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AMPCO PITTSBURGH CORP

CIK:0000006176|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net sales:
Net sales	$ 97,904	$ 108,933	$ 201,035	$ 208,159
Total net sales	102,918	113,104	211,245	217,369
Operating costs and expenses:
Costs of products sold (excluding depreciation and amortization)	80,675	91,981	167,430	174,085
Selling and administrative	12,917	12,968	26,801	26,627
Depreciation and amortization	4,226	5,368	8,484	10,004
Deconsolidation Charge (Note 2)			875
Severance charge (Note 2)		5,854		5,854
Loss on disposal of assets	28	11	21	27
Total operating costs and expenses	97,846	116,182	203,611	216,597
Income (loss) from operations	5,072	(3,078)	7,634	772
Other expense - net:
Interest expense	(2,791)	(2,825)	(5,514)	(5,551)
Other income (expense) - net	545	(225)	1,141	601
Total other expense - net	(2,246)	(3,050)	(4,373)	(4,950)
Income (loss) before income taxes	2,826	(6,128)	3,261	(4,178)
Income tax provision	(677)	(592)	(1,262)	(651)
Net income (loss)	2,149	(6,720)	1,999	(4,829)
Less: Net income attributable to noncontrolling interest	660	615	1,377	1,364
Net income (loss) attributable to Ampco-Pittsburgh	$ 1,489	$ (7,335)	$ 622	$ (6,193)
Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders:
Basic	$ 0.07	$ (0.36)	$ 0.03	$ (0.31)
Diluted	$ 0.07	$ (0.36)	$ 0.03	$ (0.31)
Weighted-average number of common shares outstanding:
Basic	20,432	20,108	20,335	20,044
Diluted	21,437	20,108	21,369	20,044
Related Party [Member]
Net sales:
Net sales to related parties	$ 5,014	$ 4,171	$ 10,210	$ 9,210

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net cash flows provided by (used in) operating activities	$ 1,933	$ (7,614)
Cash flows used in investing activities:
Purchases of property, plant and equipment	(9,134)	(3,661)
Proceeds from government grants, used for purchase of equipment		323
Proceeds from sale of property, plant and equipment	7
Purchases of long-term marketable securities	(185)	(10)
Proceeds from sale of long-term marketable securities	449	334
Net cash flows used in investing activities	(8,863)	(3,014)
Cash flows provided by (used in) financing activities
Proceeds from Equipment Term Notes		13,500
Proceeds from revolving credit facility	18,632	18,332
Payments on revolving credit facility	(12,618)	(25,144)
Repayment of debt principal	(2,660)	(1,475)
Payment of debt issuance costs		(840)
Proceeds from shareholder exercise of warrants		1
Net cash flows provided by financing activities	3,354	4,374
Effect of exchange rate changes on cash and cash equivalents	(80)	772
Net decrease in cash and cash equivalents	(3,656)	(5,482)
Cash and cash equivalents at beginning of period	10,703	15,427
Cash and cash equivalents at end of period	7,047	9,945
Supplemental information:
Income tax payments (net of refunds)	1,114	760
Interest payments	4,709	4,508
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	1,110	1,389
Finance lease right-of-use assets exchanged for lease liabilities		23
Operating lease right-of-use assets exchanged for lease liabilities	$ 137	$ 633

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7,047	$ 10,703
Trade receivables, less allowance for credit losses of $285 as of June 30, 2026 and $242 as of December 31, 2025	86,375	78,981
Inventories	113,774	104,431
Insurance receivable - asbestos	19,000	19,000
Contract assets	6,361	9,790
Estimated recovery - UES-UK (Note 2)	5,370	7,500
Other current assets	8,069	6,825
Total current assets	247,946	239,620
Property, plant and equipment, net	126,979	129,133
Operating lease right-of-use assets	4,497	4,673
Insurance receivable - asbestos, less allowance for credit losses of $537 as of June 30, 2026 and December 31, 2025	97,965	107,838
Deferred income tax assets	3,865	3,898
Intangible assets, net	4,345	4,631
Investments in joint ventures	835	835
Other noncurrent assets	4,430	4,727
Total assets	490,862	495,355
Current liabilities:
Accounts payable	45,180	46,268
Accrued payrolls and employee benefits	13,805	13,357
Debt – current portion	17,284	15,723
Operating lease liabilities – current portion	919	946
Asbestos liability – current portion	28,000	28,000
Customer-related liabilities	26,842	16,522
Other current liabilities	6,929	7,816
Total current liabilities	139,619	130,459
Employee benefit obligations	19,015	21,841
Asbestos liability	156,976	170,332
Long-term debt	120,283	117,903
Noncurrent operating lease liabilities	3,578	3,727
Deferred income tax liabilities	329	326
Other noncurrent liabilities	2,768	2,804
Total liabilities	442,568	447,392
Commitments and contingent liabilities (Note 10)
Shareholders’ equity:
Common stock - par value $1; authorized 40,000 shares; issued and outstanding 20,614 shares as of June 30, 2026 and 20,237 shares as of December 31, 2025	20,614	20,237
Additional paid-in capital	177,906	179,232
Retained deficit	(138,004)	(138,626)
Accumulated other comprehensive loss	(29,400)	(28,204)
Total Ampco-Pittsburgh shareholders’ equity	31,116	32,639
Noncontrolling interest	17,178	15,324
Total shareholders’ equity	48,294	47,963
Total liabilities and shareholders’ equity	490,862	495,355
Related Party [Member]
Current assets:
Trade receivables from related parties	1,950	2,390
Current liabilities:
Accounts payable to related parties	$ 660	$ 1,827