Mayville Engineering Company, Inc. (MEC) reported a net loss of $8.1 million for the fiscal year ending December 31, 2025, a significant decline from a net income of $26 million in the previous year. The company's revenue decreased by 6% to $546.5 million, down from $581.6 million in 2024. This decline was attributed to reduced customer demand across various end markets and inventory destocking by customers, although it was partially offset by increased aftermarket demand in the military sector and contributions from the recent acquisition of Accu-Fab, which enhanced MEC's presence in the data center and critical power markets.
In terms of operational changes, MEC completed the acquisition of Accu-Fab on July 1, 2025, for a total consideration of approximately $141.2 million. This acquisition is expected to broaden MEC's customer base and accelerate its entry into rapidly growing markets. The integration of Accu-Fab contributed to a rise in intangible assets, which increased to $111.3 million from $51.7 million in the previous year, reflecting the value of customer relationships and other acquired intangibles. The acquisition also resulted in a goodwill increase to $140.2 million, up from $92.7 million in 2024.
MEC's operational metrics showed a decrease in manufacturing margins, which fell to 9.9% from 12.2% in the prior year, primarily due to softening customer demand and restructuring costs associated with the integration of Accu-Fab. The company reported a decrease in EBITDA to $37.4 million, down 54.4% from $82.1 million in 2024. Adjusted EBITDA also declined by 26.9% to $47.1 million. The company’s employee headcount remained stable at approximately 2,400, with no significant changes reported in staffing levels.
Looking ahead, MEC anticipates continued challenges from macroeconomic conditions, including inflation and labor availability, which may impact demand and operational efficiency. The company has implemented a value-creation framework, MEC Business Excellence (MBX), aimed at enhancing operational performance and capitalizing on outsourcing trends among original equipment manufacturers (OEMs). MEC's management remains focused on leveraging its capabilities to navigate these challenges and drive future growth, particularly in the data center and critical power sectors.
About Mayville Engineering Company, Inc.
Mayville Engineering Company (MEC) is a U.S.-based, vertically integrated manufacturer offering design, prototyping, fabrication, aluminum extrusion, coating, assembly, and aftermarket solutions. Serving diverse markets such as commercial vehicles, construction, powersports, agriculture, and military, MEC provides high-quality, complex components through a broad capabilities portfolio. Its competitive edge lies in engineering expertise, extensive process offerings, strategic customer relationships, and a focus on operational excellence.
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