hbb-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 10-Q/A

Amendment No. 1


(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 2025


☐						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: 001-38214

HAMILTON BEACH BRANDS HOLDING COMPANY

(Exact name of registrant as specified in its charter)

Delaware

31-1236686

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4421 WATERFRONT DR.

GLEN ALLEN

23060

(Address of principal executive offices)

(Zip code)

(804)

273-9777

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, Par Value $0.01 Per Share

HBB

New York Stock Exchange

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 þ No o

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 þ No o

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 þ

Number of shares of Class A Common Stock outstanding as of April 25, 2025: 10,092,978

Number of shares of Class B Common Stock outstanding as of April 25, 2025: 3,598,619

EXPLANATORY NOTE

Hamilton Beach Brands Holding Company (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (“Amendment”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, which was originally filed on April 30, 2025 (“Original Filing”), to include inline eXtensible Business Reporting Language ("iXBRL") data tagging information that was inadvertently omitted in the original filing.

Except for the iXBRL specifically noted above, this Amendment does not modify or update disclosures in the Original Filing. Accordingly, this Amendment does not reflect events occurring after the filing of the Original Filing or modify or update any related or other disclosures, other than those identified above.

HAMILTON BEACH BRANDS HOLDING COMPANY

TABLE OF CONTENTS

Page Number

Part I.

FINANCIAL INFORMATION

Item 1

Financial Statements

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Cash Flows

Consolidated Statements of Changes in Equity

Notes to Unaudited Consolidated Financial Statements

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Item 4

Controls and Procedures

Part II.

OTHER INFORMATION

Item 1

Legal Proceedings

Item 1A

Risk Factors

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4

Mine Safety Disclosures

Item 5

Other Information

Item 6

Exhibits

Signatures

Part I

FINANCIAL INFORMATION

Item 1. Financial Statements

HAMILTON BEACH BRANDS HOLDING COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	MARCH 31 2025		DECEMBER 31 2024		MARCH 31 2024
	(In thousands)
Assets
Current assets
Cash and cash equivalents	$	48,296	$	45,644	$	26,279
Trade receivables, net	82,331		117,068		89,596
Inventory	165,890		124,904		133,523

Prepaid expenses and other current assets	16,931		16,103		12,893

Total current assets	313,448		303,719		262,291
Property, plant and equipment, net	34,015		34,401		36,851
Right-of-use lease assets	37,961		36,049		37,848
Goodwill	7,099		7,099		6,253
Other intangible assets, net	2,023		2,101		2,375
Deferred income taxes	7,115		6,693		2,410
Deferred costs	2,720		16,156		14,550

Other non-current assets	13,639		8,849		6,372

Total assets	$	418,020	$	415,067	$	368,950
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	126,342	$	104,161	$	96,579


Accrued compensation	5,302		18,792		5,701
Accrued product returns	7,074		7,876		6,135
Lease liabilities	5,531		5,193		6,086
Other current liabilities	14,589		18,098		11,693

Total current liabilities	158,838		154,120		126,194
Revolving credit agreements	50,000		50,000		50,000
Lease liabilities, non-current	40,184		39,008		41,009
Other long-term liabilities	5,817		6,036		6,340

Total liabilities	254,839		249,164		223,543
Stockholders’ equity
Preferred stock, par value $0.01 per share	—		—		—
Class A Common stock	118		115		114
Class B Common stock	36		36		36
Capital in excess of par value	77,821		76,668		72,303
Treasury stock	(29,575)		(26,202)		(12,567)
Retained earnings	124,083		123,863		96,705
Accumulated other comprehensive loss	(9,302)		(8,577)		(11,184)
Total stockholders’ equity	163,181		165,903		145,407
Total liabilities and stockholders’ equity	$	418,020	$	415,067	$	368,950

See notes to unaudited consolidated financial statements.


	THREE MONTHS ENDED MARCH 31
	2025		2024
	(In thousands, except per share data)
Revenue	$	133,372	$	128,277
Cost of sales	100,601		98,223
Gross profit	32,771		30,054
Selling, general and administrative expenses	30,380		30,947
Amortization of intangible assets	78		50
Operating profit (loss)	2,313		(943)
Interest (income) expense, net	(72)		156

Other (income) expense, net	(149)		173
Income (loss) before income taxes	2,534		(1,272)
Income tax expense (benefit)	729		(110)


Net income (loss)	$	1,805	$	(1,162)




Basic and diluted earnings (loss) per share	$	0.13	$	(0.08)






Basic weighted average shares outstanding	13,769		14,162
Diluted weighted average shares outstanding	13,788		14,162



Balance, January 1, 2024	$	112	$	36	$	70,401	$	(12,013)	$	99,398	$	(10,667)	$	147,267
Net income (loss)	—		—		—		—		(1,162)		—		(1,162)
Purchase of treasury stock	—		—		—		(554)		—		—		(554)
Issuance of common stock, net of conversions	2		—		(2)		—		—		—		—
Share-based compensation expense	—		—		1,904		—		—		—		1,904
Cash dividends, $0.11 per share	—		—		—		—		(1,531)		—		(1,531)
Other comprehensive income (loss), net of tax	—		—		—		—		—		(1,060)		(1,060)
Reclassification adjustment to net income (loss)	—		—		—		—		—		543		543
Balance, March 31, 2024	114		36		72,303		(12,567)		96,705		(11,184)		145,407


Description	Balance Sheet Location	MARCH 31 2025		DECEMBER 31 2024		MARCH 31 2024
Assets:
Interest rate swap agreements
Current	Prepaid expenses and other current assets	$	979	$	1,144	$	1,120
Long-term	Other non-current assets	2,150		2,808		3,579
Foreign currency exchange contracts
Current	Prepaid expenses and other current assets	133		789		—
		$	3,262	$	4,741	$	4,699
Liabilities:



Foreign currency exchange contracts
Current	Other current liabilities	41		—		607
		$	41	$	—	$	607


	Foreign Currency		Deferred Gain (Loss) on Cash Flow Hedging		Pension Plan Adjustment		Total

Balance, January 1, 2025	$	(12,279)	$	3,572	$	130	$	(8,577)
Other comprehensive income (loss)	327		(861)		—		(534)
Reclassification adjustment to net income (loss)	—		(654)		64		(590)
Tax effects	—		415		(16)		399
Balance, March 31, 2025	$	(11,952)	$	2,472	$	178	$	(9,302)









Balance, January 1, 2024	$	(6,412)	$	2,424	$	(6,679)	$	(10,667)
Other comprehensive income (loss)	(1,097)		29		—		(1,068)
Reclassification adjustment to net income (loss)	—		647		94		741
Tax effects	—		(167)		(23)		(190)
Balance, March 31, 2024	$	(7,509)	$	2,933	$	(6,608)	$	(11,184)


	Fair Values as of February 2, 2024
Cash and cash equivalents	$	147


Current assets	1,452
Property, plant and equipment, net	6,634

Goodwill	847
Other intangible assets, net	1,111

Total assets acquired	10,191
Liabilities, current	2,016
Liabilities, non-current	616
Total liabilities acquired	2,632
Purchase Price	$	7,559


	THREE MONTHS ENDED MARCH 31
	2025						2024
	Home and Commercial Products		Health		Total		Home and Commercial Products		Health (1)		Total
Revenue	$	131,828	$	1,544	$	133,372	$	127,697	$	580	$	128,277








Less:
Cost of sales	100,226		375		100,601		98,032		191		98,223
Selling, general and administrative expenses	28,367		2,013		30,380		29,283		1,664		30,947
Amortization of intangible assets	50		28		78		50		—		50
Segment profit (loss)	$	3,185	$	(872)	$	2,313	$	332	$	(1,275)	$	(943)

Reconciliation of segment profit or (loss)
Interest (income) expense, net					(72)						156

Other (income) expense, net					(149)						173

Income (loss) before income taxes					$	2,534					$	(1,272)


	THREE MONTHS ENDED MARCH 31
									Increase / (Decrease)
	2025		% of Revenue		2024		% of Revenue		$ Change		% Change
Revenue	$	133,372	100.0	%	$	128,277	100.0	%	$	5,095	4.0	%
Cost of sales	100,601		75.4	%	98,223		76.6	%	2,378		2.4	%
Gross profit	32,771		24.6	%	30,054		23.4	%	2,717		9.0	%
Selling, general and administrative expenses	30,380		22.8	%	30,947		24.1	%	(567)		(1.8)	%
Amortization of intangible assets	78		0.1	%	50		—	%	28		56.0	%
Operating profit (loss)	2,313		1.7	%	(943)		(0.7)	%	3,256		n/m
Interest (income) expense, net	(72)		(0.1)	%	156		0.1	%	(228)		n/m

Other (income) expense, net	(149)		(0.1)	%	173		0.1	%	(322)		n/m
Income (loss) before income taxes	2,534		1.9	%	(1,272)		(1.0)	%	3,806		n/m
Income tax expense (benefit)	729		0.5	%	(110)		(0.1)	%	839		n/m
Net income (loss)	$	1,805	1.4	%	$	(1,162)	(0.9)	%	$	2,967	n/m
n/m = not meaningful


Issuer Purchases of Equity Securities (1)
	(a)	(b)		(c)	(d)
Period	Total Number of Shares Purchased (2)	Average Price Paid per Share (3)		Total Number of Shares Purchased as Part of the Publicly Announced Program	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program
Month #1 January 1 to 31, 2025	31,732	$	16.51	31,732	$	10,924,841
Month #2 February 1 to 28, 2025	39,121	$	—	—	$	10,924,841
Month #3 March 1 to 31, 2025	109,703	$	19.69	109,703	$	8,764,857
	180,556	$	18.98	141,435	$	8,764,857


Exhibit
Number*						Description of Exhibits

31(i)(1)						Certification of R. Scott Tidey pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
31(i)(2)						Certification of Sally M. Cunningham pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
32						Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by R. Scott Tidey and Sally M. Cunningham
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		Hamilton Beach Brands Holding Company (Registrant)
Date:	February 25, 2026	/s/ Sally M. Cunningham
		Sally M. Cunningham
		Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)/(Principal Accounting Officer)


	THREE MONTHS ENDED MARCH 31
	2025		2024
Type of good or service:
Consumer products	$	117,335	$	112,750
Commercial products	12,292		13,453
Licensing	2,560		1,615
Leasing	1,185		459
Total revenues	$	133,372	$	128,277


Effective income tax rate			28.8		%										8.6		%


	THREE MONTHS ENDED MARCH 31
	2025		2024
Net cash provided by (used for) operating activities	$	6,620	$	19,701
Net cash provided by (used for) investing activities	$	(516)	$	(6,749)
Net cash provided by (used for) financing activities	$	(4,958)	$	(2,085)

Amendment: SEC Form 10-Q/A filed by Hamilton Beach Brands Holding Company