Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File No. 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1121 Judson Road Suite 124, Longview, TX 75601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (903) 758-3431 Securities registered pursuant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State ...

Financial Performance - For the three months ended June 30, 2021, sales increased by $42,391,839 to a total of $63,000,000 compared to the same period in 2020, driven by a rise in average selling prices and tons sold, which increased from approximately 38,000 tons to 54,000 tons [63]. - Gross profit for the 2021 quarter was $17,329,935, up from $256,754 in the 2020 quarter, with gross profit as a percentage of sales increasing from approximately 1.1% to 26.3% [63]. - The coil product segment's sales for the 2021 quarter totaled $52,694,730, compared to $15,432,784 in the 2020 quarter, with the average selling price per ton rising from approximately $566 to $1,462 [64]. - The tubular product segment's sales for the 2021 quarter were $13,221,709, up from $8,091,816 in the 2020 quarter, with tons sold increasing from approximately 11,000 to 14,500 [66]. - The company recorded operating profits of approximately $13,256,000 for the coil segment and $2,600,000 for the tubular segment in the 2021 quarter, compared to operating losses in the previous year [64][67]. Operational Developments - The company expects to complete the construction of a new facility in Sinton, Texas, with an estimated total cost of $21 million, expected to commence operations in April 2022 [60]. - The Company expects strong margins for Q2 ending September 30, 2021, with an anticipated improvement in operating results compared to Q1 [79]. - Hot-rolled steel prices have increased approximately 10% since June 30, 2021, and the Company expects prices to continue rising through September 30, 2021 [79]. Financial Position - The company's current ratio was 1.6 at June 30, 2021, down from 2.7 at March 31, 2021, with working capital increasing to $50,869,746 [73]. - The company had borrowings of $23,381,289 outstanding under the ABL Facility as of the filing date, with full access to the facility [76]. Costs and Expenses - General, selling, and administrative costs increased by $1,958,400 in the 2021 quarter, primarily due to incentive compensation and professional fees [70]. - The company reported other income of $312,062, primarily from a $1,706,614 gain associated with the forgiveness of the Paycheck Protection Program loan [71]. Internal Controls and Compliance - The Company identified a material weakness in internal control over financial reporting related to the review of the annual income tax provision [88]. - The Chief Executive Officer and Chief Financial Officer concluded that the Company's internal control over financial reporting was not effective as of the end of the period covered by the report [84]. - The Company has not completed its remediation of the material weakness previously identified and disclosed in the Annual Report for the fiscal year ended March 31, 2021 [84]. - The Company plans to remediate the identified material weakness by investing in human capital, having hired an additional degreed accountant on May 24, 2021 [89]. - As of the filing date, the Company had 104 employees, with a finance team consisting of two degreed accountants [89]. - The Company believes that the additional investment in human capital will provide sufficient remediation in future periods [90]. - The Company will continue to monitor and evaluate the effectiveness of its disclosure controls and procedures [90]. Forward-Looking Statements - Actual results may differ materially from forward-looking statements due to various risks and uncertainties, including changes in demand and prices of products [82].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File No. 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) Texas 74-1504405 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1121 Judson Road Suite 124, Longview, TX 75601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (903) 758-3431 Securities registered pursuant ...

FOR THE QUARTERLY PERIOD ENDED December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) TEXAS 74-1504405 (State or other jurisdicti ...

Sales Performance - Sales for the six months ended September 30, 2020, decreased by $32,584,620 compared to the same period in 2019, with tons sold dropping from approximately 112,000 to 81,500[58]. - Coil segment sales for the 2020 period totaled $33,888,870, down from $56,602,077 in the 2019 period, with average selling price per ton decreasing from approximately $695 to $556[59]. - Tubular segment sales for the 2020 period totaled $14,497,410, down from $24,368,823 in the 2019 period, with tons sold decreasing from approximately 31,000 to 21,000[62]. - The company experienced a decline in sales volume due to the economic impacts of COVID-19, with significant drops in April and August 2020[60][64]. - The company anticipates that sales volumes for both segments in the third quarter will be comparable to the second quarter, with potential seasonal declines[76]. Profitability and Margins - Gross profit as a percentage of sales increased from approximately 1.0% in the 2019 period to approximately 2.8% in the 2020 period[58]. - Hot-rolled steel pricing increased approximately 60% as of the filing date, positively impacting coil segment margins[76]. - The tubular segment margins are expected to improve, although they do not respond as quickly to fluctuations in steel prices[76]. Costs and Expenses - General, selling, and administrative costs increased by $331,405 during the 2020 period compared to the 2019 period, primarily due to increased payroll and professional fees[66]. Financial Position - The Company's current ratio improved to 9.0 as of September 30, 2020, compared to 6.8 at March 31, 2020[77]. - Working capital decreased to $51,947,484 at September 30, 2020, from $55,566,158 at March 31, 2020[77]. - The Company received a $1,690,385 loan under the Paycheck Protection Program with a 0.98% interest rate, deferring principal and interest payments for six months[79]. - The Company believes its current cash position and cash flows from operations are adequate to meet expected cash requirements for the next 12 months[82]. Share Repurchase Program - A share repurchase program was authorized to buy back up to 1,062,067 shares, equating to 15% of outstanding shares as of June 25, 2020[80]. - During the quarter ended September 30, 2020, the Company repurchased 67,281 shares at a total cost of $410,221[90]. - The share repurchase program may be modified, suspended, or discontinued at any time based on various factors[81]. Internal Controls and Future Outlook - The Company has not experienced any changes in internal control over financial reporting that materially affected its financial reporting[87]. - Forward-looking statements regarding future performance involve risks and uncertainties that could cause actual results to differ materially[85]. - The Company plans to apply for forgiveness of the PPP Loan, but there is no assurance that any portion will be forgiven[79].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FROM THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter) TEXAS 74-1504405 (State or other jurisdiction o ...

Sales Performance - The coil products segment accounted for 70% of total sales in 2020, up from 67% in 2019, while tubular products contributed 30%, down from 33%[17] - Sales of coil products to Trinity Industries, Inc. represented approximately 18% of total sales in 2020, compared to 21% in 2019[17] Facilities and Operations - The Decatur facility is set to enhance processing capabilities with new equipment, allowing for material up to 96" wide and thicknesses up to ½", with commercial use expected to start in February 2021[12] - The company operates two hot-roll coil processing facilities located in Hickman, Arkansas, and Decatur, Alabama[12] - The tubular products segment operates two electric resistance welded pipe mills with a combined outside diameter size range of 2 3/8" to 8 5/8"[15] Workforce and Sales Strategy - The company had 103 full-time employees as of March 31, 2020[22] - The company sells substantially all of its products through its own sales force, which includes a Vice President and several professional sales personnel[18][20] - The company competes in a highly competitive market, relying on competitive pricing and rapid delivery to meet customer specifications[21] Financial Performance and Provisions - The allowance for doubtful accounts receivable charged to bad debt expense was $53,239 for fiscal year 2020, compared to $15,673 for fiscal year 2019, indicating a significant increase in provisions[65] - Cash discounts allowed on sales were $624,413 in fiscal year 2020, down from $750,059 in fiscal year 2019, reflecting a decrease of approximately 16.8%[66] - The ending balance for the allowance for doubtful accounts receivable was $82,417 for fiscal year 2020, compared to $29,178 for fiscal year 2019, showing an increase of 181.5%[65] - The total accounts receivable written off was $0 in fiscal year 2020, compared to $7,547 in fiscal year 2019, indicating improved collection efforts[66] Governance and Compliance - The consolidated balance sheets and statements of operations for the fiscal year ended March 31, 2020, are included in the annual report[55] - The company plans to file definitive copies of the proxy statement with the SEC within 120 days after the end of the fiscal year[53] - The financial statements include a report from an independent registered public accounting firm, ensuring the accuracy of the financial data presented[55] - The financial statement schedules are included in the report, providing detailed insights into the company's financial position[55] - The company has incorporated various amendments to its articles of incorporation and bylaws, reflecting ongoing governance updates[56] Employee Incentives - The company has established a restricted stock plan to incentivize key employees, which is part of its broader compensation strategy[56]