NASDAQ: ARTW

ARTS WAY MANUFACTURING CO INC

CIK 0000007623 · SIC 3523 · Farm Machinery & Equipment

Micro Revenue $23M Assets $24M as of Oct 4, 2026

Art’s-Way Manufacturing Co., Inc., a Delaware corporation ("Art's-Way," “we,” “us,” “our,” and the “Company”), began operations as a farm equipment manufacturer in 1956. Since that time, we have become a worldwide manufacturer of agricultural equipment and specialized modular science and… About this business →

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10-Q Filed Oct 13, 2026 · Period ending Aug 31, 2026

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8-K Filed Oct 9, 2026 · Period ending Oct 5, 2026

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8-K Filed Aug 10, 2026 · Period ending Aug 10, 2026

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10-Q Filed Jul 15, 2026 · Period ending May 31, 2026

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8-K Filed Jul 10, 2026 · Period ending Jul 9, 2026

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8-K Filed Jun 29, 2026 · Period ending Jun 22, 2026

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8-K Filed Apr 22, 2026 · Period ending Apr 21, 2026

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10-Q Filed Apr 13, 2026 · Period ending Feb 28, 2026

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10-K Filed Feb 12, 2026 · Period ending Nov 30, 2025

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10-K Filed Feb 18, 2025 · Period ending Nov 30, 2024

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Latest financial statements

From 10-Q filed Oct 13, 2026 (period ending Aug 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.

As filed

Condensed Consolidated Statements of Operations (Unaudited)

Description Three months ended August 31, 2026 Three months ended August 31, 2025 Nine months ended August 31, 2026 Nine months ended August 31, 2025
Sales 5,615,156 6,432,296 20,109,565 17,909,941
Cost of goods sold 3,954,666 4,666,131 14,505,747 12,587,490
Gross profit 1,660,490 1,766,165 5,603,818 5,322,451
Expenses
Engineering 99,092 87,339 299,701 256,684
Selling 423,895 350,771 1,294,170 1,136,650
General and administrative 1,207,505 983,326 3,463,350 3,071,249
Total expenses 1,730,492 1,421,436 5,057,221 4,464,583
Income (loss) from operations (70,002) 344,729 546,597 857,868
Other income (expense):
Interest expense (113,734) (83,668) (337,558) (259,022)
Other 3,741 60,196 92,298 1,527,881
Total other income (expense) (109,993) (23,472) (245,260) 1,268,859
Income (loss) before income taxes (179,995) 321,257 301,337 2,126,727
Income tax expense (benefit) (40,275) 67,147 71,137 446,304
Net income (loss) (139,720) 254,110 230,200 1,680,423

Condensed Consolidated Balance Sheets

Description August 31, 2026 November 30, 2025
Assets
Current assets:
Cash 2,855 4,849
Receivables, net 5,070,707 2,201,879
Inventories, net 11,492,094 11,708,242
Cost and profit in excess of billings 69,008 379,547
Net investment in sales-type leases, current 53,630 -
Other current assets 605,382 487,020
Total current assets 17,293,676 14,781,537
Property, plant, and equipment, net 6,395,112 5,082,406
Assets held for lease, net 115,151 144,618
Deferred income taxes, net 2,007,522 2,060,934
Net investment in sales-type leases, long-term 122,370 -
Other assets 280,808 408,060
Total assets 26,214,639 22,477,555
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable 1,206,138 902,326
Customer deposits 272,797 88,920
Billings in excess of cost and profit 3,354,577 430,712
Income taxes payable 15,000 15,000
Accrued expenses 1,123,886 1,327,569
Line of credit 3,645,000 3,252,437
Current portion of finance lease liabilities 270,647 255,748
Insurance premium finance liability 56,831 -
Current portion of long-term debt 189,946 165,326
Total current liabilities 10,134,822 6,438,038
Long-term portion of finance lease liabilities 202,141 408,154
Long-term debt, excluding current portion 2,171,491 2,325,103
Total liabilities 12,508,454 9,171,295
Commitments and Contingencies (Notes 8, 10, 11 and 14)
Stockholders’ equity:
Undesignated preferred stock $0.01 par value. Authorized 500,000 shares on August 31, 2026 and November 30, 2025; issued and outstanding 0 shares on August 31, 2026 and November 30, 2025. - -
Common stock $0.01 par value. Authorized 9,500,000 shares on August 31, 2026 and November 30, 2025; 5,320,673 issued on August 31, 2026 and 5,225,423 on November 30, 2025 53,207 52,254
Additional paid-in capital 5,369,632 5,199,167
Retained earnings 8,593,727 8,363,527
Treasury stock, at cost (114,287 shares on August 31, 2026 and 113,589 shares on November 30, 2025) (310,381) (308,688)
Total stockholders’ equity 13,706,185 13,306,260
Total liabilities and stockholders’ equity 26,214,639 22,477,555

Condensed Consolidated Statements of Cash Flows (Unaudited)

Description Nine months ended August 31, 2026 Nine months ended August 31, 2025
Cash flows from operations:
Net income 230,200 1,680,423
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock based compensation 171,418 141,105
Decrease in obsolete inventory reserves (495,364) (36,233)
Gain on disposal of property, plant, and equipment (47,594) (9,100)
Net book value of property transferred to sales-type lease 21,465 -
Depreciation and amortization expense 625,059 593,954
Amortization of cloud computing implementation costs - 60,909
Decrease in allowance for expected credit losses receivables (33,743) (63,947)
Deferred income taxes 53,412 446,030
Changes in assets and liabilities:
(Increase) decrease in:
Receivables (2,835,085) 412,859
Inventories 711,512 (873,796)
Cost and profit in excess of billings 310,539 (445,760)
Net investment in sales-type leases (176,000) -
Other assets 103,728 (106,853)
Increase (decrease) in:
Accounts payable 304,617 231,451
Billings in excess of cost and profit 2,923,865 (1,577,020)
Customer deposits 183,877 (107,832)
Income taxes payable - (500)
Accrued expenses (203,683) (360,682)
Net cash provided by (used in) operating activities 1,848,223 (14,992)
Cash flows from investing activities:
Purchases of property, plant, and equipment (1,841,984) (474,770)
Net proceeds from sale of assets 86,262 9,100
Net cash used in investing activities (1,755,722) (465,670)
Cash flows from financing activities:
Net change in line of credit 392,563 744,000
Principal payments on finance lease obligations (191,114) (168,989)
Principal payments on financed insurance premiums (165,259) -
Repayment of term debt (128,992) (88,707)
Repurchases of common stock (1,693) (1,542)
Net cash provided by (used in) financing activities (94,495) 484,762
Net increase (decrease) in cash (1,994) 4,100
Cash at beginning of period 4,849 1,860
Cash at end of period 2,855 5,960
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest 322,113 259,022
Income taxes 17,725 829
Supplemental disclosures of non-cash operating activities:
Financed insurance premium (other current assets) 222,090 -
Right-of-use (ROU) assets acquired (included in other assets) - 97,120
Amortization of operating lease ROU assets (included in other assets) - 13,774

Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗

About ARTS WAY MANUFACTURING CO INC

Source: Item 1 (Business) from the 10-K filed February 12, 2026. Description as filed by the company with the SEC.

Item 1. BUSINESS.

General

Art’s-Way Manufacturing Co., Inc., a Delaware corporation ("Art's-Way," “we,” “us,” “our,” and the “Company”), began operations as a farm equipment manufacturer in 1956. Since that time, we have become a worldwide manufacturer of agricultural equipment and specialized modular science and agricultural buildings. Our principal manufacturing plant and corporate headquarters is located in Armstrong, Iowa.

We have organized our business into two operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. Our Agricultural Products segment manufactures and distributes farm equipment under the Art’s-Way name. Our Modular Buildings segment manufactures modular buildings for various uses, commonly animal containment and research laboratories, through our wholly owned subsidiary, Art’s-Way Scientific, Inc., an Iowa corporation. During the third quarter of fiscal 2023, the Company ceased operations of its Tools business, which was reported in discontinued operations for the twelve months ended November 30, 2024. The remaining components of the Tools segment were disposed prior to the twelve months ended November 30, 2025. For detailed financial information relating to segment reporting, see Note 18, “Segment Information,” to our financial statements in “Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA” of this report.

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Corporate information about Art’s-Way can be found on our website, https://www.artsway-mfg.com/, while information on our Agriculture Products segment can be found on http://www.artsway.com/. and information about our Modular Buildings Segment can be found on https://www.artsway-scientific.com/. The information contained on our websites or available by hyperlink from our websites is not a part of this report and is not incorporated into this report or any other documents we file with, or furnish to, the Securities and Exchange Commission (the "SEC").

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Exchange Act requires us to file periodic reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC’s website at http://www.sec.gov.

Business of Our Segments

Agricultural Products

Our Agricultural Products segment, which accounted for 55.5% of our net revenue in the 2025 fiscal year and 59.9% of our net revenue in the 2024 fiscal year, is located primarily in Armstrong, Iowa. This segment manufactures a variety of specialized farm machinery under our own label, including portable and stationary animal feed processing equipment and related attachments used to mill and mix feed grains into custom animal feed rations; a line of forage equipment consisting of forage boxes, bale processors, running gear, and dump boxes; a line of manure spreaders; sugar beet harvesting equipment; and a line of dirt work equipment. We sell our labeled products through independent farm equipment dealers throughout the United States, Australia, Canada, Japan and the United Kingdom. We also provide after-market service parts that are available to keep our branded equipment operating to the satisfaction of the end user of our products.

Modular Buildings

Our Modular Buildings segment, which accounted for 44.5% of our net revenue in the 2025 fiscal year and 40.1% of our net revenue in the 2024 fiscal year, is located in Monona, Iowa. This segment produces, sells and leases modular buildings, which are custom-designed to meet the specific research needs of our customers. The buildings we commonly produce range from basic swine buildings to complex containment research laboratories. Our focus is providing research facilities for academic research institutions, government research and diagnostic centers, public health institutions and private research and pharmaceutical companies, as those are our primary market sectors. We provide services from start to finish by designing, manufacturing, delivering and installing these facilities to meet customers’ critical requirements. In addition to selling these facilities, we also offer a lease option to customers in need of temporary facilities.

Our Principal Agricultural Products

Arthur Luscombe built the first power take-off powered grinder mixer on his farm near Dolliver, Iowa. The product’s ability to tackle even the most demanding workload made it an overwhelming success – and secured Luscombe’s reputation as a farmer, entrepreneur and independent thinker who did things his way. Over the years our Agricultural Products segment has grown through developing several new products and with acquisitions. We take pride in our manure spreaders, forage equipment, bale processors, dirt work equipment, sugar beet harvesting equipment and feed mills. We provide limited original equipment manufacturer, or OEM, parts to some of the industry’s leading manufacturers.

Feed mills. There’s no one better than Art’s Way when it comes to processing feed. Stationary mills for livestock feeding or breweries, portable units for small operations and large grinder mixers for the modern feeding operation have our customers’ backs day in and day out. Hammer mills provide faster processing and easily changing micron size or roller mills offer more consistency. We offer the most complete lineup of equipment in feed processing.

Manure spreaders. The X Series spreaders have a unique vertical beater placement combined with guillotine slop gate controls to create the best spread pattern in the industry. Flared sides and densilite flooring provide easy loading and material movement. Backed by our limited lifetime warranty on the apron chain, customers can depend on this rugged machine. The upgraded rate control option powered by Raven is the only unit in the industry to have completely automatic spreading capabilities with apron speed and slop gate control.

Forage. The 2100 series are user-friendly forage boxes in different lengths and unload configurations. It is the only box in its class to offer 100% in-cab controls. Tube side stakes and corrugated sides give users confidence when side-by-side with competitor models. The 9016-HD High Dump cart boasts the largest capacity in the industry at 40,000 pounds.

Bale processors. Spread large round or square bales in the same machine attached to a skid steer, telehandler, or tractor with the patented TOP-SPREAD loader mounted spreader. The compact size fits into barns and alleyways and is easy to maneuver. On a construction site, cover roadsides or fresh seeding quickly from the seat of a skid steer.

Dirt work equipment. Level out and shape fields with the single blade or folding land planes featuring our patented floating hitch design. Reduce erosion by eliminating water pockets, furrows, and implement scars in the field. Shape yards or work sites with standard or rear steer graders that follow closely behind the tractor for leveling in smaller spaces.

Sugar beet harvesting equipment. We are proud to offer the best sugar beet cleaning in the industry during muddy harvest conditions with our patented grab roll bed. Our 12-row harvester has been improved with an automatic leveling system add-on for consistent digging across the field. The defoliator cleanly removes the leaves off the beets prior to digging them up for harvest. The leaves are incorporated back into the soil to provide nutrients for next year’s crop.

Product Distribution and Markets

We distribute goods for our Agricultural Products segment primarily through a network of approximately 500 U.S. and Canadian independent dealers, as well as overseas dealers in Australia, Japan and the United Kingdom, whose customers require specialized agricultural machinery. We have sales representation in 48 states and seven Canadian provinces. Our dealers sell our products to various agricultural and commercial customers. We also maintain a local sales force in our Armstrong, Iowa facility to provide oversight services for our distribution network, communicate with end users, and recruit and train dealers on the uses of our products. Our local service parts staff is available to help customers and dealers with their service parts needs. Our Modular Buildings segment typically sells products customized to the end-users' requirements directly to the end-user.

We currently export products to five foreign countries. We have been shipping grinder mixers abroad since 2006 and have exported portable rollermills as well. We continue to strengthen these relationships and intend to develop new international markets. Our international sales accounted for 4.0% of consolidated sales during the 2025 fiscal year compared to 3.3% in the 2024 fiscal year.

Backlog. The Company’s backlog of orders varies on a daily basis. The Company’s Agricultural Products segment had a net backlog of approximately $3,224,000 as of February 2, 2026 compared to $3,486,000 on February 2, 2025. We've seen strong demand for the majority of our agriculture products for the 2025-2026 early order period compared to last fiscal year, with the exception of beet equipment. In December 2025, American Crystal Sugar announced a 44% decline in payment per ton of sugar beet crop compared to the prior year. This announcement negatively impacted early order program demand for our beet equipment, however, recent product developments on our beet equipment lead us to believe we will be able to overcome some of this negative market pressure in 2026. We expect the high price of beef will continue to fuel demand for our livestock products and are optimistic that interest rate cuts will continue to occur. The Company’s Modular Buildings segment had approximately $4,882,000 of backlog as of February 2, 2026, compared to $2,403,000 on that date in 2025. The Modular Buildings segment continues to close contracts and is expected to have a similar results in fiscal 2026 compared to fiscal 2025. The Company expects that its order backlogs will continue to fluctuate as orders are received, filled, or canceled, and, due to dealer discount arrangements it may enter into from time to time. Accordingly, these figures are not necessarily indicative of future revenue.

Recent Product Developments

In 2025, we developed a new head for our 12-row beet harvester that provides a clear view of the inner workings of the equipment. Not only does this allow a farmer to see that the harvesting components are operating as expected from the tractor cab, but it also improves serviceability, saving down time for our beet customers. This new head is designed to be backwards compatible with older harvesters, which we project will open up a new market for farmers that may not have the capital to replace their entire units, but can still get the latest technology we offer. We also spent engineering time revamping our 8-row beet head with the new clear view design. We recognized there is some demand for the 8-row units and the belief is farmers will be able to travel faster in their tractor with this unit. We also spent time developing a sack cutter for our grinders to improve a routine task for our users and are testing improvements to make our grinders unload faster. In 2026 we expect to improve upon our current product lines and increase margins through our R&D work.

Our Modular Buildings segment completed projects based on customer specifications and did not engage in specific product development during the 2025 fiscal year.

Competition

Both of our segments have competitive strengths described below. In addition to individual competitive strengths, the barrier to entry for competitors in our industries is high.

Agricultural Products

Our Agricultural Products segment competes in a highly competitive agricultural equipment industry. We compete with larger manufacturers and suppliers that have broader product offerings and significant resources at their disposal; however, we believe that our competitive strengths allow us to compete effectively in our market.

Management believes that grain and livestock producers, as well as those who provide services to grain and livestock operations, are the primary purchasers of agricultural equipment. Many factors influence a buyer’s choice for agricultural equipment. Any one or all factors may be determinative, but they include brand loyalty, the relationship with dealers, product quality and performance, product innovation, product availability, parts and warranty programs, price, and customer service.

While our larger competitors may have resources greater than ours, we believe we compete effectively in the farm equipment industry by serving smaller markets in specific product areas rather than directly competing with larger competitors across an extensive range of products. Our Agricultural Products segment caters to niche markets in the agricultural industry. We do not have a direct competitor that has the same product offerings that we do. Instead, each of our product lines competes with similar products of many other manufacturers. Some of our product lines face greater competition than others, but we believe that our products are competitively priced with greater diversity than most competitor product lines. Other companies produce feed processing equipment, sugar beet harvesting and defoliating equipment, grinders, and other products similar to ours; therefore, we focus on providing the best product available at a reasonable price. Overall, we believe our products are competitively priced with above average quality and performance, in a market where price, product performance, and quality are principal elements.

In addition, in order to capitalize on brand recognition for our Agricultural Products segment, we have numerous product lines produced under our own label. We also provide aftermarket service parts which are available to keep our branded and OEM-produced equipment operating to the satisfaction of the customer. We sold products to customers in the United States and five foreign countries in 2025 through a network of approximately 500 independent dealers in the United States and Canada, as well as overseas dealers in Australia, Japan and the United Kingdom.

We believe that our competitive pricing, product quality and performance, network of worldwide and domestic distributors, and strong market share for many of our products allow us to compete effectively in the agricultural products market.

Modular Buildings

We expect continued competition from our Modular Buildings segment’s existing competitors, which include conventional design/build firms, as well as competition from new entrants into the modular building market. To some extent, we believe barriers to entry in the modular building industry limit the competition we face in the industry. Barriers to entry in the market consist primarily of established customer relationships, industry knowledge, access to capital, access to a qualified labor pool, and the bidding process that accompanies many jobs in the health and education markets. Despite these barriers, manufacturers who have a skilled work force and adequate production facilities could adapt their manufacturing facilities to produce modular structures.

We believe the competitive strength of our Modular Buildings segment is our ability to design and produce high-tech modular buildings more quickly than conventional design/build firms. Conventional design/build construction may take two to five years, while our modular laboratories can be delivered in as little as six months. As one of the few companies in the industry to supply turnkey modular buildings and laboratories, we believe we provide high-quality buildings at reasonable prices that meet our customers’ time, flexibility, and security expectations.

Raw Materials, Principal Suppliers, and Customers

Raw materials for our various segments are acquired from domestic and foreign sources and normally are readily available. We rely on foreign suppliers and foreign markets for materials and components for some of our products. However, these suppliers are not principal suppliers, and there are alternative sources for these materials, with the exception of our manure spreader beaters that our imported from Italy. We undertook a reshoring project in fiscal 2025 to be prepared in the event we would not have access to our manure spreader beaters due to tariff activity or in the event that tariffs made them too expensive.

We do not typically rely on sales to one customer or a small group of customers. During the 2025 fiscal year, one customer accounted for just more than 9% of consolidated net revenues.

Intellectual Property

We maintain manufacturing rights on several products, which cover unique aspects of design. We also have trademarks covering product identification. We believe our trademarks and licenses help us to retain existing business and secure new relationships with customers. The duration of these rights ranges from 5 to 10 years, with options for renewal. We currently have no pending applications for intellectual property rights.

We have a licensing and royalty agreement with Spreader, LLC to produce a loader mounted spreader in exchange for royalty payments until December 2026.

Government Relationships and Regulations; Environmental Compliance

Our Modular Buildings segment must design, manufacture, and install its modular buildings in accordance with state building codes, and we have been able to achieve the code standards in all instances. In addition, we are subject to various federal, state, and local laws and regulations pertaining to environmental protection and the discharge of materials into the environment. We do not expect that the cost of complying with these regulations will have a material impact on our consolidated results of operations, financial position, or cash flows.

Employees

As of November 30, 2025, we employed 66 employees in our Agricultural Products segment, including one on a part-time basis, and 32 employees in our Modular Buildings segment, including two on a part-time basis. These numbers do not necessarily represent peak employment during the 2025 fiscal year.