海斯特-耶鲁 2025年季度报告

Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth Large accelerated filer☑Accelerated filer☐Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Number of shares of ClassA Common Stock outstanding at May2, 2025:14,254,901Number of shares of ClassB Common Stock outstanding at May2, 2025:3,452,764 Table of Contents HYSTER-YALE, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1—Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delawarecorporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc. ("HYMH"), designs, engineers,manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hysterand Yale brand names, mainly to independent Hyster and Yale retail dealerships. Lift trucks and componentparts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan,Italy and Vietnam.The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), amanufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs®®®® The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks andlift tables marketed under the Bolzoni, Auramo and Meyer brand names. Bolzoni also produces components for lift truck®®® material handling. As of March 31, 2025, the Company operated Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technologycompany focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines. In April 2025, the Companyannounced a strategic business realignment of Nuvera's operations. See Note 15,Subsequent Events, of the Company's condensed Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a50%-owned joint venture, and HYG Financial Services, Inc.("HYGFS"), a20%-owned joint venture, are accounted for by the equity method. The Company’s percentage share of the net incomeor loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") forinterim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include allof the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments(consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as ofMarch31, 2025 and the results of its operations and changes in equity for the three months ended March31, 2025 and 2024, and the The accompanying unaudited condensed consolidated balance sheet at December31, 2024 has been derived from the audited financialstatements at that date but does not include all of the information or notes required by GAAP for complete financial statements. Table of Contents Note 2—Recently Issued Accounting Standards Adopted Accounting Pronouncements During the first quarter of 2025, the Company did not adopt any accounting standard updates ("ASU") which had a material effect onthe Company's financial position, results of operations, cash flows or related disclosures. Recent Accounting Pronouncements The following table provides a brief description of ASUs not yet adopted: Note 3—Revenue Revenue is reco