Quarterly ResultMay 6, 2026, 04:24 PM
Mayville Engineering Q1 Net Loss $8.18M; Sales $144.78M
AI Summary
Mayville Engineering Company reported a net loss of $8.18 million, or $(0.40) per share, for the first quarter of 2026, a significant decline from a net income of $20 thousand in the prior year. Despite a 6.8% increase in net sales to $144.78 million, the company faced an operating loss of $7.69 million. The quarter also saw an amendment to its credit agreement, reducing allowable borrowings, and an expansion of its restructuring plan, leading to impairment charges.
Key Highlights
- Net loss was $8.18 million for Q1 2026, compared to net income of $20 thousand in Q1 2025.
- Basic EPS was $(0.40) in Q1 2026, down from $0.00 in Q1 2025.
- Net sales increased 6.8% to $144.78 million in Q1 2026 from $135.58 million in Q1 2025.
- Operating loss was $7.69 million in Q1 2026, compared to operating income of $1.58 million in Q1 2025.
- Third Amendment to Credit Agreement on Feb 25, 2026, reduced allowable borrowings to $275 million.
- Incurred $1.54 million impairment of long-lived assets and $1.17 million lease impairment expense.
- Net cash used in operating activities was $2.76 million in Q1 2026, compared to $8.33 million provided in Q1 2025.
- Bank revolving credit notes increased to $212.39 million as of March 31, 2026.