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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

______________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED April 5, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____

Commission file number 1-2451

______________________________

NATIONAL PRESTO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Wisconsin	39-0494170
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3925 North Hastings Way
Eau Claire, Wisconsin	54703-3703
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code) 715-839-2121

______________________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	NPK	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒	Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 7,166,043 shares of the Issuer’s Common Stock outstanding as of May 3, 2026.

Table of Contents

TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION	3
Item 1 – Financial Statements	3
Condensed Consolidated Balance Sheets	3
Consolidated Statements of Comprehensive Income	5
Consolidated Statements of Cash Flows	6
Consolidated Statements of Stockholders’ Equity	7
Notes to Condensed Consolidated Financial Statements	8
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3 – Quantitative and Qualitative Disclosures About Market Risk	14
Item 4 – Controls and Procedures	15

PART II – OTHER INFORMATION	16
Item 1 – Legal Proceedings	16
Item 5 – Other Information	16
Item 6 – Exhibits	16

SIGNATURES	17

CERTIFICATIONS	19

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

April 5, 2026 and December 31, 2025

(Dollars in thousands)

	*April 5, 2026 (Unaudited)*				*December 31, 2025*
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			$	6,488			$	3,252
Marketable securities				501				503
Accounts receivable, net				48,382				85,039
Inventories:
Finished goods	$	28,334			$	32,272
Work in process	261,463					249,741
Raw materials		23,065		312,862		24,960		306,973
Income tax receivable				351				3,959
Notes receivable, current				-				208
Other current assets				5,333				3,129
Total current assets				373,917				403,063
PROPERTY, PLANT AND EQUIPMENT	$	136,376			$	138,497
Less allowance for depreciation		74,165		62,211		74,560		63,937
GOODWILL				19,433				19,433
INTANGIBLE ASSETS, net				1,849				2,262
RIGHT-OF-USE LEASE ASSETS				9,308				9,441
DEFERRED INCOME TAXES				2,594				2,594
			$	469,312			$	500,730

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

April 5, 2026 and December 31, 2025

(Dollars in thousands)

	*April 5, 2026 (Unaudited)*				*December 31, 2025*
LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
CURRENT LIABILITIES:
Accounts payable			$	33,656			$	45,957
Line of Credit				-				23,624
Lease liabilities				508				516
Accrued liabilities				29,462				24,855
Total current liabilities				63,626				94,952
LEASE LIABILITIES - NON-CURRENT				8,799				8,925
FEDERAL AND STATE INCOME TAXES - NON-CURRENT				1,718				1,718
Total liabilities				74,143				105,595
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Common stock, $1 par value:
Authorized: 12,000,000 shares
Issued: 7,440,518 shares	$	7,441			$	7,441
Paid-in capital		18,688				18,426
Retained earnings		379,056				379,599
Accumulated other comprehensive income		4				6
		405,189				405,472
Treasury stock, at cost		10,020				10,337
Total stockholders' equity				395,169				395,135
			$	469,312			$	500,730

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended April 5, 2026 and March 30, 2025

(Unaudited)

(In thousands except per share data)

	*Three Months Ended*
	*2026*			*2025*
Net sales	$	118,649		$	103,639
Cost of sales		101,171			85,528
Gross profit		17,478			18,111
Selling and general expenses		10,740			8,662
(Gain) on sale of property, plant and equipment		(1,707	)		-
Intangibles amortization		413			379
Operating profit		8,032			9,070
Other income		581			738
Earnings before provision for income taxes		8,613			9,808
Provision for income taxes		1,987			2,198
Net earnings	$	6,626		$	7,610

Weighted average shares outstanding:
Basic and diluted		7,159			7,137

Net Earnings per share:
Basic and diluted	$	0.93		$	1.07

Comprehensive income:
Net earnings	$	6,626		$	7,610
Other comprehensive income, net of tax:
Unrealized loss on available-for-sale securities		2			13
Comprehensive income	$	6,624		$	7,597

Cash dividends declared and paid per common share	$	1.00		$	1.00

The accompanying notes are an integral part of the condensed consolidated financial statements.

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NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended April 5, 2026 and March 30, 2025

(Unaudited)

(Dollars in thousands)

	*2026*			*2025*
Cash flows from operating activities:
Net earnings	$	6,626		$	7,610
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation		881			841
Intangibles amortization		413			379
Non-cash retirement plan expense		332			292
Gain on sale of property, plant and equipment		(1,707	)		-
Other		149			106
Changes in operating accounts:
Accounts receivable, net		36,657			15,430
Inventories		(5,889	)		(9,636	)
Other assets and current assets		(1,997	)		(3,641	)
Accounts payable and accrued liabilities		(7,693	)		(3,014	)
Federal and state income taxes		3,575			4,093
Net cash provided by operating activities		31,347			12,460

Cash flows from investing activities:
Marketable securities - maturities and sales		-			497
Proceeds from note receivable		-			403
Proceeds from sale of property, plant and equipment		4,510			-
Purchase of property, plant and equipment		(1,950	)		(22,983	)
Net cash provided by (used in) investing activities		2,560			(22,083	)

Cash flows from financing activities:
Proceeds from line of credit		19,542			2,839
Payments on line of credit		(43,166	)		(2,839	)
Dividends paid		(7,164	)		(7,142	)
Proceeds from sale of treasury stock		117			120
Net cash used in financing activities		(30,671	)		(7,022	)

Net increase (decrease) in cash and cash equivalents		3,236			(16,645	)
Cash and cash equivalents at beginning of period		3,252			17,663
Cash and cash equivalents at end of period	$	6,488		$	1,018

Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	44		$	4

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended April 5, 2026 and March 30, 2025

(Unaudited)

(In thousands except per share data)

	*Shares of Common Stock Outstanding Net of Treasury Shares*		*Common Stock*		*Paid-in Capital*		*Retained Earnings*			*Accumulated Other Comprehensive Income (Loss)*			*Treasury Stock*			*Total*
Balance at December 31, 2024		7,103	$	7,441		17,298	$	353,659		$	35		$	(10,806	)	$	367,627
Net earnings								7,610									7,610
Unrealized loss on available-for-sale securities, net of tax											(13	)					(13	)
Dividends paid March 17, $1.00 per share regular								(7,142	)								(7,142	)
Other		-				252		-			-			251			503
Balance March 30, 2025		7,103	$	7,441	$	17,550	$	354,127		$	22		$	(10,555	)	$	368,585

Balance December 31, 2025		7,123	$	7,441	$	18,426	$	379,599		$	6		$	(10,337	)	$	395,135
Net earnings								6,626									6,626
Unrealized loss on available-for-sale securities, net of tax											(2	)					(2	)
Dividends paid March 20, $1.00 per share regular								(7,164	)								(7,164	)
Other		10				262		(5	)		-			317			574
Balance April 5, 2026		7,133	$	7,441	$	18,688	$	379,056		$	4		$	(10,020	)	$	395,169

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

Table of Contents

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE A – BASIS OF PRESENTATION

The condensed consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all of the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2025 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2025 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year.

NOTE B – REVENUES

The Company’s revenues are derived from contracts and programs that are typically completed within 3 to 48 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The Company’s contracts generally contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration.

The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is usually awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor.

For the Housewares/Small Appliance and Safety segments, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. There are also certain termination clauses in Defense segment contracts that may give rise to an over-time pattern of recognition of revenue in the absence of alternative use of the product.

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not represent a significant financing component. As of April 5, 2026 and December 31, 2025, $15,071,000 and $9,230,000 respectively, of contract liabilities were included in Accrued Liabilities on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $467,000 during the three month period ended April 5, 2026 that was included in the Defense segment contract liability at the beginning of that period. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, trade discounts, and returns of seasonal and newly introduced product, which primarily pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. There were no material adjustments to the aforementioned estimates during the three month periods ended April 5, 2026 and March 30, 2025. There were no amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment was $1,835,589,000 and $1,747,809,000 as of April 5, 2026 and December 31, 2025, respectively. The Company anticipates that the unsatisfied performance obligations (contract backlog) will be fulfilled in an 18 to 48-month period. The performance obligations in the Housewares/Small Appliances and Safety segments have original expected durations of less than one year.

Table of Contents

NOTE C – EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.

NOTE D – BUSINESS SEGMENTS

The Company operates in three business segments. The Company identifies its segments based on the Company's organization structure, which is primarily by principal products and is the way in which the Company’s Chief Operating Decision Maker (CODM), the Company’s CEO, makes operating decisions, assesses financial performance, and allocates resources. The principal product groups are Housewares/Small Appliances, Defense, and Safety. Sales for all segments are primarily to customers in North America.

The Housewares/Small Appliances segment designs, markets, and distributes housewares and small appliances. The housewares/small appliance products are sold primarily in the United States and Canada directly to retail outlets and also through independent distributors. The Company primarily sources its Housewares/Small Appliances products from non-affiliated suppliers located in the Orient. Sales are seasonal, with the normal peak sales period occurring in the fourth quarter of the year prior to and during the holiday season.

The Defense segment was started in 2001 with the acquisition of AMTEC Corporation, which manufactures precision mechanical and electromechanical assemblies for the U.S. Government and prime contractors. During 2005, and again during 2010, AMTEC Corporation was one of two prime contractors selected by the Army to supply all requirements for the 40mm family of practice and tactical ammunition cartridges for a period of five years. In 2016, AMTEC was awarded a one-year contract, and in 2017 and 2022, it was awarded third and fourth five-year contracts, respectively as the sole prime contractor. AMTEC's manufacturing plant is located in Janesville, Wisconsin. Since the inception of the Defense segment in 2001, the Company has expanded the segment by making several strategic business acquisitions, and has additional facilities located in East Camden, Arkansas; Antigo, Wisconsin; Clear Lake, South Dakota, and Marshall, Texas. During 2003, the segment was expanded with the acquisition of Spectra Technologies, LLC of East Camden, Arkansas. This facility performs Load, Assemble, and Pack (LAP) operations on ordnance-related products for the U.S. Government and prime contractors. During 2006, the segment was expanded again with the acquisition of certain assets of Amron, LLC of Antigo, Wisconsin, which primarily manufactures cartridge cases used in medium caliber (20-50mm) ammunition. During 2014, the Company continued the expansion of the Defense segment with the purchase of substantially all of the assets of Chemring Energetic Devices, Inc. located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility manufactures detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. During 2022, the Company again expanded the Defense segment by acquiring the equity interests of Woodlawn Manufacturing, Ltd. Woodlawn Manufacturing, Ltd, is a high volume manufacturer of precision metal parts and assemblies primarily for the defense and aerospace industry. The Defense segment’s collection of facilities enables the Company to deliver in virtually all aspects of the manufacture of medium caliber training and tactical rounds. Those aspects include the fuze, the detonator, the metal parts (including the cartridge case), and load, assemble and pack of the final round.

The Safety segment was started in 2019 with the acquisition of the assets of OneEvent Technologies, Inc., a business located in Mount Horeb, Wisconsin which focused on protection for buildings, homes, assets, and occupants using a cloud-based learning and an analytics engine that utilizes data from a series of sensing devices to predict, alert, and prevent. Upon purchase, it was combined with Rusoh, Inc. which designed and marketed fire extinguishers. Prior to 2019, Rusoh Inc. had been included in the Company’s Housewares/Small Appliances segment. On July 29, 2022, certain assets were acquired and liabilities were assumed of Knox Safety, Inc., a startup business formed in 2019 with operations in Illinois and North Carolina. Knox Safety designed and sold carbon monoxide detectors for residential use. Subsequent to the acquisition, the acquiring entity legally adopted the corporate name Rely Innovations, Inc. and was added to the segment. Since its acquisition, the Company has introduced smoke detectors and fire extinguishers under the Rely name. To focus the direction of the segment’s business, the Company divested the stock of Rusoh, Inc. on November 14, 2023 and certain assets of OneEvent related to its refrigeration monitoring business on July 31, 2025. The OneEvent intellectual property, however, has been retained.

The Company manages and assesses the performance of its reportable segments by their gross profit and operating profit. As part of the CODM’s review of segment level performance, the CODM reviews these measures of income of each reportable segment, which drives the evaluation of the performance of the Company’s reportable segments and allocation of resources to those segments. The significant segment expense categories included in the table below augment the Company’s understanding of operating results.

In the following summary, operating profit represents earnings before other income and income taxes. The Company's segments operate discretely from each other with no shared owned or leased manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented.

	(in thousands)
	*Housewares / Small Appliances*			*Defense*		*Safety*			*Total*
Three months ended April 5, 2026
External net sales	$	18,498		$	99,572	$	579		$	118,649
Cost of sales		20,861			78,782		1,528			101,171
Gross profit (loss)		(2,363	)		20,790		(949	)		17,478
Selling and general expenses (1)		3,275			5,571		1,013			9,859
Depreciation and amortization		306			942		46			1,294
Operating profit (loss)		(4,237	)		14,277		(2,008	)		8,032
Total assets		92,872			370,341		6,099			469,312
Capital expenditures		1,409			534		7			1,950

Three months ended March 30, 2025
External net sales	$	21,926		$	80,938	$	775		$	103,639
Cost of sales		20,466			63,308		1,754			85,528
Gross profit (loss)		1,460			17,630		(979	)		18,111
Selling and general expenses (1)		3,166			3,491		1,164			7,821
Depreciation and amortization		230			950		40			1,220
Operating profit (loss)		(1,936	)		13,189		(2,183	)		9,070
Total assets		108,389			339,949		6,961			455,299
Capital expenditures		22,275			708		0			22,983

(1) Excludes depreciation and amortization

NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company utilizes the methods of fair value as described in FASB ASC 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying amounts for cash and cash equivalents, accounts receivable, notes receivable, accounts payable, line of credit, and accrued liabilities approximate fair value due to the immediate or short-term maturity of these financial instruments. See Note F for fair value information on marketable securities.

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NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity.

At April 5, 2026 and December 31, 2025, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

	(In Thousands)
	*MARKETABLE SECURITIES*
	*Amortized Cost*		*Fair Value*		*Gross Unrealized Gains*		*Gross Unrealized Losses*
April 5, 2026
Certificates of Deposit	$	496		501	$	5	$	-
Total Marketable Securities	$	496	$	501	$	5	$	-

December 31, 2025
Certificates of Deposit		496		503		7		-
Total Marketable Securities	$	496	$	503	$	7	$	-

Proceeds from maturities and sales of available-for-sale securities totaled $0 and $497,000 for the three month periods ended April 5, 2026 and March 30, 2025, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized losses included in other comprehensive income were $3,000 and $17,000 before taxes for the three month periods ended April 5, 2026 and March 30, 2025, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The contractual maturities of the marketable securities held at April 5, 2026 are as follows: $496,000 within one year.

NOTE G – OTHER ASSETS

Other Assets includes prepayments and deposits that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances and Safety segments. As of April 5, 2026 and December 31, 2025, $1,760,000 and $2,009,000 of such prepayments, respectively, remained unused and outstanding and were included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month period following those dates.

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NOTE H – LEASES

The Company accounts for leases under ASC Topic 842, Leases. The Company’s leasing activities include roles as both lessee and lessor. As lessee, the Company’s primary leasing activities include buildings and structures to support its manufacturing operations at one location in its Defense segment, buildings and structures to support its Safety segment, and warehouse space and equipment to support its distribution center operations in its Housewares/Small Appliances segment. As lessor, the Company’s primary leasing activity is comprised of manufacturing and office space located adjacent to its corporate offices. All of the Company’s leases are classified as operating leases.

The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index. As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts include options for extensions and early terminations. The majority of lease terms of the Company’s lease contracts recognized on the balance sheet reflect extension options, while none reflect early termination options.

The Company has determined that the rates implicit in its leases are not readily determinable and therefore, estimates its incremental borrowing rates utilizing quotes from financial institutions for real estate and equipment, as applicable, over periods of time similar to the terms of its leases. The Company has entered into various short-term (12 months or less) leases as lessee and has elected a non-recognition accounting policy, as permitted by ASC Topic 842.

	*Three Months Ended*		*Three Months Ended*
Summary of Lease Cost (in thousands)	*April 5, 2026*		*March 30, 2025*
Operating lease cost	$	241	$	297
Short-term and variable lease cost		585		96
Total lease cost	$	826	$	393

Operating cash used for operating leases was $518,000 and $393,000 for the three months ended April 5, 2026 and March 30, 2025, respectively. The weighted-average remaining lease term was 18.2 years, and the weighted-average discount rate was 4.7% as of April 5, 2026.

Maturities of operating lease liabilities are as follows:

Years ending December 31:	*(In thousands)*
2026 (remaining nine months)	$	626
2027		814
2028		812
2029		757
2030		703
Thereafter		11,057
Total lease payments	$	14,769
Less: future interest expense		5,462
Lease liabilities	$	9,307

Lease income from operating lease payments was $608,000 and $569,000 for the quarters ended April 5, 2026 and March 30, 2025, respectively. Undiscounted cash flows provided by lease payments are expected as follows:

Years ending December 31:	*(In thousands)*
2026 (remaining nine months)	$	1,825
2027		2,413
2028		2,413
2029		2,413
2030		2,413
Thereafter		16,891
Total lease payments	$	28,368

The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee. The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

NOTE I – COMMITMENTS AND CONTINGENCIES

The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.

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NOTE J – LINE OF CREDIT

The Company has maintained an unsecured line of credit for short term operating cash needs of $50,000,000 as of April 5, 2026 and December 31, 2025, respectively. The line of credit expires on September 30, 2026. The outstanding balance as of April 5, 2026 and December 31, 2025 was $0 and $23,624,000, respectively. The interest rate on the current line of credit resets monthly to the 30-day Secured Overnight Financing Rate (SOFR) plus one-and-one-quarter percent. In addition, the Company had one issued commercial letter of credit for $1,500,000 as of April 5, 2026 and December 31, 2025, respectively. As of April 5, 2026, the entire balance of the issued letter of credit had not been drawn upon.

NOTE K – IMPAIRMENT OF VENDOR DEPOSIT

During the quarter ended March 30, 2025, the Company made deposits totaling $2,701,000 with a vendor in its Housewares/Small Appliances segment. On May 29, 2025, the vendor filed for protection in the U.S. Bankruptcy Court in the Northern District of Texas. As recovery of the deposit is deemed unlikely, the Company recorded an impairment of the full deposit during the quarter ended June 29, 2025. The deposit had been carried in Property, Plant and Equipment on the Company’s balance sheet dated March 30, 2025.

NOTE L – GAIN ON SALE OF PROPERTY PLANT AND EQUIPMENT

On February 10, 2026, the Company sold the warehousing facility in Canton, Mississippi that mainly served the Housewares/Small Appliance segment for $4,800,000, less customary selling expenses. Subsequent to the sale, the Company entered into a short-term lease agreement with the buyer, as it completes warehousing operations transfer to the new warehousing facility in Nettleton, Mississippi.

NOTE M – RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS

The Company assesses the impacts of adopting recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements, and updates previous assessments, as necessary, from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. As revised by ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, the provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. With the exception of expanding disclosures to include more granular income statement expense categories, we do not expect the adoption of ASU 2024-03 to have a material effect on our consolidated financial statements taken as a whole.

NOTE N - SUBSEQUENT EVENT

The Company evaluates events that occur through the financial statement filing date and discloses any material or significant events or transactions.

On February 20, 2026, the United States Supreme Court determined that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) were contrary to law. Although the Court of International Trade (CIT) has required customs to setup a mechanism for processing IEEPA refunds and the Company has filed for refunds under that process, the order is subject to appeal. Any potential refunds, including the timing and amount thereof, remain uncertain and are dependent on further legal and administrative actions. In response to the Supreme Court’s ruling, the Trump administration implemented new tariffs, which included a 10% tariff under section 122 of the Trade Act of 1974 That statute deals with balance of trade deficits. That tariff is the subject of litigation and on May 7, the CIT ruled the tariff illegal. An appeal is expected. The government has announced that there will be additional tariffs based on alternative statutory authorities, resulting in ongoing uncertainty regarding future tariff actions and their possible impact on the Company. The Company is continuing to monitor these developments and evaluate the potential effects on its business, financial condition, and results of operations.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, elsewhere in this Form 10-Q, in the Company’s 2025 Annual Report to Stockholders, in the Proxy Statement for the annual meeting to be held on May 19, 2026, and in the Company’s press releases and oral statements made with the approval of an authorized executive officer are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed herein and in the Notes to Consolidated Financial Statements, among the other factors that could cause actual results to differ materially are the following: consumer spending and debt levels; interest rates; continuity of relationships with and purchases by major customers; product mix; the benefit and risk of business acquisitions; competitive pressure on sales and pricing; development and market acceptance of new products; increases in material, freight/shipping, tariffs, or production cost which cannot be recouped in product pricing; delays or interruptions in shipping or production; shipment of defective product which could result in product liability claims or recalls; work or labor disruptions stemming from a unionized work force; changes in government requirements, military spending, and funding of government contracts, which could result in, among other things, the modification or termination of existing contracts; dependence on subcontractors or vendors to perform as required by contract; the ability of startup businesses to ultimately have the potential to be successful; the efficient start-up and utilization of capital equipment investments; political actions of federal and state governments which could have an impact on everything from the value of the U.S dollar vis-à-vis other currencies to the availability of affordable labor and energy; and security breaches and disruptions to the Company’s information technology systems. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings.

Comparison of First Quarter 2026 and 2025

Readers are directed to Note D to the Consolidated Financial Statements, “Business Segments,” for data on the financial results of the Company’s three business segments for the quarters ended April 5, 2026 and March 30, 2025.

The Company reports its operations on a fiscal quarter basis in which each quarter contains approximately thirteen weeks and ends on a Sunday, with the exception of the fourth quarter, which ends on December 31. Occasionally, the end dates of the fiscal quarters are adjusted to account for differences that accumulate between the end of the fiscal year and the end of the subsequent first quarter. One such adjustment occurred during the quarter ended April 5, 2026. As compared to the prior year's first quarter, the current quarter includes six additional days.

On a consolidated basis, net sales increased by $15,010,000 (15%), gross profit decreased by $633,000 (4%), selling and general expenses increased by $2,078,000 (24%), gain on sale of property, plant and equipment increased $1,707,000, and amortization increased by $34,000. Other income decreased by $157,000 (21%), earnings before provision for income taxes decreased by $1,195,000 (12%), and net earnings decreased by $984,000 (13%). Details concerning these changes can be found in the comments by segment below.

Housewares/Small Appliance net sales decreased by $3,428,000 from $21,926,000 to $18,498,000, or 16%, which was attributable to a decrease in units shipped, approximately 40% of which was offset by increases in pricing. The decrease in units shipped was due in large part to startup issues at the segment’s new warehousing facility and a resulting inability to ship during a portion of the quarter. Defense net sales increased by $18,634,000 from $80,938,000 to $99,572,000 or 23%, primarily reflecting an increase in shipments from the segment's backlog.

Housewares/Small Appliance gross profit decreased $3,823,000 from $1,460,000 to a loss of $2,363,000, primarily reflecting decrease in sales mentioned above, augmented by a less favorable product mix, as well as an increase in costs incident to the startup of the segment’s new warehousing facility of approximately $1,909,000. Defense gross profit increased $3,160,000 from $17,630,000 to $20,790,000, primarily reflecting the increase in sales mentioned above, partially offset by a less favorable mix of products. Due to the startup nature of the businesses in the Safety segment and the resulting limited revenues, gross margins were negative in both years.

Selling and general expenses for the Housewares/Small Appliance segment increased $185,000, primarily reflecting increased cost accruals for health care of $656,000 and legal and professional of $286,000, and increased compensation costs of $191,000. These were offset by an increased allocation of corporate overhead to the Defense segment of $928,000. Selling and general expenses for the Defense segment increased $2,037,000, primarily attributable to increases in the allocation of corporate overhead of $928,000 and personnel costs of $618,000, and a write off of a note receivable of $208,000. Selling and general expenses for the Safety segment decreased $145,000, primarily reflecting reduced personnel costs of $87,000, and legal and professional costs of $78,000.

The gain on sale of property, plant and equipment stemmed from the February 10, 2026 sale of the Company’s warehousing facility in Canton, Mississippi that mainly served the Housewares/Small Appliance segment. Subsequent to the sale, the Company entered into a short-term lease agreement with the buyer, as it completes warehousing operations transfer to the new warehousing facility in Nettleton, Mississippi.

The above items were responsible for the change in operating profit.

The $157,000 decrease in other income was attributable to a decrease in interest income on marketable securities of $85,000and an increase in interest expense related to the Company's revolving line of credit of $40,000. Both stem from the increased investments in inventory required to support augmented Defense segment awards.

Earnings before provision for income taxes decreased $1,195,000 from $9,808,000 to $8,613,000. The provision for income taxes decreased from $2,198,000 to $1,987,000, which resulted in an effective income tax rate of 23% and 22% for the quarters ended April 5, 2026 and March 30, 2025, respectively. Net earnings decreased $984,000 from $7,610,000 to $6,626,000, or 13%.

Liquidity and Capital Resources

Net cash provided by operating activities was $31,347,000 during the first three months of 2026 as compared to $12,460,000 during the first three months of 2025. The principal factors contributing to the change can be found in the changes in the components of working capital within the Consolidated Statements of Cash Flows. Of particular note during the first three months of 2026 were net earnings of $6,626,000, which included the non-cash depreciation and amortization expenses of $1,294,000 and book gain on the sale of property plant and equipment of $1,707,000. Contributing to the cash provided was a decrease in accounts receivable stemming from cash collections on customer sales, partially offset by a decrease in payable and accrual levels and increases in inventories and deposits made to vendors included in other current assets. Of particular note during the first three months of 2025 were net earnings of $7,610,000, which included non-cash depreciation and amortization expenses of $1,220,000. Contributing to the cash provided were a decrease in accounts receivable levels stemming from cash collections on customer sales and increases in payable and accrual levels. These were partially offset by increases in inventory levels and deposits made to vendors included in other current assets.

Net cash provided by investing activities was $2,560,000 for the first three months of 2026, while net cash used in investing activities was $22,083,000 for the first three months of 2025. Significant factors contributing to the change were purchases of property, plant and equipment of $1,950,000 in 2026, as opposed to $22,983,000 in 2025, and proceeds from the sale of property. plant and equipment of $4,510,000 in 2026.

Net cash used in financing activities was $30,671,000 for the first three months of 2026, as compared to $7,022,000 cash used in financing activities for the first three months of 2025. The change primarily relates to net payments on the Company's line of credit in 2026 of $23,624,000, as opposed to $0 in 2025. Cash flows for both three month periods also reflected the payment of the $1.00 per share regular dividend and the proceeds from the sale of treasury stock to a Company sponsored retirement plan. During 2026 and 2025, the Company incurred interest expense of $44,000 and $4,000 related to its line of credit, respectively.

Working capital decreased by $2,179,000 during the first three months of 2026 to $310,257,000 at April 5, 2026 for the reasons stated above. The Company's current ratio was 5.9 to 1.0 and 4.2 to 1.0 at April 5, 2026 and December 31, 2025, respectively.

The Company expects to continue to evaluate acquisition opportunities that align with its business segments and will make further acquisitions, as well as continue to make capital investments in its business segments per existing authorized projects and for additional projects, if the appropriate return on investment is projected.

The Company has sufficient liquidity in the form of operating activities cash flows and a credit facility to meet all of its anticipated capital requirements, to make dividend payments, and to fund future growth through acquisitions and other means.

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Critical Accounting Estimates

The Company's discussion and analysis of financial condition and results of operations are based upon its Consolidated Financial Statements. The preparation of the Company's Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amount of reported assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and revenues and expenses during the periods reported. The estimates are based on experience and other assumptions that the Company believes are reasonable under the circumstances, and these estimates are evaluated on an ongoing basis. Actual results may differ from those estimates.

The Company's critical accounting policies are those that materially affect its Consolidated Financial Statements and involve difficult, subjective, or complex judgments by management. The Company reviewed the development and selection of the critical accounting policies and believes the following is the most critical accounting policy that could have an effect on the Company's reported results as it involves the use of significant estimates and assumptions as described above. This critical accounting policy and estimate has been reviewed with the Audit Committee of the Board of Directors. See Note A - Summary of Significant Accounting Policies to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on Form 10-K for the year-ended December 31, 2025 filed on March 13, 2026 for more detailed information regarding the Company's critical accounting policies.

Impairment and Valuation of Long-lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Long-lived assets consist of property, plant and equipment and intangible assets, including the value of contracts/customer relationships, trademarks and safety certifications, trade secrets, and technology software. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, the amounts of the cash flows and the asset’s residual value, if any. In turn, measurement of an impairment loss requires a determination of fair value, which is based on the best information available. The Company uses internal discounted cash flows estimates, quoted market prices when available, and independent appraisals, as appropriate, to determine fair value. The Company derives the required cash flow estimates from its historical experience and its internal business plans.

The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill, at the reporting unit level, is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated. The impairment test for goodwill requires the determination of fair value of the reporting units. The Company uses multiples of earnings before interest, taxes, depreciation, and amortization ("EBITDA"), sales, and discounted cash flow models, which are described above, to determine the reporting unit's fair value, as appropriate. The Company uses internal discounted cash flows estimates, quoted market prices when available and independent appraisals, as appropriate, to determine fair value. A number of assumptions and estimates are involved in the application of the discounted cash flow model including revenue projections, projected operating cash flow margins, and discount rates. The Company derives the required cash flow estimates from its historical experience and its internal business plans. The Company also utilizes qualitative analyses to assess goodwill impairment.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's interest income on cash equivalents and marketable securities is affected by changes in interest rates in the United States. Cash equivalents primarily consist of money market funds. The balance of the Company’s investments is held primarily in certificates of deposits and other fixed rate securities, with a weighted average life of 0.7 years. Accordingly, changes in interest rates have not had a material effect on the Company, and the Company does not anticipate that future exposure to interest rate market risk will be material. The Company uses sensitivity analysis to determine its exposure to changes in interest rates.

The Company has no history of, and does not anticipate in the future, investing in derivative financial instruments. Most transactions with international customers are entered into in U.S. dollars, precluding the need for foreign currency cash flow hedges. As the majority of the Housewares/Small Appliance segment’s suppliers are located in China, periodic changes in the U.S. dollar and Chinese Renminbi (RMB) exchange rates do have an impact on that segment’s product costs. It is anticipated that any potential material impact from fluctuations in the exchange rate will be to the cost of products secured via purchase orders issued subsequent to the revaluation.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, including the Chief Executive Officer and Treasurer (principal financial officer), conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “1934 Act”) as of April 5, 2026. Based on that evaluation, the Company’s Chief Executive Officer and Treasurer (principal financial officer) concluded that the Company’s disclosure controls and procedures were effective as of that date.

There were no changes to internal controls over financial reporting during the quarter ended April 5, 2026 that have materially affected or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

See Note I to the Consolidated Financial Statements set forth under Part I - Item 1 above.

Item 5. Other Information

Insider Trading Arrangement

No officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fiscal quarter ended April 5, 2026.

Item 6. Exhibits

Exhibit 3(i)	Restated Articles of Incorporation - incorporated by reference from Exhibit 3 (i) of the Company's annual report on Form 10-K for the year ended December 31, 2005
Exhibit 3(ii)	By-Laws - incorporated by reference from Exhibit 3 (ii) of the Company's current report on Form 8-K dated July 6, 2007
Exhibit 9.1	Voting Trust Agreement - incorporated by reference from Exhibit 9 of the Company's quarterly report on Form 10-Q for the quarter ended July 6, 1997
Exhibit 9.2	Voting Trust Agreement Amendment - incorporated by reference from Exhibit 9.2 of the Company's annual report on Form 10-K for the year ended December 31, 2008
Exhibit 9.3	Voting Trust Agreement Amendment - incorporated by reference from Exhibit 9.3 of the Company's annual report on Form 10-K for the year ended December 31, 2024
Exhibit 31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101.INS	eXtensible Business Reporting Language (XBRL) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH	Inline XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document
Exhibit 101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 104	The cover page from this Quarterly Report on Form 10-Q for the quarter ended April 5, 2026, formatted in Inline XBRL and contained in Exhibit 101.INS

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	NATIONAL PRESTO INDUSTRIES, INC.


	/s/ Maryjo Cohen
	Maryjo Cohen, Chair of the Board,
	President, Chief Executive Officer
	(Principal Executive Officer), Director


	/s/ David J. Peuse
	David J. Peuse, Treasurer and Chief Financial Officer, (Principal
	Financial Officer)


	Date: May 15, 2026

NATIONAL PRESTO INDUSTRIES INC 10-Q