​ Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain or increase its revenues and manage any growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, conditions in the credit and equity markets, and the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, including new entrants into our markets, or other changes to the competitive landscape, increasing competition for certain customer accounts, conditions in the U.S. economy, recessionary pressures in and the impact of government policies, including changes in immigration policy, on the overall economy and particular industries, including construction, oil and gas services, utility plants, steel, and industrial, moderation in areas of active growth, including data center construction, effects of governmental fiscal and budgetary constraints, including the level of highway construction and infrastructure funding, changes to tax laws, legislative impasses, extended governmental shutdowns, reduced levels of government staffing, downgrades and defaults on U.S. government obligations, tariffs, trade wars, international conflicts and incidents, including the conflicts in the Middle East, oil cartel production and supply actions, sanctions, embargoes, and blockades, economic and regulatory uncertainties under state governments and the United States Administration and Congress, inflation, recession, and other macroeconomic concerns, Federal Reserve responses to macroeconomic concerns and other pressures, including changing interest rates, inability to continue to maintain or increase prices for the Company’s products, including passing through any increased costs of fuel, energy, transportation, labor, parts, and supplies, and changes in inflationary expectations; (viii) ongoing and possible new regulations, investigations, enforcement actions and costs, legal expenses, penalties, fines, assessments, litigation, judgments and settlements, taxes, and disruptions and limitations of operations, including those related to climate change, health and safety, human capital, equal employment opportunities, and other social, environmental, governance, and sustainability considerations, and those that could impact the Company’s ability to continue or renew its operating permits or successfully secure new permits in connection with its modernization and expansion and development projects; (ix) estimates of resources and reserves and remaining lives of reserves; (x) the impact of potential pandemics, epidemics, or disease outbreaks, and governmental responses thereto, including decreased demand, lower prices, tightened labor and other markets, and increased costs, and the risk of non-compliance with health and safety protocols and mandates, on the Company’s financial condition, results of operations, cash flows, and competitive position; (xi) the impact of social or political unrest; (xii) risks relating to mine safety and reclamation and remediation; and (xiii) other risks and uncertainties set forth in this Report or indicated from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 11 ​ Overview. ​ We are a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation. In addition, through our wholly owned subsidiary, U.S. Lime Company-O & G, LLC, we have royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation. Our revenues increased 8.3% and 2.3% in the second quarter and first six months 2026, respectively, compared to the second quarter and first six months 2025. Revenues increased in the second quarter 2026, compared to the second quarter 2026, primarily due to a 6.6% increase in sales volumes of our lime and limestone products, and a 1.7% increase in the average selling prices for our lime and limestone products. Revenues increased in the first six months 2026, compared to the first six months 2025, primarily due to a 1.7% increase in sales volumes of our lime and limestone products, and a 0.7% increase in the average selling prices for our lime and limestone products. Increased sales volumes in the second quarter 2026 and first six months 2026 were principally due to increased demand from our construction and steel customers, partially offset by decreased demand from our roof shingle customers. Looking ahead, we anticipate that data center projects should continue to support strong construction demand. Our gross profit increased 11.6% and 0.5% in the second quarter and first six months 2026, respectively, compared to the second quarter and first six months 2025. The increases in gross profit resulted primarily from the increases in revenues discussed above, partially offset by higher fuel and transportation costs. Our net income was $34.5 million ($1.20 per share diluted) in the second quarter 2026, compared to net income of $30.8 million ($1.07 per share diluted) in the second quarter 2025, an increase of $3.7 million, or 11.9%. For the first six months 2026, our net income was $65.1 million ($2.26 per share diluted), compared to $64.9 million ($2.26 per share diluted) for the first six months 2025, an increase of $0.1 million, or 0.2%. In 2024, we began construction on a new vertical kiln and related equipment and infrastructure at our Texas Lime Company plant. We estimate that the construction costs of the Texas kiln project will total approximately $65 million, and we anticipate that the new kiln will come online this summer. We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime. Liquidity and Capital Resources. ​ Net cash provided by operating activities was $71.1 million in the first six months 2026, compared to $73.5 million in the first six months 2025, a decrease of $2.3 million, or 3.2%. Our net cash provided by operating activities is composed of net income, depreciation, depletion, and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income, and changes in working capital. In the first six months 2026, net cash provided by operating activities was principally composed of $65.1 million net income, $13.0 million DD&A, $7.5 million deferred income taxes, and $3.6 million stock-based compensation, partially offset by a $18.2 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six months 2026 included an increase of $13.1 million in trade receivables, net, due primarily to timing of the sales in the second quarter 2026 compared to the fourth quarter 2025, a decrease of $3.1 million in accounts payable and accrued expenses, an increase of $1.4 million in other assets, and an increase of $1.1 million in inventories, partially offset by a decrease of $0.6 million in prepaid expenses and other current assets. In the first six months 2025, net cash provided by operating activities was principally composed of $64.9 million net income, $12.3 million DD&A, and $4.3 million stock-based compensation, partially offset by $2.3 million deferred income taxes and a $6.1 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six months 2025 included an increase of $10.4 million in trade receivables, net, due primarily to increased sales in the second quarter 12 2025 compared to the fourth quarter 2024, partially offset by decreases of $2.1 million in inventories and $1.5 million in prepaid expenses and other current assets and an increase of $0.5 million in accounts payable and accrued expenses. We had $36.2 million in capital expenditures in the first six months 2026, compared to $28.1 million in the first six months 2025. Capital expenditures in the first six months 2026 included $20.9 million related to the Texas kiln project, compared to $14.1 million in the first six months 2025. Net cash used in financing activities was $3.7 million in both the first six months 2026 and 2025, consisting primarily of cash dividends paid in each period. Cash and cash equivalents increased $31.5 million to $402.6 million at June 30, 2026 from $371.1 million at December 31, 2025. We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of June 30, 2026, we were committed to $2.5 million of open purchase orders related to the Texas kiln project. We did not have any other material commitments for open purchase orders. As of June 30, 2026, we had incurred a total of $57.7 million on the Texas kiln project, of which $56.8 million had been paid in cash. Our credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of August 3, 2023, provides for a $75 million revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by the Lender or another lender selected by us. The credit agreement also provides for a $10 million letter of credit sublimit under the Revolving Facility. The Revolving Facility and any incremental loans mature on August 3, 2028. Interest rates on the Revolving Facility are, at our option, SOFR, plus a SOFR adjustment rate of 0.10%, plus a margin of 1.000% to 2.000%, or the Lender’s Prime Rate, plus a margin of 0.000% to 1.000%, and a commitment fee range of 0.225% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon our Cash Flow Leverage Ratio, defined as the ratio of our total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by our existing and hereafter acquired tangible assets, intangible assets, and real property. The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. Our maximum Cash Flow Leverage Ratio is 3.50 to 1. We may pay dividends so long as we remain in compliance with the provisions of our credit agreement, and we may purchase, redeem or otherwise acquire shares of our common stock so long as our pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase. At June 30, 2026, we had no debt outstanding and no draws on the Revolving Facility other than $4.6 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future. ​ Results of Operations. ​ Revenues in the second quarter 2026 were $99.1 million, compared to $91.5 million in the second quarter 2025, an increase of $7.6 million, or 8.3%. For the first six months 2026, revenues were $187.0 million, compared to $182.8 million in the first six months 2025, an increase of $4.2 million, or 2.3%. The increases in our revenues in the second quarter and first six months 2026, compared to the comparable 2025 periods, resulted primarily from increased sales volumes of our lime and limestone products, principally due to increased demand from our construction and steel customers, partially offset by decreased demand from our roof shingle customers. Gross profit was $46.7 million in the second quarter 2026, compared to $41.9 million in the second quarter 2025, an increase of $4.8 million, or 11.6%. Gross profit was $88.5 million in the first six months 2026, compared to $88.0 million in the first six months 2025, an increase of $0.4 million, or 0.5%. The increases in gross profit in the second 13 quarter and first six months 2026, compared to the comparable 2025 periods, resulted primarily from the increased revenues discussed above, partially offset by higher fuel and transportation costs. Selling, general, and administrative (“SG&A”) expenses were $6.1 million in the second quarter 2026, compared to $6.2 million in the second quarter 2025, a decrease of $0.1 million, or 2.0%. SG&A expenses were $12.0 million in the first six months 2026, compared to $12.5 million in the first six months 2025, a decrease of $0.4 million, or 3.3%. The decreases in SG&A expenses in the 2026 periods, compared to the comparable 2025 periods, were primarily due to decreased personnel expenses, including stock-based compensation. Other (income) expense, net was $3.4 million income in the second quarter 2026 and $6.6 million income in the first six months 2026, compared to $3.1 million income in the second quarter 2025 and $6.2 million income in the first six months 2025. The increases of $0.3 million and $0.4 million in other (income) expense, net, during the 2026 periods, compared to the comparable 2025 periods, were primarily due to interest earned on higher average balances of our cash and cash equivalents. Income tax expense was $9.5 million and $17.9 million in the second quarter and first six months 2026, respectively, compared to $8.0 million and $16.8 million in the second quarter and first six months 2025, respectively. The increases in income tax expense in the 2026 periods, compared to the comparable 2025 periods, were primarily due to the increases in income before taxes. Our net income was $34.5 million ($1.20 per share diluted) in the second quarter 2026, compared to net income of $30.8 million ($1.07 per share diluted) in the second quarter 2025, an increase of $3.7 million, or 11.9%. For the first six months 2026, our net income was $65.1 million ($2.26 per share diluted), compared to $64.9 million ($2.26 per share diluted) for the first six months 2025, an increase of $0.1 million, or 0.2%. ​ ​