Company: UFPT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001171843-25-003049
Chunk: 14

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 14
---
U activity during the three-month period ended March 31, 2025:

			Restricted Stock Units

			Weighted Average
			Grant Date
			Fair Value

			Outstanding at December 31, 2024

			80,827

			$
			98.79

			Awarded

			48,816

			261.64

			Shares vested

			(41,916
			)

			114.38

			Shares forfeited

			(1,396
			)

			135.94

			Outstanding at March 31, 2025

			86,331

			$
			146.01

At the Company’s discretion, 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 three-month periods ended March 31, 2025 and 2024, 18,142 and 21,914 shares were surrendered at an average market price of $215.60 and $216.80, respectively.

As of March 31, 2025, the Company had approximately $16.0 million of unrecognized compensation expense that is expected to be recognized over a period of 3 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):

			March 31,

			December 31,

			2025

			2024

			Raw materials

			$
			65,336

			$
			65,747

			Work in process

			6,540

			5,730

			Finished goods

			17,963

			16,059

			Total inventory

			$
			89,839

			$
			87,536

17

			(10)

			Property, Plant and Equipment

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

			March 31,

			December 31,

			2025

			2024

			Land and improvements

			$
			5,802

			$