Ufp Technologies reports $20.62 million net income for Q3 2026

Cover page 2 changes

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For the quarterly period ended JUNE SEPTEMBER 30, 2026

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7,745,790 7,746,986 shares of registrant's Common Stock, $0.01 par value, were outstanding as of July 27, October 25, 2026.

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Financial statements 379 changes

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Receivables, net 113,247 82,914

Inventories 100,090 86,856

Goodwill 196,444 197,403

Cash and cash equivalents $ 9,045 20,625 $ 20,301

Receivables, net 97,154 82,914

Inventories 98,148 86,856

Prepaid expenses and other current assets 8,390 8,179 5,620

Refundable income taxes 4,120 6,532 5,310

Total current assets 234,892 230,638 201,001

Property, plant and equipment, net 76,916 78,582 79,109

Goodwill 198,875 197,403

Intangible assets, net 135,246 136,194 140,849

Non-qualified deferred compensation plan 8,089 6,666 7,465

Right of use assets 18,589 20,221 18,879

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Total assets $ 681,909 $ 655,077

Equity method investment 6,667 6,678 6,927

Other assets 4,994 4,709 3,444

Total assets $ 682,635 $ 655,077

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Accounts payable $ 32,959 $ 24,289

Accrued expenses 23,267 28,796

Deferred revenue 4,802 4,240

Lease liabilities 4,739 5,037

Accounts payable $ 26,488 $ 24,289

Accrued expenses 27,887 28,796

Deferred revenue 5,216 4,240

Lease liabilities 5,221 5,037

Income taxes payable 37 47 —

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Lease liabilities 14,292 13,990

Total liabilities 219,484 231,200

Total current liabilities 78,304 77,359 74,862

Long-term debt, excluding current installments 104,805 83,500 122,955

Deferred income taxes 13,691 12,650 9,211

Non-qualified deferred compensation plan 6,692 6,519 6,657

Lease liabilities 15,318 13,990

Other liabilities 1,700 1,574 3,525

Total liabilities 196,920 231,200

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Retained earnings 413,160 374,814

Common stock, $ .01 par value, 20,000,000 shares authorized; 7,775,349 and 7,745,790 7,746,986 shares issued and outstanding, respectively, at June September 30, 2026; 7,706,344 7,742,849 and 7,676,785 7,713,300 shares issued and outstanding, respectively, at December 31, 2025

Additional paid-in capital 48,263 51,298 45,865

Retained earnings 433,777 374,814

Accumulated other comprehensive income 1,512 1,150 3,708

Treasury stock at cost, 29,559 shares at June September 30, 2026 and December 31, 2025 ( 587 ) ( 587 )

Total stockholders' equity 462,425 485,715 423,877

Total liabilities and stockholders' equity $ 681,909 682,635 $ 655,077

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Net sales $ 173,964 $ 151,176 $ 328,166 $ 299,324

Cost of sales 123,046 107,633 232,886 213,629

Gross profit 50,918 43,543 95,280 85,695

Selling, general & administrative expenses 22,753 18,679 43,774 37,405

Acquisition costs 72 283 72 320

Gain on disposal of property, plant & equipment ( 6 ) ( 11 ) ( 32 ) ( 11 )

Operating income 28,099 24,329 51,466 47,455

Interest expense, net 1,711 2,671 3,448 5,480

Other (income) expense ( 40 ) 32 ( 18 ) 68

Income before income tax expense 26,428 21,626 48,036 41,907

Income tax expense 5,577 4,446 9,690 7,543

Net income $ 20,851 $ 17,180 $ 38,346 $ 34,364

Three Months Ended Six Nine Months Ended

September 30, September 30,

Net sales $ 172,434 $ 154,558 $ 500,600 $ 453,882

Cost of sales 121,671 111,811 354,557 325,440

Gross profit 50,763 42,747 146,043 128,442

Selling, general & administrative expenses 23,154 19,069 66,928 56,474

Acquisition costs 12 14 84 334

Change in fair value of contingent consideration — 263 — 526 789 (Gain) loss on disposal of property, plant & equipment ( 9 ) 22 ( 41 ) 11

Operating income 27,606 23,379 79,072 70,834

Interest expense, net 1,492 2,393 4,940 7,873

Other income ( 6 ) ( 78 ) ( 24 ) ( 10 )

Income before income tax expense 26,120 21,064 74,156 62,971

Income tax expense 5,503 4,681 15,193 12,224

Net income $ 20,617 $ 16,383 $ 58,963 $ 50,747

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Basic $ 2.69 $ 2.23 $ 4.96 $ 4.46

Diluted $ 2.68 $ 2.21 $ 4.92 $ 4.42

Basic $ 2.66 $ 2.12 $ 7.62 $ 6.59

Diluted $ 2.64 $ 2.11 $ 7.56 $ 6.52

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Basic 7,740 7,709 7,731 7,698

Diluted 7,788 7,773 7,796 7,783

Basic 7,746 7,712 7,736 7,703

Diluted 7,806 7,780 7,795 7,783

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Net Income $ 20,851 $ 17,180 $ 38,346 $ 34,364

Net income $ 20,617 $ 16,383 $ 58,963 $ 50,747

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and 299 more changes in the filing

Forward-looking statements 32 changes

Some of the statements contained in this Report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Management and representatives of UFP Technologies, Inc. (the "Company") also may from time to time make forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors, which may cause our or our industry's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company's prospects; the demand for its products, the well-being and availability of the Company's employees, the continuing operation of the Company's locations, delayed payments by the Company's customers and the potential for reduced or canceled orders; statements about expectations regarding customer inventory levels; statements about the Company's acquisition strategies and opportunities and the Company's growth potential and strategies for growth; expectations regarding customer demand; expectations regarding the Company's liquidity and capital resources, including the sufficiency of its cash reserves and the availability of borrowing capacity to fund operations and/or potential future acquisitions; anticipated revenues and the timing of such revenues; expectations about shifting the Company's book of business to higher-margin, longer-run opportunities; anticipated trends and potential advantages in the different markets in which the Company competes, including the medical and non-medical markets, and the Company's plans to expand in certain of its markets; statements regarding anticipated advantages the Company expects to realize from its investments and capital expenditures; statements regarding anticipated advantages to improvements and alterations at the Company's existing plants; expectations regarding the Company's manufacturing capacity, operating efficiencies, and new production equipment; expectations that the Company will receive reimbursement for tariff-related costs in the form of vendor credits from suppliers that previously passed such tariffs through to the Company, whether directly or through price increases; statements about new product offerings and program launches; statements about the Company's participation and growth in multiple markets; statements about the Company's business opportunities; and any indication that the Company may be able to sustain or increase its net sales, gross margins, earnings or earnings per share, or its sales, gross margins, earnings or earnings per share growth rates.

Investors are cautioned that such forward-looking statements involve risks and uncertainties that could adversely affect the Company's business and prospects, and otherwise cause actual results to differ materially from those anticipated by such forward-looking statements, or otherwise, including without limitation: our financial condition and results of operations, including risks relating to substantially decreased demand for the Company's products; risks relating to the potential closure of any of the Company's facilities or the unavailability of key personnel or other employees; risks that the Company's inventory, cash reserves, liquidity or capital resources may be insufficient; risks relating to delayed payments by our customers and the potential for reduced or canceled orders; risks related to customer concentration; risks related to global conflict or civil unrest to the efficacy or cost of our manufacturing process and supply chain; risks associated with the identification of suitable acquisition candidates and the successful, efficient execution of acquisition transactions, the integration of any such acquisition candidates, the value of those acquisitions to our customers and shareholders, and the financing of such acquisitions; risks related to our indebtedness and compliance with covenants contained in our financing arrangements, and whether any available financing may be sufficient to address our needs; risks associated with efforts to shift the Company's book of business to higher-margin, longer-run opportunities; risks associated with the Company's entry into and growth in certain markets; risks and uncertainties associated with seeking and implementing manufacturing efficiencies and implementing new production equipment; risks associated with governmental regulations and/or sanctions affecting the import and export of products, including tariffs, global trade barriers, additional taxes, tariff increases or uncertainties, cash repatriation restrictions, retaliations and boycotts between the U.S. and other countries; risks associated with domestic, regional and global political risks and uncertainties; risks associated with the U.S. and Iran conflict; risks and uncertainties associated with growth of the Company's business and increases to sales, gross margins, earnings and earnings per share; risks relating to cybersecurity, including cyber-attacks on the Company's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations, and the potential consequences of the Cyber Incident (as defined in Item 1C, Cybersecurity, in our Annual Report on Form 10-K for the year ended December 31, 2025) could result in data or financial loss, reputational harm, business disruption, damage to our relationships with customers, consumers, employees and third parties on which we rely, litigation, regulatory investigations, enforcement actions or other negative impacts under cybersecurity related regulations or otherwise; risks associated with our or third-party use of artificial intelligence technologies; risks associated with new product and program launches; risks relating to our performance and the performance of our counterparties under the agreements we have entered into; the risk that our two largest customers, on whom we depend for a substantial portion of our annual revenues, will not purchase the expected volume of goods under the supply agreements we have entered into with them because, among other things, they no longer require the products at all or to the degree they anticipated or because, among other things, our largest customer decides to manufacture the products itself or through one of its affiliates or it obtains the products from other listed suppliers specified in our agreement; the risk that we will not achieve expected rebates under the applicable supply agreement; risks relating to inflation; and risks relating to our ability to maintain increased levels of production at profitable levels, if at all; or to continue to increase production rates and risks relating to disruptions and delays in our supply chain or labor force. Accordingly, actual results may differ materially.

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In 2025, we executed a post-acquisition review of our AJR Enterprises, LLC ("AJR") labor force's United States employment eligibility through E-Verify protocols. This review has resulted in significant workforce turnover during the year (the "AJR Labor Issue") . Attention spent by experienced employees training new direct and indirect employees in our standards and policies has decreased productivity and therefore has created inefficiencies in our AJR operations. To address the AJR Labor Issue, we recruited legally eligible replacement associates.

Net sales for the six nine months ended June September 30, 2026 increased 9.6% 10.3% to $328.2 $500.6 million from $299.3 $453.9 million in the same period last year. The increase was largely due to growth in sales in our Surfaces Patient Beds and Support, Handling, Cardiovascular, Infection Control, and Orthopedics sub-markets. Organic sales growth for the three and six nine months ended June September 30, 2026 was 12.4% and 6.8%, respectively. 7.9%. Net sales from our largest two customers were 26.2% and 21.0% of our total net sales during the three months ended June 30, 2026, respectively, and 25.5% 24.8% and 21.5% 21.6% of our total net sales during the six nine months ended June September 30, 2026. respectively.

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On or about February 14, 2026, we detected the Cyber Incident (as defined in Item 1C, Cybersecurity in our Annual Report on Form 10-K for the year ended December 31, 2025). As of the date hereof, the incident has not had a material impact on our financial systems, operations or financial condition. While our investigation and assessment of this incident is ongoing, as of the date of this filing, our IT systems are operational in all material respects and we do not believe the incident is reasonably likely to has not materially impact impacted our financial condition or systems, results of operations, There can be no assurance that the Cyber Incident or any future cybersecurity incidents will not have a material impact on our future operations, financial systems or financial condition. See Item 1A "Risk Factors" within our Annual Report on Form 10-K for the year ended December 31, 2025 under the headings "Security breaches, including cybersecurity incidents and other disruptions could compromise our information, expose us to liability and harm our reputation and business" and "We experienced a material information technology ("IT") systems incident in February 2026, which could result in a number of potentially unknown outcomes, including but not limited to, litigation, regulatory investigations or enforcement actions, or reputational harm, any of which could have a material impact on our business operations, financial condition, or results of operations," and the discussion in Item 1C, Cybersecurity, within our Annual Report on Form 10-K for the year ended December 31, 2025.

There can be no assurance that any future cybersecurity incidents will not have a material impact on our future operations, financial systems or financial condition. See Item 1A "Risk Factors" within our Annual Report on Form 10-K for the year ended December 31, 2025 under the headings "Security breaches, including cybersecurity incidents and other disruptions could compromise our information, expose us to liability and harm our reputation and business" and "We experienced a material information technology ("IT") systems incident in February 2026, which could result in a number of potentially unknown outcomes, including but not limited to, litigation, regulatory investigations or enforcement actions, or reputational harm, any of which could have a material impact on our business operations, financial condition, or results of operations," and the discussion in Item 1C, Cybersecurity, within our Annual Report on Form 10-K for the year ended December 31, 2025.

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Net sales for the six months ended June 30, 2026 increased approximately 9.6% to $328.2 million from sales of $299.3 million for the same period in 2025. The increase was largely due to growth in sales in our Surfaces and Support, Cardiovascular, Infection Control, and Orthopedics sub-markets. Organic sales growth for the first half of 2026 was 6.8%.

Net sales for the three months ended June September 30, 2026 increased approximately 15.1% 11.6% to $174.0 $172.4 million from sales of $151.2 $154.6 million for the same period in 2025. The increase was largely due to growth in sales in our Surfaces Patients Beds and Support, Handling, Cardiovascular, Infection Control and, Orthopedics sub-markets. Organic sales growth for the second third quarter of 2026 was 12.4%. 11.1%. Net sales for the nine months ended September 30, 2026 increased approximately 10.3% to $500.6 million from sales of $453.9 million for the same period in 2025. The increase was largely due to growth in sales in our Patients Beds and Handling, Cardiovascular, Infection Control and, Orthopedics sub-markets. Organic sales growth for the first nine months of 2026 was 7.9%.

Gross profit as a percentage of sales ("Gross Margin") increased to 29.3% 29.4% for the three months ended June September 30, 2026 from 28.8% 27.7% for the same period in 2025, driven primarily by increased operating efficiencies as well as leveraging strong organic sales growth against fixed overhead costs.

Gross Margin increased to 29.0% 29.2% for the six nine months ended June September 30, 2026, from 28.6% 28.3% for the same period in 2025, driven primarily by increased operating efficiencies as well as leveraging strong organic sales growth against fixed overhead costs.

Selling, General and Administrative Expenses ("SG&A")

SG&A increased approximately 21.8% 21.4% to $22.8 $23.2 million for the three months ended June September 30, 2026, from $18.7 $19.1 million for the same period in 2025. The increase is primarily attributable to increased headcount and other back-office resources, including variable compensation, of approximately $1.9 million, and an increase in share-based compensation expense of approximately $1.0 $0.8 million, partially due to CEO transition costs, and an increase in legal expenses of $0.6 million. As a percentage of sales, SG&A increased to 13.1% 13.4% for the three months ended June September 30, 2026, from 12.4% 12.3% for the same three months in 2025.

SG&A increased approximately 17.0% 18.5% to $43.8 $66.9 million for the six nine months ended June September 30, 2026, from $37.4 $56.5 million for the same period in 2025. The increase is primarily attributable to increased headcount and other back-office resources, including variable compensation, of approximately $2.6 $4.5 million, and an increase in share-based compensation expense of approximately $1.6 $2.5 million, partially due to CEO transition costs, and an increase in legal expenses of $0.8 million. As a percentage of sales, SG&A increased to 13.3% 13.4% for the six nine months ended June September 30, 2026 from 12.5% 12.4% for the same six nine months in 2025.

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Other (Income) Expense

Other income was less than $0.1 million and other expense was approximately $0.1 million for the six months ended June 30, 2026 and 2025, respectively. Changes in other (income) expense are primarily generated by equity method investment income and foreign currency transaction gains and losses.

Interest expense, net was approximately $1.7 $1.5 million and $2.7 $2.4 million for the three months ended June September 30, 2026 and 2025, respectively. The decrease for the three months ended June September 30, 2026 was primarily due to lower average debt in the three months ended June September 30, 2026 as compared to the same period in 2025. Interest income was immaterial.

Interest expense, net was approximately $3.4 $4.9 million and $5.5 $7.9 million for the six nine months ended June September 30, 2026, and 2025, respectively. The increase decrease for the six nine months ended June September 30, 2026 was primarily due to lower average debt in the six nine months ended June September 30, 2026 as compared to the same period in 2025. Interest income was immaterial.

Other income was less than $0.1 million and other expense was $0.1 million for the three months ended September 30, 2026 and 2025, respectively, and less than $0.1 million for the three nine months ended June September 30, 2026 and 2025, respectively. Changes in other income expense are primarily generated by equity method investment income and foreign currency transaction gains and losses.

We recorded tax expense of approximately 21.1% and 20.6% 22.2% of income before income tax expense for the three months ended June September 30, 2026 and 2025, respectively. The increase decrease in the effective tax rate for the second third quarter of 2026 is largely due to higher anticipated income from domestic foreign operations.

We recorded tax expense of approximately 20.2% 20.5% and 18.0% 19.4% of income before income tax expense for the six nine months ended June September 30, 2026 and 2025, respectively. The increase in the effective tax rate for the current period as compared to the prior period is largely due to higher anticipated income from domestic operations, along with large favorable discrete items in the first quarter of 2025 associated with equity compensation and a state tax refund.

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Net cash provided by operations for the six nine months ended June September 30, 2026 was approximately $18.8 $57.4 million and was primarily a result of net income generated of approximately $38.3 $59.0 million, depreciation and amortization of approximately $9.9 $14.9 million, and share-based compensation of approximately $6.0 $8.7 million for the six nine months ended June September 30, 2026. This was offset by changes in operating assets and liabilities of approximately $40.1 $28.9 million, primarily driven by a $30.5 $13.7 million increase in accounts receivables, net due to increased sales volume in the second third quarter of 2026 as compared to the fourth quarter of 2025.

Net cash used for investing activities during the six nine months ended June September 30, 2026 was approximately $2.8 $13.7 million and was primarily comprised of additions of manufacturing machinery and equipment and various building improvements.

Net cash used for financing activities was approximately $27.0 $43.0 million during the six nine months ended June September 30, 2026 and was primarily the result of debt payments of approximately $18.2 $39.5 million.

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At June September 30, 2026, we had approximately $117.3 $96.0 million in outstanding borrowings under the Third Amended and Restated Credit Agreement and also had approximately $0.7 million in standby letters of credit outstanding, drawable as a financial guarantee on worker's compensation insurance policies. At June September 30, 2026, the weighted average interest rate was approximately 5.0% 5.2% and we were in compliance with all covenants under the Third Amended and Restated Credit Agreement.

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Revolving credit facility $ 14,180 —

Total long-term debt 117,305 96,000

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Long-term debt, excluding current portion $ 104,805 83,500

Future maturities of long-term debt at June September 30, 2026 are as follows ( in thousands ):

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Remainder of 2026 $ 6,250 $ — $ 6,250

Remainder of 2026 $ 3,125 $ — $ 3,125

We require cash to pay our operating expenses, purchase capital equipment, and to service our contractual obligations. Our principal sources of funds are our operations and our Third Amended and Restated Credit Agreement. We generated cash of approximately $18.8 $57.4 million from operations during the six nine months ended June September 30, 2026. We cannot guarantee that our operations will generate cash in future periods. Our longer-term liquidity is contingent upon future operating performance and the availability of draws on our revolving credit facility. Further, the economic uncertainty resulting from events including inflation, tariffs, bank failures, and other factors beyond our control could affect our long-term ability to access the public markets or debt markets and obtain necessary capital in order to properly capitalize and continue operations.

We plan to continue to add capacity to enhance operating efficiencies in its our manufacturing plants and accommodate anticipated growth in demand. We may consider additional acquisitions of companies, technologies, or products that are complementary to our business. We believe that our existing resources, including our revolving credit facility, together with cash expected to be generated from operations, will be sufficient to fund our cash flow requirements, including expected capital expenditures, through the next twelve months.

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Controls and procedures 5 changes

Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's "disclosure controls and procedures" (as defined in Exchange Act Rule Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Report (the "Evaluation Date"). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

The Company closed on the acquisitions acquisition of TPI and UNIPEC CI Medical in the third quarter of 2025. 2026. The TPI and UNIPEC CI Medical acquisitions' total assets and net sales constituted approximately 2.4% 1% and 2.6%, less than 1%, respectively, of the Company's consolidated total assets and net sales as shown on our condensed consolidated financial statements as of and for the period nine months ended June September 30, 2026. As the acquisitions acquisition occurred in the third quarter of fiscal 2025, 2026, the Company excluded all of the acquired businesses business's internal control over financial reporting from the scope of the assessment of the effectiveness of the Company's disclosure controls and procedures. This exclusion is in accordance with the general guidance issued by the Staff of the Securities and Exchange Commission that an assessment of a recently acquired business may be omitted from the scope within the first year of acquisition if specified conditions are satisfied.

Changes in Internal Control over Financial Reporting

Except as described above, there was no change in the Company's internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting

Risk factors 1 change

The Company faces a number of uncertainties and risks that are difficult to predict and many of which are outside of the Company's control. For a detailed discussion of the risks that affect our business, you should consider carefully the risks and uncertainties described in this Quarterly Report on Form 10-Q as well as our other public filings with the SEC including Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes from the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report Reports on Form 10-Q for the quarter quarters ended March 31, 2026 and June 30, 2026.

Other information 1 change

During the second third quarter of fiscal 2026, none of our directors or executive officers adopted Rule 10b5-1 trading plans and none of our directors or executive officers terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Exhibits 10 changes

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Employment Offer Letter, Ryan Stafford (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on June 10, 2026 (SEC File No. 001-12648)).

Form of Stock Unit Award Agreement by and between the Company and Mitchell C. Rock (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed with the SEC on June 10, 2026 (SEC File No. 001-12648)).

Form of Stock Unit Award Agreement by and between the Company and Ryan Stafford (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed with the SEC on June 10, 2026 (SEC File No. 001-12648)).

Form of Performance Share Agreement by and between the Company and Ryan Stafford (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, filed with the SEC on June 10, 2026 (SEC File No. 001-12648)).

Form of Stock Unit Award Agreement by and between the Company and Ronald J. Lataille (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K, filed with the SEC on June 10, 2026 (SEC File No. 001-12648)).

2026 Form of Performance Share Agreement*

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Date: August 6, 2026

Date: November 6, 2026

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Date: August 6, 2026

Date: November 6, 2026

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