攀登者 2025年度报告

FIVE YEARSUMMARYIV. WITH GRATITUDE FORGEORGE SAVITSKY FELLOWSHAREHOLDERS, REPOSITIONING FOR PROFITABLE GROWTH BUILDING MORE RESILIENT BUSINESSES BALANCED CAPITAL ALLOCATION LOOKING AHEAD ESCALADE, INC. GEORGE SAVITSKY IS REMEMBERED WITH DEEP GRATITUDE 180 YEARS OF BRUNSWICK BILLIARDS WOODPLAY IS PROUDLY CELEBRATING 50 YEARS ESCALADE’S ACQUISITIONS OF GOLD TIP, BEE STINGER, AND ALLCORNHOLE THIS YEAR MARKED THE LAUNCH OF SEVERAL FLAGSHIP PRODUCTS GOALRILLA AND PROJECT BACKBOARD INTRODUCING ESCALADE ACADEMY UNITEDSTATESSECURITIES ANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549 Form 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the Fiscal Year Ended December 31, 2025Or[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period from _____________ to _____________ Commission File Number 0-6966 ESCALADE, INCORPORATED(Exact name of registrant as specified in its charter) Indiana(State of incorporation)13-2739290(I.R.S. EIN) 817 Maxwell Ave, Evansville, Indiana(Address of Principal Executive Office)47711(Zip Code) 812-467-1334(Registrant's Telephone Number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading SymbolName of Exchange on which registeredCommon Stock, No Par ValueESCAThe NASDAQ Stock Market LLC Securities registered pursuant to section 12(g) of the Act: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesYes [ ] No [X] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the ActYes [ ] No [X] Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes [X] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer [X]Smaller reporting company [X]Emerging growth company [] Large accelerated filer []Non-accelerated filer [] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.[X] If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.Yes [ ] No [X] Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to 240.10D-1(b). Yes [ ] No [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act).Yes [ ] No [X] Aggregate market value of common stock held by nonaffiliates of the registrant as of June 30, 2025 based on the closingsale price as reported on the NASDAQ Global Market: $136,833,075. The number of shares of Registrant's common stock (no par value) outstanding as of February 18, 2026: 13,696,311. DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant's proxy statement relating to its annual meeting of stockholders scheduled to be held onMay 5, 2026 are incorporated by reference into Part III of this Report, which proxy statement will be filed with theSecurities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year covered by this Form10-K. ESCALADE,INCORPORATED ANDSUBSIDIARIES Table of Contents Part I Item 1.Business4Item 1A.Risk Factors7Item 1B.Unresolved Staff Comments18Item 1C.Cybersecurity1