What NWPX Infrastructure, Inc. told the SEC could break it.

Purchased steel is roughly 29% of NWPX's water-transmission steel-pipe (WTS) cost of sales; with WTS contracts generally quoted fixed-price, volatile steel markets directly compress margins.

“Purchased steel typically represents approximately 29% of our WTS projects' cost of sales, and higher steel costs generally result in higher selling prices and revenue; however, volatile fluctuations in steel markets can affect our business.”

NWPX's precast/reinforced-concrete business is concentrated in Texas (~42%) and Utah (~52% of Precast net sales); a downturn in construction activity or state/local budgets in those two states would materially hurt the segment.

“portion of our precast and reinforced concrete products business in Texas and Utah, which we estimate represented approximately 42% and 52%, respectively, of Precast net sales for the year ended December 31, 2025. Local economic conditions depend on a variety of factors, including national economic conditions, local and state budgets, infrastructure spending, and the impact of federal cutbacks. Any decrease in construction activity in Texas or Utah could have a material adverse effect on our business, financial condition, and results”

NWPX's water-pipe demand depends on governmental and public water-agency projects funded through programs like the $55B IIJA; budgetary pressures or delayed disbursement of state revolving-fund subawards could slow near-term project awards.

“budgetary pressures could impact governmental and public water agency projects in the near-term.”

NWPX's San Luis Río Colorado, Mexico facility primarily exports to the U.S.; changes to U.S. or Mexican tariffs, quotas or duties (and Canada trade policy) could adversely affect its cross-border operations.

“Our facility in San Luis Río Colorado, Mexico primarily exports products to the United States. We may operate in additional countries in the future. Any material changes in the quotas, regulations, tariffs, or duties on imports imposed by the United States government and our agencies, or on exports imposed by these foreign governments and their agencies could adversely affect our foreign operations.”