Exhibit 99.1

For further information contact:

Douglas Dynamics, Inc.

Nathan Elwell

Vice President of Investor Relations

847-530-0249

investorrelations@douglasdynamics.com

DOUGLAS DYNAMICS REPORTS FIRST QUARTER

2024 RESULTS

Produced Significantly Improved Results Compared to 1Q23;

Solutions Segment Continues to Deliver Strong Top- and Bottom-Line Growth

First Quarter 2024 Highlights*:

*All ‘Highlights’ comparisons are to first quarter 2023 financials

April 29, 2024 — Milwaukee, Wisconsin — Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the first quarter ended March 31, 2024.

“Our results improved across the board in the first quarter, when compared to the same period last year,” noted Bob McCormick, President, and CEO. “I want to congratulate our Work Truck Solutions teams for delivering an excellent quarter, as they continue to make progress towards their long-term growth and profitability goals. Despite experiencing the second winter in a row with significantly below average snowfall, our Attachments team made the best of the situation and delivered improved results compared to last year. We implemented our 2024 Cost Savings Program in January, to better align our cost structure with current market conditions. Given the deterioration in winter weather late in the season, we have expanded the program, with total annualized savings growing to $10 plus million.”

Douglas Dynamics – First Quarter 2024

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Consolidated First Quarter 2024 Results

Work Truck Attachments Segment First Quarter 2024 Results

McCormick noted, “The overall lack of snowfall in our core markets over the past two seasons has clearly lengthened the equipment replacement cycle, which will undoubtedly negatively impact pre-season orders. Through carefully implemented cost controls, we will limit the impact on our bottom line wherever possible, while planning ahead for a return to more normal operating conditions in the years ahead.”

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Work Truck Solutions Segment First Quarter 2024 Results

McCormick added, “Our teams at Dejana and Henderson are doing a terrific job improving baseline profitability by increasing the velocity of trucks flowing through our facilities. While supply chain issues linger in some areas of the business, the overall situation continues to stabilize and slowly improve, plus demand and backlog remain positive. We are very pleased with the progress in recent quarters, which is further proof when external conditions allow, our Solutions team can build momentum and deliver positive results.”

Dividend & Liquidity

Amended Credit Facility

2024 Outlook

“As a direct result of recent unprecedented weather patterns, we are now seeing a lengthened equipment replacement cycle,” explained Sarah Lauber, Executive Vice President and CFO. “We are tightening our guidance range after the conclusion of the 2023-24 snow season and our careful monitoring of early pre-season orders. We will fully utilize our flexible manufacturing expertise to adjust our production to match demand, and also continue to make tough but necessary decisions to control our costs and defer investments to expand the 2024 Cost Savings Program. We have expanded the program, which is now expected to yield annual pre-tax savings of $10 plus million, with approximately $8 to $9 million of the anticipated annualized savings expected to be realized in 2024, which will help preserve our profitability and liquidity as much as possible.”

Douglas Dynamics – First Quarter 2024

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Lauber added, “The Solutions segment continues to have a positive outlook for the year and remains on track to deliver improved top and bottom-line full year results for the third year in a row. And finally, it is worth reiterating that the dividend remains our top capital allocation priority.”

Updated 2024 financial outlook:

The long-term financial targets for both segments remain intact:

The updated 2024 outlook and long-term financial targets assume the following:

With respect to the Company’s 2024 guidance, the Company is not able to provide a reconciliation of the non-GAAP financial measures to GAAP because it does not provide specific guidance for the various extraordinary, nonrecurring, or unusual charges and other certain items. These items have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. As a result, reconciliation of the non-GAAP guidance measures to GAAP is not available without unreasonable effort and the Company is unable to address the probable significance of the unavailable information.

Earnings Conference Call Information

The Company will host a conference call on Tuesday, April 30, 2024 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To join the conference call, please dial 1-833-634-5024 domestically, or 1-412-902-4205 internationally.

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The call will also be available via the Investor Relations section of the Company’s website at www.douglasdynamics.com. For those who cannot listen to the live broadcast, replays will be available for one week following the call.

About Douglas Dynamics

Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the Company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share, and Free Cash Flow.  The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies.  Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release.

Adjusted EBITDA represents net loss before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, and impairment charges. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA.

Adjusted Net Loss and Adjusted Loss Per Share (calculated on a diluted basis) represents net loss and loss per share (as defined by GAAP), excluding the impact of stock based compensation, severance, restructuring charges, impairment charges, certain charges related to unrelated legal fees and consulting fees, and adjustments on derivatives not classified as hedges, net of their income tax impact. Adjustments on derivatives not classified as hedges are non-cash and are related to overall financial market conditions; therefore, management believes such costs are unrelated to our business and are not representative of our results.  Management believes that Adjusted Net Loss and Adjusted Loss Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance.

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Free Cash Flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less capital expenditures.  Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other financial measures such as Net Income and Net Cash Provided By (Used in) Operating Activities.  We believe that free cash flow represents our ability to generate additional cash flow from our business operations.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources.  These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies.  Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, increases in the price of fuel or freight, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to compete effectively against competition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements.  In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future.

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Douglas Dynamics, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

Douglas Dynamics – First Quarter 2024

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Douglas Dynamics, Inc.

Condensed Consolidated Statements of Loss

(In thousands, except share and per share data)

Douglas Dynamics – First Quarter 2024

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Douglas Dynamics, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

Douglas Dynamics – First Quarter 2024

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Douglas Dynamics, Inc.

Segment Disclosures (unaudited)

(In thousands, except Adjusted EBITDA margin)

Douglas Dynamics, Inc.

Free Cash Flow reconciliation (unaudited)

(In thousands)

Douglas Dynamics – First Quarter 2024

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Douglas Dynamics – First Quarter 2024

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Douglas Dynamics, Inc.

Reconciliation of Net Loss to Adjusted Net Loss (unaudited)

(In thousands, except share and per share data)