UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR 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 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, Suite 301 ...

Financial Data and Key Metrics Changes - Ampco-Pittsburgh Corporation reported earnings per common share of $0.16 for Q4 2024 and $0.02 for the full year [7] - Net cash flow from operating activities was $7.5 million for Q4 and $18 million for 2024 [8] - Consolidated net sales for Q4 2024 were $100.9 million, a decline of 6.6% compared to Q4 2023 [28] - Net income attributable to Ampco-Pittsburgh for Q4 2024 was $3.1 million, compared to a net loss of $41.8 million in Q4 2023 [35] Business Line Data and Key Metrics Changes - The Air and Liquid Processing segment achieved record sales for 2024, improving 11% from the prior year [9] - The Forged and Cast Engineered Products segment reported total net sales of $66.5 million in Q4 2024, down from $75.8 million in Q4 2023 [20] - Operating income for the Forged and Cast Engineered Products segment reached $10.5 million for the full year 2024, up from $7.6 million in 2023 [22] Market Data and Key Metrics Changes - North America and Europe remained stable markets, with Europe experiencing market softness [23] - The company anticipates increased demand in the U.S. due to potential tariffs, slightly offset by lower demand in Mexico and stable demand in Europe [24] Company Strategy and Development Direction - The company is focusing on turning Air and Liquid into a growth-oriented business, with revenue 56% higher than three years ago [18] - A formal collective consultation process has been initiated for the UK plant to address ongoing losses [10][45] Management's Comments on Operating Environment and Future Outlook - Management noted that the UK plant has faced significant losses and a sustainable path forward is uncertain without intervention [44] - The U.S. Navy's expansion plans and activity in the nuclear market are expected to drive future growth opportunities [51] Other Important Information - The total backlog at December 31, 2024, was $378.9 million, flat compared to December 31, 2023 [36] - Capital expenditures for full-year 2024 were $12.2 million, including final capitalization of the U.S. Forged plant modernization [38] Q&A Session Summary Question: Clarification on the UK situation and potential plant closure - Management indicated that significant losses have occurred in the UK, and without intervention, a sustainable path forward is not visible. The collective consultation process may lead to various outcomes, including potential closure [44][46] Question: Potential for market expansion in the air and liquid division - Management noted that there is increased activity in current markets, particularly with the U.S. Navy and nuclear sector, and opportunities for expansion beyond North America [51] Question: Debt levels and future CapEx plans - Management stated that debt levels are flat year-over-year, and future CapEx is expected to remain stable, supported by government grants [52][94] Question: Year-end backlog by business segment - The total backlog was reported as flat at $379 million, with $250.5 million in Forged and Cast Engineered Products and $128.4 million in Air and Liquid Processing [68] Question: Asbestos-related revaluations frequency - Management indicated that asbestos-related revaluations will likely be conducted annually moving forward to stay on top of changes [70]

Financial Performance - Net sales for Q4 2024 were $100.9 million, a decrease of 6.7% from $108.1 million in Q4 2023; full year sales were $418.3 million, down 0.9% from $422.3 million in 2023[2] - Reported earnings per share for Q4 2024 were approximately $0.16, and $0.02 for the full year 2024, compared to a loss of $2.12 per share in Q4 2023[4][9] - Net income attributable to Ampco-Pittsburgh was $3.102 million in Q4 2024, compared to a loss of $41.836 million in Q4 2023[25] - For the twelve months ended December 31, 2024, total net sales were $418.305 million, a slight decrease from $422.340 million in 2023[25] Operational Efficiency - Non-GAAP adjusted income from operations for Q4 2024 was $1.0 million, compared to a loss of $0.7 million in Q4 2023; full year adjusted income improved to $8.0 million, up $3.7 million from 2023[3][4] - Total operating costs and expenses decreased to $95.762 million in Q4 2024 from $149.685 million in Q4 2023, a reduction of 36.0%[25] - Adjusted income from operations for Q4 2024 was $990 thousand, compared to a loss of $690 thousand in Q4 2023[28] Segment Performance - The Air and Liquid Processing segment achieved record sales in 2024, with a 6.5% increase in Q4 and an 11% increase for the full year compared to prior year periods[4] - The Forged and Cast Engineered Products segment reported a 38% increase in operating income despite lower sales revenue due to pricing actions and manufacturing efficiency improvements[5] - The Forged and Cast Engineered Products segment reported net sales of $66.460 million in Q4 2024, down 12.2% from $75.757 million in Q4 2023[27] - The Air and Liquid Processing segment saw an increase in net sales to $34.476 million in Q4 2024, up 6.6% from $32.351 million in Q4 2023[27] Cash Flow and Expenditures - Cash flows from operating activities for the full year 2024 were $18.0 million, an increase of $21.7 million compared to 2023[10] - Capital expenditures for 2024 were approximately $12.2 million, which is $8.2 million less than in 2023, primarily due to the completion of a plant modernization program[10] Asbestos Liability - The Corporation recorded a net credit of $4.2 million related to asbestos liability revaluation in 2024, contrasting with a $40.7 million charge in 2023[5][8] - The company experienced a significant reduction in asbestos-related costs, with a net charge of $(4,184) thousand in Q4 2024 compared to a charge of $40,887 thousand in Q4 2023[25] Debt and Financing - Interest expense increased due to higher equipment financing debt and interest rates, but total debt remained flat compared to the previous year[6] Strategic Considerations - The Corporation is exploring options to mitigate losses in underutilized cast roll operations, particularly in the U.K. where operating losses exceed $5 million annually[4][5]

Group 1 - The Conservative Income Portfolio aims to target value stocks with high margins of safety while reducing volatility through well-priced options, generating yields of 7-9% [1][3] - The Covered Calls Portfolio focuses on lower volatility income investing with an emphasis on capital preservation, while the fixed income portfolio seeks securities with high income potential and significant undervaluation [2][3] - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income and capital preservation, managing the Conservative Income Portfolio in collaboration with Preferred Stock Trader [3]

Company Overview - Allied Properties focuses its real estate portfolio in city centers within Canada, owning office and multi-use assets in tier one areas of Toronto, Montreal, Vancouver, and Calgary [1]. Urban Planning and Market Dynamics - The nature of Canada's urban planning results in density intensification, which may impact the real estate market positively by increasing demand for urban properties [1].

Financial Data and Key Metrics Changes - Ampco-Pittsburgh reported operating income of $1.9 million for Q3 2024, slightly higher than the prior year quarter, which included a $0.2 million insurance recovery [7][24] - Consolidated net sales for Q3 2024 were $96.2 million, a decline of 5.9% compared to Q3 2023, primarily due to lower shipment volumes and lower surcharge pass-through revenues [23] - Net loss for Q3 2024 was $2 million or $0.10 per diluted share, compared to net income of $0.8 million or $0.04 per diluted share for Q3 2023 [30] Business Line Data and Key Metrics Changes - Air & Liquid segment revenue was consistent with the prior year for Q3, while year-to-date revenue increased by 13% due to increased shipments of custom air handling units [9] - Forged and Cast Engineered Products segment net sales were $67.2 million for Q3 2024, down from $73.6 million in the same period last year, primarily due to lower rural volumes and reduced shipments [17] - Segment income from operations for Forged and Cast Engineered Products increased to $2.5 million compared to $1.4 million in Q3 2023, reflecting improved pricing and efficiencies [18] Market Data and Key Metrics Changes - Total backlog at September 30, 2024, was $383.6 million, an increase of approximately $4.6 million from December 31, 2023, primarily in the Forged and Cast Engineered Products segment [32] - The rural market in North America and Europe remained flat due to end customer demand, with ongoing headwinds related to competitive pressures and economic uncertainties [20][21] Company Strategy and Development Direction - The company is focused on lowering its debt position and restructuring actions to improve shareholder returns, with targeted actions for further restructuring [38][58] - Investments in capital equipment are contributing to improved operational efficiencies and positioning the company for future growth [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects in the Air & Liquid segment, particularly due to increased demand from the pharmaceutical market and potential opportunities in the nuclear sector [15][14] - The company anticipates low to mid-single-digit volume growth in the Forged and Cast Engineered Products segment for 2025, driven by improved demand and operational efficiencies [19][48] Other Important Information - Capital expenditures for Q3 2024 were $2.9 million, with expectations for full-year 2024 CapEx in the range of $9 million to $10 million [34] - The company has received additional funding from the U.S. Navy to modernize production equipment, which is expected to enhance manufacturing capabilities [11][12] Q&A Session Summary Question: Long-term visibility and restructuring plans - Management indicated that they have targeted actions for restructuring and are focused on lowering the debt position, with expectations to execute significant solutions within the next 12 to 24 months [36][38] Question: Impact of fracking on Forged and Engineered products - Management noted that the fracking business and general industrial distribution markets are significant factors affecting revenues, with stable orders expected to increase next year [40] Question: Cash flow dynamics year-to-date - Management confirmed a release of working capital contributing to positive cash flow from operating activities, despite pension contributions affecting the total [46][47] Question: Production capacity for heat exchangers in the nuclear market - Management stated that production capacity constraints are minimal, and they can ramp up production as needed for the nuclear market [43] Question: Onshoring trends and market share - Management confirmed that onshoring has already benefited the company, with increased market share among U.S. customers over the past 18 months [56]

Financial Performance - Total net sales for the three months ended September 30, 2024, were $96,166,000, a decrease of 5.1% compared to $102,218,000 for the same period in 2023[7]. - Net loss attributable to Ampco-Pittsburgh for the three months ended September 30, 2024, was $(1,959,000), compared to a net income of $809,000 for the same period in 2023[7]. - Operating costs and expenses for the three months ended September 30, 2024, totaled $94,296,000, down from $100,496,000 for the same period in 2023, a decrease of 6.2%[7]. - The company reported a net loss of $1,454 thousand for the three months ended September 30, 2024, compared to a net income of $1,235 thousand for the same period in 2023[9]. - Comprehensive income for the three months ended September 30, 2024, was $3,845 thousand, down from $1,124 thousand in the same period of 2023, indicating a decrease of approximately 242%[11]. - Total net sales for the nine months ended September 30, 2024, were $317,369 thousand, slightly up from $314,232 thousand in the previous year, reflecting a 1.0% increase[7]. - The total loss before income taxes for the three months ended September 30, 2024, was $(818) thousand, compared to income of $1,311 thousand for the same period in 2023[79]. Cash and Liquidity - Cash and cash equivalents increased to $11,844,000 as of September 30, 2024, from $7,286,000 as of December 31, 2023, representing a 62.5% increase[4]. - Net cash flows provided by operating activities for the nine months ended September 30, 2024, were $10,576 thousand, compared to $10,327 thousand for the same period in 2023, reflecting an increase of 2.4%[14]. - Cash flows used in investing activities totaled $6,657 thousand for the nine months ended September 30, 2024, down from $13,515 thousand in 2023, indicating a decrease of 50.7%[14]. - The total cash and cash equivalents at the end of the period increased to $11,844 thousand as of September 30, 2024, compared to $6,070 thousand at the end of September 30, 2023, representing an increase of 95.5%[14]. Assets and Liabilities - Total current assets rose to $238,707,000 as of September 30, 2024, compared to $236,653,000 as of December 31, 2023, reflecting a slight increase of 0.9%[4]. - Total liabilities decreased to $473,737,000 as of September 30, 2024, down from $494,083,000 as of December 31, 2023, indicating a reduction of 4.1%[4]. - The company reported a decrease in accounts payable to $29,772,000 as of September 30, 2024, from $36,830,000 as of December 31, 2023, a decline of 19.1%[4]. - The retained deficit increased to $(75,661,000) as of September 30, 2024, compared to $(72,997,000) as of December 31, 2023[4]. - Total shareholders' equity rose to $73,676,000 as of September 30, 2024, compared to $71,571,000 as of December 31, 2023, an increase of 2.9%[4]. Segment Performance - Net sales for Forged and Cast Engineered Products were $67,203 thousand for the three months ended September 30, 2024, compared to $73,625 thousand for the same period in 2023, representing a decrease of approximately 8.5%[79]. - The Air and Liquid Processing segment reported net sales of $28,963 thousand for the three months ended September 30, 2024, an increase of approximately 3.0% from $28,593 thousand in the same period of 2023[79]. - Forged and Cast Engineered Products segment reported income before income taxes of $2,456 thousand for the three months ended September 30, 2024, up from $1,448 thousand in the same period of 2023, an increase of approximately 69.5%[79]. - Air and Liquid Processing segment reported income before income taxes of $3,134 thousand for the three months ended September 30, 2024, down from $3,456 thousand in the same period of 2023, a decrease of about 9.3%[79]. Claims and Legal Matters - The Corporation is involved in various claims and lawsuits, including asbestos litigation, which may impact future financial performance[56]. - Total claims pending at the end of the period increased to 6,324 in 2024 from 6,291 in 2023, reflecting a rise of approximately 0.5%[60]. - New claims served decreased to 950 in 2024 from 984 in 2023, a decline of about 3.5%[60]. - Gross settlement and defense costs paid increased to $18,610, up from $16,221 in 2023, representing an increase of approximately 14.7%[60]. - The estimated Asbestos Liability at the end of the period was $220,069 in 2024, up from $137,354 in 2023, reflecting an increase of approximately 60%[65]. - Insurance receivable for asbestos at the end of the period was $146,404 in 2024, compared to $96,393 in 2023, an increase of approximately 52%[66]. Pension and Benefits - Contributions to U.S. defined benefit pension plans amounted to $4,641 for the nine months ended September 30, 2024, compared to $207 for the same period in 2023[35]. - The Corporation's net periodic pension and other postretirement benefit costs included a service cost of $22 for the nine months ended September 30, 2024, down from $29 for the same period in 2023[36]. - The Corporation's interest cost for U.S. defined benefit pension plans was $6,988 for the nine months ended September 30, 2024, down from $7,450 for the same period in 2023[36]. Other Financial Metrics - The average interest rate on the revolving credit facility was approximately 8.26% for the three months ended September 30, 2024, compared to 8.32% for the same period in 2023[29]. - The Corporation's long-term debt stood at $116,010 million as of September 30, 2024, slightly down from $116,382 million on December 31, 2023[27]. - The Corporation was in compliance with all applicable bank covenants as of September 30, 2024[29]. - The Corporation has two Industrial Revenue Bonds (IRBs) outstanding: a $7,116 taxable IRB maturing in 2027 with an average interest rate of 5.40% for the nine months ended September 30, 2024, and a $2,075 tax-exempt IRB maturing in 2029 with an average interest rate of 3.80% for the same period[33].

Financial Performance - Operating income for Q3 2024 was $1.9 million, with year-to-date operating income at $7.0 million, reflecting improved margins in the Forged and Cast Engineered Products segment[1]. - Net sales for Q3 2024 were $96.2 million, a decrease of 5.9% compared to $102.2 million in Q3 2023, primarily due to lower shipment volumes and lower surcharge pass-through revenues[2]. - Year-to-date net sales increased to $317.4 million, up 1.0% from $314.2 million in the same period last year, driven by growth in the Air and Liquid Processing segment[2]. - Income from operations for Q3 2024 improved slightly to $1.9 million compared to $1.7 million in Q3 2023, despite including a $0.2 million recovery from an insolvent insurance carrier in the prior year[3]. - The net loss for Q3 2024 was $(2.0) million, or $(0.10) per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in Q3 2023[6]. - Net loss attributable to Ampco-Pittsburgh for the three months ended September 30, 2024, was $(1,959), compared to net income of $809 in the same period of 2023[15]. - Basic net loss per share attributable to Ampco-Pittsburgh common shareholders was $(0.10) for the three months ended September 30, 2024, compared to earnings of $0.04 in the same period of 2023[15]. Segment Performance - Sales for the Forged and Cast Engineered Products segment declined due to lower shipment volumes, although improved base pricing partially offset this decline[7]. - The Air and Liquid Processing segment saw improved sales for the nine months ended September 30, 2024, primarily due to increased shipments from an expanded sales distribution network[9]. - Operating results for the Air and Liquid Processing segment declined due to an unfavorable product mix and higher selling and administrative expenses[10]. - Income from operations for the Forged and Cast Engineered Products segment increased to $2,456 for the three months ended September 30, 2024, from $1,448 in the same period of 2023[16]. - Net sales for the Forged and Cast Engineered Products segment decreased to $67,203 for the three months ended September 30, 2024, from $73,625 in the same period of 2023, representing a decline of 8.5%[17]. - The Air and Liquid Processing segment reported net sales of $28,963 for the three months ended September 30, 2024, a slight increase from $28,593 in the same period of 2023[17]. Costs and Expenses - Total operating costs and expenses for the three months ended September 30, 2024, were $94,296, down from $100,496 in the same period of 2023[15]. - Interest expense increased to $(2,976) for the three months ended September 30, 2024, compared to $(2,468) in the same period of 2023[15]. - The company experienced increased interest expenses due to higher equipment financing debt and average interest rates[4]. - Total other expense — net for the three months ended September 30, 2024, was $(2,688), compared to $(411) in the same period of 2023[15]. Tax and Valuation - The income tax provision increased due to the establishment of a valuation allowance on net deferred tax assets in the U.K. operations, reflecting a three-year cumulative loss history[5]. Shareholder Information - The weighted-average number of common shares outstanding for the three months ended September 30, 2024, was 19,980, compared to 19,729 in the same period of 2023[15].

Core Viewpoint - CalciMedica Inc. is set to present the full data set and win ratio analysis from its Phase 2b CARPO trial of Auxora™ for acute pancreatitis with systemic inflammatory response syndrome on October 30, 2024 [1] Group 1: Company Overview - CalciMedica is a clinical-stage biopharmaceutical company focused on developing novel CRAC channel inhibition therapies for inflammatory and immunologic diseases [3] - The company's lead product candidate, Auxora™, has shown positive clinical results in multiple completed efficacy trials [3] - CalciMedica has completed a Phase 2 trial (CARDEA) in patients with COVID pneumonia and is conducting a Phase 2 trial (KOURAGE) in patients with acute kidney injury [3] Group 2: Upcoming Event Details - A conference call and webcast will be held on October 30, 2024, at 12 p.m. ET/9 a.m. PT to discuss the CARPO trial results [1] - The event will feature a plenary presentation by Prof. Robert Sutton from the University of Liverpool [1] - Interested parties can access the live webcast through CalciMedica's investor relations website [1][2]

Group 1 - Eric is part of the investment team at RBC Insurance, focusing on real assets, financials, and insurance [1] - He holds a Master's degree in Financial Economics from the University of Western Ontario and has completed all three levels of the CFA program [1] - Currently, Eric is gaining the necessary work experience to obtain the CFA charter [1]