usap20230930

0001437749-23-030379.txt : 20231106 0001437749-23-030379.hdr.sgml : 20231106 20231106155640 ACCESSION NUMBER: 0001437749-23-030379 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231106 DATE AS OF CHANGE: 20231106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL STAINLESS & ALLOY PRODUCTS INC CENTRAL INDEX KEY: 0000931584 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 251724540 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39467 FILM NUMBER: 231379845 BUSINESS ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 BUSINESS PHONE: 4122577600 MAIL ADDRESS: STREET 1: 600 MAYER ST CITY: BRIDGEVILLE STATE: PA ZIP: 15017 10-Q 1 usap20230930_10q.htm FORM 10-Q usap20230930_10q.htm

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 September 30, 2023

☐	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 001-39467

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

(Exact name of Registrant as specified in its charter)

Delaware

25-1724540

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

600 Mayer Street

Bridgeville, PA 15017

(Address of principal executive offices, including zip code)

(412) 257-7600

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol

Name of Each Exchange

on Which Registered

Common Stock, par value $0.001 per share

Preferred Stock Purchase Rights

USAP

The Nasdaq Stock Market, LLC

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 (§232.405 of this chapter) 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 ☑

As of October 30, 2023, there were 9,088,245 shares of the Registrant’s common stock outstanding.

Table of Contents

Universal Stainless & Alloy Products, Inc.

Table of Contents

	DESCRIPTION	PAGE NO.
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
	Consolidated Statements of Operations (Unaudited)	1
	Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	2
	Consolidated Balance Sheets (Unaudited)	3
	Consolidated Statements of Cash Flow (Unaudited)	4
	Consolidated Statements of Shareholders' Equity (Unaudited)	5
	Notes to the Unaudited Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	18
PART II.	OTHER INFORMATION	19
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures	19
Item 5.	Other Information	19
Item 6.	Exhibits	20
SIGNATURES		21

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Information)

(Unaudited)

	*Three months ended*					*Nine months ended*
	*September 30,*					*September 30,*
	*2023*		*2022*			*2023*		*2022*

Net sales	$	71,283	$	46,196		$	206,163	$	145,914
Cost of products sold		60,424		43,218			177,732		134,144

Gross margin		10,859		2,978			28,431		11,770
Selling, general and administrative expenses		6,449		5,279			19,479		15,605

Operating income (loss)		4,410		(2,301	)		8,952		(3,835	)
Interest expense and other financing costs		2,138		1,221			6,215		2,800
Other expense (income), net		42		(599	)		5		(625	)

Income (loss) before income taxes		2,230		(2,923	)		2,732		(6,010	)
Income taxes		300		(1,626	)		419		(1,661	)

Net income (loss)	$	1,930	$	(1,297	)	$	2,313	$	(4,349	)

Net income (loss) per common share - Basic	$	0.21	$	(0.14	)	$	0.26	$	(0.49	)

Net income (loss) per common share - Diluted	$	0.20	$	(0.14	)	$	0.25	$	(0.49	)

Weighted average shares of common stock outstanding
Basic		9,087,465		8,975,331			9,069,926		8,960,830
Diluted		9,427,509		8,975,331			9,290,982		8,960,830

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

Table of Contents

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in Thousands)

(Unaudited)

	*Three months ended*					*Nine months ended*
	*September 30,*					*September 30,*
	*2023*		*2022*			*2023*			*2022*

Net income (loss)	$	1,930	$	(1,297	)	$	2,313		$	(4,349	)
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on derivatives		109		159			(161	)		455
Comprehensive income (loss)	$	2,039	$	(1,138	)	$	2,152		$	(3,894	)

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

Table of Contents

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Per Share Information)

	*September 30,*			*December 31,*
	*2023*			*2022*
	(Unaudited)
ASSETS
Current assets:
Cash	$	177		$	2,019
Accounts receivable (less expected credit losses of $34 and $201 in each period, respectively)		36,984			30,960
Inventory		150,751			154,193
Other current assets		8,621			10,392

Total current assets		196,533			197,564

Property, plant and equipment, net		158,881			163,490
Deferred income tax assets		-			143
Other long-term assets		1,602			2,137

Total assets	$	357,016		$	363,334

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	35,095		$	38,179
Accrued employment costs		5,119			2,790
Current portion of long-term debt		3,697			3,419
Other current liabilities		1,006			1,112

Total current liabilities		44,917			45,500

Long-term debt, net		85,832			95,015
Deferred income taxes		219			-
Other long-term liabilities, net		3,053			3,066

Total liabilities		134,021			143,581

Commitments and contingencies (Note 9)

Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding		-			-
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,088,245 and 9,049,748 shares issued, respectively		9			9
Additional paid-in capital		98,092			97,002
Accumulated other comprehensive (loss) income		(28	)		133
Retained earnings		124,922			122,609

Total stockholders’ equity		222,995			219,753

Total liabilities and stockholders’ equity	$	357,016		$	363,334

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

Table of Contents

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOW

(Dollars in Thousands)

(Unaudited)

	*Nine months ended*
	*September 30,*
	*2023*			*2022*

Operating Activities:
Net income (loss)	$	2,313		$	(4,349	)
Adjustments for non-cash items:
Depreciation and amortization		14,331			14,351
Amortization of deferred debt financing costs		194			169
Deferred income tax		370			(1,675	)
Share-based compensation expense		1,008			1,001
Changes in assets and liabilities:
Accounts receivable, net		(6,024	)		(1,938	)
Inventory		2,159			(19,342	)
Accounts payable		(743	)		7,255
Accrued employment costs		2,329			(335	)
Other assets and liabilities, net		1,909			(1,449	)

Net cash provided by (used in) operating activities		17,846			(6,312	)

Investing Activity:
Payments for property, plant and equipment		(9,656	)		(10,974	)

Net cash used in investing activity		(9,656	)		(10,974	)

Financing Activities:
Borrowings under revolving credit facility		151,929			102,098
Payments on revolving credit facility		(159,383	)		(83,260	)
Issuance of common stock under share-based plans		82			62
Payments on term loan facility and finance leases		(2,660	)		(1,666	)

Net cash (used in) provided by financing activities		(10,032	)		17,234

Net decrease in cash		(1,842	)		(52	)
Cash at beginning of period		2,019			118

Cash at end of period	$	177		$	66

Supplemental Non-Cash Investing Activity:
Capital expenditures in accounts payable	$	1,386		$	3,013

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

Table of Contents

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in Thousands)

(Unaudited)

										*Accumulated*
	*Common*				*Additional*					*other*
	*shares*		*Common*		*paid-in*		*Retained*			*comprehensive*
	*outstanding*		*stock*		*capital*		*earnings*			*(loss) income*

*For the nine months ended September 30, 2023*

Balance at December 31, 2022		9,049,748	$	9	$	97,002	$	122,609		$	133
Share-based compensation		10,920		-		361		-			-
Other comprehensive (loss), net of tax		-		-		-		-			(146	)
Net loss		-		-		-		(512	)		-
Balance at March 31, 2023		9,060,668	$	9	$	97,363	$	122,097		$	(13	)
Common stock issuance under
Employee Stock Purchase Plan		10,280		-		64		-			-
Exercise of stock options		1,250		-		11		-			-
Share-based compensation		15,172		-		311		-			-
Other comprehensive (loss), net of tax		-		-		-		-			(124	)
Net income		-		-		-		895			-
Balance at June 30, 2023		9,087,370	$	9	$	97,749	$	122,992		$	(137	)
Common stock issuance under
Exercise of stock options		875		-		7		-			-
Share-based compensation		-		-		336		-			-
Other comprehensive income, net of tax		-		-		-		-			109
Net income		-		-		-		1,930			-
Balance at September 30, 2023		9,088,245	$	9	$	98,092	$	124,922		$	(28	)


*For the nine months ended September 30, 2022*

Balance at December 31, 2021		8,938,091	$	9	$	95,590	$	130,682		$	40
Share-based compensation		19,362		-		409		-			-
Other comprehensive income, net of tax		-		-		-		-			135
Net loss		-		-		-		(1,615	)		-
Balance at March 31, 2022		8,957,453	$	9	$	95,999	$	129,067		$	175
Common stock issuance under
Employee Stock Purchase Plan		9,870		-		62		-			-
Share-based compensation		8,008		-		286		-			-
Other comprehensive income, net of tax		-		-		-		-			121
Net loss		-		-		-		(1,437	)		-
Balance at June 30, 2022		8,975,331	$	9	$	96,347	$	127,630		$	296
Share-based compensation		-		-		306		-			-
Other comprehensive income, net of tax		-		-		-		-			159
Net loss		-		-		-		(1,297	)		-
Balance at September 30, 2022		8,975,331	$	9	$	96,653	$	126,333		$	455

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

Table of Contents

UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Nature of Business and Basis of Presentation

Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers.

The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2022 consolidated balance sheet data was derived from the audited consolidated financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss ("CECL") model. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements.

Table of Contents

Note 2: Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:

	*Three months ended*					*Nine months ended*
	*September 30,*					*September 30,*
*(dollars in thousands, except per share amounts)*	*2023*		*2022*			*2023*		*2022*

Numerator:
Net income (loss)	$	1,930	$	(1,297	)	$	2,313	$	(4,349	)

Denominator:
Weighted average number of shares of common stock outstanding		9,087,465		8,975,331			9,069,926		8,960,830
Weighted average effect of dilutive share-based compensation		340,044		-			221,056		-
Diluted weighted average number of shares of common stock outstanding		9,427,509		8,975,331			9,290,982		8,960,830

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.21	$	(0.14	)	$	0.26	$	(0.49	)
Net income (loss) per common share - Diluted	$	0.20	$	(0.14	)	$	0.25	$	(0.49	)

We had options to purchase 419,550 and 719,875 shares of common stock outstanding at a weighted average price of $22.11 and $18.48 for the three months ended September 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. We had options to purchase 532,150 and 716,375 shares of common stock outstanding at a weighted average price of $19.92 and $18.55 for the nine months ended September 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. These options were not included in the computation of diluted net income (loss) per common share because their exercise prices were greater than the average market price of our common stock.

In addition, the calculation of diluted net loss per share for the three and nine months ended September 30, 2022, respectively, excluded 14,919 and 20,119 shares for the assumed exercise of stock options as a result of being in a net loss position.

Note 3: Revenue Recognition

The Company’s revenues primarily include sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue.

The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment.

We have determined that there are certain customer agreements involving production of specified product grades and shapes that require over-time revenue recognition, in advance of shipment, as there is no alternative use for the product without significant economic loss, and the Company maintains an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. The revenue is measured based on inputs expended in proportion to the total inputs the entity expects to expend to completely satisfy the performance obligation. The Company had revenue subject to over-time recognition of $7.2 million and $4.0 million during the nine months ending September 30, 2023 and 2022, respectively.

The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed and not yet billed of $2.3 million and $1.6 million At September 30, 2023 and December 31, 2022, respectively. The Company recorded these contract assets within Accounts Receivable in the Consolidated Balance Sheets at each date.

We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at September 30, 2023 within the next 12 months.

The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers ("ASC 606"):

●

Shipping of products is not considered a separate performance obligation.

●

Performance obligations are satisfied within one year from a given reporting date; consequently, we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders.

Table of Contents

The following summarizes our revenue by melt type:

	Three months ended September 30,				Nine months ended September 30,
*(in thousands)*	2023		2022		2023		2022
Net sales:
Specialty alloys	$	53,092	$	37,308	$	155,588	$	118,352
Premium alloys (A)		16,476		7,986		46,998		25,707
Conversion services and other sales		1,715		902		3,577		1,855

Total net sales	$	71,283	$	46,196	$	206,163	$	145,914

(A)

Premium alloys represent all vacuum induction melted (VIM) products.

Note 4: Inventory

Our raw material and starting stock inventory is primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chrome, molybdenum, cobalt, vanadium and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers.

Operating materials are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. During the nine months ended September 30, 2023 and 2022, we amortized these operating materials in the amount of $1.3 million and $1.2 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statement of cash flows.

Inventory is stated at the lower of cost or net realizable value with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Typically, we reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition.

The Company experienced a liquid metal spill at our Bridgeville plant during April 2022. The consolidated statements of operations for the nine months ended September 30, 2022 included $3.6 million of net expense related to the liquid metal spill, of which $1.3 million represents fixed overhead costs charged directly to expense due to the impact of the spill on our activity levels. The $3.6 million of expense is net of a $1.5 million insurance recovery received during the same period.

Inventories consisted of the following:

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Raw materials and starting stock	$	15,884		$	14,890
Semi-finished and finished steel products		122,538			129,534
Operating materials		15,552			13,220

Gross inventory		153,974			157,644
Inventory reserves		(3,223	)		(3,451	)

Total inventory	$	150,751		$	154,193

Note 5: Leases

The Company periodically enters into leases in its normal course of business. At September 30, 2023 and December 31, 2022, the leases in effect were primarily related to mobile equipment and other production equipment. The term of our leases is generally 72 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms.

Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the consolidated balance sheets and are depreciated over the respective lease terms which range from three to six years. The long-term component of the lease liability is included in Long-term debt and the current component is included in Current portion of long-term debt.

Table of Contents

The Company entered into four new finance lease agreements in the first nine months of 2023.

As of September 30, 2023, future minimum lease payments applicable to operating and finance leases were as follows:

*(in thousands)*	Operating Leases			Finance Leases
2023	$	55		$	491
2024		170			1,953
2025		36			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,114
Total minimum lease payments		284			8,683
Less amounts representing interest		(7	)		(1,867	)
Present value of minimum lease payments		277			6,816
Less current obligations		(161	)		(1,311	)
Total long-term lease obligations, net	$	116		$	5,505
Weighted-average remaining lease term (in years)		1.7			4.5

Right-of-use assets recorded to the consolidated balance sheet at September 30, 2023, net of accumulated amortization, were $0.3 million for operating leases and $7.0 million for finance leases. For the nine months ended September 30, 2023, the amortization of finance lease assets was $0.3 million and was included in cost of products sold in the consolidated statements of operations. Right-of-use assets recorded to the consolidated balance sheet at December 31, 2022, net of accumulated amortization, were $0.5 million for operating leases and $6.7 million for finance leases.

The unamortized portion of the $5.2 million lease component of our VAR expansion financing arrangement is included in the right-of-use asset total, while the $1.8 million sale and leaseback component of that agreement is excluded. The sale and leaseback component is accounted for as a loan secured by the related equipment, as it did not meet the criteria for sale accounting under ASC 842, Leases ("ASC 842"). This financing agreement was executed in December 2022 and had a $7.0 million total original principal amount, original term of 72 months, and implicit interest rate of approximately 11.2%. The weighted average interest rate on all our financing leases is approximately 10.0%.

The Company applies the practical expedient allowed under ASC 842 to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets.

In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under revolving credit facility discussed in Note 6, Long-Term Debt, as this facility is collateralized by a first lien on substantially all of the assets of the Company and its term is similar to the term of our leases.

Note 6: Long-Term Debt

Long-term debt consisted of the following:

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Revolving credit facility	$	72,091		$	79,545
Term loan		10,178			11,786
Sale and leaseback financing liability		1,605			1,804
Finance leases		6,816			6,663

Total debt		90,690			99,798
Less: current portion of long-term debt		(3,697	)		(3,419	)
Less: deferred financing costs		(1,161	)		(1,364	)

Long-term debt, net	$	85,832		$	95,015

Credit Facility

On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), the Lenders (as defined in the Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”).

At September 30, 2023, we had total Credit Agreement related net deferred financing costs of approximately $0.6 million. For the nine months ended September 30, 2023 and 2022, we amortized approximately $0.2 million of those deferred financing costs.

The Credit Agreement requires the Company to maintain compliance with all the applicable financial covenants throughout the term of the Credit Agreement. As of September 30, 2023, we are in compliance with all applicable financial covenants.

Table of Contents

The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio.

Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement.

The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility.

With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date.

Amounts outstanding under the Facilities, at the Company’s option, bear interest at either a base rate or the current LIBOR (prior to September 30, 2022) or SOFR (after September 30, 2022) rate plus a spread, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the nine months ended September 30, 2023, which approximated 7.9% for commitments under our Revolving Credit Facility and 8.4% for the Term Loan.

Note 7: New Markets Tax Credit Financing Transaction

On March 9, 2018, the Company entered into a qualified New Markets Tax Credit (“NMTC”) financing program with PNC New Markets Investment Partners, LLC and Boston Community Capital, Inc. related to a new mid-size bar cell capital project at the Company’s Dunkirk, NY facility. PNC New Markets Investment Partners, LLC made a capital contribution and the Company made a loan to Dunkirk Investment Fund, LLC (“Investment Fund”) under the qualified NMTC program. Through this financing transaction, the Company secured low interest financing and the potential for other future benefits related to its mid-size bar cell capital project.

In connection with the NMTC financing program, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048, to the Investment Fund. Additionally, PNC New Markets Investment Partners, LLC contributed $3.5 million to the Investment Fund, and as such, PNC New Markets Investment Partners, LLC is entitled to substantially all tax and other benefits derived from the NMTC. The Investment Fund then contributed the proceeds to a community development entity (“CDE”). The CDE then loaned the funds, on similar terms, as the Leverage Loan to Dunkirk Specialty Steel, LLC, a wholly-owned subsidiary of the Company. The CDE loan proceeds are restricted for use on the mid-size bar cell capital project.

The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify PNC New Markets Investment Partners, LLC for any loss or recapture of NMTCs related to the financing until the Company’s obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement.

As of September 30, 2023 and December 31, 2022, the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC.

This transaction also includes a put/call provision whereby the Company may be obligated or entitled to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund. The Company believes that PNC New Markets Investment Partners, LLC will exercise the put option in March 2025, at the end of the recapture period, resulting in a gain of $2.8 million at that time. The value attributed to the put/call is negligible.

Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and amortized over the term of the loans.

The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following:

●

The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIE;

●

Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE;

●

PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and

●

The Company is obligated to absorb losses of the VIE.

Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s consolidated financial statements.

Table of Contents

Note 8: Fair Value Measurement

The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:

Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.

Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

The fair value of the Term Loan and Revolving Credit Facility at September 30, 2023 and December 31, 2022 approximated the carrying amount as the interest rate is based upon observable market interest rates (Level 2). The fair values of foreign currency forward contracts and our interest rate swap discussed in Note 11, Derivatives and Hedging, at September 30, 2023 and December 31, 2022 were determined using observable market swap rates (Level 2).

Note 9: Commitments and Contingencies

From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact on our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

Note 10: Income Taxes

Management estimates the annual effective income tax rate quarterly based on forecasted full year results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items.

For the nine months ended September 30, 2023 and 2022, our estimated annual effective tax rates applied to ordinary income were 11.9% and 30.9%, respectively. In both periods, the projected annual ETR differs from the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not a significant component of the rate. In the current year, these credits reduce the rate because the Company is in a pretax income position, compared with the prior year when the Company was in a pretax loss position.

Discrete items during the nine months ended September 30, 2023 and 2022 were related to share-based compensation items and totaled $0.1 million and $0.2 million, respectively. The ETR for each period was 15.3% and 27.8%, respectively.

Note 11: Derivatives and Hedging

The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges.

The notional value of contracts was $3.8 million and $4.3 million at September 30, 2023 and December 31, 2022, respectively.

The Company recorded an unrealized loss in accumulated other comprehensive income (loss) of less than $0.1 million at September 30, 2023 related to the contracts, compared to an unrealized gain of less than $0.1 million at December 31, 2022.

Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The interest rate swap was designated as a cash flow hedge. The notional amount of the contract at its inception was $16 million and reduced throughout the term. The notional amount of the contract was $10 million at December 31, 2022 and was $5 million during the first half of 2023 until it matured on June 30, 2023. The Company recorded an unrealized gain in accumulated other comprehensive income of $0.1 million December 31, 2022 related to the contract. There was no hedge in place for the Company's variable rate debt as of September 30, 2023.

Note 12: Related Parties

During the nine-months ended September 30, 2023 and 2022, a member of the Company’s executive management team had an immediate family member who was an employee of a customer. Additionally during the nine-months ended September 30, 2023 and 2022, a member of the Company's board of directors was also a director of a customer. The Company has identified sales transactions to these customers as related party transactions in accordance with ASC 850, Related Party Disclosures. In total, related party sales transactions to these customers comprised approximately 17% and approximately 20% of our total Net sales for the nine months ended September 30, 2023 and 2022, respectively. Amounts due to the Company related to these transactions was approximately $8.3 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively.

Table of Contents

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains or incorporates forward-looking statements within the meaning of the Private Securities Reform Act of 1995, which involves risks and uncertainties. The following information should be read in conjunction with the unaudited consolidated financial information and the notes thereto included in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements. Actual events or results may differ materially due to competitive factors and other factors referred to in Part 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, our other filings with the Securities and Exchange Commission and elsewhere in this Quarterly Report. These factors may cause our actual results to differ materially from any forward-looking statement. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry and markets in which we operate, and management’s beliefs and assumptions. In addition, other written or oral statements that constitute forward-looking statements may be made by us or on our behalf. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “estimate,” “may,” “target,” “project,” or variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict.

Overview

We manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, and original equipment manufacturers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment and general industrial markets. We also perform conversion services on material supplied by our customers.

Sales in the third quarter of 2023 were $71.3 million, more than a 50% increase compared to the third quarter of last year and the highest quarter total since the second quarter of 2019. Compared with the prior year third quarter, sales to our largest end market, aerospace, increased by $22.3 million, or 70%. Sales also increased in the heavy equipment and general industrial end markets, while sales decreased sequentially in the power generation and oil and gas end markets.

Total Company backlog at September 30, 2023, before surcharges applied at the time of shipment, was $345 million. This is an increase of $57 million compared to the end of 2022. We maintain a healthy level of order entry and a strong total backlog resulting from sustained high demand for our products.

Sales of premium alloy products, which we define as all vacuum induction melt products, increased to $16.5 million. This is nearly at the record level we set in the first quarter of this year, and we expect premium alloy sales to continue to grow in the foreseeable future. Our premium alloy products are primarily sold to the aerospace end market.

Our gross margin for the third quarter was $10.9 million, or 15.2% of net sales, an increase from 14.3% last quarter and 6.4% in the same quarter last year. This reflects higher base prices, more shipment volume, and better production efficiency, partly offset by inflationary impacts in our costs and negative surcharge misalignment caused by falling commodity prices throughout the year. The higher gross margin resulted in operating income of $4.4 million and net income of $1.9 million for the quarter, or $0.20 per diluted share.

Table of Contents

Results of Operations

Three months ended September 30, 2023 as compared to the three months ended September 30, 2022:

	Three months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount			Percentage of net sales			Dollar variance		Percentage variance

Net sales	$	71,283		100.0	%	$	46,196			100.0	%	$	25,087		54.3	%
Cost of products sold		60,424		84.8			43,218			93.6			17,206		39.8

Gross margin		10,859		15.2			2,978			6.4			7,881		264.6
Selling, general and administrative expenses		6,449		9.0			5,279			11.4			1,170		22.2

Operating income (loss)		4,410		6.2			(2,301	)		(5.0	)		6,711		(291.7	)
Interest expense		2,073		2.9			1,165			2.5			908		77.9
Deferred financing amortization		65		0.1			56			0.1			9		16.1
Other expense (income), net		42		0.1			(599	)		(1.3	)		641		NM

Income (loss) before income taxes		2,230		3.1			(2,923	)		(6.3	)		5,153		(176.3	)
Income taxes		300		0.4			(1,626	)		(3.5	)		1,926		(118.5	)

Net income (loss)	$	1,930		2.7	%	$	(1,297	)		(2.8	)%	$	3,227		(248.8	)

Market Segment Information

	Three months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance			Percentage variance
Net sales:
Service centers	$	56,768		79.6	%	$	33,382		72.3	%	$	23,386			70.1	%
Original equipment manufacturers		5,142		7.2			3,986		8.6			1,156			29.0
Rerollers		2,373		3.4			3,386		7.3			(1,013	)		(29.9	)
Forgers		5,285		7.4			4,540		9.8			745			16.4
Conversion services and other		1,715		2.4			902		2.0			813			90.1

Total net sales	$	71,283		100.0	%	$	46,196		100.0	%	$	25,087			54.3	%

Melt Type Information

	Three months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance		Percentage variance
Net sales:
Specialty alloys	$	53,092		74.5	%	$	37,308		80.7	%	$	15,784		42.3	%
Premium alloys (A)		16,476		23.1			7,986		17.3			8,490		106.3
Conversion services and other		1,715		2.4			902		2.0			813		90.1

Total net sales	$	71,283		100.0	%	$	46,196		100.0	%	$	25,087		54.3	%

(A)	Premium alloys represent all vacuum induction melted (VIM) products.

The majority of our products are sold to service centers rather than the ultimate end market customers. The end market information in this Quarterly Report is our estimate based upon our knowledge of our customers and the grade of material sold to them, which they will in-turn sell to the ultimate end market customer.

Table of Contents

End Market Information

	Three months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance			Percentage variance
Net sales:
Aerospace	$	53,978		75.7	%	$	31,664		68.5	%	$	22,314			70.5	%
Power generation		715		1.0			1,553		3.4			(838	)		(54.0	)
Oil & gas		2,592		3.6			3,706		8.0			(1,114	)		(30.1	)
Heavy equipment		8,940		12.5			6,225		13.5			2,715			43.6
General industrial, conversion services and other		5,058		7.2			3,048		6.6			2,010			65.9

Total net sales	$	71,283		100.0	%	$	46,196		100.0	%	$	25,087			54.3	%

Net sales:

Net sales for the three months ended September 30, 2023 increased $25.1 million, or 54%, compared to the same period in the prior year. This reflects both higher shipment volume and a strong pricing environment. The increase in our base selling prices applies to substantially all our products, but is highest in our aerospace end market and driven by strong demand.

Gross margin:

As a percent of sales, our gross margin for the three months ended September 30, 2023 was 15.2% compared to 6.4% for the same period in the prior year. The increase includes higher base selling prices and the benefit of higher shipment volumes, partly offset by inflationary pressures on substantially all of our production inputs throughout 2022 and 2023 and negative misalignment due to falling commodity prices resulting in a decrease in the surcharge component of our selling prices.

Selling, general and administrative expenses:

Our selling, general and administrative (“SG&A”) expenses consist primarily of employee-related costs, which include salaries, payroll taxes and benefit related costs, insurance costs and professional services. SG&A expenses increased by $1.2 million for the three months ended September 30, 2023 compared to the same period in the prior year due to increases in insurance costs and employee-related costs.

Interest expense and other financing costs:

Interest expense totaled approximately $2.1 million in the third quarter of 2023 compared to $1.2 million in the third quarter of 2022. The increase reflects higher borrowings and the impact of higher variable interest rates paid on our revolving credit facility and term debt.

Income taxes:

For the three months ended September 30, 2023 and 2022, our estimated annual effective tax rates applied to ordinary income were 11.9% and 30.9%, respectively. In both periods, the projected annual ETR differs from the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not a significant component of the rate. In the current year, these credits reduce the rate because the Company is in a pretax income position, compared with the prior year when the Company was in a pretax loss position. Discrete items were not significant in either period.

Net income (loss):

For the three months ended September 30, 2023, the Company earned net income of $1.9 million, or $0.20 per diluted share, compared to a net loss of $1.3 million, or ($0.14) per diluted share, for the three months ended September 30, 2022.

Table of Contents

Nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022:

	Nine months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount			Percentage of net sales			Dollar variance		Percentage variance

Net sales	$	206,163		100.0	%	$	145,914			100.0	%		60,249		41.3	%
Cost of products sold		177,732		86.2			134,144			91.9			43,588		32.5

Gross margin		28,431		13.8			11,770			8.1			16,661		141.6
Selling, general and administrative expenses		19,479		9.4			15,605			10.7			3,874		24.8

Operating income (loss)		8,952		4.4			(3,835	)		(2.6	)		12,787		(333.4	)
Interest expense		6,020		2.9			2,632			1.8			3,388		128.7
Deferred financing amortization		195		0.1			168			0.1			27		16.1
Other income, net		5		-			(625	)		(0.4	)		630		(100.8	)

Income (loss) before income taxes		2,732		1.3			(6,010	)		(4.1	)		8,742		(145.5	)
Income taxes		419		0.2			(1,661	)		(1.1	)		2,080		(125.2	)

Net income (loss)	$	2,313		1.1	%	$	(4,349	)		(3.0	)%	$	6,662		(153.2	)

Market Segment Information

	Nine months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance			Percentage variance
Net sales:
Service centers	$	159,928		77.6	%	$	103,575		71.0	%	$	56,353			54.4	%
Original equipment manufacturers		13,218		6.4			12,872		8.8			346			2.7
Rerollers		12,700		6.2			14,783		10.1			(2,083	)		(14.1	)
Forgers		16,740		8.1			12,829		8.8			3,911			30.5
Conversion services and other sales		3,577		1.7			1,855		1.3			1,722			92.8

Total net sales	$	206,163		100.0	%	$	145,914		100.0	%	$	60,249			41.3	%

Melt Type Information

	Nine months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance		Percentage variance
Net sales:
Specialty alloys	$	155,588		75.5	%	$	118,352		81.1	%	$	37,236		31.5	%
Premium alloys (A)		46,998		22.8			25,707		17.6			21,291		82.8
Conversion services and other sales		3,577		1.7			1,855		1.3			1,722		92.8

Total net sales	$	206,163		100.0	%	$	145,914		100.0	%	$	60,249		41.3	%

(A)	Premium alloys represent all vacuum induction melted (VIM) products.

Table of Contents

End Market Information

	Nine months ended September 30,
*(in thousands)*	2023					2022

	Amount		Percentage of net sales			Amount		Percentage of net sales			Dollar variance			Percentage variance
Net sales:
Aerospace	$	154,198		74.8	%	$	97,439		66.8	%	$	56,759			58.3	%
Power generation		3,131		1.6			5,074		3.5			(1,943	)		(38.3	)
Oil & gas		10,398		5.0			12,725		8.7			(2,327	)		(18.3	)
Heavy equipment		24,799		12.0			21,504		14.7			3,295			15.3
General industrial, conversion services and other sales		13,637		6.6			9,172		6.3			4,465			48.7

Total net sales	$	206,163		100.0	%	$	145,914		100.0	%	$	60,249			41.3	%

Net sales:

Net sales for the nine months ended September 30, 2023 increased $60.2 million, or 41%, compared to the nine months ended September 30, 2022. This reflects both higher shipment volume and a strong pricing environment. The increase in demand and selling price is primarily driven by our aerospace end market.

Gross margin:

Our gross margin, as a percent of sales, was 13.8% for the nine months ended September 30, 2023 compared to 8.1% for the nine months ended September 30, 2022. The increased margin reflects higher base selling prices and increases in production volume and shipping volume compared to the same period in the prior year. The prior year includes approximately $3.6 million in total direct charges due to a liquid metal spill in our Bridgeville plant and a $3.6 million benefit from the AMJP grant awarded to the Company.

Selling, general and administrative expenses:

Our SG&A expenses consist primarily of employee-related costs, which include salaries, payroll taxes and benefit related costs, insurance costs and professional services. SG&A expenses increased by $3.9 million for the nine months ended September 30, 2023 compared to the same period in the prior year due to increases in insurance costs and employee-related costs, and were 9.4% of sales year to date in 2023 compared to 10.7% of sales in the prior year.

Interest expense and other financing costs:

Interest expense totaled approximately $6.0 million in the first nine months of 2023 compared to $2.6 million in the first nine months of 2022. The increase reflects higher interest rates and higher borrowings as we grew our working capital in support of higher sales levels.

Income taxes:

For the nine months ended September 30, 2023 and 2022, our estimated annual effective tax rates applied to ordinary income were 11.9% and 30.9%, respectively. In both periods, the projected annual ETR is less than the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not a significant component of the rate. In the current year, these credits reduce the rate because the Company is in a pretax income position, compared with the prior year when the Company was in a pretax loss position. Discrete items were not significant in either period.

Net income (loss):

For the nine months ended September 30, 2023, the Company earned net income of $2.3 million, or $0.25 per diluted share, compared to a net loss of $4.3 million, or ($0.49) per diluted share, for the nine months ended September 30, 2022.

Liquidity and Capital Resources

Historically, we have financed our operations through cash provided by operating activities and borrowings on our credit facilities. At September 30, 2023, we maintained approximately $31 million of remaining availability under our revolving credit facility.

We believe that our cash flows from continuing operations, as well as available borrowings under our credit facility are adequate to satisfy our working capital, capital expenditure requirements, and other contractual obligations for the foreseeable future, including at least the next 12 months.

Table of Contents

Net cash provided by (used in) operating activities:

During the nine months ended September 30, 2023, our operating activities generated $17.8 million of cash. This includes a use of $4.7 million to grow our managed working capital, which we define as net accounts receivable, plus inventory, minus accounts payable, minus other current liabilities. We generated $4.2 million from our other assets and liabilities.

During the nine months ended September 30, 2022, net cash of $6.3 million was used in operating activities. We used $13.7 million of cash from managed working capital as inventory grew in support of our record backlog and used $19.3 million in cash, partly offset by a decrease in accounts receivable of $1.9 million due to lower sales sequentially, and a $7.3 million impact from increased accounts payable. We also used $2.1 million of cash from other assets and liabilities.

In February 2022, the Company entered into an agreement with the Department of Transportation (“DOT”) under the AMJP Program for a grant of up to $3.6 million, and received the first installment of $1.8 million. The Company was to receive additional funds from the DOT after upon final confirmation from the DOT of the Company's compliance with the terms of the agreement. The additional amount was conditioned upon the Company committing to not furlough or lay off a defined group of employees during the six-month period of performance between February 2022 and August 2022. The total estimated grant benefit was recognized over the six-month performance period as a reduction to cost of sales. The $1.8 million portion of the grant that was earned but not received in 2022 was recorded within Other current assets on the Consolidated Balance Sheet at December 31, 2022 and until the funds were ultimately received in July 2023. Collections under the program are complete.

Net cash used in investing activities:

During the nine months ended September 30, 2023, we used $9.7 million of cash for capital expenditures, compared to $11.0 million for the same period in the prior year. Full year 2023 capital spending is expected to approximate $14 million to $16 million.

Net cash (used in) provided by financing activities:

We used $10.0 million of cash in financing activities for the nine months ended September 30, 2023, primarily to make $7.5 million in net payments on our revolving credit facility and $1.6 million in payments on our term loan. We reduced debt in the current year-to-date on better cash flow, despite investing more in managed working capital compared with the prior year period and making progress on our strategic capital investments.

Raw materials

The cost of raw materials represents approximately 40% to 50% of the cost of products sold in the first nine months of 2023 and 2022. The major raw materials used in our operations include nickel, molybdenum, vanadium, chrome, iron and carbon scrap. The average price of substantially all our major raw materials increased in 2022 compared with 2021, and remain at elevated levels compared to historical prices in 2023 despite a decline throughout the current year. We maintain a sales price surcharge within our product pricing to mitigate the risk of substantial raw material cost fluctuations. Over time, our surcharge will effectively offset changes in raw material costs; however, during a period of rising or falling prices the timing will cause variation between reporting periods.

Credit Facility

On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), the Lenders (as defined in the Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”).

At September 30, 2023, we had total Credit Agreement related net deferred financing costs of approximately $0.6 million. For the nine months ended September 30, 2023 and 2022, we amortized approximately $0.2 million of those deferred financing costs.

The Credit Agreement requires the Company to maintain compliance with all the applicable financial covenants throughout the term of the Credit Agreement. As of September 30, 2023, we are in compliance with all applicable financial covenants.

The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio.

Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement.

The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility.

With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date.

Amounts outstanding under the Facilities, at the Company’s option, bear interest at either a base rate or the current LIBOR (prior to September 30, 2022) or SOFR (after September 30, 2022) rate plus a spread, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the nine months ended September 30, 2023, which approximated 7.9% for commitments under our Revolving Credit Facility and 8.4% for the Term Loan.

Table of Contents

Leases

The Company periodically enters into leases in its normal course of business. At September 30, 2023, the leases in effect were primarily related to mobile equipment and other production equipment. The term of our leases is generally 72 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms.

The Company entered into four new financing leases during the first nine months of 2023.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company has reviewed its market risk and believes there are no significant changes from that disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, except as provided in this Form 10-Q in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Part II. Item 1A. “Risk Factors.”

Item 4. CONTROLS AND PROCEDURES

The Company’s management, including the Company’s Chairman, President and Chief Executive Officer and its Vice President and Chief Financial Officer, performed an evaluation of the effectiveness of the Company’s disclosure controls and procedures. Based on that evaluation, the Company’s Chairman, President and Chief Executive Officer and its Vice President and Chief Financial Officer concluded that, as of the end of the fiscal period covered by this quarterly report, the Company’s disclosure controls and procedures are effective. During the fiscal quarter ended September 30, 2023, there were no changes in the Company’s internal control over financial reporting which have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

Part II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

There are no material changes from the legal proceedings disclosed in Item 3. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Item 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 could materially affect our business, financial conditions or future results. Those risk factors are not the only risks facing us. Additional risks and uncertainties not currently known or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results. We believe that there have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not Applicable.

Item 5. OTHER INFORMATION

Not Applicable.

Table of Contents

Item 6. EXHIBITS

Exhibit Number		Exhibit

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101		The following financial information from this Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, formatted in Inline XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Loss; (iv) the Consolidated Statements of Cash Flows; the Consolidated Statements of Shareholders’ Equity; and (v) the Notes to the Consolidated Financial Statements (filed herewith).

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments).

Table of Contents

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.

Date: November 6, 2023

/s/ Dennis M. Oates
Dennis M. Oates
Chairman, President and Chief Executive Officer
(Principal Executive Officer)

Date: November 6, 2023

/s/ Steven V. DiTommaso
Steven V. DiTommaso
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-31.1 2 ex_574482.htm EXHIBIT 31.1 ex_574482.htm

Exhibit 31.1

CERTIFICATION

I, Dennis M. Oates, certify that:

1.	I have reviewed this report on Form 10-Q of Universal Stainless & Alloy Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2023

/s/ Dennis M. Oates
Dennis M. Oates
Chairman, President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 ex_574483.htm EXHIBIT 31.2 ex_574483.htm

Exhibit 31.2

CERTIFICATION

I, Steven V. DiTommaso, certify that:

1.	I have reviewed this report on Form 10-Q of Universal Stainless & Alloy Products, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2023

/s/ Steven V. DiTommaso
Steven V. DiTommaso
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-32.1 4 ex_574484.htm EXHIBIT 32.1 ex_574484.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Universal Stainless & Alloy Products, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2023	/s/ Dennis M. Oates
	Dennis M. Oates
	Chairman, President and Chief Executive Officer
	(Principal Executive Officer)

Date: November 6, 2023	/s/ Steven V. DiTommaso
	Steven V. DiTommaso
	Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-101.SCH 5 usap-20230930.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Consolidated Statements of Comprehensive Income (Loss) (Unaudited) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Consolidated Statements of Cash Flow (Unaudited) link:calculationLink link:definitionLink link:presentationLink 006 - Statement - Consolidated Statements of Shareholders' Equity (Unaudited) link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 1 - Nature of Business and Basis of Presentation link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 3 - Revenue Recognition link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 4 - Inventory link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 5 - Leases link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 6 - Long-term Debt link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 7 - New Markets Tax Credit Financing Transaction link:calculationLink link:definitionLink link:presentationLink 014 - Disclosure - Note 8 - Fair Value Measurement link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 9 - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 10 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 11 - Derivatives and Hedging link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 3 - Revenue Recognition (Tables) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 4 - Inventory (Tables) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 5 - Leases (Tables) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 6 - Long-term Debt (Tables) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 3 - Revenue Recognition (Details Textual) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 4 - Inventory (Details Textual) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 4 - Inventory - Schedule of Inventory (Details) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 5 - Leases (Details Textual) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 5 - Leases - Lease Cost (Details) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 6 - Long-term Debt (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 10 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 11 - Derivatives and Hedging (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 6 usap-20230930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 usap-20230930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 usap-20230930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information us-gaap_DerivativeNotionalAmount Derivative, Notional Amount Note To Financial Statement Details Textual Significant Accounting Policies Operating lease, 2024 Note 2 - Net Income (Loss) Per Common Share Operating lease, 2025 Hedging Relationship [Domain] Note 3 - Revenue Recognition Note 4 - Inventory Cash Flow Hedging [Member] Note 5 - Leases Note 6 - Long-term Debt Note 2 - Net Income (Loss) Per Common Share - Schedule of Earnings Per Share (Details) Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) Note 4 - Inventory - Schedule of Inventory (Details) Income Tax Disclosure [Text Block] Hedging Relationship [Axis] Note 5 - Leases - Lease Cost (Details) Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) Hedging Designation [Axis] Notes To Financial Statements Hedging Designation [Domain] Other long-term assets Share-based compensation expense Notes To Financial Statements [Abstract] Designated as Hedging Instrument [Member] Operating lease, 2023 us-gaap_LiabilitiesCurrent Total current liabilities Schedule of Debt [Table Text Block] Other current liabilities Current portion of long-term debt Less: current portion of long-term debt Depreciation and amortization Other comprehensive income (loss), net of tax us-gaap_AssetsCurrent Total current assets us-gaap_LesseeFinanceLeaseTermOfContract1 Lessee, Finance Lease, Term of Contract (Year) Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,088,245 and 9,049,748 shares issued, respectively Adjustments for non-cash items: Common stock, authorized (in shares) Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] Common stock, issued (in shares) Common stock, par value (in dollars per share) Accrued employment costs Statistical Measurement [Domain] Maximum [Member] Minimum [Member] Accounts payable Revolving Credit Facility [Member] Product and Service [Axis] Other current assets Product and Service [Domain] Statistical Measurement [Axis] Capital expenditures in accounts payable Credit Facility [Axis] Credit Facility [Domain] Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding Preferred stock, issued (in shares) us-gaap_PolicyTextBlockAbstract Accounting Policies Preferred stock, authorized (in shares) Inventory Total inventory Preferred stock, par value (in dollars per share) us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax Revenue from Contract with Customer, Including Assessed Tax Raw materials and starting stock us-gaap_InventoryValuationReserves Inventory reserves Semi-finished and finished steel products us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Payments for property, plant and equipment Weighted average effect of dilutive share-based compensation (in shares) Supplemental Non-Cash Investing Activity: us-gaap_InventoryGross Gross inventory Current liabilities: us-gaap_Assets Total assets Operating Activities: Statement [Line Items] Allowance for credit losses Accounts receivable (less expected credit losses of $34 and $201 in each period, respectively) Deferred income tax assets Additional paid-in capital AOCI Attributable to Parent [Member] Stockholders’ equity: us-gaap_ContractWithCustomerAssetNet Contract with Customer, Asset, after Allowance for Credit Loss us-gaap_OtherNonoperatingIncomeExpense Other expense (income), net Current assets: Net income (loss) Net income (loss) Net income (loss) us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations Cash at beginning of period Cash at end of period us-gaap_SaleLeasebackTransactionNetBookValue Sale Leaseback Transaction, Net Book Value us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect Net decrease in cash us-gaap_Liabilities Total liabilities us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash (used in) provided by financing activities Commitments and contingencies (Note 9) us-gaap_OperatingIncomeLoss Operating income (loss) us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by (used in) operating activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash used in investing activity Inventory [Axis] Inventory [Domain] us-gaap_GrossProfit Gross margin Cost of products sold Deferred income taxes us-gaap_InventoryWriteDown Inventory Write-down Commitments and Contingencies Disclosure [Text Block] Property, plant and equipment, net us-gaap_CostOfGoodsAndServicesSoldOverhead Cost, Overhead Derivative Instrument [Axis] Derivative Contract [Domain] Investing Activity: Executive Management and Family [Member] Executive Management and Family. us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet Other assets and liabilities, net Retained Earnings [Member] Earnings Per Share [Text Block] Net sales Additional Paid-in Capital [Member] Common Stock [Member] Accrued employment costs us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities Preferred Stock [Member] Related Party Transactions Disclosure [Text Block] Issuance of common stock under share-based plans Income taxes Equity Components [Axis] Equity Component [Domain] Accounts payable us-gaap_IncreaseDecreaseInAccountsPayable us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest Income (loss) before income taxes Cash us-gaap_RepaymentsOfOtherDebt Payments on term loan facility and finance leases Timing of Transfer of Good or Service [Domain] us-gaap_DeferredFinanceCostsNet Debt Issuance Costs, Net Less: deferred financing costs Transferred over Time [Member] Disaggregation of Revenue [Table Text Block] Timing of Transfer of Good or Service [Axis] Revenue from Contract with Customer [Text Block] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Document Quarterly Report usap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAveragePrice Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Price (in dollars per share) Represents the weighted average price of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Amendment Flag Entity Incorporation, State or Country Code Debt, carrying amount Accounting Policies [Abstract] us-gaap_ComprehensiveIncomeNetOfTax Comprehensive income (loss) Document Transition Report City Area Code No Trading Symbol Flag us-gaap_DebtInstrumentPeriodicPayment Debt Instrument, Periodic Payment New Accounting Pronouncements, Policy [Policy Text Block] us-gaap_RepaymentsOfLongTermLinesOfCredit Payments on revolving credit facility Entity Interactive Data Current Specialty Alloys [Member] Relating to specialty alloys. us-gaap_SharesOutstanding Balance (in shares) Balance (in shares) Security Exchange Name Preferred stock, outstanding (in shares) Title of 12(b) Security Long-term debt, net Long-term debt, net us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities Total debt Current Fiscal Year End Date Cost of Sales [Member] us-gaap_NotesReceivableNet Financing Receivable, after Allowance for Credit Loss Premium Alloys [Member] Relating to premium alloys. us-gaap_DebtInstrumentInterestRateEffectivePercentage Debt Instrument, Interest Rate, Effective Percentage Conversion Services and Other Sales [Member] Relating to conversion services and other sales. usap_LeaseTerm Lease Term (Month) Represents the term of operating and finance leases. Document Fiscal Period Focus Borrowings under revolving credit facility Document Fiscal Year Focus Liquid Metal Spill [Member] Relating to liquid metal spill. Lease, Cost [Table Text Block] usap_InventoryAmortizationExpense Inventory Amortization Expense Represents the amount of amortization expense attributable to inventory. Document Period End Date Income Statement Location [Axis] Operating And Finance Leases Disclosure [Text Block] Operating and finance leases disclosure. Income Statement Location [Domain] Weighted-average remaining operating lease term (in years) (Year) Operating materials Amount before valuation reserves of operating materials included in inventory. Entity File Number Collaborative Arrangement and Arrangement Other than Collaborative [Axis] Entity Emerging Growth Company us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type Entity Small Business Entity Shell Company Document Information [Line Items] Document Information [Table] usap_FinanceLeaseImplicitInterestRate Finance Lease, Implicit Interest Rate Represents the implicit interest rate on a finance lease. Entity Filer Category Debt Instrument [Axis] Entity Current Reporting Status usap_FinanceLeaseOriginalAmount Finance Lease, Original Amount Represents the original amount of a finance lease. Debt Instrument, Name [Domain] Variable Rate [Domain] us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) Variable Rate [Axis] Diluted (in shares) Diluted weighted average number of shares of common stock outstanding (in shares) us-gaap_ConcentrationRiskPercentage1 Concentration Risk, Percentage us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable, net EX-101.PRE 9 usap-20230930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 10 image01.jpg begin 644 image01.jpg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htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000931584
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1724540
Entity Address, Address Line One	600 Mayer Street
Entity Address, City or Town	Bridgeville
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15017
City Area Code	412
Local Phone Number	257-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,088,245
Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	USAP
Security Exchange Name	NASDAQ

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 71,283	$ 46,196	$ 206,163	$ 145,914
Cost of products sold	60,424	43,218	177,732	134,144
Gross margin	10,859	2,978	28,431	11,770
Selling, general and administrative expenses	6,449	5,279	19,479	15,605
Operating income (loss)	4,410	(2,301)	8,952	(3,835)
Interest expense and other financing costs	2,138	1,221	6,215	2,800
Other expense (income), net	42	(599)	5	(625)
Income (loss) before income taxes	2,230	(2,923)	2,732	(6,010)
Income taxes	300	(1,626)	419	(1,661)
Net income (loss)	$ 1,930	$ (1,297)	$ 2,313	$ (4,349)
Net income (loss) per common share - Basic (in dollars per share)	$ 0.21	$ (0.14)	$ 0.26	$ (0.49)
Net income (loss) per common share - Diluted (in dollars per share)	$ 0.2	$ (0.14)	$ 0.25	$ (0.49)
Weighted average shares of common stock outstanding
Basic (in shares)	9,087,465	8,975,331	9,069,926	8,960,830
Diluted (in shares)	9,427,509	8,975,331	9,290,982	8,960,830

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 1,930	$ (1,297)	$ 2,313	$ (4,349)
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on derivatives	109	159	(161)	455
Comprehensive income (loss)	$ 2,039	$ (1,138)	$ 2,152	$ (3,894)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 177	$ 2,019
Accounts receivable (less expected credit losses of $34 and $201 in each period, respectively)	36,984	30,960
Inventory	150,751	154,193
Other current assets	8,621	10,392
Total current assets	196,533	197,564
Property, plant and equipment, net	158,881	163,490
Deferred income tax assets	0	143
Other long-term assets	1,602	2,137
Total assets	357,016	363,334
Current liabilities:
Accounts payable	35,095	38,179
Accrued employment costs	5,119	2,790
Current portion of long-term debt	3,697	3,419
Other current liabilities	1,006	1,112
Total current liabilities	44,917	45,500
Long-term debt, net	85,832	95,015
Deferred income taxes	219	0
Other long-term liabilities, net	3,053	3,066
Total liabilities	134,021	143,581
Commitments and contingencies (Note 9)
Stockholders’ equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.001 per share; 20,000,000 shares authorized; 9,088,245 and 9,049,748 shares issued, respectively	9	9
Additional paid-in capital	98,092	97,002
Accumulated other comprehensive (loss) income	(28)	133
Retained earnings	124,922	122,609
Total stockholders’ equity	222,995	219,753
Total liabilities and stockholders’ equity	$ 357,016	$ 363,334

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit losses	$ 34	$ 201
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	1,980,000	1,980,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	9,088,245	9,049,748

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net income (loss)	$ 2,313	$ (4,349)
Adjustments for non-cash items:
Depreciation and amortization	14,331	14,351
Amortization of deferred debt financing costs	194	169
Deferred income tax	370	(1,675)
Share-based compensation expense	1,008	1,001
Changes in assets and liabilities:
Accounts receivable, net	(6,024)	(1,938)
Inventory	2,159	(19,342)
Accounts payable	(743)	7,255
Accrued employment costs	2,329	(335)
Other assets and liabilities, net	1,909	(1,449)
Net cash provided by (used in) operating activities	17,846	(6,312)
Investing Activity:
Payments for property, plant and equipment	(9,656)	(10,974)
Net cash used in investing activity	(9,656)	(10,974)
Financing Activities:
Borrowings under revolving credit facility	151,929	102,098
Payments on revolving credit facility	(159,383)	(83,260)
Issuance of common stock under share-based plans	82	62
Payments on term loan facility and finance leases	(2,660)	(1,666)
Net cash (used in) provided by financing activities	(10,032)	17,234
Net decrease in cash	(1,842)	(52)
Cash at beginning of period	2,019	118
Cash at end of period	177	66
Supplemental Non-Cash Investing Activity:
Capital expenditures in accounts payable	$ 1,386	$ 3,013

XML 17 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021	8,938,091
Balance at Dec. 31, 2021	$ 9	$ 95,590	$ 130,682	$ 40
Share-based compensation (in shares)	19,362
Share-based compensation	$ 0	409	0	0
Other comprehensive income (loss), net of tax	0	0	0	135
Net income (loss)	$ 0	0	(1,615)	0
Balance (in shares) at Mar. 31, 2022	8,957,453
Balance at Mar. 31, 2022	$ 9	95,999	129,067	175
Balance (in shares) at Dec. 31, 2021	8,938,091
Balance at Dec. 31, 2021	$ 9	95,590	130,682	40
Net income (loss)	$ 0	0	(1,437)	0
Balance (in shares) at Jun. 30, 2022	8,975,331
Balance at Jun. 30, 2022	$ 9	96,347	127,630	296
Balance (in shares) at Dec. 31, 2021	8,938,091
Balance at Dec. 31, 2021	$ 9	95,590	130,682	40
Other comprehensive income (loss), net of tax					$ 455
Net income (loss)					$ (4,349)
Exercise of stock options (in shares)					20,119
Balance (in shares) at Sep. 30, 2022	8,975,331
Balance at Sep. 30, 2022	$ 9	96,653	126,333	455
Balance (in shares) at Mar. 31, 2022	8,957,453
Balance at Mar. 31, 2022	$ 9	95,999	129,067	175
Share-based compensation (in shares)	8,008
Share-based compensation	$ 0	286	0	0
Other comprehensive income (loss), net of tax	$ 0	0	0	121
Employee Stock Purchase Plan (in shares)	9,870
Employee Stock Purchase Plan	$ 0	62	0	0
Balance (in shares) at Jun. 30, 2022	8,975,331
Balance at Jun. 30, 2022	$ 9	96,347	127,630	296
Share-based compensation	0	306	0	0
Other comprehensive income (loss), net of tax	0	0	0	159	$ 159
Net income (loss)	$ 0	0	(1,297)	0	(1,297)
Balance (in shares) at Sep. 30, 2022	8,975,331
Balance at Sep. 30, 2022	$ 9	96,653	126,333	455
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Share-based compensation (in shares)	10,920
Share-based compensation	$ 0	361	0	0
Other comprehensive income (loss), net of tax	0	0	0	(146)
Net income (loss)	$ 0	0	(512)	0
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)
Balance (in shares) at Dec. 31, 2022	9,049,748
Balance at Dec. 31, 2022	$ 9	97,002	122,609	133	219,753
Other comprehensive income (loss), net of tax					(161)
Net income (loss)					$ 2,313
Exercise of stock options (in shares)					14,919
Balance (in shares) at Sep. 30, 2023	9,088,245
Balance at Sep. 30, 2023	$ 9	98,092	124,922	(28)	$ 222,995
Balance (in shares) at Mar. 31, 2023	9,060,668
Balance at Mar. 31, 2023	$ 9	97,363	122,097	(13)
Share-based compensation (in shares)	15,172
Share-based compensation	$ 0	311	0	0
Other comprehensive income (loss), net of tax	0	0	0	(124)
Net income (loss)	$ 0	0	895	0
Employee Stock Purchase Plan (in shares)	10,280
Employee Stock Purchase Plan	$ 0	64	0	0
Exercise of stock options (in shares)	1,250
Exercise of stock options	$ 0	11	0	0
Balance (in shares) at Jun. 30, 2023	9,087,370
Balance at Jun. 30, 2023	$ 9	97,749	122,992	(137)
Share-based compensation	0	336	0	0
Other comprehensive income (loss), net of tax	0	0	0	109	109
Net income (loss)	$ 0	0	1,930	0	1,930
Exercise of stock options (in shares)	875
Exercise of stock options	$ 0	7	0	0
Balance (in shares) at Sep. 30, 2023	9,088,245
Balance at Sep. 30, 2023	$ 9	$ 98,092	$ 124,922	$ (28)	$ 222,995

XML 18 R8.htm IDEA: XBRL DOCUMENT

Note 1 - Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1: Nature of Business and Basis of Presentation

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note 2 - Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2: Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:

	*Three months ended*					*Nine months ended*
	*September 30,*					*September 30,*
*(dollars in thousands, except per share amounts)*	*2023*		*2022*			*2023*		*2022*

Numerator:
Net income (loss)	$	1,930	$	(1,297	)	$	2,313	$	(4,349	)

Denominator:
Weighted average number of shares of common stock outstanding		9,087,465		8,975,331			9,069,926		8,960,830
Weighted average effect of dilutive share-based compensation		340,044		-			221,056		-
Diluted weighted average number of shares of common stock outstanding		9,427,509		8,975,331			9,290,982		8,960,830

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.21	$	(0.14	)	$	0.26	$	(0.49	)
Net income (loss) per common share - Diluted	$	0.20	$	(0.14	)	$	0.25	$	(0.49	)

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note 3 - Revenue Recognition

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 3: Revenue Recognition

We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at September 30, 2023 within the next 12 months.

The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers ("ASC 606"):

●

Shipping of products is not considered a separate performance obligation.

●

The following summarizes our revenue by melt type:

	Three months ended September 30,				Nine months ended September 30,
*(in thousands)*	2023		2022		2023		2022
Net sales:
Specialty alloys	$	53,092	$	37,308	$	155,588	$	118,352
Premium alloys (A)		16,476		7,986		46,998		25,707
Conversion services and other sales		1,715		902		3,577		1,855

Total net sales	$	71,283	$	46,196	$	206,163	$	145,914

(A)

Premium alloys represent all vacuum induction melted (VIM) products.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Inventory

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 4: Inventory

Inventories consisted of the following:

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Raw materials and starting stock	$	15,884		$	14,890
Semi-finished and finished steel products		122,538			129,534
Operating materials		15,552			13,220

Gross inventory		153,974			157,644
Inventory reserves		(3,223	)		(3,451	)

Total inventory	$	150,751		$	154,193

XML 22 R12.htm IDEA: XBRL DOCUMENT

Note 5 - Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Operating And Finance Leases Disclosure [Text Block]

Note 5: Leases

The Company entered into four new finance lease agreements in the first nine months of 2023.

As of September 30, 2023, future minimum lease payments applicable to operating and finance leases were as follows:

*(in thousands)*	Operating Leases			Finance Leases
2023	$	55		$	491
2024		170			1,953
2025		36			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,114
Total minimum lease payments		284			8,683
Less amounts representing interest		(7	)		(1,867	)
Present value of minimum lease payments		277			6,816
Less current obligations		(161	)		(1,311	)
Total long-term lease obligations, net	$	116		$	5,505
Weighted-average remaining lease term (in years)		1.7			4.5

The Company applies the practical expedient allowed under ASC 842 to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Note 6 - Long-term Debt

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 6: Long-Term Debt

Long-term debt consisted of the following:

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Revolving credit facility	$	72,091		$	79,545
Term loan		10,178			11,786
Sale and leaseback financing liability		1,605			1,804
Finance leases		6,816			6,663

Total debt		90,690			99,798
Less: current portion of long-term debt		(3,697	)		(3,419	)
Less: deferred financing costs		(1,161	)		(1,364	)

Long-term debt, net	$	85,832		$	95,015

Credit Facility

The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Note 7 - New Markets Tax Credit Financing Transaction

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

New Market Tax Credit Financing Transaction [Text Block]

Note 7: New Markets Tax Credit Financing Transaction

Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and amortized over the term of the loans.

The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following:

●

Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE;

●

PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and

●

The Company is obligated to absorb losses of the VIE.

Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s consolidated financial statements.

XML 25 R15.htm IDEA: XBRL DOCUMENT

Note 8 - Fair Value Measurement

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

Note 8: Fair Value Measurement

The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows:

Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 9 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 9: Commitments and Contingencies

XML 27 R17.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 10: Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

XML 28 R18.htm IDEA: XBRL DOCUMENT

Note 11 - Derivatives and Hedging

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 11: Derivatives and Hedging

The notional value of contracts was $3.8 million and $4.3 million at September 30, 2023 and December 31, 2022, respectively.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Note 12 - Related Parties

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Note 12: Related Parties

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

XML 31 R21.htm IDEA: XBRL DOCUMENT

Note 2 - Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three months ended*					*Nine months ended*
	*September 30,*					*September 30,*
*(dollars in thousands, except per share amounts)*	*2023*		*2022*			*2023*		*2022*

Numerator:
Net income (loss)	$	1,930	$	(1,297	)	$	2,313	$	(4,349	)

Denominator:
Weighted average number of shares of common stock outstanding		9,087,465		8,975,331			9,069,926		8,960,830
Weighted average effect of dilutive share-based compensation		340,044		-			221,056		-
Diluted weighted average number of shares of common stock outstanding		9,427,509		8,975,331			9,290,982		8,960,830

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.21	$	(0.14	)	$	0.26	$	(0.49	)
Net income (loss) per common share - Diluted	$	0.20	$	(0.14	)	$	0.25	$	(0.49	)

XML 32 R22.htm IDEA: XBRL DOCUMENT

Note 3 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three months ended September 30,				Nine months ended September 30,
*(in thousands)*	2023		2022		2023		2022
Net sales:
Specialty alloys	$	53,092	$	37,308	$	155,588	$	118,352
Premium alloys (A)		16,476		7,986		46,998		25,707
Conversion services and other sales		1,715		902		3,577		1,855

Total net sales	$	71,283	$	46,196	$	206,163	$	145,914

XML 33 R23.htm IDEA: XBRL DOCUMENT

Note 4 - Inventory (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Raw materials and starting stock	$	15,884		$	14,890
Semi-finished and finished steel products		122,538			129,534
Operating materials		15,552			13,220

Gross inventory		153,974			157,644
Inventory reserves		(3,223	)		(3,451	)

Total inventory	$	150,751		$	154,193

XML 34 R24.htm IDEA: XBRL DOCUMENT

Note 5 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

*(in thousands)*	Operating Leases			Finance Leases
2023	$	55		$	491
2024		170			1,953
2025		36			1,841
2026		21			1,714
2027		2			1,570
2028		-			1,114
Total minimum lease payments		284			8,683
Less amounts representing interest		(7	)		(1,867	)
Present value of minimum lease payments		277			6,816
Less current obligations		(161	)		(1,311	)
Total long-term lease obligations, net	$	116		$	5,505
Weighted-average remaining lease term (in years)		1.7			4.5

XML 35 R25.htm IDEA: XBRL DOCUMENT

Note 6 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Debt [Table Text Block]

	*September 30,*			*December 31,*
*(in thousands)*	*2023*			*2022*

Revolving credit facility	$	72,091		$	79,545
Term loan		10,178			11,786
Sale and leaseback financing liability		1,605			1,804
Finance leases		6,816			6,663

Total debt		90,690			99,798
Less: current portion of long-term debt		(3,697	)		(3,419	)
Less: deferred financing costs		(1,161	)		(1,364	)

Long-term debt, net	$	85,832		$	95,015

XML 36 R26.htm IDEA: XBRL DOCUMENT

Note 2 - Net Income (Loss) Per Common Share (Details Textual) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	419,550	719,875	532,150	716,375
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Price (in dollars per share)	$ 22.11	$ 18.48	$ 19.92	$ 18.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			14,919	20,119

XML 37 R27.htm IDEA: XBRL DOCUMENT

Note 2 - Net Income (Loss) Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 1,930	$ (1,297)	$ 2,313	$ (4,349)
Basic (in shares)	9,087,465	8,975,331	9,069,926	8,960,830
Weighted average effect of dilutive share-based compensation (in shares)	340,044	0	221,056	0
Diluted weighted average number of shares of common stock outstanding (in shares)	9,427,509	8,975,331	9,290,982	8,960,830
Net income (loss) per common share - Basic (in dollars per share)	$ 0.21	$ (0.14)	$ 0.26	$ (0.49)
Net income (loss) per common share - Diluted (in dollars per share)	$ 0.2	$ (0.14)	$ 0.25	$ (0.49)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

XML 38 R28.htm IDEA: XBRL DOCUMENT

Note 3 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Receivable [Member]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 2.3		$ 1.6
Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 7.2	$ 4.0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

XML 39 R29.htm IDEA: XBRL DOCUMENT

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Net sales

$ 71,283

$ 46,196

$ 206,163

$ 145,914

Specialty Alloys [Member]

Net sales

53,092

37,308

155,588

118,352

Premium Alloys [Member]

Net sales

^[1]

16,476

7,986

46,998

25,707

Conversion Services and Other Sales [Member]

Net sales

$ 1,715

$ 902

$ 3,577

$ 1,855

[1]	Premium alloys represent all vacuum induction melted (VIM) products.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

XML 40 R30.htm IDEA: XBRL DOCUMENT

Note 4 - Inventory (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liquid Metal Spill [Member]
Inventory Write-down		$ 3.6
Cost, Overhead		1.3
Insurance Recoveries		1.5
Cost of Sales [Member]
Inventory Amortization Expense	$ 1.3	$ 1.2

XML 41 R31.htm IDEA: XBRL DOCUMENT

Note 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Raw materials and starting stock	$ 15,884	$ 14,890
Semi-finished and finished steel products	122,538	129,534
Operating materials	15,552	13,220
Gross inventory	153,974	157,644
Inventory reserves	(3,223)	(3,451)
Total inventory	$ 150,751	$ 154,193

XML 42 R32.htm IDEA: XBRL DOCUMENT

Note 5 - Leases (Details Textual) - USD ($) $ in Thousands	9 Months Ended
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Finance Lease, Term of Contract (Year)	72 months
Operating Lease, Right-of-Use Asset	$ 300	$ 500
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	7,000	6,700
Finance Lease, Right-of-Use Asset, Amortization	300
Finance Lease, Liability, Undiscounted Excess Amount	1,867
Sale Leaseback Transaction, Net Book Value	$ 1,800
Finance Lease, Original Amount		$ 7,000
Finance Lease, Implicit Interest Rate	11.20%
Finance Lease, Weighted Average Discount Rate, Percent	10.00%
Lease Component of VAR Expansion [Member]
Finance Lease, Liability, Undiscounted Excess Amount	$ 5,200
Maximum [Member]
Lease Term (Month)	72 months
Lessee, Finance Lease, Term of Contract (Year)	6 years
Minimum [Member]
Lessee, Finance Lease, Term of Contract (Year)	3 years

XML 43 R33.htm IDEA: XBRL DOCUMENT

Note 5 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating lease, 2023	$ 55
Finance lease, 2023	491
Operating lease, 2024	170
Finance lease, 2024	1,953
Operating lease, 2025	36
Finance lease, 2025	1,841
Operating lease, 2026	21
Finance lease, 2026	1,714
Operating lease, 2027	2
Finance lease, 2027	1,570
Operating lease, 2028	0
Finance lease, 2028	1,114
Total minimum operating lease payments	284
Total minimum finance lease payments	8,683
Operating lease, less amounts representing interest	(7)
Finance lease, less amounts representing interest	(1,867)
Present value of minimum operating lease payments	277
Present value of minimum finance lease payments	6,816	$ 6,663
Less current operating lease obligations	(161)
Finance lease, less current obligations	(1,311)
Total long-term operating lease obligations, net	116
Total long-term finance lease obligations, net	$ 5,505
Weighted-average remaining operating lease term (in years) (Year)	1 year 8 months 12 days
Weighted-average remaining finance lease term (in years) (Year)	4 years 6 months

XML 44 R34.htm IDEA: XBRL DOCUMENT

Note 6 - Long-term Debt (Details Textual) $ in Thousands		9 Months Ended
Note 6 - Long-term Debt (Details Textual) $ in Thousands	Mar. 17, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Issuance Costs, Net		$ 1,161		$ 1,364
Amortization of Debt Issuance Costs		194	$ 169
PNC Capital Markets LLC [Member]
Debt Issuance Costs, Net		600
Amortization of Debt Issuance Costs		$ 200	$ 200
PNC Capital Markets LLC [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 15,000
Debt Instrument, Periodic Payment	500
PNC Capital Markets LLC [Member] \| Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		8.40%
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member]
Line of Credit Facility, Maximum Borrowing Capacity	105,000
Line of Credit Facility, Necessary Undrawn Availability	$ 11,000
Line of Credit Facility, Fixed Charge Coverage Ratio	1.1
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility [Member] \| PNC Capital Markets LLC [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Interest Rate, Effective Percentage		7.90%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Sale and leaseback financing liability	$ 1,605	$ 1,804
Present value of minimum finance lease payments	6,816	6,663
Total debt	90,690	99,798
Less: current portion of long-term debt	(3,697)	(3,419)
Less: deferred financing costs	(1,161)	(1,364)
Long-term debt, net	85,832	95,015
Term Loan [Member]
Debt, carrying amount	10,178	11,786
Revolving Credit Facility [Member]
Debt, carrying amount	$ 72,091	$ 79,545

XML 46 R36.htm IDEA: XBRL DOCUMENT

Note 7 - New Markets Tax Credit Financing Transaction (Details Textual) - USD ($) $ in Thousands		9 Months Ended
	Mar. 09, 2018	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent		$ 3,053	$ 3,066
Debt Issuance Costs, Net		1,161	1,364
New Markets Tax Credit Financing Program [Member]
Financing Receivable, after Allowance for Credit Loss	$ 6,700
Recapture Percentage	100.00%
Recapture Period (Year)	7 years
Other Liabilities, Noncurrent		2,800	$ 2,800
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax		$ 2,800
Debt Issuance Costs, Net	$ 700
New Markets Tax Credit Financing Program [Member] \| PNC Capital Markets LLC [Member]
Financing Receivable, after Allowance for Credit Loss	$ 3,500

XML 47 R37.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent			11.90%	30.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount			$ 0.1	$ 0.2
Effective Income Tax Rate Reconciliation, Percent, Discrete Items			15.30%	27.80%

XML 48 R38.htm IDEA: XBRL DOCUMENT

Note 11 - Derivatives and Hedging (Details Textual) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Jan. 01, 2021
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative, Notional Amount	$ 3.8	$ 4.3
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax	$ 0.1
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Maximum [Member]
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax		0.1
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative, Notional Amount		10.0	$ 5.0	$ 16.0
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax		$ 0.1

XML 49 R39.htm IDEA: XBRL DOCUMENT

Note 12 - Related Parties (Details Textual) - Executive Management and Family [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Receivables, Net, Current	$ 8.3	$ 8.2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	17.00%	20.00%

XML 50 usap20230930_10q_htm.xml IDEA: XBRL DOCUMENT 0000931584 2023-01-01 2023-09-30 0000931584 us-gaap:CommonStockMember 2023-01-01 2023-09-30 0000931584 us-gaap:PreferredStockMember 2023-01-01 2023-09-30 0000931584 2023-10-30 0000931584 2023-07-01 2023-09-30 0000931584 2022-07-01 2022-09-30 0000931584 2022-01-01 2022-09-30 0000931584 2023-09-30 0000931584 2022-12-31 0000931584 2021-12-31 0000931584 2022-09-30 0000931584 us-gaap:CommonStockMember 2022-12-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000931584 us-gaap:RetainedEarningsMember 2022-12-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000931584 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0000931584 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-03-31 0000931584 us-gaap:CommonStockMember 2023-03-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0000931584 us-gaap:RetainedEarningsMember 2023-03-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0000931584 us-gaap:CommonStockMember 2023-04-01 2023-06-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2023-06-30 0000931584 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000931584 us-gaap:CommonStockMember 2023-06-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0000931584 us-gaap:RetainedEarningsMember 2023-06-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0000931584 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0000931584 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0000931584 us-gaap:CommonStockMember 2023-09-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0000931584 us-gaap:RetainedEarningsMember 2023-09-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000931584 us-gaap:CommonStockMember 2021-12-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000931584 us-gaap:RetainedEarningsMember 2021-12-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000931584 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0000931584 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0000931584 us-gaap:CommonStockMember 2022-03-31 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0000931584 us-gaap:RetainedEarningsMember 2022-03-31 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0000931584 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0000931584 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-04-01 2022-06-30 0000931584 us-gaap:CommonStockMember 2022-01-01 2022-06-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-06-30 0000931584 us-gaap:RetainedEarningsMember 2022-01-01 2022-06-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-06-30 0000931584 us-gaap:CommonStockMember 2022-06-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0000931584 us-gaap:RetainedEarningsMember 2022-06-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0000931584 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0000931584 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0000931584 us-gaap:CommonStockMember 2022-09-30 0000931584 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0000931584 us-gaap:RetainedEarningsMember 2022-09-30 0000931584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0000931584 us-gaap:TransferredOverTimeMember 2023-01-01 2023-09-30 0000931584 us-gaap:TransferredOverTimeMember 2022-01-01 2022-09-30 0000931584 us-gaap:AccountsReceivableMember 2023-09-30 0000931584 us-gaap:AccountsReceivableMember 2022-12-31 0000931584 usap:SpecialtyAlloysMember 2023-07-01 2023-09-30 0000931584 usap:SpecialtyAlloysMember 2022-07-01 2022-09-30 0000931584 usap:SpecialtyAlloysMember 2023-01-01 2023-09-30 0000931584 usap:SpecialtyAlloysMember 2022-01-01 2022-09-30 0000931584 usap:PremiumAlloysMember 2023-07-01 2023-09-30 0000931584 usap:PremiumAlloysMember 2022-07-01 2022-09-30 0000931584 usap:PremiumAlloysMember 2023-01-01 2023-09-30 0000931584 usap:PremiumAlloysMember 2022-01-01 2022-09-30 0000931584 usap:ConversionServicesAndOtherSalesMember 2023-07-01 2023-09-30 0000931584 usap:ConversionServicesAndOtherSalesMember 2022-07-01 2022-09-30 0000931584 usap:ConversionServicesAndOtherSalesMember 2023-01-01 2023-09-30 0000931584 usap:ConversionServicesAndOtherSalesMember 2022-01-01 2022-09-30 0000931584 us-gaap:CostOfSalesMember 2023-01-01 2023-09-30 0000931584 us-gaap:CostOfSalesMember 2022-01-01 2022-09-30 0000931584 usap:LiquidMetalSpillMember 2022-01-01 2022-09-30 0000931584 srt:MaximumMember 2023-01-01 2023-09-30 0000931584 srt:MinimumMember 2023-09-30 0000931584 srt:MaximumMember 2023-09-30 0000931584 usap:LeaseComponentOfVarExpansionMember 2023-09-30 0000931584 us-gaap:RevolvingCreditFacilityMember 2023-09-30 0000931584 us-gaap:RevolvingCreditFacilityMember 2022-12-31 0000931584 usap:TermLoanMember 2023-09-30 0000931584 usap:TermLoanMember 2022-12-31 0000931584 us-gaap:RevolvingCreditFacilityMember usap:PncCapitalMarketsLlcMember 2021-03-17 0000931584 usap:TermLoanMember usap:PncCapitalMarketsLlcMember 2021-03-17 0000931584 usap:PncCapitalMarketsLlcMember 2023-09-30 0000931584 usap:PncCapitalMarketsLlcMember 2023-01-01 2023-09-30 0000931584 usap:PncCapitalMarketsLlcMember 2022-01-01 2022-09-30 0000931584 us-gaap:RevolvingCreditFacilityMember usap:PncCapitalMarketsLlcMember 2021-03-17 2021-03-17 0000931584 usap:TermLoanMember usap:PncCapitalMarketsLlcMember 2021-03-17 2021-03-17 0000931584 us-gaap:RevolvingCreditFacilityMember usap:PncCapitalMarketsLlcMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2023-09-30 0000931584 usap:TermLoanMember usap:PncCapitalMarketsLlcMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2023-09-30 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember 2018-03-09 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember usap:PncCapitalMarketsLlcMember 2018-03-09 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember 2018-03-09 2018-03-09 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember 2023-09-30 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember 2022-12-31 0000931584 usap:NewMarketsTaxCreditFinancingProgramMember 2023-01-01 2023-09-30 0000931584 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-09-30 0000931584 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-12-31 0000931584 us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0000931584 srt:MaximumMember us-gaap:ForeignExchangeForwardMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-12-31 0000931584 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2021-01-01 0000931584 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2022-12-31 0000931584 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2023-06-30 0000931584 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2022-01-01 2022-12-31 0000931584 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember usap:ExecutiveManagementAndFamilyMember 2023-01-01 2023-09-30 0000931584 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember usap:ExecutiveManagementAndFamilyMember 2022-01-01 2022-09-30 0000931584 usap:ExecutiveManagementAndFamilyMember 2023-09-30 0000931584 usap:ExecutiveManagementAndFamilyMember 2022-09-30 thunderdome:item iso4217:USD iso4217:USD shares utr:M utr:Y pure 0000931584 UNIVERSAL STAINLESS & ALLOY PRODUCTS INC false --12-31 Q3 2023 true

34000

201000

0.001

1980000

0.001

20000000

9088245

9049748

P3Y

P6Y

200000

P7Y

2800000

0.21

10-Q true 2023-09-30 false 001-39467 DE 25-1724540 600 Mayer Street Bridgeville PA 15017 412 257-7600 Common Stock, par value $0.001 per share Preferred Stock Purchase Rights USAP NASDAQ NASDAQ Yes Yes Accelerated Filer true false false 9088245

71283000

46196000

206163000

145914000

60424000

43218000

177732000

134144000

10859000

2978000

28431000

11770000

6449000

5279000

19479000

15605000

4410000

-2301000

8952000

-3835000

2138000

1221000

6215000

2800000

-42000

599000

-5000

625000

2230000

-2923000

2732000

-6010000

300000

-1626000

419000

-1661000

1930000

-1297000

2313000

-4349000

0.21

-0.14

0.26

-0.49

0.2

-0.14

0.25

-0.49

9087465000

8975331000

9069926000

8960830000

9427509000

8975331000

9290982000

8960830000

1930000

-1297000

2313000

-4349000

109000

159000

-161000

455000

2039000

-1138000

2152000

-3894000

177000

2019000

36984000

30960000

150751000

154193000

8621000

10392000

196533000

197564000

158881000

163490000

143000

1602000

2137000

357016000

363334000

35095000

38179000

5119000

2790000

3697000

3419000

1006000

1112000

44917000

45500000

85832000

95015000

219000

3053000

3066000

134021000

143581000

9000

98092000

97002000

-28000

133000

124922000

122609000

222995000

219753000

357016000

363334000

2313000

-4349000

14331000

14351000

194000

169000

370000

-1675000

1008000

1001000

6024000

1938000

-2159000

19342000

-743000

7255000

2329000

-335000

-1909000

1449000

17846000

-6312000

9656000

10974000

-9656000

-10974000

151929000

102098000

159383000

83260000

82000

62000

2660000

1666000

-10032000

17234000

-1842000

-52000

2019000

118000

177000

66000

1386000

3013000

9049748

9000

97002000

122609000

133000

10920

361000

-146000

-512000

9060668

9000

97363000

122097000

-13000

10280

64000

1250

11000

15172

311000

-124000

895000

9087370

9000

97749000

122992000

-137000

875

7000

336000

109000

1930000

9088245

9000

98092000

124922000

-28000

8938091

9000

95590000

130682000

40000

19362

409000

135000

-1615000

8957453

9000

95999000

129067000

175000

9870

62000

8008

286000

121000

-1437000

8975331

9000

96347000

127630000

296000

306000

159000

-1297000

8975331

9000

96653000

126333000

455000

Note 1: Nature of Business and Basis of Presentation Universal Stainless & Alloy Products, Inc., and its wholly-owned subsidiaries (collectively, “Universal,” “we,” “us,” “our,” or the “Company”), manufacture and market semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. Our manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. Our products are sold to service centers, forgers, rerollers, original equipment manufacturers and wire redrawers. Our customers further process our products for use in a variety of industries, including the aerospace, power generation, oil and gas, heavy equipment, and general industrial manufacturing industries. We also perform conversion services on materials supplied by customers. The accompanying unaudited consolidated statements include the accounts of Universal Stainless & Alloy Products, Inc. and its subsidiaries and are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reports and the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements prepared under U.S. GAAP have been condensed or omitted pursuant to such regulations. Although the December 31, 2022 consolidated balance sheet data was derived from the audited consolidated financial statements, it does not include all disclosures required by U.S. GAAP. However, we believe that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our most recently audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In the opinion of management, the accompanying consolidated financial statements include all adjustments necessary to present a fair presentation of the consolidated financial statements for the periods shown. Interim results are not necessarily indicative of the operating results for the full fiscal year or any future period. The preparation of these consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We also consolidate, regardless of our ownership percentage, variable interest entities (each a “VIE”) for which we are deemed to have a controlling financial interest. All intercompany transactions and balances have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is a VIE, and if we are deemed to be a primary beneficiary. As a part of our evaluation, we are required to qualitatively assess if we are the primary beneficiary of the VIE based on whether we hold the power to direct those matters that most significantly impacted the activities of the VIE and the obligation to absorb losses or the right to receive the benefits of the VIE that could potentially be significant. Refer to Note 7, New Markets Tax Credit Financing Transaction, for a description of the VIEs included in our consolidated financial statements. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss ("CECL") model. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements.

Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board added a new impairment model that is based on expected losses rather than incurred losses, known as the current expected credit loss ("CECL") model. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses applicable to trade receivables, other receivables, contract assets and most debt instruments. The model does not have a minimum threshold for recognition of impairment losses. The Company adopted this guidance as of January 1, 2023. The adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Recently issued ASUs not listed were assessed and were determined not applicable, or are expected to have minimal impact on our consolidated financial statements.

Note 2: Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss) per common share: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> Three months ended </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> Nine months ended </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> (dollars in thousands, except per share amounts) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Numerator: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,930</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,297</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2,313</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(4,349</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Denominator: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted average number of shares of common stock outstanding </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">9,087,465</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,975,331</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">9,069,926</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,960,830</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted average effect of dilutive share-based compensation </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">340,044</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">221,056</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Diluted weighted average number of shares of common stock outstanding </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,427,509</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,975,331</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,290,982</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,960,830</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share - Basic </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.21</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.14</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.26</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share - Diluted </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.20</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.14</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.25</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> We had options to purchase 419,550 and 719,875 shares of common stock outstanding at a weighted average price of $22.11 and $18.48 for the three months ended September 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. We had options to purchase 532,150 and 716,375 shares of common stock outstanding at a weighted average price of $19.92 and $18.55 for the nine months ended September 30, 2023 and 2022, respectively, which were excluded in the computation of diluted net income (loss) per common share. These options were not included in the computation of diluted net income (loss) per common share because their exercise prices were greater than the average market price of our common stock. In addition, the calculation of diluted net loss per share for the three and nine months ended September 30, 2022, respectively, excluded 14,919 and 20,119 shares for the assumed exercise of stock options as a result of being in a net loss position.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> Three months ended </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> Nine months ended </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> (dollars in thousands, except per share amounts) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Numerator: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,930</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,297</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2,313</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(4,349</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Denominator: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted average number of shares of common stock outstanding </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">9,087,465</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,975,331</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">9,069,926</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,960,830</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted average effect of dilutive share-based compensation </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">340,044</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">221,056</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Diluted weighted average number of shares of common stock outstanding </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,427,509</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,975,331</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">9,290,982</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,960,830</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share - Basic </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.21</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.14</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.26</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Net income (loss) per common share - Diluted </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.20</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.14</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">0.25</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(0.49</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table>

1930000

-1297000

2313000

-4349000

9087465000

8975331000

9069926000

8960830000

340044000

221056000

9427509000

8975331000

9290982000

8960830000

0.21

-0.14

0.26

-0.49

0.2

-0.14

0.25

-0.49

419550

719875

22.11 18.48

532150

716375

19.92 18.55

14919

20119

Note 3: Revenue Recognition The Company’s revenues primarily include sales of products. Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product. A performance obligation is a promise in a contract to transfer a distinct product to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales and other taxes are excluded from revenues. Invoiced shipping and handling costs are included in revenue. The Company’s revenue is primarily from products transferred to customers at a point in time. The Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon shipment. We have determined that there are certain customer agreements involving production of specified product grades and shapes that require over-time revenue recognition, in advance of shipment, as there is no alternative use for the product without significant economic loss, and the Company maintains an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. The revenue is measured based on inputs expended in proportion to the total inputs the entity expects to expend to completely satisfy the performance obligation. The Company had revenue subject to over-time recognition of $7.2 million and $4.0 million during the nine months ending September 30, 2023 and 2022, respectively. The timing of revenue recognition, customer billings, and cash collections resulted in contract assets related to services performed and not yet billed of $2.3 million and $1.6 million At September 30, 2023 and December 31, 2022, respectively. The Company recorded these contract assets within Accounts Receivable in the Consolidated Balance Sheets at each date. We expect to satisfy all performance obligations related to revenue recognized in advance of shipment at September 30, 2023 within the next 12 months. The Company has elected the following practical expedients allowed under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers ("ASC 606"): <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> Shipping of products is not considered a separate performance obligation. </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> Performance obligations are satisfied within one year from a given reporting date; consequently, we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders. </td></tr> </tbody></table> The following summarizes our revenue by melt type: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Three months ended September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Nine months ended September 30, </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr class="finHeading" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 52%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Net sales: </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Specialty alloys </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">53,092</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,308</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">155,588</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">118,352</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Premium alloys (A) </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">16,476</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">7,986</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">46,998</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">25,707</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Conversion services and other sales </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,715</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">902</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,577</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,855</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Total net sales </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">71,283</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">46,196</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">206,163</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">145,914</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:0pt;"> </td><td style="vertical-align:top;width:18pt;"> (A) </td><td style="vertical-align:top;"> Premium alloys represent all vacuum induction melted (VIM) products. </td></tr> </tbody></table>

7200000

4000000

2300000

1600000

53092000

37308000

155588000

118352000

16476000

7986000

46998000

25707000

1715000

902000

3577000

1855000

71283000

46196000

206163000

145914000

Note 4: Inventory Our raw material and starting stock inventory is primarily comprised of ferrous and non-ferrous scrap metal and alloys such as nickel, chrome, molybdenum, cobalt, vanadium and copper. Our semi-finished and finished steel products are work-in-process in various stages of production or are finished products waiting to be shipped to our customers. Operating materials are primarily comprised of forge dies and production molds and rolls that are consumed over their useful lives. During the nine months ended September 30, 2023 and 2022, we amortized these operating materials in the amount of $1.3 million and $1.2 million, respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statement of cash flows. Inventory is stated at the lower of cost or net realizable value with cost principally determined on a weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead. We assess market based upon actual and estimated transactions at or around the balance sheet date. Typically, we reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. The Company experienced a liquid metal spill at our Bridgeville plant during April 2022. The consolidated statements of operations for the nine months ended September 30, 2022 included $3.6 million of net expense related to the liquid metal spill, of which $1.3 million represents fixed overhead costs charged directly to expense due to the impact of the spill on our activity levels. The $3.6 million of expense is net of a $1.5 million insurance recovery received during the same period. Inventories consisted of the following: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> December 31, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Raw materials and starting stock </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">15,884</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">14,890</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Semi-finished and finished steel products </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">122,538</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">129,534</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Operating materials </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15,552</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Gross inventory </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">153,974</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">157,644</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Inventory reserves </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,223</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,451</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Total inventory </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">150,751</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">154,193</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table>

1300000 1200000

3600000

1300000

3600000

1500000

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> December 31, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Raw materials and starting stock </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">15,884</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">14,890</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Semi-finished and finished steel products </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">122,538</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">129,534</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Operating materials </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">15,552</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Gross inventory </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">153,974</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">157,644</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Inventory reserves </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,223</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(3,451</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Total inventory </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">150,751</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">154,193</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table>

15884000

14890000

122538000

129534000

15552000 13220000

153974000

157644000

3223000

3451000

150751000

154193000

Note 5: Leases The Company periodically enters into leases in its normal course of business. At September 30, 2023 and December 31, 2022, the leases in effect were primarily related to mobile equipment and other production equipment. The term of our leases is generally 72 months or less, and the leases do not have significant restrictions, covenants, or other nonstandard terms. Right-of-use assets and lease liabilities are recorded at the present value of minimum lease payments. For our operating leases, the assets are included in Other long-term assets on the consolidated balance sheets and are amortized within operating income over the respective lease terms. The long-term component of the lease liability is included in Other long-term liabilities, net, and the current component is included in Other current liabilities. For our finance leases, the assets are included in Property, plant and equipment, net on the consolidated balance sheets and are depreciated over the respective lease terms which range from three to six years. The long-term component of the lease liability is included in Long-term debt and the current component is included in Current portion of long-term debt. The Company entered into four new finance lease agreements in the first nine months of 2023. As of September 30, 2023, future minimum lease payments applicable to operating and finance leases were as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Operating Leases </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Finance Leases </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2023 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">55</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">491</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2024 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">170</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,953</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2025 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">36</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,841</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2026 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">21</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,714</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2027 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,570</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2028 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,114</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Total minimum lease payments </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">284</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,683</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Less amounts representing interest </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(7</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,867</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Present value of minimum lease payments </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">277</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,816</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Less current obligations </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(161</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,311</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Total long-term lease obligations, net </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">116</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5,505</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted-average remaining lease term (in years) </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1.7</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4.5</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> </tbody></table> Right-of-use assets recorded to the consolidated balance sheet at September 30, 2023, net of accumulated amortization, were $0.3 million for operating leases and $7.0 million for finance leases. For the nine months ended September 30, 2023, the amortization of finance lease assets was $0.3 million and was included in cost of products sold in the consolidated statements of operations. Right-of-use assets recorded to the consolidated balance sheet at December 31, 2022, net of accumulated amortization, were $0.5 million for operating leases and $6.7 million for finance leases. The unamortized portion of the $5.2 million lease component of our VAR expansion financing arrangement is included in the right-of-use asset total, while the $1.8 million sale and leaseback component of that agreement is excluded. The sale and leaseback component is accounted for as a loan secured by the related equipment, as it did not meet the criteria for sale accounting under ASC 842, Leases ("ASC 842"). This financing agreement was executed in December 2022 and had a $7.0 million total original principal amount, original term of 72 months, and implicit interest rate of approximately 11.2%. The weighted average interest rate on all our financing leases is approximately 10.0%. The Company applies the practical expedient allowed under ASC 842 to exclude leases with a term of 12 months or less from the calculation of our lease liabilities and right-of-use assets. In determining the lease liability and corresponding right-of-use asset for each lease, the Company calculated the present value of future lease payments using the interest rate implicit in the lease, when available, or the Company’s incremental borrowing rate. The incremental borrowing rate was determined with reference to the interest rate applicable under revolving credit facility discussed in Note 6, Long-Term Debt, as this facility is collateralized by a first lien on substantially all of the assets of the Company and its term is similar to the term of our leases. P72M

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Operating Leases </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Finance Leases </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2023 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">55</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">491</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2024 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">170</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,953</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2025 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">36</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,841</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2026 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">21</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,714</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2027 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,570</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> 2028 </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1,114</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Total minimum lease payments </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">284</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,683</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Less amounts representing interest </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(7</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,867</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Present value of minimum lease payments </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">277</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,816</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Less current obligations </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(161</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,311</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Total long-term lease obligations, net </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">116</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5,505</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> Weighted-average remaining lease term (in years) </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1.7</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4.5</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> </tbody></table>

55000

491000

170000

1953000

36000

1841000

21000

1714000

2000

1570000

1114000

284000

8683000

7000

1867000

277000

6816000

161000

1311000

116000

5505000

P1Y8M12D

P4Y6M

300000

7000000

300000

500000

6700000

5200000

1800000

7000000

P72M

0.112

0.10

Note 6: Long-Term Debt Long-term debt consisted of the following: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> December 31, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Revolving credit facility </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">72,091</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">79,545</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Term loan </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">10,178</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,786</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Sale and leaseback financing liability </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,605</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,804</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Finance leases </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,816</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,663</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Total debt </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">90,690</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">99,798</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Less: current portion of long-term debt </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,697</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,419</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Less: deferred financing costs </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,161</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,364</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Long-term debt, net </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85,832</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">95,015</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> Credit Facility On March 17, 2021, we entered into the Second Amended and Restated Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”), with PNC Bank, National Association, as administrative agent and co-collateral agent (the “Agent”), Bank of America, N.A., as co-collateral agent (“Bank of America”), the Lenders (as defined in the Credit Agreement) party thereto from time to time and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount not to exceed $105.0 million (“Revolving Credit Facility”) and a senior secured term loan facility (“Term Loan”) in the amount of $15.0 million (together with the Revolving Credit Facility, the “Facilities”). At September 30, 2023, we had total Credit Agreement related net deferred financing costs of approximately $0.6 million. For the nine months ended September 30, 2023 and 2022, we amortized approximately $0.2 million of those deferred financing costs. The Credit Agreement requires the Company to maintain compliance with all the applicable financial covenants throughout the term of the Credit Agreement. As of September 30, 2023, we are in compliance with all applicable financial covenants. The Facilities, which expire on March 17, 2026 (the ‘Expiration Date”), are collateralized by a first lien on substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than Company’s real property in North Jackson, Ohio. Availability under the Credit Agreement is based on eligible accounts receivable and inventory. The Company must maintain undrawn availability under the Credit Agreement of at least $11.0 million. That requirement can be overcome if the Company maintains a fixed charge coverage ratio of not less than 1.10 to 1.0 measured on a rolling two-quarter basis and calculated in accordance with the terms of the Credit Agreement. The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility. With respect to the Term Loan, the Company pays quarterly installments of the principal of approximately $0.5 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning after June 30, 2021. To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date. Amounts outstanding under the Facilities, at the Company’s option, bear interest at either a base rate or the current LIBOR (prior to September 30, 2022) or SOFR (after September 30, 2022) rate plus a spread, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. We elected to use the SOFR based rate for the majority of the debt outstanding under the Facilities for the nine months ended September 30, 2023, which approximated 7.9% for commitments under our Revolving Credit Facility and 8.4% for the Term Loan.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> September 30, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> December 31, </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> (in thousands) </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2023 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2022 </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Revolving credit facility </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">72,091</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">79,545</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Term loan </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">10,178</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">11,786</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Sale and leaseback financing liability </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,605</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,804</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Finance leases </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,816</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,663</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Total debt </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">90,690</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">99,798</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Less: current portion of long-term debt </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,697</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,419</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Less: deferred financing costs </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,161</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,364</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> Long-term debt, net </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">85,832</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">95,015</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table>

72091000

79545000

10178000

11786000

1605000 1804000

6816000

6663000

90690000

99798000

3697000

3419000

1161000

1364000

85832000

95015000

105000000

15000000

600000

200000

11000000 1.1

0.0025

500000

0.079

0.084

Note 7: New Markets Tax Credit Financing Transaction On March 9, 2018, the Company entered into a qualified New Markets Tax Credit (“NMTC”) financing program with PNC New Markets Investment Partners, LLC and Boston Community Capital, Inc. related to a new mid-size bar cell capital project at the Company’s Dunkirk, NY facility. PNC New Markets Investment Partners, LLC made a capital contribution and the Company made a loan to Dunkirk Investment Fund, LLC (“Investment Fund”) under the qualified NMTC program. Through this financing transaction, the Company secured low interest financing and the potential for other future benefits related to its mid-size bar cell capital project. In connection with the NMTC financing program, the Company loaned $6.7 million aggregate principal amount (“Leverage Loan”) due in March 2048, to the Investment Fund. Additionally, PNC New Markets Investment Partners, LLC contributed $3.5 million to the Investment Fund, and as such, PNC New Markets Investment Partners, LLC is entitled to substantially all tax and other benefits derived from the NMTC. The Investment Fund then contributed the proceeds to a community development entity (“CDE”). The CDE then loaned the funds, on similar terms, as the Leverage Loan to Dunkirk Specialty Steel, LLC, a wholly-owned subsidiary of the Company. The CDE loan proceeds are restricted for use on the mid-size bar cell capital project. The NMTC is subject to 100 percent recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to comply with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, require the Company to indemnify PNC New Markets Investment Partners, LLC for any loss or recapture of NMTCs related to the financing until the Company’s obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement. As of September 30, 2023 and December 31, 2022, the Company recorded $2.8 million within Other long-term liabilities related to this transaction, which represents the funds contributed to the Investment Fund by PNC New Markets Investment Partners, LLC. This transaction also includes a put/call provision whereby the Company may be obligated or entitled to repurchase PNC New Markets Investment Partners, LLC’s interest in the Investment Fund. The Company believes that PNC New Markets Investment Partners, LLC will exercise the put option in March 2025, at the end of the recapture period, resulting in a gain of $2.8 million at that time. The value attributed to the put/call is negligible. Direct costs incurred in structuring this financing transaction totaled $0.7 million. These costs were deferred and amortized over the term of the loans. The Company has determined that the Investment Fund and CDE are each a VIE, and that it is the primary beneficiary of each VIE. This conclusion was reached based on the following: <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> The ongoing activities of the VIE, collecting and remitting interest and fees, and NMTC compliance were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIE; </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> Contractual arrangements obligate the Company to comply with NMTC rules and regulations and provide various other guarantees to the Investment Fund and CDE; </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> PNC New Markets Investment Partners, LLC lacks a material interest in the underlying economics of the project; and </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:18pt;"> </td><td style="vertical-align:top;width:18pt;"> ● </td><td style="vertical-align:top;"> The Company is obligated to absorb losses of the VIE. </td></tr> </tbody></table> Because the Company is the primary beneficiary of each VIE, these entities have been included in the Company’s consolidated financial statements.

6700000

3500000

2800000

700000

Note 8: Fair Value Measurement The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows: Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The fair value of the Term Loan and Revolving Credit Facility at September 30, 2023 and December 31, 2022 approximated the carrying amount as the interest rate is based upon observable market interest rates (Level 2). The fair values of foreign currency forward contracts and our interest rate swap discussed in Note 11, Derivatives and Hedging, at September 30, 2023 and December 31, 2022 were determined using observable market swap rates (Level 2).

Note 9: Commitments and Contingencies From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on our financial condition, or liquidity or a material impact on our results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs.

Note 10: Income Taxes Management estimates the annual effective income tax rate quarterly based on forecasted full year results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision includes tax on ordinary income provided at the most recent estimated annual effective tax rate (“ETR”), increased or decreased for the tax effect of discrete items. For the nine months ended September 30, 2023 and 2022, our estimated annual effective tax rates applied to ordinary income were 11.9% and 30.9%, respectively. In both periods, the projected annual ETR differs from the federal statutory rate of 21.0% primarily due to the impact of research and development credits. State taxes are not a significant component of the rate. In the current year, these credits reduce the rate because the Company is in a pretax income position, compared with the prior year when the Company was in a pretax loss position. Discrete items during the nine months ended September 30, 2023 and 2022 were related to share-based compensation items and totaled $0.1 million and $0.2 million, respectively. The ETR for each period was 15.3% and 27.8%, respectively.

0.119

0.309

0.21

100000

200000

0.153 0.278

Note 11: Derivatives and Hedging The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges. The notional value of contracts was $3.8 million and $4.3 million at September 30, 2023 and December 31, 2022, respectively. The Company recorded an unrealized loss in accumulated other comprehensive income (loss) of less than $0.1 million at September 30, 2023 related to the contracts, compared to an unrealized gain of less than $0.1 million at December 31, 2022. Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The interest rate swap was designated as a cash flow hedge. The notional amount of the contract at its inception was $16 million and reduced throughout the term. The notional amount of the contract was $10 million at December 31, 2022 and was $5 million during the first half of 2023 until it matured on June 30, 2023. The Company recorded an unrealized gain in accumulated other comprehensive income of $0.1 million December 31, 2022 related to the contract. There was no hedge in place for the Company's variable rate debt as of September 30, 2023.

3800000

4300000

100000

16000000

10000000

5000000

100000

Note 12: Related Parties During the nine-months ended September 30, 2023 and 2022, a member of the Company’s executive management team had an immediate family member who was an employee of a customer. Additionally during the nine-months ended September 30, 2023 and 2022, a member of the Company's board of directors was also a director of a customer. The Company has identified sales transactions to these customers as related party transactions in accordance with ASC 850, Related Party Disclosures. In total, related party sales transactions to these customers comprised approximately 17% and approximately 20% of our total Net sales for the nine months ended September 30, 2023 and 2022, respectively. Amounts due to the Company related to these transactions was approximately $8.3 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively.

0.17

0.20

8300000

8200000

Premium alloys represent all vacuum induction melted (VIM) products.

EXCEL 51 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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