Douglas Dynamics, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Note 20 - Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2025

20. Quarterly Financial Information (Unaudited)

	*2025*
	*First*			*Second*		*Third*		*Fourth*

Net sales	$	115,067		$	194,327	$	162,121	$	184,538
Gross profit	$	28,139		$	60,296	$	38,107	$	48,138
Income before taxes	$	490		$	34,145	$	10,412	$	16,459
Net income	$	148		$	25,954	$	7,960	$	12,835
Basic earnings per common share	$	0.01		$	1.10	$	0.34	$	0.54
Diluted earnings (loss) per common share	$	(0.00	)	$	1.09	$	0.33	$	0.54
Dividends per share	$	0.30		$	0.30	$	0.30	$	0.30

	2024
	First			Second		Third			Fourth

Net sales	$	95,655		$	199,902	$	129,398		$	143,549
Gross profit	$	18,920		$	61,303	$	30,875		$	35,739
Income (loss) before taxes	$	(9,943	)	$	32,127	$	41,740	*	$	9,967
Net income (loss)	$	(8,352	)	$	24,338	$	32,258		$	7,907
Basic earnings (loss) per common share	$	(0.37	)	$	1.03	$	1.37		$	0.33
Diluted earnings (loss) per common share	$	(0.37	)	$	1.02	$	1.36		$	0.33
Dividends per share	$	0.30		$	0.30	$	0.30		$	0.30

* Quarter was impacted by the gain on the sale leaseback transaction of $42,298, offset by $5,494 of associated transaction costs.

Due to rounding as well as the timing of issuance of shares, the sum of quarterly earnings per share may not equal the annual earnings per share.