Financial Performance & Outlook - Consolidated net sales increased by 16% to $95.7 million in Q1 2024 compared to Q1 2023[46] - WTS net sales increased 13.4% to $71.8 million in Q1 2024[20, 46] - WTS Adjusted EBITDA more than doubled to $6.0 million in Q1 2024, with an Adjusted EBITDA margin of 8.4%, the highest since 2019[20, 46] - The company anticipates 2024 sales between $600 million and $640 million, with Adjusted EBITDA between $70 million and $90 million[48] - The company expects Adjusted EPS between $1.20 and $1.70 in 2024, with a tax rate between 24% and 25%[48] Strategic Initiatives - WTS is focused on reducing chassis dependency and exploring vertical integration[16] - The company is implementing a cost savings program expected to deliver $10+ million in sustainable annualized savings[46] - The company initiated a $50 million share buyback program in Spring 2022[53] Market Dynamics - WTA net sales increased 23.9%, driven by increased parts and accessories sales[46] - The company is experiencing lengthening of the equipment replacement cycle due to below-average snowfall in core markets[49]

Financial Performance - Q1 2025 - Consolidated net sales reached $115.1 million, a 20% year-over-year increase[38] - Net income improved significantly, reaching $0.1 million compared to a loss of $8.4 million in the same period last year[38] - Adjusted EBITDA increased to $9.4 million, up from $1.5 million year-over-year[38] - Adjusted diluted EPS improved to $0.09, compared to a loss of $0.29 in the prior year[38] - The company amended its credit agreement, securing a $150 million term loan and a $125 million revolver[8,41] Segment Performance - Work Truck Attachments (WTA) net sales increased by 53% to $36.5 million[23,44] - WTA adjusted EBITDA was $0.3 million, a 107% increase[23,44] - Work Truck Solutions (WTS) net sales rose by 9% to $78.6 million[22,44] - WTS adjusted EBITDA increased by 52% to $9.1 million[22,44] - WTS adjusted EBITDA margin increased 320 basis points to 11.6%[22,44] Outlook - The company projects 2025 net sales between $610 million and $650 million[50] - Adjusted EBITDA for 2025 is projected to be between $75 million and $95 million[50] - Adjusted EPS for 2025 is expected to be between $1.30 and $2.10[50]

Group 1: Company Performance - Douglas Dynamics (PLOW) has returned 22.1% year-to-date, significantly outperforming the Auto-Tires-Trucks sector, which has returned an average of -11% [4] - The Zacks Consensus Estimate for PLOW's full-year earnings has increased by 16.6% over the past three months, indicating improved analyst sentiment [4] - Douglas Dynamics holds a Zacks Rank of 2 (Buy), suggesting a positive outlook for the stock [3] Group 2: Industry Context - Douglas Dynamics is part of the Automotive - Replacement Parts industry, which ranks 26 in the Zacks Industry Rank, with stocks in this group losing about 3.1% year-to-date [6] - In comparison, Ferrari (RACE), another stock in the Auto-Tires-Trucks sector, has returned 8.5% year-to-date and has a Zacks Rank of 1 (Strong Buy) [5] - The Automotive - Original Equipment industry, to which Ferrari belongs, is currently ranked 74 and has moved -0.3% year-to-date [6]

Core Points - Douglas Dynamics, Inc. celebrated its 15th anniversary as a publicly traded company on the NYSE, marking a significant milestone in its 75-year history [1][3] - The company is recognized as North America's premier manufacturer and upfitter of commercial work truck attachments and equipment, with a commitment to innovation and quality [4] - The company operates through two main segments: Work Truck Attachments and Work Truck Solutions, featuring well-known brands such as FISHER®, SNOWEX®, WESTERN®, HENDERSON®, and DEJANA® [4] Company Overview - Douglas Dynamics has been innovating products for over 75 years, enabling businesses to perform jobs more efficiently and increase profitability [4] - The proprietary Douglas Dynamics Management System (DDMS) focuses on continuous improvement to produce high-quality products and deliver industry-leading service [4] - The company emphasizes optimizing operations, expanding offerings, and enhancing its resilient business model [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 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: 001-34728 DOUGLAS DYNAMICS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 20.3% to a record $115.1 million, with gross margins improving by 470 basis points to 24.5% [24] - Adjusted EBITDA increased significantly to $9.4 million, and adjusted net income improved by $8.7 million to $2.2 million, resulting in a record adjusted EPS of $0.09 [24][25] - Interest expense decreased to approximately $2.4 million following debt reduction and lower revolver borrowings [24] Business Line Data and Key Metrics Changes - Work Truck Attachments saw net sales increase by 52.9% to $36.5 million, driven by higher sales of parts and accessories due to improved winter weather conditions [25] - Work Truck Solutions achieved net sales growth of 9.5% to $78.6 million, primarily from higher municipal volumes and improved pricing realization [25] Market Data and Key Metrics Changes - The overall snowfall across the United States was 12% below the ten-year average but higher than the previous year, reversing a three-year trend [12] - The number of ice events experienced was significantly above average, contributing to increased sales in the Work Truck Attachments segment [12] Company Strategy and Development Direction - The company is focused on operational cash generation to cover dividends while considering small to medium-sized acquisitions in the work vehicle attachment space [20][21] - The leadership team emphasizes maintaining a disciplined approach to acquisitions while exploring operational excellence and brand integration [46] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the year, with a strong backlog and stable operations despite some softness in dealer business [16][22] - The company is well-positioned to manage tariff impacts, with 95% of net sales in the U.S. and most materials sourced domestically [37] Other Important Information - The effective tax rate for the quarter was unusually high at 69.8% due to breakeven results, but it is expected to normalize in the coming quarters [29] - Capital expenditures are expected to return to typical levels, with an increase to $2.2 million, and the leverage ratio improved to 2.1 times [30] Q&A Session Summary Question: Comments on the solutions business in 2025 versus 2024 - Management expects Solutions to achieve double-digit margins in the long term, with some uncertainty factored in for 2025 due to demand risks [41][42] Question: Cash priorities if no M&A candidates arise - The company is focused on operational excellence and may consider share buybacks or dividend increases if no suitable acquisition opportunities arise [46] Question: Timing of certain projects and their impact - Some volume in municipal projects was pulled from the second quarter, but the timing impact was not deemed overly material [48] Question: Competition's manufacturing footprint and tariff impact - Competitive pricing has been consistent, and the company is well-positioned to manage tariff impacts due to its U.S.-based operations [50][51] Question: Planned capacity expansion for the solutions side - Capacity expansion plans are in place but expected to come online in 2026, with a focus on prudent investment based on backlog and contracts [54]

Financial Data and Key Metrics Changes - Consolidated net sales increased by 20.3% to a record $115.1 million, with gross margins improving by 470 basis points to 24.5% [22] - Adjusted EBITDA rose significantly to $9.4 million, and adjusted net income improved by $8.7 million to $2.2 million, resulting in a record adjusted EPS of $0.09 [22][23] - Interest expense decreased to approximately $2.4 million due to debt reduction and lower borrowings [22] Business Line Data and Key Metrics Changes - Work Truck Attachments saw net sales increase by 52.9% to $36.5 million, driven by higher sales of parts and accessories due to improved winter weather conditions [23] - Work Truck Solutions achieved net sales growth of 9.5% to $78.6 million, primarily from higher municipal volumes and improved pricing realization [23] Market Data and Key Metrics Changes - The overall snowfall across the United States was 12% below the ten-year average but higher than the previous year, contributing to improved sales in Work Truck Attachments [11] - The number of ice events experienced was significantly above average, leading to increased interest in ice mitigation products [12] Company Strategy and Development Direction - The company is focused on operational cash generation to cover dividends while considering small to medium-sized acquisitions in the work vehicle attachment space [19] - The leadership team is committed to maintaining a disciplined approach to acquisitions while exploring opportunities for growth [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the year, noting that while there is uncertainty regarding the economic outlook and tariffs, the company is well-positioned to manage these challenges [20][36] - The company expects 2025 results to be similar to or slightly better than 2024, with a strong backlog and solid demand in the municipal sector [25][36] Other Important Information - The effective tax rate for the quarter was unusually high at 69.8% due to being close to breakeven, but it is expected to normalize in the coming quarters [28] - Capital expenditures are expected to be at the higher end of the usual range of 2% to 3% of net sales in 2025 due to catching up on postponed projects [29] Q&A Session Summary Question: Comments on the solutions business in 2025 versus 2024 - Management indicated that while they aim for double-digit margins in the long term, 2025 may see some uncertainty in demand affecting this goal [40][41] Question: Cash priorities if no M&A candidates arise - The company is focused on operational excellence and may consider share buybacks or increasing dividends if no suitable acquisition opportunities arise [44] Question: Timing of certain projects and their impact - Management noted that some volume in municipal projects was pulled from the second quarter, but the impact was not overly material [46] Question: Competitive pricing and tariff impact - Management stated that competitive pricing has been consistent with their adjustments, and they believe they are in a strong competitive position [47][49] Question: Planned capacity expansion for the solutions side - The company is planning a modest capacity expansion expected to come online in 2026, driven by strong demand and existing contracts [52]

Core Insights - Douglas Dynamics (PLOW) reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of a loss of $0.16 per share, and showing improvement from a loss of $0.29 per share a year ago [1] - The company achieved revenues of $115.07 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 9.90% and increasing from $95.66 million year-over-year [2] - The stock has gained approximately 3.8% since the beginning of the year, contrasting with the S&P 500's decline of -3.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.86 on revenues of $186.9 million, and for the current fiscal year, it is $1.79 on revenues of $624.2 million [7] - The estimate revisions trend for Douglas Dynamics is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Automotive - Replacement Parts industry, to which Douglas Dynamics belongs, is currently in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Exhibit 99.1 DOUGLAS DYNAMICS REPORTS FIRST QUARTER 2025 RESULTS Record Results at Work Truck Solutions; Positive Impact of Winter Weather at Work Truck Attachments First Quarter 2025 Highlights*: "With a rich history, deep industry experience, and a focus on continuous improvement, our brands continue to get stronger as we look to the future," explained Mark Van Genderen, President, and CEO. "This was an excellent quarter for our company across the board, with both segments executing successfully and deliv ...

Financial Performance - Douglas Dynamics, Inc. reported a net sales increase of 20.3% to a record $115.1 million in Q1 2025 compared to Q1 2024, driven by higher sales of equipment and parts [5][6] - Gross profit margin improved by 470 basis points to 24.5%, reflecting enhanced operational efficiency [5][6] - Net income for the quarter was $0.1 million, a significant improvement from a net loss of $(8.4) million in the same period last year [5][6] - Adjusted EBITDA rose to $9.4 million from $1.5 million year-over-year, with a record adjusted diluted EPS of $0.09 [5][6] Segment Performance - The Work Truck Attachments segment saw net sales increase by 52.9% to $36.5 million, with adjusted EBITDA improving to $0.3 million from a loss of $(4.5) million [12][4] - The Work Truck Solutions segment reported net sales of $78.6 million, a 9.5% increase, and adjusted EBITDA of $9.1 million, up 51.7% from the previous year [13][8] Operational Highlights - The company experienced more typical winter weather patterns, leading to increased sales of ice control equipment, with snowfall approximately 30% higher than the previous winter [7] - Selling, general, and administrative expenses increased by $1.9 million to $23.4 million, attributed to improved performance and higher stock-based compensation [6] Liquidity and Capital Structure - The company paid a quarterly cash dividend of $0.295 per share on March 31, 2025, and reduced net cash used in operating activities significantly from $21.6 million in Q1 2024 to $1.3 million in Q1 2025 [14][6] - Total inventory at the end of Q1 2025 was $171.5 million, a decrease from $174.8 million year-over-year, with a notable reduction in the Attachments segment [14][6] 2025 Outlook - The company maintains a positive outlook for 2025, assuming stable economic conditions and average snowfall in core markets [15][11] - Guidance for 2025 includes expected net sales between $610 million and $650 million, with adjusted EBITDA projected to range from $75 million to $95 million [20][11]