# EDGAR Filing Document

**Accession Number:** 0000047307
**File Stem:** 0001437749-25-032859
**Filing Date:** 2025-11
**Character Count:** 16239
**Document Hash:** 53464be545a53e18b7fd4bf96c4c9067
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032859.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001437749-25-032859

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRAWFORD UNITED Corp
- **CENTRAL INDEX KEY:** 0000047307
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 340288470
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-00147
- **FILM NUMBER:** 251446238

**BUSINESS ADDRESS:**
- **STREET 1:** 10514 DUPONT AVE
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44108
- **BUSINESS PHONE:** 2165418060

**MAIL ADDRESS:**
- **STREET 1:** 10514 DUPONT AVE
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HICKOK INC
- **DATE OF NAME CHANGE:** 19950328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HICKOK ELECTRICAL INSTRUMENT CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? crawa20250731_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM **8-K**

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**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): November 4, 2025**

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**<u>Crawford United Corporation</u>**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Ohio** | **000-00147** | **34-0288470** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

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| | |
|:---|:---|
| **10514 Dupont Avenue**<br> **Cleveland**, **Ohio** | **44108** |
| (Address of Principal Executive Offices) | (Zip Code) |

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**(**216**) **243-2614**

(Registrant's telephone number, including area code)

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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 (see General Instruction A.2. below):

☐ 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: None.

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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **<u>Results of Operations and Financial</u><u>Condition</u>**. |

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On November 4, 2025, Crawford United Corporation, (the "Company") issued a news release announcing its results for the third quarter of 2025. The news release is furnished herewith as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01** | **<u>Financial Statements and Exhibits.</u>** |

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(d) Exhibits.

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| 99.1 | [News release dated November 4, 2025.](ex_846369.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

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.

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| | |
|:---|:---|
|  | CRAWFORD UNITED CORPORATION |
| Date: November 4, 2025 | <u>/s/ Jeffrey J. Salay</u> |
|  | Name: Jeffrey J. Salay |
|  | Title: Vice President and Chief Financial Officer |

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**Exhibit Index**

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| 99.1 | News release dated November 4, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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## Exhibit 99.1

**Exhibit 99.1**

Contact:

Brian E. Powers, President and Chief Executive Officer

**CRAWFORD UNITED CORPORATION**

10514 Dupont Avenue, Suite 200

Cleveland, Ohio 44108

216-243-2449

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| |
|:---|
| November 4, 2025 |
| **FOR IMMEDIATE RELEASE** |

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**Crawford United Corporation Announces Third Quarter 2025 Results**

● Earnings per share of $1.52 for the quarter and $3.84 year-to-date

● Sales of $47.2 million for the quarter, an increase of 28.4% from the prior year quarter

● Net income of $5.4 million for the quarter and $13.7 million year-to-date

● EBITDA As Defined<sup>1</sup>of $9.1 million for the quarter and $25.2 million year-to-date

CLEVELAND, OHIO, November 4, 2025 – Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the quarter ended September 30, 2025.

For the quarter ended September 30, 2025, sales were $47.2 million compared with $36.7 million in the same period in 2024, an increase of 28.4%. In the quarter, the Company recorded operating income of $7.0 million compared with operating income of $5.3 million in the same quarter of the prior year, an increase of 34.0%. Net income was $5.4 million, or $1.52 per fully diluted share, compared to $3.4 million or $0.95 per fully diluted share in the third quarter of 2024, an increase of 60.4%. EBITDA As Defined was $9.1 million in the quarter compared to $6.8 million in the same quarter of the prior year, an increase of 34.3%.

For the year-to-date period ended September 30, 2025, sales were $137.3 million compared with $112.8 million in the same period in 2024, an increase of 21.7%. For the 2025 year-to-date period, the Company recorded operating income of $19.3 million compared with operating income of $14.9 million in the same period of the prior year, an increase of 28.9%. Net income was $13.7 million, or $3.84 per fully diluted share, compared to $9.6 million or $2.72 per fully diluted share, in the same period of 2024, an increase of 41.6%. EBITDA As Defined was $25.2 million in the year-to-date period compared to $20.1 million in the same period of the prior year, an increase of 25.2%.

Brian Powers, President and CEO, stated, "Our sales, net income and earnings per share all reached record highs this quarter. We are pleased with the ongoing success of our business model and remain confident in our ability to achieve long-term strategic priorities. Crawford United is well positioned to pursue opportunities for increased revenue and profitability, always with an eye towards additional acquisitions."

**About Crawford United Corporation**

Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to a wide range of industries, including healthcare, aerospace, transportation and energy. The company currently operates two business segments and produces a diverse portfolio of complex, highly-engineered products for customers who demand American-made quality. The Commercial Air Handling Equipment segment is a leader in designing, manufacturing, and installing large-scale commercial, institutional and industrial air handling solutions, as well as high quality HVAC coils, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components and coatings to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com.

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**Information about Forward Looking Statements**.

This press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company's future results. Generally, these statements can be identified by the use of words such as "guidance," "outlook," "believes," "estimates," "anticipates," "expects," "forecasts," "seeks," "projects," "intends," "plans," "may," "will," "should," "could," "would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) shortages in supply or increased costs of necessary products, components or raw materials from the Company's suppliers; (b) availability shortages or increased costs of freight and labor for the Company and/or its suppliers; (c) actions that governments, businesses and individuals take in response to public health crises, including mandatory business closures and restrictions on onsite commercial interactions; (d) conditions in the global and regional economies and economic activity, including slow economic growth or recession, inflation, currency and credit market volatility, reduced capital expenditures and changes in government trade, fiscal, tax and monetary policies, in particular the impact of any protectionist trade policies and related tariffs; (e) adverse effects from evolving geopolitical conditions, such as the military conflicts in Ukraine and the Middle East; (f) the Company's ability to effectively integrate acquisitions, and manage the larger operations of the combined businesses, (g) the Company's dependence upon a limited number of customers and the aerospace industry, (h) the highly competitive industries in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, (i) the Company's ability to capitalize on market opportunities in certain sectors, (j) the Company's ability to obtain cost effective financing and (k) the Company's ability to satisfy obligations under its financing arrangements, and the other risks described in "Item 1A. Risk Factors" in our Annual Report Form 10-K and the Company's subsequent filings with the SEC.

Brian E. Powers

President & CEO

216-243-2449

bpowers@crawfordunited.com

***"Crawford United has a great future behind it.***"

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<sup>1</sup> EBITDA As Defined is a Non-GAAP financial measure. Please refer to the definition and table at the end of this release for a reconciliation of EBITDA As Defined to net income.

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**CRAWFORD UNITED CORPORATION**

Consolidated Income Statement (Unaudited)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** |  | **2024** |  | **2025** |  | **2024** |  |
| Sales | $47173308 | 100% | $36736228 | 100% | $137341881 | 100% | $112811955 | 100% |
| Cost of sales | 32879589 | 70% | 26048576 | 71% | 96464809 | 70% | 81467956 | 72% |
| **Gross Profit** | **14293719** | **30%** | **10687652** | **29%** | **40877072** | **30%** | **31343999** | **28%** |
| **Operating Expenses:** |  |  |  |  |  |  |  |  |
| Selling, general and administrative expenses | 7249828 | 15% | 5429209 | 14% | 21609872 | 16% | 16395286 | 15% |
| **Operating Income** | **7043891** | **15%** | **5258443** | **15%** | **19267200** | **14%** | **14948713** | **13%** |
| **Other Expense and (Income):** |  |  |  |  |  |  |  |  |
| Interest charges | 227066 | 1% | 262130 | 1% | 862607 | 1% | 804028 | 1% |
| (Gain) Loss on investments |  | 0% | (12059) | 0% |  | 0% | 367407 | 0% |
| Other expense | 180357 | 0% | 303013 | 1% | 601320 | 0% | 369718 | 0% |
| **Total Other Expense** | 407423 | 1% | 553084 | 2% | 1463927 | 1% | 1541153 | 1% |
| **Income before Income Taxes** | **6636468** | **14%** | **4705359** | **13%** | **17803273** | **13%** | **13407560** | **12%** |
| Income tax expense | 1232436 | 3% | 1336148 | 4% | 4138358 | 3% | 3758008 | 3% |
| **Net Income** | $**5404032** | **11%** | $**3369211** | **9%** | $**13664915** | **10%** | $**9649552** | **9%** |
| **Net income per common share** |  |  |  |  |  |  |  |  |
| Basic | $1.52 |  | $0.95 |  | $3.85 |  | $2.73 |  |
| Diluted | $1.52 |  | $0.95 |  | $3.84 |  | $2.72 |  |
| **Weighted average shares outstanding** |  |  |  |  |  |  |  |  |
| Basic | 3551932 |  | 3540746 |  | 3550738 |  | 3538148 |  |
| Diluted | 3565130 |  | 3557881 |  | 3559268 |  | 3549552 |  |

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**CRAWFORD UNITED CORPORATION**

Supplemental Non-GAAP Financial Measures (Unaudited)

EBITDA As Defined is a non-GAAP financial measure that reflects net income before interest expense, income taxes, depreciation and amortization, and also excludes certain charges and corporate-level expenses as defined in the Company's current revolving credit facility. The Company presents this non-GAAP financial measure because management uses EBITDA As Defined to assess the Company's performance and believes that EBITDA As Defined is useful to investors as an indication of the Company's compliance with its financial covenants in its revolving credit facility. Additionally, EBITDA As Defined is a measure used under the Company's revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA As Defined is not a measure of performance under GAAP and should not be considered in isolation from, or as a substitute for, net income or cash flow information calculated in accordance with GAAP. EBITDA As Defined herein may not be comparable to similarly titled measures of other companies. The following table reconciles net income to EBITDA As Defined:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **TTM Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Net income** | $**5404032** | $**3369211** | $**13664915** | $**9649552** | $**17613330** |
| Addback: |  |  |  |  |  |
| Interest charges | 227066 | 262130 | 862607 | 804028 | 1056335 |
| Income tax expense | 1232436 | 1336148 | 4138358 | 3758008 | 4427600 |
| Depreciation and amortization | 1163504 | 1034301 | 3511791 | 3039681 | 4606470 |
| Stock-based compensation expense | 196074 | 232225 | 428100 | 1076804 | 660324 |
| Amortization of right of use assets | 635396 | 299893 | 1846014 | 1081245 | 2196901 |
| (Gain) Loss on investments in equity securities |  | (12059) |  | 367407 |  |
| Non-recurring acquisition-related expenses | 210037 | 228771 | 738282 | 341422 | 1049668 |
| **EBITDA As Defined** | $**9068545** | $**6750620** | $**25190067** | $**20118147** | $**31610628** |

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