nacco-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 10-Q


(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	June 30, 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 1-9172

NACCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

34-1505819

(State or other jurisdiction of incorporation or organization)

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

22901 Millcreek Blvd.

Suite 600

Cleveland,

Ohio

44122

(Address of principal executive offices)

(Zip code)

(440)

229-5151

(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

Name of each exchange on which registered

Class A Common Stock, $1 par value per share

New York Stock Exchange

Class B Common Stock is not publicly listed for trade on any exchange or market system; however, Class B Common Stock is convertible into Class A Common Stock on a share-for-share basis.

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. o

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 at July 31, 2025: 5,888,500

Number of shares of Class B Common Stock outstanding at July 31, 2025: 1,563,153

NACCO INDUSTRIES, INC.

TABLE OF CONTENTS

Page Number

Part I.

FINANCIAL INFORMATION

Item 1

Financial Statements

Unaudited Condensed Consolidated Balance Sheets

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Statements of Comprehensive Income

Unaudited Condensed Consolidated Statements of Cash Flows

Unaudited Condensed Consolidated Statements of Changes in Equity

Notes to Unaudited Condensed 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

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4

Mine Safety Disclosures

Part I

FINANCIAL INFORMATION

Item 1. Financial Statements

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


	JUNE 30 2025		DECEMBER 31 2024
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	49,402	$	72,833
Trade accounts receivable	38,861		49,706
Accounts receivable from affiliates	9,135		5,793
Prepaid profit sharing	12,041		—
Deposits with vendors	16,293		9,394
Inventories	58,569		94,608
Assets held for sale	17,022		14,159

Prepaid insurance	11,193		1,740
Other current assets	14,792		16,505
Total current assets	227,308		264,738
Property, plant and equipment, net	256,762		259,457
Intangibles, net	5,068		5,475
Mining supplies inventory	33,674		—
Deferred income taxes	18,404		14,641
Investments in unconsolidated subsidiaries	16,093		14,137
Operating lease right-of-use assets	8,869		9,661
Equity securities	17,769		18,663
Equity method investment in Eiger, LLC	18,954		19,147
Other non-current assets	28,411		25,768
Total assets	$	631,312	$	631,687
LIABILITIES AND EQUITY
Accounts payable	$	14,935	$	17,721
Accounts payable to affiliates	8		1,826

Current maturities of long-term debt	4,631		4,179
Asset retirement obligations	9,646		9,747
Accrued payroll	14,177		22,663
Excess funding liability	5,450		—


Other current liabilities	9,347		8,752
Total current liabilities	58,194		64,888
Long-term debt	25,875		25,335
Long-term revolving credit agreements	65,000		70,000
Operating lease liabilities	8,152		9,042
Asset retirement obligations	40,382		39,780
Pension and other postretirement obligations	4,614		4,787


Other long-term liabilities	15,975		12,908
Total liabilities	218,192		226,740
Stockholders' equity
Common stock:
Class A, par value $1 per share, 5,888,400 shares outstanding (December 31, 2024 - 5,730,470 shares outstanding)	5,888		5,730
Class B, par value $1 per share, convertible into Class A on a one-for-one basis, 1,563,253 shares outstanding (December 31, 2024 - 1,565,359 shares outstanding)	1,564		1,566
Capital in excess of par value	38,223		34,340
Retained earnings	377,280		373,363
Accumulated other comprehensive loss	(9,835)		(10,052)
Total stockholders' equity	413,120		404,947
Total liabilities and equity	$	631,312	$	631,687

See notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30				JUNE 30
	2025		2024		2025		2024
	(In thousands, except per share data)
Revenues	$	68,235	$	52,345	$	133,806	$	105,634
Cost of sales	61,415		45,327		117,332		91,598
Gross profit	6,820		7,018		16,474		14,036
Earnings of unconsolidated operations	13,138		13,592		29,124		26,899


Operating expenses
Selling, general and administrative expenses	19,773		17,720		37,641		33,173
Amortization of intangible assets	245		116		407		242
Gain on sale of assets	(9)		(4,592)		(81)		(4,603)

	20,009		13,244		37,967		28,812
Operating (loss) profit	(51)		7,366		7,631		12,123
Other (income) expense
Interest expense	1,944		1,311		3,718		2,422
Interest income	(770)		(1,038)		(1,635)		(2,165)
Closed mine obligations	503		471		976		926
(Gain) loss on equity securities	(349)		264		521		(777)

Gain on settlement of excess funding liability	(3,590)		—		(3,590)		—
Other, net	217		130		520		(84)
	(2,045)		1,138		510		322
Income before income tax (benefit) provision	1,994		6,228		7,121		11,801
Income tax (benefit) provision	(1,266)		256		(1,039)		1,259
Net income	$	3,260	$	5,972	$	8,160	$	10,542

Earnings per share:
Basic earnings per share	$	0.44	$	0.81	$	1.10	$	1.42
Diluted earnings per share	$	0.44	$	0.81	$	1.10	$	1.42

Basic weighted average shares outstanding	7,445		7,394		7,398		7,419
Diluted weighted average shares outstanding	7,445		7,394		7,446		7,437

See notes to Unaudited Condensed Consolidated Financial Statements.

Table of Contents

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED

SIX MONTHS ENDED

JUNE 30

SEC Form 10-Q filed by NACCO Industries Inc.