ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of Incorporation or organization) |
(I.R.S. Employer Identification Number) | |
(Address of principal executive offices) |
(Zip Code) | |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Large accelerated filer | ☐ | ☒ | ||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||
| Emerging growth company | ||||||
Description |
Page No |
|||
Financial Statements: |
||||
| 2 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| 9 | ||||
| 10 | ||||
| • | We assessed the reasonableness of management’s program accrual rates used by performing a fluctuation analysis of accrual rates per selected product line at December 31, 2025, compared to the prior period accrual rates. |
| • | We evaluated the accuracy of the accrued program costs by comparing the accrued program costs calculation inputs and adjustments to supporting documentation, including approved program offers, and tested the mathematical accuracy of management’s calculation. |
| • | We performed inquiries of appropriate individuals outside of the finance organization to corroborate the completeness and accuracy of the inputs into the calculation. |
| • | We evaluated management’s ability to accurately record accrued program costs by testing a selection of actual program related payments made in 2025, and comparing the payments to management’s historical accrued program costs. |
| • | We tested management’s controls over the goodwill impairment evaluation, including over the determination of the fair value of the reporting unit, such as the control related to the forecasted future net sales growth, selection of EBITDA multiples, and selection of the discount rate. |
| • | We evaluated the reasonableness of management’s forecasted future net sales growth by comparing forecasted future net sales growth to (1) historical results of the Company, (2) information obtained from inquiries with senior management personnel, (3) internal communications to management and the board of directors, and (4) industry reports of the Company and comparable companies. |
| • | We evaluated management’s ability to accurately forecast future net sales growth by comparing actual results to management’s historical forecasts. |
| • | With the assistance of our fair value specialists, we evaluated the discount rate, including testing the source information underlying the determination of the discount rate, testing the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rates selected by management. |
| • | With the assistance of our fair value specialists, we evaluated the selection of EBITDA multiples from comparable companies, including testing the underlying source information and mathematical accuracy of the calculations, and evaluated the appropriateness of the Company’s selection of companies in its peer public company group. |
/s/ |
| March 16, 2026 |
2025 |
2024 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | $ | ||||||
Receivables: |
||||||||
Trade, net of allowance for credit losses of $ |
||||||||
Other |
||||||||
Total receivables, net |
||||||||
Inventories |
||||||||
Prepaid expenses and other assets |
||||||||
Income taxes receivable |
||||||||
Total current assets |
||||||||
Property, plant and equipment, net |
||||||||
Operating lease right-of-use |
||||||||
Intangible assets, net |
||||||||
Goodwill |
||||||||
Deferred income tax assets |
||||||||
Other assets |
||||||||
Total assets |
$ | $ | ||||||
Liabilities and Stockholders’ Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Customer prepayments |
||||||||
Accrued program costs |
||||||||
Accrued expenses and other payables |
||||||||
Operating lease liabilities, current |
||||||||
Income taxes payable |
||||||||
Total current liabilities |
||||||||
Long-term debt |
||||||||
Operating lease liabilities, long-term |
||||||||
Deferred income tax liabilities |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
Commitments and contingent liabilities (Notes 5 and 10) |
||||||||
Stockholders’ equity: |
||||||||
Preferred stock, $ |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Retained earnings |
||||||||
Less treasury stock at cost, |
( |
) | ( |
) | ||||
Total stockholders’ equity |
||||||||
Total liabilities and stockholders’ equity |
$ | $ | ||||||
2025 |
2024 |
2023 |
||||||||||
Net sales |
$ | $ | $ | |||||||||
Cost of sales |
( |
) | ( |
) | ( |
) | ||||||
Gross profit |
||||||||||||
Operating expenses |
||||||||||||
Selling, general and administrative |
( |
) | ( |
) | ( |
) | ||||||
Research, product development and regulatory |
( |
) | ( |
) | ( |
) | ||||||
Product liability claims |
( |
) | ||||||||||
Transformation |
( |
) | ( |
) | ( |
) | ||||||
Asset impairments |
( |
) | ( |
) | ||||||||
Gain from sale of assets |
||||||||||||
Operating (loss) income |
( |
) | ( |
) | ||||||||
Change in fair value of equity investments, net |
( |
) | ( |
) | ( |
) | ||||||
Interest and other expenses, net |
( |
) | ( |
) | ( |
) | ||||||
(Loss) income before provision for income taxes |
( |
) | ( |
) | ||||||||
Provision for income taxes |
( |
) | ( |
) | ( |
) | ||||||
Net (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
(Losses) earnings per common share—basic |
$ | ( |
) | $ | ( |
) | $ | |||||
(Losses) earnings per common share—assuming dilution |
$ | ( |
) | $ | ( |
) | $ | |||||
Weighted average shares outstanding—basic |
||||||||||||
Weighted average shares outstanding—assuming dilution |
||||||||||||
2025 |
2024 |
2023 |
||||||||||
Net (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
Other comprehensive gain (loss) |
||||||||||||
Foreign currency translation adjustment, net of tax effects |
( |
) | ||||||||||
Comprehensive (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
Accumulated |
||||||||||||||||||||||||||||||||
Additional |
Other |
|||||||||||||||||||||||||||||||
Common Stock |
Paid-in |
Comprehensive |
Retained |
Treasury Stock |
AVD |
|||||||||||||||||||||||||||
Shares |
Amount |
Capital |
loss |
Earnings |
Shares |
Amount |
Total |
|||||||||||||||||||||||||
Balance, January 1, 2023 |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
Stocks issued under ESPP |
— | — | — | — | ||||||||||||||||||||||||||||
Cash dividends declared on common stock ($ |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation adjustment, net |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Stock based compensation |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) |
( |
) | — | — | — | — | ( |
) | ||||||||||||||||||||||||
Shares repurchased |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Balance, December 31, 2023 |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Stocks issued under ESPP |
— | — | — | — | ||||||||||||||||||||||||||||
Cash dividends declared on common stock ($ |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation adjustment, net |
— | — | — | ( |
) | — | — | — | ( |
) | ||||||||||||||||||||||
Stock based compensation |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) |
( |
) | — | — | — | — | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
Balance, December 31, 2024 |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Stocks issued under ESPP |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net |
||||||||||||||||||||||||||||||||
Stock based compensation |
||||||||||||||||||||||||||||||||
Stock options exercised, grants, termination, and vesting of restricted stock units (net of shares in lieu of taxes) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance, December 31, 2025 |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
2025 |
2024 |
2023 |
||||||||||
Cash flows from operating activities: |
||||||||||||
Net (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
||||||||||||
Depreciation and amortization of property, plant and equipment and intangible assets |
||||||||||||
Amortization of other long-term assets |
||||||||||||
Amortization of deferred loan fees |
||||||||||||
Gain on disposal of property, plant and equipment |
( |
) | ( |
) | ||||||||
Impairment of assets |
||||||||||||
Provision for estimated credit losses |
||||||||||||
Stock-based compensation |
||||||||||||
Deferred income taxes |
( |
) | ( |
) | ||||||||
Changes in liabilities for uncertain tax positions or unrecognized tax benefits |
( |
) | ( |
) | ( |
) | ||||||
Change in equity investment fair value |
||||||||||||
Lease obligations and non-cash lease expense, net |
( |
) | ( |
) | ||||||||
Unrealized foreign currency transaction (gains) losses |
( |
) | ( |
) | ||||||||
Changes in assets and liabilities associated with operations, net of business combinations: |
||||||||||||
Decrease (increase) in receivables |
( |
) | ||||||||||
Decrease (increase) in inventories |
( |
) | ||||||||||
Decrease (increase) in income tax receivable/payable |
( |
) | ( |
) | ||||||||
(Increase) decrease in prepaid expenses and other assets |
( |
) | ( |
) | ||||||||
Increase (decrease) in accounts payable |
( |
) | ||||||||||
Decrease in customer prepayments |
( |
) | ( |
) | ( |
) | ||||||
(Decrease) increase in accrued program costs |
( |
) | ||||||||||
(Decrease) increase in accrued expenses and other payables |
( |
) | ( |
) | ||||||||
Net cash (used in) provided by operating activities |
( |
) | ( |
) | ||||||||
Cash flows from investing activities: |
||||||||||||
Capital expenditures |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from disposal of property, plant and equipment |
||||||||||||
Acquisitions of business and product line, net of cash acquired |
( |
) | ||||||||||
Intangible assets |
( |
) | ( |
) | ( |
) | ||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||
Cash flows from financing activities: |
||||||||||||
Payments under line of credit agreement |
( |
) | ( |
) | ( |
) | ||||||
Borrowings under line of credit agreement |
||||||||||||
Payment of deferred loan fees |
( |
) | ( |
) | ||||||||
Net receipt from the issuance of common stock under ESPP |
||||||||||||
Net (payment) receipt from the exercise of stock options |
( |
) | ||||||||||
Payment from common stock purchased for tax withholding |
( |
) | ( |
) | ||||||||
Repurchase of common stock |
( |
) | ||||||||||
Payment of cash dividends |
( |
) | ( |
) | ||||||||
Net cash provided by financing activities |
||||||||||||
Net increase (decrease) in cash |
( |
) | ( |
) | ||||||||
Effect of exchange rate changes on cash |
( |
) | ||||||||||
Cash at beginning of year |
||||||||||||
Cash at end of year |
$ | $ | $ | |||||||||
| (1) | Description of Business and Summary of Significant Accounting Policies |
| 2025 | 2024 | |||||||
Finished products |
$ | $ | ||||||
Raw materials |
||||||||
Total inventories |
$ | $ | ||||||
| Year Ended December 31, 2025 |
Year Ended December 31, 2024 |
Year Ended December 31, 2023 |
||||||||||
Cash paid for amounts included in the measurement of lease liabilities |
$ | $ | $ | |||||||||
ROU assets obtained in exchange for new lease liabilities |
$ | $ | $ | |||||||||
| December 31, 2025 |
December 31, 2024 |
|||||||
Weighted-average remaining lease term (in years) |
||||||||
Weighted-average discount rate |
% | % | ||||||
2026 |
$ | |||
2027 |
||||
2028 |
||||
2029 |
||||
2030 |
||||
Thereafter |
||||
Total lease payments |
$ | |||
Less: imputed interest |
( |
) | ||
Total |
$ | |||
Amounts recognized in the consolidated balance sheets: |
||||
Operating lease liabilities, current |
$ | |||
Operating lease liabilities, long term |
$ |
| 2025 | 2024 | 2023 | ||||||||||
Net sales: |
||||||||||||
U.S. crop |
$ | $ | $ | |||||||||
U.S. non-crop |
||||||||||||
Total U.S. |
||||||||||||
International |
||||||||||||
Total net sales |
$ | $ | $ | |||||||||
| • | Level 1 – Quoted prices in active markets for identical assets or liabilities. |
| • | Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| • | Level 3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. |
| 2025 | 2024 | 2023 | ||||||||||
Numerator: |
||||||||||||
Net (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
Denominator: |
||||||||||||
Weighted average shares outstanding - basic |
||||||||||||
Dilutive effect of stock options and grants |
||||||||||||
Weighted average shares outstanding - diluted |
||||||||||||
| 2025 | 2024 | Estimated useful lives | ||||||||
| Land |
$ | $ | ||||||||
| Buildings and improvements |
||||||||||
| Machinery and equipment |
||||||||||
| Office furniture, fixtures and equipment |
||||||||||
| Automotive equipment |
||||||||||
| Construction in progress |
||||||||||
| |
|
|
|
|||||||
| Total gross value |
||||||||||
| Less accumulated depreciation |
( |
) | ( |
) | ||||||
| |
|
|
|
|||||||
| Total net value |
$ | $ | ||||||||
| |
|
|
|
|||||||
| Domestic |
$ | $ | ||||||||
| International |
||||||||||
| |
|
|
|
|||||||
| Total net value |
$ | $ | ||||||||
| |
|
|
|
|||||||
| 2025 | 2024 | |||||||
| Senior credit facility |
$ | $ | ||||||
| Less deferred loan fees |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| $ | $ | |||||||
| |
|
|
|
|||||
| 2025 | 2024 | 2023 | ||||||||||
Current: |
||||||||||||
Federal |
$ | ( |
) | $ | ( |
) | $ | |||||
State |
( |
) | ||||||||||
Foreign |
||||||||||||
Deferred: |
||||||||||||
Federal |
( |
) | ( |
) | ||||||||
State |
( |
) | ||||||||||
Foreign |
( |
) | ( |
) | ( |
) | ||||||
| ( |
) | ( |
) | |||||||||
Total |
$ | $ | $ | |||||||||
2025 |
||||||||
Amount |
Percentage |
|||||||
Computed tax expense at statutory federal rates |
( |
) | % | |||||
Increase (decrease) in taxes resulting from: |
||||||||
State taxes, net of federal income tax benefit (1) |
- |
% | ||||||
Foreign tax effects: |
||||||||
Panama |
||||||||
Other |
( |
) | % | |||||
Nicaragua |
||||||||
Change in Valuation Allowance |
- |
% | ||||||
Other |
- |
% | ||||||
Brazil |
||||||||
Foreign Rate Differential |
( |
) | % | |||||
Goodwill Impairment |
- |
% | ||||||
Other |
- |
% | ||||||
Australia |
||||||||
Goodwill Impairment |
- |
% | ||||||
Other |
( |
) | % | |||||
Costa Rica |
||||||||
Foreign Rate Differential |
( |
) | % | |||||
Goodwill Impairment |
- |
% | ||||||
Other |
- |
% | ||||||
Other foreign jurisdictions |
- |
% | ||||||
Effect of cross-border tax laws: |
||||||||
Subpart F Income |
- |
% | ||||||
Tax credits |
||||||||
Research and development (“R&D”) credits |
( |
) | % | |||||
Changes in valuation allowance |
- |
% | ||||||
Nontaxable or nondeductible items: |
||||||||
Equity compensation |
- |
% | ||||||
Other |
- |
% | ||||||
Changes in unrecognized tax benefits |
( |
) | % | |||||
Other adjustments: |
||||||||
Return to provision |
( |
) | % | |||||
Other |
- |
% | ||||||
Total |
- |
% | ||||||
| (1) | State taxes in Illinois, Alabama, Florida, Minnesota, Pennsylvania, Louisiana, California, and North Carolina made up the majority (greater than 50%) of the tax effect in this category. |
2024 |
2023 |
|||||||
federal rates |
$ | ( |
) | $ | ||||
Increase (decrease) in taxes resulting from: |
||||||||
State taxes, net of federal income tax benefit |
( |
) | ||||||
Unrecognized tax benefits |
( |
) | ( |
) | ||||
Income tax credits |
( |
) | ( |
) | ||||
Foreign tax rate differential |
( |
) | ||||||
Stock based compensation |
||||||||
Global intangible low-taxed income |
||||||||
Change in valuation allowance |
||||||||
Return to provision |
( |
) | ||||||
Nondeductible expenses / (tax deductions) |
( |
) | ||||||
Gross receipts taxes |
||||||||
Goodwill impairment |
||||||||
IP migration |
( |
) | ||||||
Other |
( |
) | ||||||
Total |
$ | $ | ||||||
| 2025 | 2024 | 2023 | ||||||||||
Domestic |
$ | ( |
) | $ | ( |
) | $ | |||||
International |
( |
) | ( |
) | ||||||||
Total |
$ | ( |
) | $ | ( |
) | $ | |||||
| 2025 | 2024 | |||||||
Deferred tax assets |
||||||||
Inventories |
$ | $ | ||||||
Program accrual |
||||||||
Vacation pay accrual |
||||||||
Accrued bonuses and severance |
||||||||
Bad debt expense |
||||||||
Stock compensation |
||||||||
Domestic NOL carryforward |
||||||||
Foreign NOL carryforward |
||||||||
Tax credits |
||||||||
Lease liability |
||||||||
Accrued expenses |
||||||||
Accrued product liability |
||||||||
Unrealized foreign exchange loss |
||||||||
Capitalized R&D costs |
||||||||
Disallowed interest expense |
||||||||
Other |
||||||||
Deferred tax assets |
||||||||
Less valuation allowance |
( |
) | ( |
) | ||||
Deferred tax assets, net |
$ | $ | ||||||
Deferred tax liabilities |
||||||||
Plant and equipment |
$ | ( |
) | $ | ( |
) | ||
Lease assets |
( |
) | ( |
) | ||||
Prepaid expenses |
( |
) | ( |
) | ||||
Other |
( |
) | ||||||
Deferred tax liabilities |
$ | ( |
) | $ | ( |
) | ||
Total net deferred tax liabilities |
$ | ( |
) | $ | ( |
) | ||
| 2025 | 2024 | |||||||
Balance at beginning of year |
$ | $ | ||||||
Additions for tax positions related to the current year |
||||||||
Additions for tax positions related to the prior years |
||||||||
Reduction for tax positions related to the prior years |
( |
) | ( |
) | ||||
Effect of exchange rate changes |
||||||||
Balance at end of year |
$ | $ | ||||||
| 2025 | 2024 | |||||||
Domestic receivables |
$ | $ | ||||||
International receivables |
||||||||
Total receivables |
$ | $ | ||||||
| 2025 | 2024 | 2023 | ||||||||||
South and Central America |
$ | $ | $ | |||||||||
Mexico |
||||||||||||
Asia |
||||||||||||
Australia & New Zealand |
||||||||||||
Canada |
||||||||||||
Africa |
||||||||||||
Europe |
||||||||||||
Middle East |
||||||||||||
Total international net sales |
$ | $ | $ | |||||||||
| Preliminary Allocation at December 31, 2023 |
Measurement Period Adjustments |
Final Allocation | ||||||||||
Trade receivables |
$ | $ | $ | |||||||||
Inventory and other current assets |
||||||||||||
Property, plant, and equipment |
||||||||||||
Customer relationships |
||||||||||||
Product registrations and product rights |
||||||||||||
Goodwill |
( |
) | ||||||||||
Liabilities assumed |
( |
) | ( |
) | ( |
) | ||||||
Total |
$ | $ | $ | |||||||||
| Amount | ||||
Intangible assets at January 1, 2023 |
$ | |||
Additions during fiscal 2023 |
||||
Impact of movement in exchange rates |
||||
Amortization expense |
( |
) | ||
Intangible assets at December 31, 2023 |
||||
Measurement period adjustment |
||||
Additions during fiscal 2024 |
||||
Impact of movement in exchange rates |
( |
) | ||
Amortization expense |
( |
) | ||
| ( |
) | |||
Intangible assets at December 31, 2024 |
||||
Additions during fiscal 2025 |
||||
Impact of movement in exchange rates |
||||
Amortization expense |
( |
) | ||
| ( |
) | |||
Intangible assets at December 31, 2025 |
$ | |||
Goodwill at January 1, 2023 |
$ | |||
Additions during fiscal 2023 |
||||
Impact of movement in exchange rates |
||||
Goodwill at December 31, 2023 |
||||
Measurement period adjustment |
( |
) | ||
Impact of movement in exchange rates |
( |
) | ||
Goodwill impairment |
( |
) | ||
Goodwill at December 31, 2024 |
||||
Impact of movement in exchange rates |
||||
Goodwill impairment |
( |
) | ||
Goodwill at December 31, 2025 |
$ | |||
2025 |
2024 |
|||||||||||||||||||||||
Gross |
Accumulated Amortization |
Net Book Value |
Gross |
Accumulated Amortization |
Net Book Value |
|||||||||||||||||||
Product rights and patents |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Trademarks |
||||||||||||||||||||||||
Customer lists |
||||||||||||||||||||||||
Total intangibles assets |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Domestic intangible assets |
||||||||||||||||||||||||
International intangible assets |
||||||||||||||||||||||||
Total intangibles assets - domestic and international |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Year ending December 31, |
Amount | |||
2026 |
$ | |||
2027 |
||||
2028 |
||||
2029 |
||||
2030 |
||||
Thereafter |
||||
| $ | ||||
| 2025 | 2024 | |||||||
Domestic |
$ | $ | ||||||
International |
||||||||
Total goodwill, domestic and international |
$ | $ | ||||||
| Stock-Based Compensation |
Unamortized Stock-Based Compensation |
Remaining Weighted Average Period (years) |
||||||||||
December 31, 2025 |
||||||||||||
Options |
$ | $ | ||||||||||
Restricted Stock |
||||||||||||
Unrestricted Stock |
||||||||||||
Performance-Based Restricted Stock |
( |
) | ||||||||||
Total |
$ | $ | ||||||||||
December 31, 2024 |
||||||||||||
Options |
$ | $ | ||||||||||
Restricted Stock |
||||||||||||
Unrestricted Stock |
||||||||||||
Performance-Based Restricted Stock |
||||||||||||
Total |
$ | $ | ||||||||||
December 31, 2023 |
||||||||||||
Restricted Stock |
$ | $ | ||||||||||
Unrestricted Stock |
||||||||||||
Performance-Based Restricted Stock |
||||||||||||
Total |
$ | $ | ||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||
| Number of Shares |
Weighted Average Grant Date Fair Value |
Number of Shares |
Weighted Average Grant Date Fair Value |
Number of Shares |
Weighted Average Grant Date Fair Value |
|||||||||||||||||||
Nonvested shares at January 1st |
$ | $ | $ | |||||||||||||||||||||
Granted |
||||||||||||||||||||||||
Vested |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Nonvested shares at December 31st |
$ | $ | $ | |||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| Number of Shares |
Weighted Average Grant Date Fair Value |
Number of Shares |
Weighted Average Grant Date Fair Value |
Number of Shares |
Weighted Average Grant Date Fair Value |
|||||||||||||||||||
Nonvested shares at January 1st |
$ | $ | $ | |||||||||||||||||||||
Granted |
||||||||||||||||||||||||
Change based on performance achievement |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Vested |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Nonvested shares at December 31st |
$ | $ | $ | |||||||||||||||||||||
| Number of Shares |
Weighted Average Exercise Price Per Share |
|||||||
Balance outstanding, January 1, 2023 |
$ | |||||||
Options exercised |
( |
) | ||||||
Balance outstanding, December 31, 2023 |
$ | |||||||
Options granted |
||||||||
Options exercised |
||||||||
Options expired |
( |
) | ||||||
Balance outstanding, December 31, 2024 |
$ | |||||||
Options granted |
||||||||
Options exercised |
||||||||
Options expired |
( |
) | ||||||
Balance outstanding, December 31, 2025 |
$ | |||||||
| Number of Shares |
Weighted Average Exercise Price Per Share |
|||||||
Balance outstanding, January 1, 2023 |
$ | |||||||
Options granted |
$ | |||||||
Options expired |
( |
) | $ | |||||
Options forfeited |
( |
) | ||||||
Balance outstanding, December 31, 2024 |
$ | |||||||
Options granted |
||||||||
Options expired |
||||||||
Options forfeited |
( |
) | ||||||
Balance outstanding, December 31, 2025 |
$ | |||||||
Balance, January 1, 2023 |
$ | ( |
) | |
Foreign currency translation adjustment, net of tax effects of ($ |
||||
Balance, December 31, 2023 |
( |
) | ||
Foreign currency translation adjustment, net of tax effects of $ |
( |
) | ||
Balance, December 31, 2024 |
( |
) | ||
Foreign currency translation adjustment, net of tax effects of ($ |
||||
Balance, December 31, 2025 |
$ | ( |
) | |
Year ended |
Total number of shares purchased |
Average price paid per share |
Total amount paid | |||||||||
December 31, 2025 |
$ | $ | ||||||||||
December 31, 2024 |
$ | $ | ||||||||||
December 31, 2023 |
$ | $ | ||||||||||
| 2025 | 2024 | 2023 | ||||||||||
Supplemental cash flow information: |
||||||||||||
Cash paid during the year for: |
||||||||||||
Interest |
$ | $ | $ | |||||||||
Income taxes, net |
$ | $ | $ | |||||||||
Non-cash transactions: |
||||||||||||
Cash dividends declared and included in accrued expenses |
$ | $ | $ | |||||||||
2025 |
2024 | 2023 | ||||||||||
Reconciliation of unrestricted cash and restricted cash reported in the consolidated balance sheets |
||||||||||||
Unrestricted cash |
$ | $ | $ | |||||||||
Restricted cash |
||||||||||||
Total cash |
$ | $ | $ | |||||||||
| 2025 | ||||||||
| Amount | Percentage | |||||||
Worldwide |
||||||||
Federal |
% | |||||||
State |
( |
) | - |
% | ||||
Foreign |
% | |||||||
Total |
% | |||||||
| State | Amount | Percentage | ||||||
Other |
( |
) | % | |||||
Total State |
( |
) | % | |||||
| Foreign | Amount | Percentage | ||||||
Netherlands |
% | |||||||
Mexico |
% | |||||||
Nicaragua |
% | |||||||
Australia |
% | |||||||
India |
% | |||||||
Other |
% | |||||||
Total Foreign |
% | |||||||
2025 |
2024 |
2023 |
||||||||||
Net sales |
$ | $ | $ | |||||||||
Cost of sales: |
||||||||||||
Material and other costs |
( |
) | ( |
) | ( |
) | ||||||
Warehousing, handling, and outbound freight |
( |
) | ( |
) | ( |
) | ||||||
Total cost of sales |
( |
) | ( |
) | ( |
) | ||||||
Gross profit |
||||||||||||
Operating expenses |
||||||||||||
Selling, general and administrative |
( |
) | ( |
) | ( |
) | ||||||
Research, product development and regulatory |
( |
) | ( |
) | ( |
) | ||||||
Product liability claims |
( |
) | ||||||||||
Transformation |
( |
) | ( |
) | ( |
) | ||||||
Asset impairment charges |
( |
) | ( |
) | ||||||||
Gain from sale of assets |
||||||||||||
Operating (loss) income |
( |
) | ( |
) | ||||||||
Change in fair value of equity investments, net |
( |
) | ( |
) | ( |
) | ||||||
Interest and other expenses, net |
( |
) | ( |
) | ( |
) | ||||||
(Loss) income before provision for income taxes |
( |
) | ( |
) | ||||||||
Provision for income taxes |
( |
) | ( |
) | ( |
) | ||||||
Net (loss) income |
$ | ( |
) | $ | ( |
) | $ | |||||
AMERICAN VANGUARD CORPORATION
PART IV
ITEM 15 FINANCIAL STATEMENTS, SCHEDULES, AND EXHIBITS
| 1. | Financial Statements. The consolidated financial statements as set forth under Item 8 of this Annual Report on Form 10-K are incorporated herein. |
| 2. | Financial Statement Schedules: Schedule II-A |
| 3. | Exhibit Index |
AMERICAN VANGUARD CORPORATION
Schedule II-A—Valuation and Qualifying Accounts
Allowance for Current Expected Credit Losses (in thousands)
| Balance at | Foreign | Balance at | ||||||||||||||
| Fiscal Year Ended |
Beginning of Period |
Additions | exchange impact |
End of Period |
||||||||||||
| December 31, 2025 |
$ | 9,170 | 2,360 | 203 | $ | 11,733 | ||||||||||
| December 31, 2024 |
$ | 7,107 | 2,248 | (185 | ) | $ | 9,170 | |||||||||
| December 31, 2023 |
$ | 5,136 | 1,935 | 36 | $ | 7,107 | ||||||||||
Deferred Tax Assets Valuation Allowance (in thousands)
| Additions Charged to |
||||||||||||||||
| Fiscal Year Ended |
Balance at Beginning of Period |
Net Income (Loss) |
Other Comprehensive (Gain) Loss |
Balance at End of Period |
||||||||||||
| December 31, 2025 |
$ | 33,855 | $ | 7,839 | $ | (308 | ) | $ | 41,386 | |||||||
| December 31, 2024 |
$ | 3,317 | $ | 29,730 | $ | 808 | $ | 33,855 | ||||||||
| December 31, 2023 |
$ | 3,853 | $ | 1,376 | $ | (1,912 | ) | $ | 3,317 | |||||||
See accompanying report of independent registered public accounting firms on page 4 of this Form 10-K/A.
AMERICAN VANGUARD CORPORATION
EXHIBIT INDEX
AMERICAN VANGUARD CORPORATION
AMERICAN VANGUARD CORPORATION
AMERICAN VANGUARD CORPORATION
AMERICAN VANGUARD CORPORATION
| # | These certifications are not deemed filed by the SEC and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filing. |
| † | Indicates a management contract or compensatory plan. |
| (c) | Valuation and Qualifying Accounts |
AMERICAN VANGUARD CORPORATION
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, American Vanguard Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMERICAN VANGUARD CORPORATION | ||||
| By: | /s/ DAVID T. JOHNSON | |||
| David T. Johnson Chief Financial Officer (Principal Financial Officer) (Principal Accounting Officer) | ||||
| September 30, 2026 | ||||