AMPCO PITTSBURGH CORP
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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FY2025 · Filed Mar 16, 2026
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Item 8. Financial Statements and Supplementary Data
| December 31, | ||
|---|---|---|
| (in thousands, except par value) | 2025 | 2024 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $10,703 | $15,427 |
| Receivables, less allowance for credit losses of $242 in 2025 and $906 in 2024 | 78,981 | 70,611 |
| Receivables from related parties | 2,390 | 1,839 |
| Inventories | 104,431 | 116,761 |
| Insurance receivable – asbestos | 19,000 | 15,000 |
| Contract assets | 9,790 | 8,486 |
| Estimated recovery - UES-UK (Note 2) | 7,500 | — |
| Other current assets | 6,825 | 8,663 |
| Total current assets | 239,620 | 236,787 |
| Property, plant and equipment, net | 129,133 | 148,056 |
| Operating lease right-of-use assets, net | 4,673 | 4,592 |
| Insurance receivable – asbestos, less allowance for credit losses of $537 in 2025 and $656 in 2024 | 107,838 | 124,295 |
| Deferred income tax assets | 3,898 | 2,851 |
| Intangible assets, net | 4,631 | 4,255 |
| Investments in joint ventures | 835 | 2,175 |
| Prepaid pensions | — | 3,652 |
| Other noncurrent assets | 4,727 | 4,233 |
| Total assets | $495,355 | $530,896 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $46,268 | $36,310 |
| Accounts payable to related parties | 1,827 | 411 |
| Accrued payrolls and employee benefits | 13,357 | 17,104 |
| Debt – current portion | 15,723 | 12,186 |
| Operating lease liabilities – current portion | 946 | 878 |
| Asbestos liability – current portion | 28,000 | 24,000 |
| Customer-related liabilities | 16,522 | 25,608 |
| Other current liabilities | 7,816 | 8,719 |
| Total current liabilities | 130,459 | 125,216 |
| Employee benefit obligations | 21,841 | 28,204 |
| Asbestos liability | 170,332 | 183,092 |
| Long-term debt | 117,903 | 116,394 |
| Noncurrent operating lease liabilities | 3,727 | 3,714 |
| Deferred income tax liabilities | 326 | 450 |
| Other noncurrent liabilities | 2,804 | 2,735 |
| Total liabilities | 447,392 | 459,805 |
| Commitments and contingent liabilities (Note 13) | ||
| Shareholders’ equity: | ||
| Common stock – par value $1; authorized 40,000 shares; issued and outstanding 20,237 shares at December 31, 2025 and 19,980 shares at December 31, 2024 | 20,237 | 19,980 |
| Additional paid-in capital | 179,232 | 178,298 |
| Retained deficit | (138,626) | (72,559) |
| Accumulated other comprehensive loss | (28,204) | (66,836) |
| Total Ampco-Pittsburgh shareholders’ equity | 32,639 | 58,883 |
| Noncontrolling interest | 15,324 | 12,208 |
| Total shareholders’ equity | 47,963 | 71,091 |
| Total liabilities and shareholders’ equity | $495,355 | $530,896 |
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands, except per share amounts) | 2025 | 2024 |
| Net sales: | ||
| Net sales | $416,280 | $402,799 |
| Net sales to related parties | 17,886 | 15,506 |
| Total net sales | 434,166 | 418,305 |
| Operating costs and expenses: | ||
| Costs of products sold (excluding depreciation and amortization) | 354,204 | 336,809 |
| Selling and administrative | 52,125 | 54,878 |
| Depreciation and amortization | 21,785 | 18,611 |
| Charge (credit) for asbestos-related costs, net | 12,352 | (4,184) |
| Deconsolidation Charge (Note 2) | 41,424 | — |
| Severance charge (Note 2) | 6,266 | — |
| Loss on disposal of assets | 489 | 22 |
| Total operating costs and expenses | 488,645 | 406,136 |
| (Loss) income from operations | (54,479) | 12,169 |
| Other expense: | ||
| Interest expense | (11,369) | (11,620) |
| Other income – net | 2,426 | 4,497 |
| Total other expense - net | (8,943) | (7,123) |
| (Loss) income before income taxes | (63,422) | 5,046 |
| Income tax provision | (120) | (2,695) |
| Net (loss) income | (63,542) | 2,351 |
| Less: Net income attributable to noncontrolling interest | 2,525 | 1,913 |
| Net (loss) income attributable to Ampco-Pittsburgh | $(66,067) | $438 |
| Net (loss) income per share attributable to Ampco-Pittsburgh common shareholders: | ||
| Basic | $(3.28) | $0.02 |
| Diluted | $(3.28) | $0.02 |
| Weighted-average number of common shares outstanding: | ||
| Basic | 20,139 | 19,887 |
| Diluted | 20,139 | 19,887 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Net (loss) income | $(63,542) | $2,351 |
| Other comprehensive income (loss), net of income tax where applicable: | ||
| Adjustments for changes in: | ||
| Foreign currency translation | 10,580 | (4,530) |
| Unrecognized employee benefit costs (including effects of foreign currency translation) | (2,300) | 1,359 |
| Fair value of cash flow hedges | 901 | (40) |
| Reclassification adjustments for items included in net (loss) income: | ||
| Deconsolidation of UES-UK | 31,488 | — |
| Amortization of unrecognized employee benefit costs | (763) | (725) |
| Settlement of cash flow hedges | (683) | (248) |
| Other comprehensive income (loss) | 39,223 | (4,184) |
| Comprehensive loss | (24,319) | (1,833) |
| Less: Comprehensive income attributable to noncontrolling interest | 3,116 | 1,576 |
| Comprehensive loss attributable to Ampco-Pittsburgh | $(27,435) | $(3,409) |
CONSOLIDATED STATEMENTSOF SHAREHOLDERS’ EQUITY
| (in thousands) · CommonStock · AdditionalPaid-inCapital · RetainedDeficit · AccumulatedOtherComprehensiveLoss · NoncontrollingInterest · Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance January 1, 2024 | $19,729 | $177,196 | $(72,997) | $(62,989) | $10,632 | $71,571 | |||||
| Stock-based compensation | 1,478 | 1,478 | |||||||||
| Comprehensive income (loss): | |||||||||||
| Net income | 438 | 1,913 | 2,351 | ||||||||
| Other comprehensive loss | (3,847) | (337) | (4,184) | ||||||||
| Comprehensive income (loss) | 1,576 | (1,833) | |||||||||
| Issuance of common stock including excess tax benefits of $0 | 251 | (376) | (125) | ||||||||
| Balance December 31, 2024 | 19,980 | 178,298 | (72,559) | (66,836) | 12,208 | 71,091 | |||||
| Stock-based compensation | 1,351 | 1,351 | |||||||||
| Comprehensive income (loss): | |||||||||||
| Net (loss) income | (66,067) | 2,525 | (63,542) | ||||||||
| Other comprehensive income | 38,632 | 591 | 39,223 | ||||||||
| Comprehensive income (loss) | 3,116 | (24,319) | |||||||||
| Shareholder exercise of warrants | 3 | 15 | 18 | ||||||||
| Issuance of common stock including excess tax benefits of $0 | 254 | (432) | (178) | ||||||||
| Balance December 31, 2025 | $20,237 | $179,232 | $(138,626) | $(28,204) | $15,324 | $47,963 | |||||
| For The Years Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net (loss) income | $(63,542) | $2,351 |
| Adjustments to reconcile net (loss) income from operations to net cash flows from operating activities: | ||
| Deconsolidation Charge | 41,424 | — |
| Non-cash severance charge | 5,907 | — |
| Depreciation and amortization | 21,785 | 18,611 |
| Charge (credit) for asbestos-related costs, net | 12,352 | (4,101) |
| Deferred income tax (benefit) provision | (1,211) | 259 |
| Difference between net periodic pension and other postretirement costs and contributions | (7,225) | (11,434) |
| Stock-based compensation | 1,351 | 1,478 |
| Non-cash (benefit) provisions – net | (975) | 253 |
| Sale-leaseback accretion | 1,253 | 1,254 |
| Loss on disposal of assets | 489 | 22 |
| Other – net | 743 | 421 |
| Changes in assets/liabilities: | ||
| Receivables | (7,376) | 6,148 |
| Inventories | 7,366 | 4,762 |
| Contract assets | (2,109) | (4,150) |
| Other assets | (107) | (3,248) |
| Insurance receivable – asbestos | 19,099 | 18,037 |
| Asbestos liability | (27,753) | (24,574) |
| Accounts payable | 11,378 | (104) |
| Accrued payrolls and employee benefits | (3,315) | 2,859 |
| Customer-related liabilities | (7,991) | 6,169 |
| Other liabilities | (199) | 3,015 |
| Net cash flows provided by operating activities | 1,344 | 18,028 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (9,405) | (12,194) |
| Proceeds from government grants, for purchase of equipment | 2,547 | 3,301 |
| Deconsolidation of UES-UK cash on hand | (3,189) | — |
| Proceeds from sale of property, plant and equipment | 207 | 10 |
| Purchases of long-term marketable securities | (48) | (372) |
| Proceeds from sale of long-term marketable securities | 664 | 1,010 |
| Net cash flows used in investing activities | (9,224) | (8,245) |
| Cash flows from financing activities: | ||
| Proceeds from Equipment Term Notes | 13,500 | — |
| Proceeds from revolving credit facility | 37,637 | 23,964 |
| Payments on revolving credit facility | (41,418) | (23,964) |
| Repayment of debt principal | (6,633) | (2,381) |
| Proceeds from equipment financing facility | — | 1,692 |
| Repayment of related-party debt | — | (664) |
| Payment of debt issuance costs | (891) | — |
| Proceeds from shareholder exercise of warrants | 18 | — |
| Net cash flows provided by (used in) financing activities | 2,213 | (1,353) |
| Effect of exchange rate changes on cash and cash equivalents | 943 | (289) |
| Net (decrease) increase in cash and cash equivalents | (4,724) | 8,141 |
| Cash and cash equivalents at beginning of year | 15,427 | 7,286 |
| Cash and cash equivalents at end of year | $10,703 | $15,427 |
| Supplemental disclosures of cash flow information: | ||
| Income tax payments (net of refunds) | $1,817 | $2,511 |
| Interest payments (net of amounts capitalized) | $9,761 | $10,167 |
| Non-cash investing and financing activities: | ||
| Purchases of property, plant and equipment in accounts payable | $2,269 | $1,083 |
| Finance lease right-of-use assets exchanged for lease liabilities | $499 | $148 |
| Operating lease right-of-use assets exchanged for lease liabilities | $737 | $694 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
Description of Business
Ampco-Pittsburgh Corporation and its subsidiaries (collectively, the “Corporation”) manufacture and sell highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. It operates intwo business segments: the Forged and Cast Engineered Products (“FCEP”) segment and the Air and Liquid Processing (“ALP”) segment. This segment presentation is consistent with how the Corporation’s chief operating decision maker evaluates financial performance and makes resource allocation and strategic decisions about the business. See Note 24.
In February 2025, Union Electric Steel UK Limited (“UES-UK”), an indirect wholly owned subsidiary of the Corporation, entered into a formal consultation process with its unions and staff to evaluate various options to improve its profitability. The U.K. operations had been impacted by unpredictable and high energy costs compared to its foreign competitors, lower demand for its products manufactured in the U.K., and increased imports of rolls and flat rolled steel into Europe from low-cost countries. UES-UK completed its formal consultation process in the second quarter of 2025 and, in light of UES-UK's historical performance and management's outlook for the remainder of 2025 and subsequent years, decided to exit its operations.
On October 14, 2025, (the “Filing Date”), the Directors of UES-UK filed a Notice of Appointment with the High Court of Justice, Business and Property Courts at Leeds (the “Insolvency Court”) formally appointing certain insolvency practitioners of FRP Advisory Trading Limited (“FRP”) as administrators of UES-UK (collectively, the “Administrators”). This action was confined to UES-UK exclusively and did not affect the Corporation or any of its other subsidiaries. As of the Filing Date, UES-UK was in administration and its affairs, business and property were being managed by the Administrators (the “Structured Insolvency”). The Administrators have set out their proposals to UES-UK’s creditors which include an orderly wind-down of UES-UK’s financial affairs and sale of its assets. Through October 13, 2025, the date immediately prior to the Filing Date, the operating results of UES-UK are included in the consolidated operating results of the Corporation. Effective as of the Filing Date, the Corporation no longer consolidates the operating results of UES-UK, as the Corporation no longer has decision-making control over UES-UK.
In addition, during 2025, the Corporation closed its non-core steel distribution facility located in Ohio held by Alloys Unlimited and Processing, LLC (“AUP”).
See Note 2.
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