act.


Item 9.01.		FINANCIAL STATEMENTS AND EXHIBITS

(d)		Exhibits

		99.1 Press Release issued by NWPX Infrastructure, Inc. dated July 29, 2026

		104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on July 29, 2026.

	NWPX INFRASTRUCTURE, INC.
	(Registrant)

	By	/s/ Aaron Wilkins
		Aaron Wilkins,
		Senior Vice President, Chief Financial Officer, and Corporate Secretary

Exhibit 99.1

NWPX Infrastructure Announces Second Quarter 2026 Financial Results

	•	Record net sales of $159.5 million, up 19.7% year-over-year, and record gross profit of $34.4 million, up 35.5% year-over-year
	•	Record Water Transmission Systems segment (“WTS”) net sales of $113.2 million, up 33.8% year-over-year, and record WTS gross profit of $24.2 million, up 60.9% year-over-year
	•	Precast Infrastructure and Engineered Systems segment (“Precast”) net sales of $46.3 million, down 4.8% year-over-year, and Precast gross profit of $10.1 million, down 1.7% year-over-year
	•	Record second quarter net income of $15.8 million, or $1.62 per diluted share
	•	WTS backlog¹ of $305 million; backlog including confirmed orders² of $423 million
	•	Precast order book³ of $61 million

VANCOUVER, Washington—July 29, 2026—NWPX Infrastructure, Inc. (NASDAQ: NWPX) (“NWPX Infrastructure” and the “Company”), a leading manufacturer of water-related infrastructure products, today announced its financial results for the second quarter ended June 30, 2026. The Company will broadcast its second quarter 2026 earnings conference call on Thursday, July 30, 2026 at 7:00 a.m. PT.

Management Commentary

“The second quarter of 2026 marked another outstanding quarter for NWPX Infrastructure as we delivered record financial results highlighted by revenue of $159.5 million, gross profit of $34.4 million, representing a 21.5% gross margin, and diluted earnings per share of $1.62,” said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. “These results reflect the strength of our diversified business model and the disciplined execution of our long-term strategy.”

Mr. Montross continued, “Our Water Transmission Systems segment once again delivered exceptional performance, establishing new quarterly records with revenue of $113.2 million and gross profit of $24.2 million. Gross margin expanded 360 basis points over the prior-year quarter to 21.4%, demonstrating the continued benefits of disciplined project execution and favorable pricing. We also exited the quarter with WTS backlog including confirmed orders of approximately $423 million, supported by robust bidding activity throughout the quarter, which is continuing into the third quarter.”

“In our Precast Infrastructure and Engineered Systems segment, the quarter began slower than anticipated as unusually heavy rainfall in Texas and customer-driven project delays at our Utah facilities impacted activity during April and May. However, business conditions improved significantly during June, allowing the segment to finish the quarter with strong momentum. Gross margins improved 70 basis points compared to the second quarter of 2025, and our order book ended the quarter at $61 million, positioning the business well for the remainder of the year.”

Mr. Montross concluded, “Looking ahead, we expect performance in the third quarter of 2026 to be comparable to, or stronger than, the second quarter of 2026. Demand across our end markets remains healthy, bidding activity continues at elevated levels, and our Precast business is carrying positive momentum into the second half of the year. As a result, 2026 is shaping up to be a historic year for NWPX Infrastructure.”

Second Quarter 2026 Financial Results

Consolidated

	•	Net sales increased 19.7% to $159.5 million from $133.2 million in the second quarter of 2025.
	•	Gross profit increased 35.5% to $34.4 million, or 21.5% of net sales, from $25.4 million, or 19.0% of net sales, in the second quarter of 2025.
	•	Net income increased 74.7% to $15.8 million, or $1.62 per diluted share, compared to $9.1 million, or $0.91 per diluted share, in the second quarter of 2025. The second quarter 2026 marked the highest net income in the Company’s history aside from the third quarter of 2018 which included a $21.9 million bargain purchase gain associated with the acquisition of Ameron Water Transmission Group, LLC.⁴

Water Transmission Systems Segment (WTS)

	•	WTS net sales increased 33.8% to $113.2 million from $84.6 million in the second quarter of 2025 driven by a 26% increase in tons produced resulting from changes in project timing and a 6% increase in selling price per ton due to changes in product mix.
	•	WTS gross profit increased 60.9% to $24.2 million, or 21.4% of WTS net sales, from $15.1 million, or 17.8% of WTS net sales, in the second quarter of 2025 due to increased volume, including related operational efficiency gains, and favorable project pricing and product mix.
	•	WTS backlog was $305 million as of June 30, 2026, compared to $373 million as of March 31, 2026, and $298 million as of June 30, 2025. Backlog including confirmed orders was $423 million as of June 30, 2026, compared to $430 million as of March 31, 2026, and $348 million as of June 30, 2025.

Precast Infrastructure and Engineered Systems Segment (Precast)

	•	Precast net sales decreased 4.8% to $46.3 million from $48.6 million in the second quarter of 2025 driven by an 11% decrease in volume shipped partially offset by a 7% increase in selling prices primarily due to changes in product mix.
	•	Precast gross profit decreased 1.7% to $10.1 million, or 21.9% of Precast net sales, from $10.3 million, or 21.2% of Precast net sales, in the second quarter of 2025.
	•	Precast order book was $61 million as of June 30, 2026, compared to $55 million as of March 31, 2026, and $56 million as of June 30, 2025.

Balance Sheet and Cash Flow

	•	As of June 30, 2026, the Company had no outstanding revolving loan borrowings and additional borrowing capacity of approximately $124 million under the revolving credit facility.
	•	Net cash provided by operating activities was $14.1 million in the second quarter of 2026 compared to $5.4 million in the second quarter of 2025 primarily due to a $7.5 million increase in net income adjusted for noncash items and a $1.1 million increase in cash from changes in working capital.
	•	Capital expenditures were $4.2 million in the second quarter of 2026 compared to $3.5 million in the second quarter of 2025.

¹NWPX Infrastructure defines “backlog” as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.

² NWPX Infrastructure defines “confirmed orders” as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.

³ NWPX Infrastructure defines “order book” as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.

⁴ In the third quarter of 2018 the Company reported net income of $27.8 million, or $2.86 per diluted share which, amongst other non-recurring items, included a bargain purchase gain of $21.9 million associated with our acquisition of Ameron Water Transmission Group, LLC. Without this noncash item and other nonrecurring items reported for that quarter, the adjusted net income reconciled to $2.1 million, or $0.21 per share. See reconciliation of Non-GAAP Financial Measures in our Form 8‑K filed on November 8, 2018 for additional information.

Conference Call Details

A conference call and simultaneous webcast to discuss the Company’s second quarter 2026 financial results will be held on Thursday, July 30, 2026, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company’s website at investor.nwpx.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, August 13, 2026, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13761312.

About NWPX Infrastructure

Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. 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 14 manufacturing facilities across North America. For more information, please visit www.nwpx.com.

Forward-Looking Statements

Statements in this press release by Scott Montross contain “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, that are based on current expectations, estimates, and projections about the Company’s business, management’s beliefs, and assumptions made by management. 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 the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials and other costs central to producing and shipping our products, excess or shortage of production capacity, product quality assurance 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 with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, 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 the Company’s customers and related demand for its products, the Company’s ability to identify and complete organic and inorganic initiatives to grow its business, the Company’s ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, increased use of artificial intelligence by us and our competitors, as well as related legal and regulatory requirements, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company’s results of operations, and the impact on its customers and related demand for its 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 the Company’s insurance coverage, supply chain challenges, the Company’s ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company’s 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 the Company’s internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

Non-GAAP Financial Measures

The Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company’s ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For more information, visit www.nwpx.com.

Contact:

Aaron Wilkins

Chief Financial Officer

NWPX Infrastructure

investors@nwpx.com

Addo Investor Relations

nwpx@addo.com

###

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net sales:
Water Transmission Systems	$	113,199		$	84,588		$	206,652		$	163,034
Precast Infrastructure and Engineered Systems		46,277			48,594			91,078			86,263
Total net sales		159,476			133,182			297,730			249,297

Cost of sales:
Water Transmission Systems		88,971			69,533			165,105			135,805
Precast Infrastructure and Engineered Systems		36,146			38,284			71,601			68,762
Total cost of sales		125,117			107,817			236,706			204,567

Gross profit:
Water Transmission Systems		24,228			15,055			41,547			27,229
Precast Infrastructure and Engineered Systems		10,131			10,310			19,477			17,501
Total gross profit		34,359			25,365			61,024			44,730

Selling, general, and administrative expense		13,208			12,129			27,216			25,925
Operating income		21,151			13,236			33,808			18,805
Other income (expense)		492			20			713			(7	)
Interest income		156			1			164			35
Interest expense		(320	)		(763	)		(668	)		(1,398	)
Income before income taxes		21,479			12,494			34,017			17,435
Income tax expense		5,645			3,431			7,649			4,408
Net income	$	15,834		$	9,063		$	26,368		$	13,027

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

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

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	19,320	$	2,273
Trade and other receivables, net		98,409		78,171
Contract assets		105,528		91,036
Inventories		91,079		74,287
Prepaid expenses and other		3,941		5,665
Total current assets		318,277		251,432
Property and equipment, net		164,493		157,509
Operating lease right-of-use assets		85,957		86,894
Goodwill		55,504		55,504
Intangible assets, net		22,405		23,008
Other assets		5,262		5,283
Total assets	$	651,898	$	579,630

Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	2,994	$	2,994
Accounts payable		44,464		22,190
Accrued liabilities		26,754		27,743
Contract liabilities		37,947		8,794
Current portion of operating lease liabilities		5,232		4,829
Total current liabilities		117,391		66,550
Borrowings on line of credit		-		276
Long-term debt		6,985		8,482
Operating lease liabilities		85,372		86,223
Deferred income taxes		12,819		12,484
Other long-term liabilities		10,729		10,832
Total liabilities		233,296		184,847

Stockholders’ equity:
Common stock		96		96
Additional paid-in-capital		110,204		113,088
Retained earnings		308,110		281,742
Accumulated other comprehensive income (loss)		192		(143	)
Total stockholders’ equity		418,602		394,783
Total liabilities and stockholders’ equity	$	651,898	$	579,630