What Miller Industries, Inc. told the SEC could break it.

Miller's towing-operator customers' demand is sensitive to fuel prices: the price of fuel surged in March 2026 after U.S. and Israeli strikes on Iran and Iranian retaliatory strikes on Israel, Saudi Arabia, the UAE and shipping vessels in the Strait of Hormuz — through which approximately 20% of the world's oil and gas is transported — and a prolonged Iran conflict could push fuel prices even higher, raising both Miller's fuel/petroleum-product costs and its customers' operating costs and reducing demand for its equipment.

“the price of fuel surged in March 2026, after U.S. and Israeli strikes on Iran, and retaliatory strikes by Iran on, among others, Israel, Saudi Arabia, the United Arab Emirates. and international shipping vessels in the Strait of Hormuz, through which approximately 20% of the world's oil and gas is transported.”

Miller is exposed to trade and emissions policy: some of its suppliers have implemented pricing adjustments and passed through tariff-related cost increases from changes in U.S./foreign trade policy, and although the company has raised prices to recover known tariff costs (and is seeking alternative suppliers), future or changed tariffs could add costs; separately, California Air Resources Board (CARB) Advanced Clean Trucks (rising to a 100% zero-emission sales requirement by model year 2036) and Advanced Clean Fleets rules affect its fleet-operating customers and demand.

“Some of our suppliers have implemented pricing adjustments and passed through tariff-related cost increases in response to changes in U.S and foreign trade policies over the last year. The Company has implemented price increases to recover known tariff-related costs.”

Miller installs its bodies on chassis manufactured by third parties, so it depends on the timely supply of chassis and purchased component parts; shortages, price increases, and delays or unexpected cadence/quantities in deliveries of raw materials and purchased component parts, including chassis, have had — and could continue to have — a material adverse effect on its profitability, financial performance, competitive position and ability to complete customer orders.

“Shortages and price increases and/or delays or unexpected cadence or quantities in the deliveries of, our raw materials and purchased component parts, including chassis, have had, and could continue to have, a material adverse effect on our profitability, financial performance, competitive position and reputation.”

Miller Industries manufactures steel-heavy car-carrier and wrecker bodies, so its costs and output depend on steel and other raw materials and component parts; it monitors the conflicts in the Middle East and Ukraine for their impact on its supply chain for materials and component parts, particularly steel and items with substantial steel content, and shortages or price increases in these inputs could materially affect profitability.

“We also continue to monitor the impact of the conflicts in the Middle East and Ukraine on our fuel costs and supply chain for materials and component parts, particularly with respect to steel and items with substantial steel content.”