$UFPT

UFP TECHNOLOGIES INC

CIK:0000914156|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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
Change in fair value of contingent consideration	0	263	0	526
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
Net income per share:
Basic (in dollars per share)	$ 2.69	$ 2.23	$ 4.96	$ 4.46
Diluted (in dollars per share)	$ 2.68	$ 2.21	$ 4.92	$ 4.42
Weighted average common shares outstanding:
Basic (in shares)	7,740	7,709	7,731	7,698
Diluted (in shares)	7,788	7,773	7,796	7,783
Comprehensive Income
Net Income	$ 20,851	$ 17,180	$ 38,346	$ 34,364
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(474)	5,294	(2,196)	7,619
Other comprehensive (loss) income	(474)	5,294	(2,196)	7,619
Comprehensive income	$ 20,377	$ 22,474	$ 36,150	$ 41,983

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 38,346	$ 34,364
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,906	4,555
Amortization of intangible assets	4,958	4,798
Gain on disposal of property, plant & equipment	(32)	(11)
Share-based compensation	5,957	4,497
Change in fair value of contingent consideration	0	526
Equity method investment net earnings	10	(98)
Distributions from equity method investment	198	0
Deferred income taxes	4,543	1,706
Changes in operating assets and liabilities:
Receivables, net	(30,528)	1,264
Inventories	(13,354)	3,947
Prepaid expenses and other current assets	(2,778)	(335)
Other assets	(1,883)	(3,658)
Accounts payable	8,658	(2,329)
Accrued expenses	(5,440)	(6,073)
Deferred revenue	562	(75)
Income taxes	1,210	3,154
Non-qualified deferred compensation plan and other liabilities	3,483	(7,091)
Net cash provided by operating activities	18,816	39,141
Cash flows from investing activities:
Additions to property, plant, and equipment	(2,906)	(5,674)
Distributions from equity method investment	52	0
Acquisitions, net of cash acquired	0	(2,833)
Acquisition working capital adjustments	0	5
Proceeds from sale of fixed assets	64	35
Net cash used in investing activities	(2,790)	(8,467)
Cash flows from financing activities:
Proceeds from advances on revolving line of credit	53,070	16,500
Payments on revolving line of credit	(64,970)	(36,000)
Principal payments of long-term debt	(6,250)	(6,250)
Payment of contingent consideration	(5,250)	(250)
Principal payments on finance lease obligations	(20)	(32)
Proceeds from the exercise of stock options	179	165
Payment of statutory withholdings for restricted stock units vested	(3,738)	(3,914)
Net cash used in financing activities	(26,979)	(29,781)
Effect of foreign currency exchange rates on cash and cash equivalents	(303)	549
Net (decrease) increase in cash and cash equivalents	(11,256)	1,442
Cash and cash equivalents at beginning of period	20,301	13,450
Cash and cash equivalents at end of period	$ 9,045	$ 14,892

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 9,045	$ 20,301
Receivables, net	113,247	82,914
Inventories	100,090	86,856
Prepaid expenses and other current assets	8,390	5,620
Refundable income taxes	4,120	5,310
Total current assets	234,892	201,001
Property, plant and equipment, net	76,916	79,109
Goodwill	196,444	197,403
Intangible assets, net	135,246	140,849
Non-qualified deferred compensation plan	8,089	7,465
Right of use assets	18,589	18,879
Deferred income taxes	72	0
Equity method investment	6,667	6,927
Other assets	4,994	3,444
Total assets	681,909	655,077
Current liabilities:
Accounts payable	32,959	24,289
Accrued expenses	23,267	28,796
Deferred revenue	4,802	4,240
Lease liabilities	4,739	5,037
Income taxes payable	37	0
Current portion of long-term debt	12,500	12,500
Total current liabilities	78,304	74,862
Long-term debt, excluding current installments	104,805	122,955
Deferred income taxes	13,691	9,211
Non-qualified deferred compensation plan	6,692	6,657
Lease liabilities	14,292	13,990
Other liabilities	1,700	3,525
Total liabilities	219,484	231,200
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized; no shares issued	0	0
Common stock, $.01 par value, 20,000,000 shares authorized; 7,740,685 and 7,711,126 shares issued and outstanding, respectively, at June 30, 2025; 7,706,344 and 7,676,785 shares issued and outstanding, respectively, at December 31, 2024	77	77
Additional paid-in capital	48,263	45,865
Retained earnings	413,160	374,814
Accumulated other comprehensive income	1,512	3,708
Treasury stock at cost, 29,559 shares at June 30, 2026 and December 31, 2025	(587)	(587)
Total stockholders’ equity	462,425	423,877
Total liabilities and stockholders' equity	$ 681,909	$ 655,077