DOUGLAS DYNAMICS INC

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There been no significant changes in our risk factors from those described in our Annual Report on Form 10-K for the year ended December 31, 2023 except for the addition of the following risk to be included in the “Risks Related to our Business and Operations” subsection.

The process of implementing of an ERP system at Dejana could adversely impact our ability to produce timely financial statements or our internal control over financial reporting.

We are currently in the process of an ERP implementation at our Dejana Truck & Utility Equipment Company, LLC subsidiary, which will replace their current system. We may not be able to successfully implement the ERP system without delays related to resource constraints or challenges with the design or testing phases of the implementation. Inefficiencies in our financial reporting processes due to the conversion to a new ERP could adversely affect our ability to produce accurate financial statements on a timely basis until the new ERP and processes have matured. Additionally, the effectiveness of our internal control over financial reporting could be adversely affected if the new ERP is not successfully implemented.