# EDGAR Filing Document

**Accession Number:** 0001766368
**File Stem:** 0001104659-25-106320
**Filing Date:** 2025-11
**Character Count:** 36113
**Document Hash:** 31957c0a6cb94f6ba0ab65a0c939053a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106320.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106320

**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:** Mayville Engineering Company, Inc.
- **CENTRAL INDEX KEY:** 0001766368
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL FORGING & STAMPINGS [3460]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 390944729
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38894
- **FILM NUMBER:** 251449634

**BUSINESS ADDRESS:**
- **STREET 1:** 715 SOUTH STREET
- **CITY:** MAYVILLE
- **STATE:** WI
- **ZIP:** 53050
- **BUSINESS PHONE:** 920-387-4500

**MAIL ADDRESS:**
- **STREET 1:** 715 SOUTH STREET
- **CITY:** MAYVILLE
- **STATE:** WI
- **ZIP:** 53050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mayville Engineering Comapny, Inc.
- **DATE OF NAME CHANGE:** 20190130

?xml version='1.0' encoding='ASCII'? Mayville Engineering Company, Inc._November 4, 2025

------

**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): November 4, 2025**

## Mayville Engineering Company, Inc.
**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Wisconsin** | **001-38894** | **39-0944729** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**135 S. 84th Street, Suite 300**

**Milwaukee, Wisconsin 53214**

**(Address of principal executive offices, including zip code)**

**(414) 381-2860**

**(Registrant's telephone number, including area code)**

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**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common Stock, no par value** | **MEC** | **New York Stock Exchange** |

---

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 November 4, 2025, Mayville Engineering Company, Inc. issued a press release announcing financial results for its third quarter ended September 30, 2025. A copy of such press release is furnished as Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.

#### Item 9.01. Financial Statements and Exhibits .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits . The exhibit listed in the exhibit index below is being furnished herewith.

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** |  |
| 99 | [Press Release of Mayville Engineering Company, Inc., dated November 4, 2025 regarding financial results for its third quarter ended September 30, 2025.](tmb-20251104xex99.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

#### 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.

---

| | | |
|:---|:---|:---|
|  | MAYVILLE ENGINEERING COMPANY, INC. | MAYVILLE ENGINEERING COMPANY, INC. |
| Date: November 4, 2025 | By: | /s/ Rachele M. Lehr |
|  |  | Rachele M. Lehr |
|  |  | Chief Financial Officer |

---

## Ex-99

**Exhibit 99**

![Graphic](tmb-20251104xex99001.jpg)

**MAYVILLE ENGINEERING COMPANY ANNOUNCES** 

**THIRD QUARTER 2025 RESULTS**

**MILWAUKEE, Wis., November 4, 2025** – Mayville Engineering Company (NYSE: MEC) (the "Company" or "MEC"), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end markets, today announced results for the three-months ended September 30, 2025.

**THIRD QUARTER 2025 RESULTS**

*(All comparisons versus the prior year period)*

&nbsp;&nbsp;&nbsp;&nbsp;● Net sales of $144.3 million, or +6.6%; organic net sales decreased 9.1%

&nbsp;&nbsp;&nbsp;&nbsp;● GAAP Net loss of $2.7 million, or ($0.13) per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;● Non-GAAP Adjusted Net Income of $2.0 million, or Adjusted Diluted EPS of $0.10

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA of $14.1 million

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA margin of 9.8%

&nbsp;&nbsp;&nbsp;&nbsp;● Free Cash Flow of ($1.1) million

&nbsp;&nbsp;&nbsp;&nbsp;● Net leverage ratio <sup>[1](#footnote-2)</sup> of 3.5x as of September 30, 2025

**MANAGEMENT COMMENTARY**

"During the third quarter, our team continued to execute with discipline, delivering results that were in line with our expectations. As a result, we are reiterating our full-year financial guidance for 2025" stated Jag Reddy, President and Chief Executive Officer. "We also made substantial progress with the integration of the Accu-Fab acquisition, which significantly expands our serviceable available market in the Data Center & Critical Power end market. We continue to see strong customer engagement and a rapidly growing pipeline of qualified opportunities in this market. Based on this momentum, we have increased our expectations for 2026 revenue synergies from the Accu-Fab acquisition to a range of $20 to $30 million."

"Across our legacy end markets, demand remained soft in the third quarter, particularly within the Commercial Vehicle and Agriculture markets" continued Reddy. "In contrast, we are seeing considerable growth and a growing opportunity pipeline for data center & critical power applications. In response to these trends, we are strategically rebalancing production capacity and aligning resources to better serve these high-growth areas. These changes position us to expand our market share and capture long-term growth opportunities. While subdued demand in legacy markets may constrain near-term margin expansion, we expect the actions we are taking will improve asset utilization and support a more diversified and resilient earnings profile over time."

"As we navigate this period of transformation, we remain grounded in our MBX value creation framework, which is focused on operational excellence, commercial growth and disciplined capital allocation" concluded Reddy.

<sup>1</sup> The net leverage ratio reflects net debt as of September 30, 2025 as a ratio of the Company's trailing twelve-month Adjusted EBITDA, pro-forma for the acquisition of Accu-Fab.

------

"Although our free cash flow in the quarter was temporarily impacted by $3.5 million of non-recurring items, we are reaffirming our full year guidance. Consistent with our capital allocation priorities, we are focused and remain committed to debt reduction."

**PERFORMANCE SUMMARY**

Net sales increased by 6.6% year-over-year in the third quarter of 2025, primarily due to the acquisition of Accu-Fab, LLC ("Accu-Fab") in the third quarter of 2025, which more than offset lower customer demand within Commercial Vehicle, Agriculture and Other end markets. Excluding the impact of the Accu-Fab acquisition, organic net sales declined by 9.1% during the third quarter of 2025 when compared to the third quarter of 2024.

Manufacturing margin was $15.9 million in the third quarter of 2025, or 11.0% of net sales, as compared to $17.1 million, or 12.6% of net sales, in the prior year period. The year-over-year decrease in manufacturing margin reflects $1.2 million in non-recurring restructuring costs and inventory step-up expense associated with the Accu-Fab acquisition and lower customer demand, partially offset by higher-margin net sales contribution from the Accu-Fab acquisition.

Bonuses and deferred compensation expense was $2.2 million in the third quarter of 2025, as compared to $2.1 million in the prior year period. Other selling, general and administrative expenses were $10.5 million in the third quarter of 2025 as compared to $7.6 million for the same prior year period. The increase in these expenses reflects $0.9 million in non-recurring costs and $1.6 million in incremental SG&A expense, each associated with the Accu-Fab acquisition.

Interest expense was $3.4 million in the third quarter of 2025, as compared to $2.7 million in the prior year period, due to an increase in borrowings associated with the Accu-Fab acquisition, partially offset by lower interest rates relative to the prior year period.

Net loss for the third quarter of 2025 was $2.7 million or ($0.13) per diluted share, versus net income of $3.0 million, or $0.14 per diluted share, in the prior year period.

MEC reported Adjusted EBITDA of $14.1 million in the third quarter of 2025, or 9.8% of net sales, versus $17.1 million, or 12.6% of net sales, in the prior year period. The decrease in Adjusted EBITDA is primarily due to lower legacy customer demand, partially offset by the impact of the Accu-Fab acquisition.

Third quarter Adjusted Net Income was $2.0 million, or $0.10 per diluted share, versus $5.8 million, or $0.27 per diluted share, in the prior year period. Adjusted Net Income reflects a decrease in income from operations and higher interest expense.

Free Cash Flow during the third quarter of 2025 was ($1.1) million as compared to $15.1 million in the prior year period. The decrease in Free Cash Flow was attributable to a $16.1 million decrease in net cash provided by operating activities, and a $0.1 million increase in capital expenditures.

------

**END MARKET UPDATE**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** |
| Commercial Vehicle | $39211 | $51612 |
| Construction & Access | 22145 | 20110 |
| Powersports | 22980 | 21605 |
| Data Center & Critical Power | 22566 | 4658 |
| Agriculture | 8098 | 10358 |
| Military | 7433 | 6968 |
| Other | 21877 | 20081 |
| Net Sales | $144310 | $135392 |

---

**Commercial Vehicle**

*MEC is a Tier 1 supplier to many of the country's top original equipment manufacturers (OEM) of commercial vehicles providing exhaust & aftertreatment, engine components, cooling, fuel and structural systems for both heavy- and medium-duty commercial vehicles.*

Net sales to the Commercial Vehicle market were $39.2 million in the third quarter of 2025, a decrease of 24.0% versus the prior year period. The decrease was primarily due to a 38.8% decrease in North American Class 8 commercial vehicle production compared to the third quarter of 2024, partly offset by new customer program wins.

**Construction & Access**

*MEC manufactures components and sub-assemblies for OEMs within the Construction & Access market including fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products such as exhaust & aftertreatment, engine components, cooling system components, handrails and full electro-mechanical assemblies.*

Net sales to the Construction & Access market were $22.1 million in the third quarter of 2025, an increase of 10.1% versus the prior year period. The increase was primarily due to improved non-residential construction demand and the Accu-Fab acquisition. Organic net sales growth in the Construction & Access end market was 6.2% in the third quarter of 2025 compared to the third quarter of 2024.

**Powersports** 

*MEC manufactures stampings and complex metal assemblies and coatings for OEMs within marine propulsion, all-terrain vehicles (ATV), multi-utility vehicles (MUV) and motorcycle markets. MEC's powersports expertise includes axle housings, steering columns, swing arms, fenders, suspension components, ATV/MUV racks, cowl assemblies and vehicle frames.*

Net sales to the Powersports market were $23.0 million in the third quarter of 2025, an increase of 6.4% versus the prior year period. The increase was primarily attributable to transient aluminum-related work, partly offset by a decrease in sales within marine propulsion markets.

**Data Center & Critical Power**

*MEC manufactures precision metal enclosures, cabinets, racks, frames, panels and sub-assemblies for OEMs that deliver reliable power distribution, backup energy systems, and intelligent power management solutions in mission-critical data center and electrical infrastructure environments.*

------

Net sales to the Data Center & Critical Power market were $22.6 million in the third quarter of 2025. The increase reflects strong legacy customer demand and revenues associated with the Accu-Fab acquisition. Organic net sales growth in the Data Center & Critical Power end market was 7.4% in the third quarter of 2025, when compared to the third quarter of 2024.

**Agriculture**

*MEC is an integral partner in the supply chain of the world's leading agriculture OEMs manufacturing components and sub-assemblies including fenders, hoods, supports, frames, platforms, frame structures, doors, and tubular products such as exhaust, engine components, cooling system components, handrails and full electro-mechanical assemblies.*

Net sales to the Agriculture market were $8.1 million in the third quarter of 2025, a decrease of 21.8% versus the prior year period. The decrease reflects continued lower customer demand across both large-ag and small-ag end markets.

**Military**

*MEC holds the International Traffic in Arms Regulations (ITAR) certification and produces components for the United States military. Products include exhaust, engine components, cooling, fuel, suspension, structural systems, and chemical agent resistant coating (CARC) painting capabilities.*

Net sales to the Military market were $7.4 million in the third quarter of 2025, an increase of 6.7% versus the prior year period. The increase compared to the prior year was due to higher service and after-market demand.

**Other**

*MEC also produces a wide variety of components and assemblies for customers in the industrial equipment & fixtures, consumer tools, mining, forestry, automotive, and medical markets.*

Net sales to the Other end market for the third quarter of 2025 were $21.9 million, an increase of 8.9% versus the prior year period. The increase in net sales compared to the prior year period was associated with the Accu-Fab acquisition. Organic net sales declined by 5.1% when compared to the prior year due to lower industrial equipment and consumer tool demand.

**BALANCE SHEET UPDATE** 

As of September 30, 2025, MEC had net debt outstanding of $214.9 million and total cash and availability on its senior secured revolving credit facility of $247.5<sup>2</sup> million. At the end of the third quarter, Company's net leverage ratio was 3.5x.

**FINANCIAL GUIDANCE** 

Today, the Company maintained its guidance for the full year 2025. All guidance is current as of the time provided and is subject to change.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **FY 2025 Forecast** | **FY 2025 Forecast** | **FY 2025 Forecast** |
| <br>*(in Millions)* | **FY 2024**<br>**Actual** | **Low** | **Mid** | **High** |
| Net Sales | $581.6 | $528 | $545 | $562 |
| Adjusted EBITDA | $64.4 | $49 | $52 | $55 |
| Free Cash Flow | $77.7 | $25 | $28 | $31 |

---

____________________________

<sup>2</sup> This amount is reduced to approximately $35.7 million after taking into account the $211.8 million of outstanding borrowings under the credit facility as of September 30, 2025.

------

The Company's 2025 guidance reflects the acquisition of Accu-Fab LLC, which was completed on July 1, 2025. In addition, the Company's guidance reflects the impact of continued soft demand in its legacy end markets.

The Company's 2025 Free Cash Flow guidance reflects the impact of continued working capital efficiencies and capital expenditures of between $13 and $17 million.

**THIRD QUARTER 2025 RESULTS CONFERENCE CALL**

The Company will host a conference call on Wednesday, November 5, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

For a live webcast of the conference call and to access the accompanying investor presentation, please visit <u>www.mecinc.com</u><u> </u>and click on the link to the live webcast on the Investors page.

For telephone access to the conference, call (833) 470-1428 within the United States, or call (833) 950-0062 within Canada and please use the Access Code: 427240.

**FORWARD-LOOKING STATEMENTS**

This press-release includes forward-looking statements that reflect plans, estimates and beliefs. Such statements

involve risk and uncertainties. Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: macroeconomic conditions, including inflation, elevated interest rates, labor availability, material cost pressures and inconsistent demand, have had, and may continue to have, a negative impact on our business, financial condition, cash flows and results of operations (including future uncertain impacts); risks relating to developments in the industries in which our customers operate; risks related to scheduling production accurately and maximizing efficiency; our ability to realize net sales represented by our awarded business; failure to compete successfully in our markets; our ability to maintain our manufacturing, engineering and technological expertise; the loss of any of our large customers or the loss of their respective market shares; volatility in the prices or availability of raw materials critical to our business; geopolitical and economic developments, including foreign trade relations and associated tariffs; risks related to entering new markets; our ability to recruit and retain our key executive officers, managers and trade-skilled personnel; manufacturing risks, including delays and technical problems, issues with third-party suppliers, environmental risks and applicable statutory and regulatory requirements; our ability to successfully identify or integrate acquisitions; our ability to develop new and innovative processes and gain customer acceptance of such processes; risks related to our information technology systems and infrastructure; results of legal disputes, including product liability, intellectual property infringement and other claims; risks associated with our capital-intensive industry; risks related to our treatment as an S Corporation prior to the consummation of our initial public offering; risks related to our employee stock ownership plan's treatment as a tax-qualified retirement plan; our ability to remediate the material weakness in internal control over financial reporting identified in preparing our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, and to subsequently maintain effective internal control over financial reporting; and other factors described in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. This discussion should be read in conjunction with our audited consolidated financial statements included in the Company's previously filed Annual Report on Form 10-K for the year ended December 31, 2024. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

------

**ABOUT MAYVILLE ENGINEERING COMPANY**

Founded in 1945, MEC is a leading U.S.-based, vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, data center & critical power, agriculture, military and other end markets. Along with process engineering and development services, MEC maintains an extensive manufacturing infrastructure with 27 facilities, of which 26 are in use, across nine states. These facilities make it possible to offer conventional and CNC (computer numerical control) stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly, and logistic services. MEC also possesses a broad range of finishing capabilities including shot blasting, e-coating, powder coating, wet spray and military grade chemical agent resistant coating (CARC) painting. For more information, please visit www.mecinc.com.

**NON-GAAP FINANCIAL MEASURES**

This press release contains financial information calculated in a manner other than in accordance with U.S. generally accepted accounting principles ("GAAP").

The non-GAAP measures used in this press release are EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow.

EBITDA represents net income (loss) before interest expense, provision (benefit) for income taxes, depreciation, and amortization. EBITDA Margin represents EBITDA as a percentage of net sales for each period. Adjusted EBITDA represents EBITDA before stock-based compensation expense, legal costs due to the former fitness customer, Chief Financial Officer transition costs, natural disaster costs, acquisition related costs, restructuring and costs recognized on step-up of Accu-Fab acquired inventory. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period. Adjusted Net Income and Adjusted Diluted EPS represent net income before the aforementioned Adjusted EBITDA addback items and acquisition related amortization of intangible assets, which do not reflect our core operating performance. Free Cash Flow represents net cash provided by, or used in, operating activities, less cash flows used in the purchase of property, plant and equipment. We present Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income (loss) or cash flow provided by, or used in, operating activities, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. These measures may not be comparable to the similarly named measures reported by other companies and have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP.

Please reference our reconciliation of net income (loss), the most directly comparable measure calculated in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow and the calculation of EBITDA Margin and Adjusted EBITDA Margin included in this press release.

------

**Mayville Engineering Company, Inc.**

**Condensed Consolidated Balance Sheets**

*(in thousands, except share amounts)*

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $1217 | $206 |
| &nbsp;&nbsp;Receivables, net of allowances for doubtful accounts of $342 at September 30, 2025<br>and $248 at December 31, 2024 | 69183 | 49782 |
| &nbsp;&nbsp;Inventories, net | 61219 | 54756 |
| &nbsp;&nbsp;Tooling in progress | 4646 | 4761 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 6020 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 142285 | 112944 |
| &nbsp;&nbsp;Property, plant and equipment, net | 153286 | 156528 |
| &nbsp;&nbsp;Assets held for sale | 1402 | 1402 |
| &nbsp;&nbsp;Goodwill | 140289 | 92650 |
| &nbsp;&nbsp;Intangible assets, net | 114343 | 51734 |
| &nbsp;&nbsp;Operating lease assets | 32002 | 28615 |
| &nbsp;&nbsp;Other long-term assets | 1975 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $585582 | $445570 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;Accounts payable | $53069 | $39119 |
| &nbsp;&nbsp;Current portion of operating lease obligation | 6644 | 4914 |
| &nbsp;&nbsp;Accrued liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries, wages, and payroll taxes | 6196 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonuses and deferred compensation | 2505 | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 9611 | 10839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 78025 | 64592 |
| &nbsp;&nbsp;Bank revolving credit notes | 211858 | 79725 |
| &nbsp;&nbsp;Operating lease obligation, less current maturities | 27159 | 25412 |
| &nbsp;&nbsp;Deferred compensation, less current portion | 4672 | 4719 |
| &nbsp;&nbsp;Deferred income tax liability | 15218 | 16831 |
| &nbsp;&nbsp;Other long-term liabilities | 3880 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $340812 | $193817 |
| &nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;Common shares, no par value, 75,000,000 authorized, 22,505,704 shares issued at<br>September 30, 2025 and 22,300,106 at December 31, 2024 |  |  |
| &nbsp;&nbsp;Additional paid-in-capital | 208452 | 207076 |
| &nbsp;&nbsp;Retained earnings | 56334 | 60086 |
| &nbsp;&nbsp;Treasury shares at cost, 2,187,334 shares at September 30, 2025 and 1,883,198 at <br>December 31, 2024 | (20016) | (15409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 244770 | 251753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $585582 | $445570 |

---

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**Mayville Engineering Company, Inc.**

**Condensed Consolidated Statements of Net Income (Loss)**

*(in thousands, except share amounts and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $144310 | $135392 | $412217 | $460298 |
| Cost of sales | 128371 | 118297 | 367126 | 399993 |
| Amortization of intangible assets | 3125 | 1733 | 6591 | 5200 |
| Bonuses and deferred compensation | 2221 | 2076 | 7071 | 10010 |
| Other selling, general and administrative expenses | 10545 | 7559 | 29727 | 23589 |
| **Income from operations** | 48 | 5727 | 1702 | 21506 |
| Interest expense | (3430) | (2653) | (6395) | (8977) |
| Income (loss) before taxes | (3382) | 3074 | (4693) | 12529 |
| Income tax expense (benefit) | (707) | 100 | (941) | 2532 |
| **Net income (loss) and comprehensive income (loss)** | $(2675) | $2974 | $(3752) | $9997 |
| **Earnings (loss) per share:** |  |  |  |  |
| Basic | $(0.13) | $0.14 | $(0.18) | $0.49 |
| Diluted | $(0.13) | $0.14 | $(0.18) | $0.48 |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | 20423858 | 20715275 | 20485995 | 20601702 |
| Diluted | 20683060 | 21123494 | 20735100 | 20893316 |

---

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**Mayville Engineering Company, Inc.**

**Condensed Consolidated Statements of Cash Flows**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Net income (loss) | $(3752) | $9997 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 23630 | 22927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 6591 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | 71 | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory excess and obsolescence reserve | (208) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2953 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property, plant and equipment | (1) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 1100 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 4334 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash adjustments | 280 | 447 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (5356) | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (1661) | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tooling in progress | 115 | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other current assets | (1933) | (1694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 9960 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1613) | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | (4239) | (3792) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (5090) | (1222) |
| &nbsp;&nbsp;Net cash provided by operating activities | 25181 | 51847 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Purchases of property, plant and equipment | (8430) | (9753) |
| &nbsp;&nbsp;Proceeds from sale of property, plant and equipment | 22 | 108 |
| &nbsp;&nbsp;Payment for acquisition, net of cash acquired | (140062) |  |
| &nbsp;&nbsp;Net cash used in investing activities | (148470) | (9645) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Proceeds from bank revolving credit notes | 1147941 | 514466 |
| &nbsp;&nbsp;Payments on bank revolving credit notes | (1015808) | (550914) |
| &nbsp;&nbsp;Repayments of other long-term debt |  | (306) |
| &nbsp;&nbsp;Payments of financing costs | (793) |  |
| &nbsp;&nbsp;Shares withheld for employees' taxes | (1577) | (3816) |
| &nbsp;&nbsp;Purchase of treasury stock | (4607) | (1996) |
| &nbsp;&nbsp;Payments on finance leases | (856) | (475) |
| &nbsp;&nbsp;Proceeds from the exercise of stock options |  | 345 |
| &nbsp;&nbsp;Net cash provided by (used in) financing activities | 124300 | (42696) |
| Net increase (decrease) in cash and cash equivalents | 1011 | (494) |
| Cash and cash equivalents at beginning of period | 206 | 672 |
| Cash and cash equivalents at end of period  | $1217 | $178 |

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**Mayville Engineering Company, Inc.**

**Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) and comprehensive income (loss) | $(2675) | $2974 | $(3752) | $9997 |
| Interest expense | 3430 | 2653 | 6395 | 8977 |
| Provision (benefit) for income taxes | (707) | 100 | (941) | 2532 |
| Depreciation and amortization | 11136 | 9482 | 30222 | 28127 |
| &nbsp;&nbsp;EBITDA | 11184 | 15209 | 31924 | 49633 |
| Stock-based compensation expense | 845 | 1352 | 2953 | 3847 |
| Legal costs due to former fitness customer |  | 501 |  | 1740 |
| CFO transition costs |  |  | 1148 |  |
| Natural disaster costs | 15 |  | 307 |  |
| Acquisition related costs | 887 |  | 3265 |  |
| Restructuring | 559 |  | 559 |  |
| Costs recognized on step-up of Accu-Fab acquired inventory | 591 |  | 591 |  |
| &nbsp;&nbsp;Adjusted EBITDA | $14081 | $17062 | $40747 | $55220 |
| Net sales | $144310 | $135392 | $412217 | $460298 |
| &nbsp;&nbsp;EBITDA Margin | 7.7% | 11.2% | 7.7% | 10.8% |
| &nbsp;&nbsp;Adjusted EBITDA Margin | 9.8% | 12.6% | 9.9% | 12.0% |

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**Mayville Engineering Company, Inc.**

**Reconciliation of Net Income (Loss) and Diluted EPS to Adjusted Net Income and Diluted EPS**

*(in thousands, except share amounts and per share data)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **Earnings** | **Diluted EPS** | **Earnings** | **Diluted EPS** | **Earnings** | **Diluted EPS** | **Earnings** | **Diluted EPS** |
| Net income (loss) and comprehensive income (loss) | $(2675) | $(0.13) | $2974 | $0.14 | $(3752) | $(0.18) | $9997 | $0.48 |
| Stock-based compensation expense | 845 | 0.04 | 1352 | 0.06 | 2953 | 0.14 | 3847 | 0.18 |
| Legal costs due to former fitness customer |  |  | 501 | 0.02 |  |  | 1740 | 0.08 |
| CFO transition costs |  |  |  |  | 1148 | 0.06 |  |  |
| Natural disaster costs | 15 |  |  |  | 307 | 0.01 |  |  |
| Acquisition related costs | 887 | 0.04 |  |  | 3265 | 0.14 |  |  |
| Restructuring | 559 | 0.03 |  |  | 559 | 0.03 |  |  |
| Costs recognized on step-up of Accu-Fab acquired inventory | 591 | 0.03 |  |  | 591 | 0.03 |  |  |
| Acquisition related amortization of intangible assets | 3125 | 0.15 | 1733 | 0.08 | 6591 | 0.31 | 5199 | 0.24 |
| Tax effect of above adjustments | (1335) | (0.06) | (744) | (0.04) | (3317) | (0.15) | (2238) | (0.11) |
| Adjusted net income and comprehensive income | $2012 | $0.10 | $5816 | $0.27 | $8345 | $0.39 | $18545 | $0.87 |

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**Mayville Engineering Company, Inc.**

**Reconciliation of Free Cash Flow**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $1875 | $17947 | $25181 | $51847 |
| Less: Capital expenditures | 3022 | 2879 | 8430 | 9753 |
| Free cash flow | $(1147) | $15068 | $16751 | $42094 |

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