Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in the understanding and assessing the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of future performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors, including those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with our audited Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited Condensed Consolidated Financial Statements and the notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q. In this discussion, we use certain non-GAAP financial measures. Explanation of these non-GAAP financial measures and reconciliation to the most directly comparable GAAP financial measures are included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Investors should not consider non-GAAP financial measures in isolation or as substitutes for financial information presented in compliance with GAAP. All amounts are presented in thousands except share amounts, per share data, years and ratios. Overview MEC is a leading U.S.-based vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, datacenter & critical power, construction & access equipment, powersports, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon our commitment to “Unmatched Excellence”. Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, datacenter & critical power, construction & access equipment, powersports, agricultural, military and other products. Macroeconomic Conditions The broader market dynamics over the past few years have resulted in impacts to the Company including: inflation, elevated interest rates, labor availability, material cost pressures, trade policy uncertainty and inconsistent customer demand. The Company expects some of these dynamics to continue in 2026 and could continue to have an impact on demand, material costs and labor. How We Assess Performance Net Sales. Net sales reflect sales of our components and products net of allowances for returns and discounts. In addition to the current macroeconomic conditions, several factors affect our net sales in any given period, including weather, timing of acquisitions and the production schedules of our customers. Net sales are recognized at the time of shipment or at delivery to the customer. Manufacturing Margins. Manufacturing margins represents net sales less cost of sales. Cost of sales consists of all direct and indirect costs used in the manufacturing process, including raw materials, labor, equipment costs, depreciation, lease expenses, subcontract costs and other directly related overhead costs. Our cost of sales is directly affected by the fluctuations in commodity prices, primarily sheet steel and aluminum, but these changes are largely mitigated by contractual agreements with our customers that allow us to pass through these price variations based upon certain market indexes. Depreciation and Amortization. We carry property, plant and equipment on our balance sheet at cost, net of accumulated depreciation. Depreciation on property, plant and equipment is computed on a straight-line basis over the estimated useful life of the asset. The periodic expense related to leasehold improvements and intangible assets is depreciation and amortization expense, respectively. Leasehold improvements are depreciated over the lesser of the life of the underlying asset or the remaining lease term. Our intangible assets were recognized as a result of certain acquisitions and are generally amortized on a straight-line basis over the estimated useful lives of the assets. 25 Table of Contents Other Selling, General and Administrative Expenses. Other selling, general and administrative expenses consist primarily of salaries and personnel costs for our sales and marketing, finance, human resources, information systems, administration and certain other managerial employees and certain corporate level administrative expenses such as audit, accounting, legal and other consulting and professional services, travel and insurance. Other Key Performance Indicators EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow EBITDA represents net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization. EBITDA Margin represents EBITDA as a percentage of net sales for each period. Adjusted EBITDA represents EBITDA before stock-based compensation expense, loss on extinguishment of debt, CFO transition costs, natural disaster costs, acquisition related costs and restructuring and impairment costs. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period. Free cash flow represents net cash provided by (used in) operating activities less cash flow used in the purchase of property, plant and equipment. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. We present EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Our calculation of EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow may not be comparable to the similarly named measures reported by other companies. Potential differences between our measures of EBITDA and Adjusted EBITDA compared to other similar companies’ measures of EBITDA and Adjusted EBITDA may include differences in capital structure and tax positions. ​ 26 Table of Contents The following table presents a reconciliation of net income (loss) and comprehensive income (loss), the most directly comparable measure calculated in accordance with GAAP, to EBITDA and Adjusted EBITDA, and the calculation of EBITDA Margin and Adjusted EBITDA Margin for each of the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ 2025 ​ ​ ​ Net income (loss) and comprehensive income (loss) ​ $ (2,095) ​ ​ $ (1,097) ​ ​ $ (10,270) ​ ​ $ (1,077) ​ Interest expense ​ 3,475 ​ ​ 1,398 ​ 7,137 ​ ​ 2,965 Provision (benefit) for income taxes ​ (992) ​ ​ (225) ​ (4,300) ​ ​ (234) Depreciation and amortization ​ 11,234 ​ ​ 9,603 ​ 22,184 ​ ​ 19,086 EBITDA ​ 11,622 ​ ​ 9,679 ​ 14,751 ​ ​ 20,740 Stock-based compensation expense (1) ​ 1,507 ​ ​ 1,007 ​ 2,302 ​ ​ 2,108 Loss on extinguishment of debt (2) ​ ​ — ​ ​ ​ — ​ ​ ​ 134 ​ ​ ​ — ​ CFO transition costs (3) ​ ​ — ​ ​ ​ 1,148 ​ ​ ​ — ​ ​ ​ 1,148 ​ Natural disaster costs (4) ​ ​ — ​ ​ ​ 293 ​ ​ ​ — ​ ​ ​ 293 ​ Acquisition related costs (5) ​ — ​ ​ 1,548 ​ — ​ ​ 2,378 Restructuring and impairment (6) ​ ​ 45 ​ ​ ​ — ​ ​ ​ 2,460 ​ ​ ​ — ​ Adjusted EBITDA ​ $ 13,174 ​ ​ $ 13,675 ​ ​ $ 19,647 ​ ​ $ 26,667 ​ Net sales ​ $ 162,981 ​ ​ $ 132,328 ​ ​ $ 307,761 ​ ​ $ 267,907 ​ EBITDA Margin ​ 7.1 % ​ 7.3 % ​ 4.8 % ​ 7.7 % Adjusted EBITDA Margin ​ 8.1 % ​ 10.3 % ​ 6.4 % ​ 10.0 % (1) Non-cash employee compensation based on the value of common stock issued pursuant to the 2019 Omnibus Incentive Plan. (2) Unamortized debt issuance costs written off as part of the execution of the Third Amendment, attributable to lenders that decreased their capacity in the Credit Agreement. (3) Costs associated with the separation of the former CFO. (4) Costs incurred for facility clean-up following tornado damage at one of the Company’s locations. (5) Transaction costs, primarily legal and professional services, related to the acquisition of Accu-Fab. (6) Restructuring and impairment costs related to the consolidation of four warehouses into the Company’s existing facilities. 27 Table of Contents The following table presents a reconciliation of net cash provided by (used in) operating activities, the most directly comparable measure calculated in accordance with GAAP, to free cash flow for each of the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Net cash provided by (used in) operating activities ​ $ (1,325) ​ $ 23,307 Less: Capital expenditures ​ ​ 12,263 ​ ​ 5,408 Free cash flow ​ $ (13,588) ​ $ 17,899 Free Cash Flow Analysis Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 ​ Free cash flow for the six months ended June 30, 2026 was ($13,588) as compared to $17,899 for the six months ended June 30, 2025, a decrease of $31,487 or 175.9%. Please see the “Liquidity and Capital Resources” section below for further information. Consolidated Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ Increase (Decrease) ​ ​ ​ ​ % of Net ​ ​ ​ ​ % of Net ​ ​ Amount ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ Sales ​ ​ ​ ​ Amount ​ ​ ​ Sales ​ ​ ​ ​ Change ​ ​ ​ % Change ​ Net sales ​ $ 162,981 ​ 100.0 % ​ $ 132,328 ​ 100.0 % ​ $ 30,653 ​ 23.2 % Cost of sales ​ ​ 145,284 ​ 89.1 % ​ ​ 118,704 ​ 89.7 % ​ ​ 26,580 ​ 22.4 % Manufacturing margin ​ ​ 17,697 ​ 10.9 % ​ ​ 13,624 ​ 10.3 % ​ ​ 4,073 ​ 29.9 % Amortization of intangible assets ​ 3,140 1.9 % ​ ​ 1,733 1.3 % ​ ​ 1,407 81.2 % Bonuses and deferred compensation ​ ​ 4,845 3.0 % ​ ​ 1,525 1.2 % ​ ​ 3,320 217.7 % Other selling, general and administrative expenses ​ 9,324 5.7 % ​ ​ 10,290 7.8 % ​ ​ (966) (9.4) % Income from operations ​ 388 0.2 % ​ ​ 76 0.1 % ​ ​ 312 410.5 % Interest expense ​ (3,475) (2.1) % ​ ​ (1,398) (1.1) % ​ ​ 2,077 148.6 % Provision (benefit) for income taxes ​ (992) (0.6) % ​ ​ (225) (0.2) % ​ ​ 767 340.9 % Net income (loss) and comprehensive income (loss) ​ $ (2,095) (1.3) % ​ $ (1,097) (0.8) % ​ $ 998 91.0 % EBITDA ​ $ 11,622 7.1 % ​ $ 9,679 7.3 % ​ $ 1,943 20.1 % Adjusted EBITDA ​ $ 13,174 8.1 % ​ $ 13,675 10.3 % ​ $ (501) (3.7) % Net Sales. Net sales were $162,981 for the three months ended June 30, 2026 as compared to $132,328 for the three months ended June 30, 2025, an increase of $30,653, or 23.2%. This increase was driven by organic growth in the Datacenter & Critical Power, Commercial Vehicle, and Construction & Access end markets and the impact of the Accu-Fab acquisition completed in the third quarter of 2025. These increases were partially offset by lower demand in the Powersports, Agriculture and Military end markets. Manufacturing Margins. Manufacturing margins were $17,697 for the three months ended June 30, 2026 as compared to $13,624 for the three months ended June 30, 2025, an increase of $4,073, or 29.9%. Manufacturing margin percentages were 10.9% for the three months ended June 30, 2026, as compared to 10.3% for the three months ended June 30, 2025, an increase of 60 basis points. The increase was primarily driven by higher margin sales contribution from the Accu-Fab acquisition and improved capacity utilization as several legacy end markets demand improved. This increase was partially offset by project launch costs and higher costs associated with ongoing workforce expansion to support demand. Amortization of Intangible Assets. Amortization of intangible assets was $3,140 for the three months ended June 30, 2026, as compared to $1,733 for the three months ended June 30, 2025, an increase of $1,407 or 81.2%. The increase was due to amortization expense associated with identifiable intangible assets from the Accu-Fab acquisition. Refer to Note 2 – Acquisition, for additional information related to these identifiable intangible assets. Bonuses and Deferred Compensation Expenses. Bonuses and deferred compensation expenses were $4,845 for the three months ended June 30, 2026 as compared to $1,525 for the three months ended June 30, 2025, an increase of $3,320, or 217.7%. 28 Table of Contents The increase was driven by higher bonus accruals aligning with Company financial performance and the addition of employees associated with the Accu-Fab acquisition. Other Selling, General and Administrative Expenses. Other SG&A expenses were $9,324 for the three months ended June 30, 2026 as compared to $10,290 for the three months ended June 30, 2025, a decrease of $966, or 9.4%. The decrease was primarily attributable non-recurring executive transition expenses and Accu-Fab acquisition-related costs in the prior year, partially offset by incremental SG&A expenses associated with the acquisition. Interest Expense. Interest expense was $3,475 for the three months ended June 30, 2026 as compared to $1,398 for the three months ended June 30, 2025, an increase of $2,077, or 148.6%. The increase was due to increased average borrowings and interest rate under the Company’s revolving credit facility and the timing of debt repayments made during the period. Provision (Benefit) for Income Taxes. Income tax expense (benefit) was ($992) for the three months ended June 30, 2026 as compared to ($225) for the three months ended June 30, 2025. The increase in benefit of $767 is primarily due to a greater pre-tax loss in the current year period compared to the pre-tax loss in the prior year period. Refer to Note 8 – Income Taxes of the Condensed Consolidated Financial Statements for further details. Due to the factors described in the preceding paragraphs, net income (loss) and comprehensive income (loss), Adjusted EBITDA, Adjusted EBITDA Margin and EBITDA Margin decreased while EBITDA increased during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ Increase (Decrease) ​ ​ ​ ​ % of Net ​ ​ ​ ​ % of Net ​ ​ Amount ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ Sales ​ ​ ​ ​ Amount ​ ​ ​ Sales ​ ​ ​ ​ Change ​ ​ ​ % Change ​ Net sales ​ $ 307,761 ​ 100.0 % ​ $ 267,907 ​ 100.0 % ​ $ 39,854 ​ 14.9 % Cost of sales ​ ​ 279,107 ​ 90.7 % ​ ​ 238,755 ​ 89.1 % ​ ​ 40,352 ​ 16.9 % Manufacturing Margin ​ ​ 28,654 ​ 9.3 % ​ ​ 29,152 ​ 10.9 % ​ ​ (498) ​ (1.7) % Amortization of intangible assets ​ 6,270 2.0 % ​ ​ 3,466 1.3 % ​ ​ 2,804 80.9 % Bonuses and deferred compensation ​ 9,650 3.1 % ​ ​ 4,850 1.8 % ​ ​ 4,800 99.0 % Other selling, general and administrative expenses ​ 18,489 6.0 % ​ ​ 19,182 7.2 % ​ ​ (693) (3.6) % Impairment of long-lived assets ​ ​ 1,544 ​ 0.5 % ​ ​ — ​ — % ​ ​ 1,544 NM ​ Income from operations ​ (7,299) (2.4) % ​ ​ 1,654 0.6 % ​ ​ (8,953) (541.3) % Interest expense ​ (7,137) (2.3) % ​ ​ (2,965) (1.1) % ​ ​ 4,172 140.7 % Loss on extinguishment of debt ​ ​ (134) ​ (0.0) % ​ ​ — — % ​ ​ (134) ​ NM % Provision (benefit) for income taxes ​ (4,300) (1.4) % ​ ​ (234) (0.1) % ​ ​ 4,066 1,737.6 % Net income (loss) and comprehensive income (loss) ​ $ (10,270) (3.3) % ​ $ (1,077) (0.4) % ​ $ 9,193 853.5 % EBITDA ​ $ 14,751 4.8 % ​ $ 20,740 7.7 % ​ $ (5,989) (28.9) % Adjusted EBITDA ​ $ 19,647 6.4 % ​ $ 26,667 10.0 % ​ $ (7,020) (26.3) % Net Sales. Net sales were $307,761 for the six months ended June 30, 2026 as compared to $267,907 for the six months ended June 30, 2025, an increase of $39,854, or 14.9%. This increase was driven by organic growth in the Datacenter & Critical Power and Construction & Access end markets and the impact of the Accu-Fab acquisition completed in the third quarter of 2025. These increases were partially offset by lower demand in the Agriculture and Military end markets. Manufacturing Margins. Manufacturing margins were $28,654 for the six months ended June 30, 2026 as compared to $29,152 for the six months ended June 30, 2025, a decrease of $498, or 1.7%. Manufacturing margin percentages were 9.3% for the six months ended June 30, 2026, as compared to 10.9% for the six months ended June 30, 2025, a decrease of 160 basis points. The decrease was primarily driven by non-recurring restructuring costs, project launch costs related to the Datacenter & Critical Power end market and lower capacity utilization due to softer demand primarily within the Commercial Vehicle end market, partially offset by higher margin sales contribution from the Accu-Fab acquisition. 29 Table of Contents Amortization of Intangible Assets. Amortization of intangible assets was $6,270 for the six months ended June 30, 2026, as compared to $3,466 for the six months ended June 30, 2025, an increase of $2,804 or 80.9%. The increase was due to amortization expense associated with identifiable intangible assets from the Accu-Fab acquisition. Refer to Note 2 – Acquisition, for additional information related to these identifiable intangible assets. Bonuses and Deferred Compensation Expenses. Bonuses and deferred compensation expenses were $9,650 for the six months ended June 30, 2026 as compared to $4,850 for the six months ended June 30, 2025, an increase of $4,800, or 99.0%. The increase was driven by a one-time cash bonus in connection with the successful completion of the acquisition of Accu-Fab in July 2025 and higher bonus accruals aligning with Company financial performance and the addition of employees associated with the Accu-Fab acquisition. Other Selling, General and Administrative Expenses. Other SG&A expenses were $18,489 for the six months ended June 30, 2026 as compared to $19,182 for the six months ended June 30, 2025, a decrease of $693, or 3.6%. The decrease was primarily attributable to non-recurring executive transition expenses and Accu-Fab acquisition-related costs in the prior year, partially offset by incremental SG&A expenses associated with the acquisition. Impairment of Long-Lived Assets. During the six months ended June 30, 2026, as part of the Company’s restructuring plan (the Plan) designed to reduce fixed costs and optimize its operational footprint, in January 2026, the Company fully exited four warehouses. As the assets are no longer in use, an impairment was recorded for the entirety of the ROU asset balance in relation to these facilities. Interest Expense. Interest expense was $7,137 for the six months ended June 30, 2026 as compared to $2,965 for the six months ended June 30, 2025, an increase of $4,172, or 140.7%. The increase was due to increased average borrowings and interest rate under the Company’s revolving credit facility and the timing of debt repayment during the six months ended June 30, 2026. Provision (Benefit) for Income Taxes. Income tax expense (benefit) was ($4,300) for the six months ended June 30, 2026 as compared to ($234) for the six months ended June 30, 2025. The increase in benefit of $4,066 is primarily due to greater pre-tax loss in the current year period compared to the pre-tax loss in the prior year period. Refer to Note 8 – Income Taxes of the Condensed Consolidated Financial Statements for further details. Due to the factors described in the preceding paragraphs, net income (loss) and comprehensive income (loss), EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin decreased during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Liquidity and Capital Resources Cash Flows Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ June 30, ​ Increase (Decrease) ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ $ Change ​ ​ ​ % Change ​ ​ ​ ​ Net cash provided by (used in) operating activities ​ $ (1,325) ​ $ 23,307 ​ ​ (24,632) ​ (105.7) % ​ Net cash used in investing activities ​ (12,257) ​ (5,402) ​ (6,855) ​ (126.9) % Net cash provided by (used in) financing activities ​ 14,283 ​ (17,905) ​ 32,188 ​ 179.8 % Net change in cash ​ $ 701 ​ $ — ​ $ 701 ​ ​ ​ ​ ​ Operating Activities. Cash used in operating activities was $1,325 for the six months ended June 30, 2026, as compared to cash provided by operating activities of $23,307 for the six months ended June 30, 2025. The decrease of $24,632 in cash provided by (used in) operating activities was primarily due to lower net income (loss) adjusted for reconciling items and a higher use of cash driven by an increase in inventory and accounts receivable supporting higher sales volumes. This was partially offset by an increase in cash provided by higher in accounts payables and accrued liabilities. Investing Activities. Cash used in investing activities was $12,257 for the six months ended June 30, 2026, as compared $5,402 for the six months ended June 30, 2025. The $6,855 increase in cash used in investing activities was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market. 30 Table of Contents Financing Activities. Cash provided by financing activities was $14,283 for the six months ended June 30, 2026, as compared to cash used in financing activities of $17,905 for the six months ended June 30, 2025. The increase of $32,188 in cash provided by financing activities was primarily driven by proceeds received from the Company’s stock offering, partially offset by payments on the Company’s revolving credit facility that exceeded borrowings during the period. Amended and Restated Credit Agreement On June 28, 2023, we entered into an amended and restated credit agreement (the Credit Agreement) with certain lenders and Wells Fargo Bank, National Association, as administrative agent (the Agent). On June 26, 2025, we entered into the First Amendment which increased the amount of total allowable borrowings under the revolving credit facility from $250,000 to $350,000, by exercising the previously available $100,000 accordion feature. All other material terms of the Credit Agreement, including applicable interest rates, remained unchanged. On February 25, 2026, we entered into the Third Amendment which lowered the amount of total allowable borrowings under the revolving credit facility from $350,000 to $275,000 and reduced our minimum consolidated interest coverage ratio to 2.75 to 1.00, through the fourth quarter of 2026. The Third Amendment also increased our maximum consolidated leverage ratio to 5.25 to 1.00 for the first and second quarter of 2026, 5.00 to 1.00 for the third quarter of 2026, 4.00 to 1.00 for the fourth quarter of 2026 and 3.50 to 1.00 for 2027 and thereafter. As a result of these financial covenant changes, the interest pricing grid now includes additional interest rate tiers. All other material terms of the Credit Agreement remained unchanged. All amounts borrowed under the Credit Agreement mature on June 28, 2028. Borrowings under the Credit Agreement bear interest at a fluctuating SOFR plus an applicable margin based on the current consolidated total leverage ratio (which may be adjusted for certain reserve requirements), plus 1.25% to 3.25% depending on the current Consolidated Total Leverage Ratio (as defined in the Credit Agreement). Under certain circumstances, we may not be able to pay interest based on SOFR. If that happens, we will be required to pay interest at the Base Rate, which is the sum of the higher of (i) the Prime Rate (as publicly announced by the Agent from time to time), (ii) the Federal Funds Rate plus 0.50% and (iii) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%. At June 30, 2026, the interest rate on outstanding borrowings under the Revolving Loan was 6.65%. After accounting for our debt covenants, we had availability of $108,505 under the revolving credit facility at June 30, 2026. We must pay a commitment fee of 0.20% to 0.35% per annum on the average daily unused portion of the aggregate unused revolving commitments under the Credit Agreement. At June 30, 2026, this fee was 0.35%. We must also pay fees as specified in the Fee Letter (as defined in the Credit Agreement) and with respect to any letters of credit issued under the Credit Agreement. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on our ability to, subject to certain exceptions, create, incur or assume indebtedness; create, incur, assume or suffer to exist liens; make certain investments; allow our subsidiaries to merge or consolidate with another entity; make certain asset dispositions; pay certain dividends or other distributions to shareholders; enter into transactions with affiliates; enter into sale leaseback transactions; and exceed the limits on annual capital expenditures. The Credit Agreement also requires us to satisfy certain financial covenants, including a minimum consolidated interest coverage ratio of 2.75 to 1.00, as well as a consolidated total leverage ratio not to exceed 5.25 to 1.00. As of June 30, 2026, under the terms of the Credit Agreement, our interest coverage ratio was 3.27 to 1.00 and our consolidated total leverage ratio was 2.91 to 1.00. The Credit Agreement includes customary events of default, including, among other things, payment default, covenant default, breach of representation or warranty, bankruptcy, cross-default, material ERISA events, material money judgment, and failure to maintain subsidiary guarantees. If an event of default occurs, the Agent will be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement, termination of the credit facility, and all other actions permitted to be taken by a secured creditor. 31 Table of Contents Other Debt Additionally, the Company has a Fond du Lac County and Fond du Lac Economic Development Corporation term note (Fond du Lac Term Note). The Fond du Lac Term Note is secured by a security agreement, payable in annual installments of $500 plus interest at 2.00% and is due in full in December 2028. The balance outstanding as of June 30, 2026 and December 31, 2025 was $1,375. As of June 30, 2026, the short-term and long-term balance of $500 and $875, respectively. These balances are recorded in other current liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. Capital Requirements and Sources of Liquidity During the six months ended June 30, 2026 and 2025, our capital expenditures were $11,755 and $5,408 respectively. The increase of $6,347 was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market. Capital expenditures for the full year 2026 are expected to be between $25,000 and $35,000. We have historically relied upon cash available through credit facilities, in addition to cash from operations, to finance our working capital requirements and to support our growth. We regularly monitor potential capital sources, including equity and debt financings, in an effort to meet our planned capital expenditures and liquidity requirements. Our future success will be highly dependent on our ability to access outside sources of capital. We will continue to have access to the availability currently provided under the Credit Agreement as long as we remain compliant with the financial covenants. Based on our estimates at this time, we expect to be in compliance with these financial covenants through 2026 and the foreseeable future. We believe that our operating cash flow and available borrowings under the Credit Agreement are sufficient to fund our operations for 2026 and beyond. However, future cash flows are subject to a number of variables, and additional capital expenditures will be required to conduct our operations. There can be no assurance that operations and other capital resources will provide cash in sufficient amounts to maintain planned or future levels of capital expenditures. In the event we make one or more acquisitions and the amount of capital required is greater than the amount we have available for acquisitions at that time, we could be required to reduce the expected level of capital expenditures and/or seek additional capital. If we seek additional capital, we may do so through borrowings under the Credit Agreement, joint ventures, asset sales, offerings of debt or equity securities or other means. We cannot guarantee that this additional capital will be available on acceptable terms or at all. If we are unable to obtain the funds we need, we may not be able to complete acquisitions that may be favorable to us or finance the capital expenditures necessary to conduct our operations. Contractual Obligations The following table presents our obligations and commitments to make future payments under contracts and contingent commitments at June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ Total ​ ​ ​ 2026 (Remainder) ​ ​ ​ 2027 – 2028 ​ ​ ​ 2029 – 2030 ​ ​ ​ Thereafter ​ ​ ​ Long-term debt principal payment obligations (1) ​ $ 127,093 ​ $ 500 ​ $ 126,593 ​ $ — ​ $ — ​ Forecasted interest on debt payment obligations (2) ​ ​ 23,026 ​ ​ 5,755 ​ ​ 17,271 ​ ​ — ​ ​ — ​ Finance lease obligations (3) ​ 10,803 ​ 1,358 ​ 4,960 ​ 3,976 ​ 508 Operating lease obligations (3) ​ 31,635 ​ 3,916 ​ 14,263 ​ 9,066 ​ 4,390 Total ​ $ 192,557 ​ $ 11,529 ​ $ 163,088 ​ $ 13,042 ​ $ 4,898 ​ (1) Principal payments under the Company’s Credit Agreement, which expires in June 2028 and the Fond du Lac Term Note, which is due in December 2028. (2) Forecasted interest on debt obligations are based on the debt balance, interest rate and unused fee of the Company’s revolving credit facility and debt balance and interest rate of the Company’s Fond du Lac Term Note. (3) See Note 5 – Leases in the Notes to Condensed Consolidated Financial Statements for additional information. 32 Table of Contents