Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 27

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
 revenue recognition, the Company has contract liabilities included within “deferred revenue” on the condensed consolidated balance sheet.

15

The following table presents opening and closing balances of contract liabilities for the nine months ended September 30, 2025 and 2024 (in thousands):Contract LiabilitiesNine Months EndedSeptember 30,20252024Deferred revenue - beginning of period$4,667 $6,616 Increases due to customers invoiced before revenue recognized4,232 3,302 Revenue recognized(4,727)(4,128)Deferred revenue acquired in TPI acquisition661 — Deferred revenue acquired in Welch acquisition— 8 Deferred revenue - end of period4,833 5,798 Revenue recognized during the nine months ended September 30, 2025 and 2024 from amounts included in deferred revenue at the beginning of the period were approximately $2.2 million and $3.4 million, respectively.When invoicing occurs after revenue recognition, the Company has contract assets, which are included within “receivables, net” on the condensed consolidated balance sheets.The following table presents opening and closing balances of contract assets for the nine months ended September 30, 2025 and 2024 (in thousands):Contract AssetsNine Months EndedSeptember 30,20252024Unbilled Receivables - beginning of period$192 $114 Increases due to revenue recognized, not invoiced to customers2,937 1,620 Decreases due to customer invoicing(2,771)(1,532)Unbilled Receivables - end of period$358 $202 

(5)    Supplemental Cash Flow Information

Supplemental cash flow information consists of the following (in thousands):Nine Months EndedSeptember 30,20252024Cash paid for:Interest$7,924 $4,427 Income taxes, net of refunds1,567 9,505 Non-cash investing and financing activities:Capital additions accrued but not yet paid$101 $158 

16

(6)    Receivables and Allowance for Credit Losses

Receivables consist of the following (in thousands):September 30,2025December 31,2024December 31,2023Accounts receivable–trade$85,989 $85,562 $65,176 Less allowance for credit losses(813)(885)(727)Receivables, net$85,176