Elmet Group Co. 10-Q

Financial Statements (unaudited)

ITEM 1 - Financial Statements THE ELMET GROUP CO. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data) July 3, 2026 December 31, 2025 Assets Current Assets: Cash $ 66,122 $ 1,759 Marketable securities 4,923 202 Accounts receivable, net 34,483 28,904 Government grant receivables 232 1,690 Related party receivables 58 426 Unbilled revenue 564 2,621 Inventories, net 102,401 69,697 Income tax receivable 3,766 — Prepaid expenses and other current assets 5,548 4,774 Total current assets 218,097 110,073 Property, plant and equipment, net 42,457 42,342 Operating lease right-of-use assets 11,777 10,586 Intangible assets, net 6,558 7,184 Goodwill 4,527 4,583 Deferred tax assets, net 88 — Other assets 724 878 Total assets $ 284,228 $ 175,646 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable $ 27,390 $ 16,165 Accrued expenses and other current liabilities 17,417 13,659 Related party payables 190 — Operating lease liabilities, current portion 956 875 Current portion of long-term debt – related party — 2,319 Current portion of long-term debt 2,370 7,755 Deferred government grants 2,358 4,672 Deferred revenue 21,416 14,853 Total current liabilities 72,097 60,298 Operating lease liabilities, net of current portion 11,407 10,247 Long-term debt, net of current portion 8,108 28,455 Long-term debt, net of current portion – related party — 15,000 Deferred tax liabilities, net 4,075 — Other liabilities 998 1,189 Total liabilities 96,685 115,189 Commitments and Contingencies (Note 18) Stockholders’ Equity: Preferred Stock - $ 0.001 par value; 20,000,000 shares authorized as of July 3, 2026 and December 31, 2025. No shares issued and outstanding as of July 3, 2026 and December 31, 2025 — — Class A Common Stock – $ 0.001 par value; 0 and 500,000,000 shares authorized as of July 3, 2026 and December 31, 2025, respectively; 0 and 20,122,721 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively — 20 Class B Common Stock – $ 0.001 par value; 0 and 40,000,000 shares authorized as of July 3, 2026 and December 31, 2025, respectively; 0 and 466 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively — — Common Stock - $ 0.001 par value; 540,000,000 and 0 shares authorized as of July 3, 2026 and December 31, 2025, respectively; 30,459,498 and 0 shares issued and outstanding as of July 3,