# EDGAR Filing Document

**Accession Number:** 0001001385
**File Stem:** 0001437749-25-032195
**Filing Date:** 2025-10
**Character Count:** 26651
**Document Hash:** f43c27350a6088248b2776e177ef06b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-032195.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001437749-25-032195

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NWPX Infrastructure, Inc.
- **CENTRAL INDEX KEY:** 0001001385
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL PIPE & TUBES [3317]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 930557988
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27140
- **FILM NUMBER:** 251430307

**BUSINESS ADDRESS:**
- **STREET 1:** 201 NE PARK PLAZA DRIVE
- **STREET 2:** SUITE 100
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98684
- **BUSINESS PHONE:** 3603976250

**MAIL ADDRESS:**
- **STREET 1:** 201 NE PARK PLAZA DRIVE
- **STREET 2:** SUITE 100
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98684

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST PIPE CO
- **DATE OF NAME CHANGE:** 19950925

?xml version='1.0' encoding='ASCII'? nwpx20250819_8k.htm

**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): October 29, 2025

**NWPX Infrastructure, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Oregon** | **0-27140** | **93-0557988** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**201 NE Park Plaza Drive**, **Suite 100**

**Vancouver**, **WA 98684**

(Address of principal executive offices and Zip Code)

Registrant's telephone number, including area code: **360**-**397-6250**

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 Symbol(s) | Name of each exchange on which registered |
| **Common Stock**, par value $0.01 per share** | **NWPX** | **Nasdaq** Global Select Market** |

---

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. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
|  | On October 29, 2025, NWPX Infrastructure, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025 and its current outlook. The press release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. The press release issued October 29, 2025 is furnished herewith as Exhibit No. 99.1 to this Report, and shall not be deemed filed for purposes of Section 18 of the Exchange Act. |
| Item 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Exhibits |
|  | [99.1 Press Release issued by NWPX Infrastructure, Inc. dated October 29, 2025](ex_854786.htm) |
|  | 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

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 on October 29, 2025.

---

| | |
|:---|:---|
| **NWPX INFRASTRUCTURE, INC.** | **NWPX INFRASTRUCTURE, INC.** |
| (Registrant) | (Registrant) |
| By | /s/ Aaron Wilkins |
|  | **Aaron Wilkins,** |
|  | **Senior Vice President, Chief Financial Officer, and Corporate Secretary** |

---

## Exhibit 99.1

**Exhibit 99.1**

![nwpxinfrastructurelogo-lette.jpg](nwpxinfrastructurelogo-lette.jpg)

**NWPX Infrastructure, Inc. Announces Third Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Record net sales of $151.1 million, an increase of 16.0% year-over-year and record gross profit of $32.2 million, an increase of 19.0% year-over-year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Record net sales of $103.9 million for the Water Transmission Systems segment ("WTS"), an increase of 20.9% year-over-year and record gross profit of $22.1 million for WTS, an increase of 33.0% year-over-year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net income of $13.5 million, or $1.38 per diluted share* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Backlog* <sup>1</sup> *of $257 million for WTS ; backlog including confirmed orders* <sup>2</sup> *of $301 million* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Order book<sup>3</sup> of $55 million for the Precast Infrastructure and Engineered Systems segment ("Precast")* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Repurchased $15.8 million of common stock year-to-date through September 2025, representing 3.8% of the Company* ' *s shares outstanding* 

**VANCOUVER, Washington**—October 29, 2025—NWPX Infrastructure, Inc. (NASDAQ: NWPX) (the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the third quarter ended September 30, 2025. The Company will broadcast its third quarter 2025 earnings conference call on Thursday, October 30, 2025 at 7:00 a.m. PT.

**Management Commentary**

"We delivered our strongest quarter in Company history, achieving consolidated revenue of $151.1 million, up 13.4% compared to the previous quarter, and a gross margin of 21.3%, reflecting 230 basis points of sequential quarter margin expansion," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure, Inc. "Our enhanced profitability led to another quarter of strong operating cash flow generation totaling $21.0 million. These results reflect the continued strength of our WTS and Precast businesses and the exceptional execution of our teams."

Mr. Montross continued, "Our WTS business delivered record revenue of $103.9 million and record gross profit of $22.1 million, with gross margin expanding nearly 350 basis points over the prior quarter to 21.3%. These results were driven by stronger than anticipated customer shipping requirements and strong project pricing levels. Our backlog including confirmed orders remained above $300 million at quarter-end, despite the elevated shipping activity, positioning us well for continued strength throughout the fourth quarter. Our Precast business also continued to perform well with revenue only slightly below the record level achieved last quarter on relatively consistent margins. We have continued to see improving momentum in the non-residential portion of our Precast business, which should be a key driver for Precast margin improvement moving forward."

Mr. Montross concluded, "As we look ahead into the fourth quarter and manage through the seasonally slower period impacted by weather and holidays, we anticipate WTS revenue and margins comparable to last year's levels, while Precast revenue and margins are expected to show a modest year-over-year improvement. In addition, we expect the fourth quarter to be the strongest project bidding period of 2025 which should result in backlog growth and enable us to enter 2026 from a position of strength. Our record third quarter 2025 results continue to demonstrate the resilience of our business model, the durability of our end markets, and the exceptional commitment of our employees who continue to drive performance across both segments."

------

**Third Quarter 2025 Financial Results**

*Consolidated*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 16.0% to $151.1 million from $130.2 million in the third quarter of 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit increased 19.0% to $32.2 million, or 21.3% of net sales, from $27.0 million, or 20.8% of net sales, in the third quarter of 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $13.5 million, or $1.38 per diluted share, compared to $10.3 million, or $1.02 per diluted share, in the third quarter of 2024 . The third quarter of 2025 marked the highest net income in the Company's history aside from the third quarter of 2018 which included a $21.9 million bargain purchase gain associated with the acquisition of Ameron Water Transmission Group, LLC.<sup>4</sup>

*Water Transmission Systems Segment (WTS)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WTS net sales increased 20.9% to $103.9 million from $85.9 million in the third quarter of 2024 driven by a 14% increase in tons produced resulting from changes in project timing and a 6% increase in selling price per ton due to changes in product mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WTS gross profit increased 33.0% to $22.1 million, or 21.3% of WTS net sales, from $16.6 million, or 19.4% of WTS net sales, in the third quarter of 2024 due to increased volume, including related operational efficiency gains, and changes in product mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WTS backlog was $257 million as of September 30, 2025 compared to $298 million as of June 30, 2025 and $231 million as of September 30, 2024 . Backlog including confirmed orders was $301 million as of September 30, 2025 compared to $348 million as of June 30, 2025 and $282 million as of September 30, 2024 .

*Precast Infrastructure and Engineered Systems Segment (Precast)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precast net sales increased 6.6% to $47.2 million from $44.3 million in the third quarter of 2024 driven by an 8% increase in selling prices due to changes in product mix, partially offset by a 2% decrease in volume shipped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precast gross profit decreased 3.4% to $10.0 million, or 21.3% of Precast net sales, from $10.4 million, or 23.5% of Precast net sales, in the third quarter of 2024 primarily due to changes in product mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precast order book was $55 million as of September 30, 2025 compared to $56 million as of June 30, 2025 and $57 million as of September 30, 2024 .

**Balance Sheet, Cash Flow, and Capital Allocation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025 , the Company had $27.6 million of outstanding revolving loan borrowings and additional borrowing capacity of approximately $96 million under the revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities was $21.0 million in the third quarter of 2025 compared to $22.7 million in the third quarter of 2024 primarily due to a $5.6 million decrease in cash from changes in working capital, partially offset by a $3.8 million increase in net income adjusted for noncash items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures were $7.8 million in the third quarter of 2025 compared to $6.0 million in the third quarter of 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased approximately 186,000 shares of its common stock at an average price of $42.90 per share for a total of $8.0 million during the third quarter of 2025 , and subsequent to quarter end, through October 28, 2025 , the Company repurchased approximately 25,000 additional shares at an average price of $51.95 per share for a total purchase price of $1.3 million pursuant to a Rule 10b5-1 trading plan.

------

<sup>1</sup> NWPX Infrastructure, Inc. defines "backlog" as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.

<sup>2</sup> NWPX Infrastructure, Inc. defines "confirmed orders" as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.

------

<sup>3</sup> NWPX Infrastructure, Inc. defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.

<sup>4</sup> In the third quarter of 2018 the Company reported net income of $27.8 million, or $2.86 per diluted share which, amongst other non-recurring items, included a bargain purchase gain of $21.9 million associated with our acquisition of Ameron Water Transmission Group, LLC. Without this non-cash item and other non-recurring items reported for that quarter, the adjusted net income reconciled to $2.1 million, or $0.21 per share. See reconciliation of Non-GAAP Financial Measures in our Form 8-K filed on November 8, 2018 for additional information.

**Conference Call Details**

A conference call and simultaneous webcast to discuss the Company's third quarter 2025 financial results will be held on Thursday, October 30, 2025, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at <u>investor.nwpipe.com</u> and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, November 13, 2025, by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 internationally and entering the replay access code: 13756400.

**About NWPX Infrastructure, Inc.**

Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products and lined precast sanitary sewer system components, which are manufactured under the NWPX Geneva brand, as well as water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products through the NWPX Park brand. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America. For more information, please visit www.nwpx.com.

------

**Forward-Looking Statements**

Statements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, product quality assurance failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key system, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

**Non-GAAP Financial Measures**

The Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For more information, visit <u>www.nwpx.com</u>.

**Contact:**

Aaron Wilkins

Chief Financial Officer

NWPX Infrastructure, Inc.

<u>investors@nwpx.com</u>

Or

Addo Investor Relations

<u>nwpx@addo.com</u>

###

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| |
|:---|
| **NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| (Unaudited) |
| (In thousands, except per share amounts) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales: |  |  |  |  |
| Water Transmission Systems | $103866 | $85924 | $266900 | $255454 |
| &nbsp;&nbsp;&nbsp; Precast Infrastructure and Engineered Systems | 47201 | 44277 | 133464 | 117467 |
| Total net sales | 151067 | 130201 | 400364 | 372921 |
| Cost of sales: |  |  |  |  |
| Water Transmission Systems | 81750 | 69296 | 217555 | 207603 |
| &nbsp;&nbsp;&nbsp; Precast Infrastructure and Engineered Systems | 37167 | 33886 | 105929 | 92351 |
| Total cost of sales | 118917 | 103182 | 323484 | 299954 |
| Gross profit: |  |  |  |  |
| Water Transmission Systems | 22116 | 16628 | 49345 | 47851 |
| &nbsp;&nbsp;&nbsp; Precast Infrastructure and Engineered Systems | 10034 | 10391 | 27535 | 25116 |
| Total gross profit | 32150 | 27019 | 76880 | 72967 |
| Selling, general, and administrative expense | 13113 | 11581 | 39038 | 35220 |
| Operating income | 19037 | 15438 | 37842 | 37747 |
| Other income (expense) | (3) | (66) | 25 | (287) |
| Interest expense | (788) | (1452) | (2186) | (4749) |
| Income before income taxes | 18246 | 13920 | 35681 | 32711 |
| Income tax expense | 4741 | 3667 | 9149 | 8601 |
| Net income | $13505 | $10253 | $26532 | $24110 |
| Net income per share: |  |  |  |  |
| Basic | $1.40 | $1.03 | $2.70 | $2.43 |
| Diluted | $1.38 | $1.02 | $2.66 | $2.40 |
| Shares used in per share calculations: |  |  |  |  |
| Basic | 9678 | 9919 | 9830 | 9915 |
| Diluted | 9813 | 10055 | 9966 | 10040 |

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| |
|:---|
| **NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| (Unaudited) |
| (In thousands) |

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $2671 | $5007 |
| Trade and other receivables, net | 98134 | 66946 |
| Contract assets | 96882 | 103422 |
| Inventories | 74521 | 79770 |
| Prepaid expenses and other | 2693 | 7343 |
| Total current assets | 274901 | 262488 |
| Property and equipment, net | 155933 | 150456 |
| Operating lease right-of-use assets | 88332 | 87747 |
| Goodwill | 55504 | 55504 |
| Intangible assets, net | 24016 | 27041 |
| Other assets | 6547 | 6417 |
| Total assets | $605233 | $589653 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| Current portion of long-term debt | $2994 | $2994 |
| Accounts payable | 28052 | 27783 |
| Accrued liabilities | 32265 | 28172 |
| Contract liabilities | 8308 | 11197 |
| Current portion of operating lease liabilities | 4769 | 4987 |
| Total current liabilities | 76388 | 75133 |
| Borrowings on line of credit | 27633 | 24677 |
| &nbsp;&nbsp;&nbsp; Long-term debt | 9231 | 11476 |
| Operating lease liabilities | 87401 | 85744 |
| Deferred income taxes | 8421 | 8297 |
| Other long-term liabilities | 9807 | 10323 |
| Total liabilities | 218881 | 215650 |
| &nbsp;&nbsp;&nbsp; Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 96 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital | 114246 | 128407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 272863 | 246331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (853) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 386352 | 374003 |
| Total liabilities and stockholders' equity | $605233 | $589653 |

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| |
|:---|
| **NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| (Unaudited) |
| (In thousands) |

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net income | $26532 | $24110 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and finance lease amortization | 11517 | 11255 |
| Amortization of intangible assets | 3025 | 3024 |
| Noncash operating lease expense | 4632 | 4474 |
| Deferred income taxes | 113 | (70) |
| Share-based compensation expense | 3924 | 3836 |
| Other, net | 1504 | 539 |
| Changes in operating assets and liabilities: |  |  |
| Trade and other receivables | (32200) | (32267) |
| Contract assets, net | 3652 | 6980 |
| Inventories | 5249 | 6252 |
| Prepaid expenses and other assets | 4331 | 6358 |
| Accounts payable | (785) | (10517) |
| Accrued and other liabilities | 3533 | (1278) |
| Operating lease liabilities | (3777) | (3768) |
| Net cash provided by operating activities | 31250 | 18928 |
| Cash flows from investing activities: |  |  |
| Purchases of property and equipment | (14964) | (16609) |
| &nbsp;&nbsp;&nbsp; Other investing activities | 31 | 62 |
| Net cash used in investing activities | (14933) | (16547) |
| Cash flows from financing activities: |  |  |
| Borrowings on line of credit | 132957 | 142883 |
| Repayments on line of credit | (130001) | (136664) |
| &nbsp;&nbsp;&nbsp; Repurchase of common stock | (15701) | (4429) |
| &nbsp;&nbsp;&nbsp; Tax withholdings related to net share settlements of equity awards | (2313) | (1449) |
| Payments on other debt | (2250) |  |
| &nbsp;&nbsp;&nbsp; Payments on finance lease liabilities | (1199) | (1067) |
| &nbsp;&nbsp;&nbsp; Other financing activities | (146) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | (18653) | (726) |
| Change in cash and cash equivalents | (2336) | 1655 |
| Cash and cash equivalents, beginning of period | 5007 | 4068 |
| Cash and cash equivalents, end of period | $2671 | $5723 |

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