Company: UFPT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001171843-25-005268
Chunk: 63

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the six months ended June 30, 2025 and 2024, 18,152 and 21,914 shares were surrendered at an average market price of $215.60 and $216.80, respectively.

As of June 30, 2025, the Company had approximately $13.2 million of unrecognized compensation expense that is expected to be recognized over a period of 2.8 years.

			(9)

			Inventories

Inventories are stated at the lower of cost (determined using the first-in, first-out method) or net realizable value, and consist of the following at the stated dates (in thousands):

			June 30,

			December 31,

			2025

			2024

			Raw materials

			$
			62,789

			$
			65,747

			Work in process

			6,565

			5,730

			Finished goods

			15,846

			16,059

			Total inventory

			$
			85,200

			$
			87,536

			(10)

			Property, Plant and Equipment

Property, plant, and equipment consist of the following (in thousands):

			June 30,

			December 31,

			2025

			2024

			Land and improvements

			$
			5,895

			$
			5,759

			Buildings and improvements

			38,271

			37,895

			Leasehold improvements

			12,120

			11,216

			Machinery & equipment

			68,610

			65,244

			Furniture, fixtures, computers & software

			9,598

			8,314

			Construction in progress

			8,454

			6,506

			Property, plant and equipment

			$
			142,948

			$
			134,934

			Accumulated depreciation and amortization

			(69,031
			)

			(64,370
			)

			Net