弗里德曼工业公司 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDSeptember 30, 2025 OR COMMISSION FILE NUMBER1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas74-1504405(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentificationNumber) 1121 Judson Road, Suite 124,Longview,Texas75601(Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (903)758-3431 Former name, former address and former fiscal year, if changed since last report Securities registered pursuant to Section 12(b) of the Act: NameofeachexchangeonwhichregisteredNasdaqGlobal Select Market Common Stock, $1 Par Value Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject 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 toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto 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 reportingcompany 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. Largeacceleratedfiler☐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 complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicateby check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).(Checkone):Yes☐No☒ AtNovember 10, 2025, the number of shares outstanding of the issuer’s only class of stock was7,112,182sharesof Common Stock. TABLE OF CONTENTS Part I — FINANCIAL INFORMATION3Item1. Financial Statements (Unaudited)3Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item3. Quantitative and Qualitative Disclosures About Market Risk19Item4. Controls and Procedures19Part II — OTHER INFORMATION20Item5. Other Information20Item6. Exhibits20SIGNATURES21 Part I — FINANCIAL INFORMATION FRIEDMAN INDUSTRIES, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED(In thousands, except for share data) SEPTEMBER 30,2025MARCH 31, 2025 FRIEDMAN INDUSTRIES, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS— UNAUDITED(In thousands, except per share data) FRIEDMAN INDUSTRIES, INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED(In thousands) The accompanying notes are an integral part of these financial statements. CONDENSED NOTES TO QUARTERLY REPORT — UNAUDITED NOTE1— BASIS OF PRESENTATION The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form10-Q and donotinclude all of the information and footnotes required by U.S. generally accepted accounting principles for complete financialstatements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentationhave been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the“Company”) included in its annual report on Form10-K for the year endedMarch 31, 2025. NOTE2—BUSINESS COMBINATIONS OnAugust 29, 2025, (the “Acquisition Date”), the Company acquired certain assets and liabilities of Century Metals & Supplies Inc.(“Century”) based in Miami, Florida. The Company acquired the working capital, buildings, processing and other equipment, and the related realestate of Century (the “Transaction”). In addition to the owned facilities in Miami, the Transaction also includes leased distribution and warehousefacilities in Orlando, Florida and Tampa, Florida. The operations will continue as Century Metals and Supplies LLC, a wholly owned subsidiary ofthe Company.Century is a metals processing company with cut-to-length and coil slitting capabilities which will operate as part of the Company'sflat-roll business segment. As a result of the Transaction, the Company expanded its presence in the southeastern U.S. and Latin American marketsand broadened the Company's product offerings to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials such asaluminum, copper, and brass.