Select balance sheet data

6 Months Ended

Jun. 30, 2026

Note 3. Select balance sheet data

Inventory

Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production costs consisting of material, labor and overhead.

Inventories as of June 30, 2026 and December 31, 2025 consist of:


		June 30,			December 31,
		2026			2025
Finished goods and purchased parts		$	27,984		$	29,962
Raw materials			27,329			18,876
Work-in-process			13,967			10,560
Total		$	69,280		$	59,398

Property, Plant and Equipment

Property, plant and equipment as of June 30, 2026 and December 31, 2025 consist of:


		Useful Lives			June 30,			December 31,
		Years			2026			2025
Land			Indefinite		$	2,564		$	2,564
Land improvements			15-39			3,822			4,769
Building and building improvements			15-39			80,912			80,338
Machinery, equipment and tooling			3-10			341,027			327,976
Vehicles			5			6,043			5,720
Office furniture and fixtures			3-7			26,447			25,577
Construction in progress			N/A			8,569			4,725
Total property, plant and equipment, gross						469,384			451,669
Less accumulated depreciation						316,525			301,673
Total property, plant and equipment, net					$	152,859		$	149,996

Depreciation expense was $8,094 and $7,870 for the three months ended June 30, 2026 and 2025, respectively, and $15,913 and $15,619 for the six months ended June 30, 2026 and 2025, respectively.

During the three months ended March 31, 2026, the Company expanded the restructuring plan (the Plan) to include the sale of the building that is currently leased to a non-related party in Fond du Lac, Wisconsin. As part of this action, the Company recorded impairment expense of $375. The remaining net amount of property, plant and equipment associated with the facility was $1,680 which was reclassified to assets held for sale from property, plant and equipment.

During the three months ended June 30, 2026, there were no additional impairment expense recorded. As of June 30, 2026, and December 31, 2025, the Company had assets held for sale of $3,082 and $1,402, respectively.

Goodwil

The following table sets forth the changes in the carrying amount of goodwill as of June 30, 2026. The carrying value of goodwill increased by $206 during the six months ended June 30, 2026, due to a measurement period adjustment related to the acquisition of Accu-Fab.


Balance as of December 31, 2025	$	140,246
Measurement period adjustment		206
Balance as of June 30, 2026	$	140,452

Intangible Assets

The following is a listing of intangible assets, the useful lives in years (amortization period) and accumulated amortization as of June 30, 2026 and December 31, 2025:


					June 30, 2026
		Useful Lives			Gross Carrying			Accumulated
		Years			Amount			Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts			9-17		$	163,040		$	69,427	$	93,613
Trade name			10			14,780			11,143		3,637
Developed technology			7			4,962			2,110		2,852
Patents			19			24			17		7
Non-compete agreements			2			2,200			1,100		1,100
Total amortizable intangible assets, net					$	185,006		$	83,797	$	101,209
Non-amortizable brand name			Indefinite			3,811			—		3,811
Total intangible assets, net					$	188,817		$	83,797	$	105,020


					December 31, 2025
		Useful Lives			Gross Carrying			Accumulated
		Years			Amount			Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts			9-17		$	163,040		$	64,817	$	98,223
Trade name			10			14,780			10,404		4,376
Developed technology			7			4,962			1,750		3,212
Patents			19			24			16		8
Non-compete agreements			2			2,200			550		1,650
Total amortizable intangible assets, net					$	185,006		$	77,537	$	107,469
Non-amortizable brand name			Indefinite			3,811			—		3,811
Total intangible assets, net					$	188,817		$	77,537	$	111,280

Amortization expense was $3,140 and $1,733 for the three months ended June 30, 2026 and 2025, respectively, and $6,270 and $3,466 for the six months ended June 30, 2026 and 2025, respectively.

Future amortization expense is expected to be as follows:


Year ending December 31,
2026 (remainder)	$	6,260
2027	$	11,970
2028	$	11,364
2029	$	9,922
2030	$	9,368
Thereafter	$	52,325