HLMN 10-K & 10-Q changes, risk factors and insider trading
Hillman Solutions Corp. · Nasdaq · Cutlery, Handtools & General Hardware · CIK 1822492 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Complications with the design or implementation of our new enterprise resource planning ("ERP") system could adversely impact our business and operations.”
Largest changes
“We estimate we source approximately 33% of our products from China, 33% from suppliers based in North America, and 33% from all other countries. Based on the current facts and tariff environment as of the date of this filing, we expect the tariffs to continue to drive an increase in our net working capital and cost of sales. We have raised prices to offset the tariff costs, although these price increases could impact future demand for our products. …”see in full comparison
“Complications with the design or implementation of our new enterprise resource planning ("ERP") system could adversely impact our business and operations.”see in full comparison
“Many of our products are manufactured out of metals, including but not limited to steel, aluminum, zinc, and copper. Additionally, we use other commodity-based materials in the manufacture of Letters, Numbers, and Signs (“LNS”) that are resin-based and subject to fluctuations in the price of oil. We source the majority of our products from third parties and are subject to changes in their underlying manufacturing costs. …”see in full comparison
In late May 2023, we experienced a ransomware attack relating to certain systems on our network (the “Cybersecurity Incident”). The Cybersecurity Incident affected certain of our information technology systems, and as part of the containment effort, we suspended affected systems and elected to temporarily suspend additional systems in an abundance of caution. We reactivated and restored our operational systems over the course of the week following the Cybersecurity Incident.see in full comparisonIn 2023, the Cybersecurity Incident related costs net of an expected insurance receivable totaled $1.0 million. In the fourth quarter of 2024, we received proceeds from our insurance claim that exceeded the amount recorded as a receivable by $0.6 million. These proceeds represented the cost associated with lost revenue and incremental expenses incurred.
We import a majority of our products and rely on foreign sources, primarily China and Taiwan, to meet our supply demands at prices that support our current operating margins. Substantially all of our import operations are subject to customs requirements, tariffs, and quotas set by governments through mutual agreements or unilateral actions. The U.S. tariffs on steel, aluminum, and other imported goods have materially increased the costs of many of our foreign sourced products, and any escalation in the tariffs will increase the impact, including without limitation recent tariffs against goods imported from China, Mexico, and Canada enactedsee in full comparisononsince February 1, 2025 by the Trump Administration and any retaliatory tariffs issued in response thereto.In order to sustain current operating margins while the tariffs are in effect, we must be able to increase prices with our customers and find alternative, similarly priced sources that are not subject to the tariffs. If we are unable to effectively implement these countermeasures, our operating margins will be impacted.
“In order to sustain current operating margins while the tariffs are in effect, we must be able to increase prices with our customers and find alternative, similarly priced sources that are not subject to the tariffs. If we are unable to effectively implement these countermeasures, our operating margins will be impacted.”see in full comparison
Full comparison: every changed paragraph (21)
Our two largest customers constituted approximately $603.1$674.3 million of net sales and $35.7$33.0 million of the year-end accounts receivable balance for 2024.2025. Both of these customers are big box chain stores. Our results of operations depend greatly on our ability to maintain existing relationships and arrangements with these big box chain stores. To the extent that the big box chain stores are materially adversely impacted by the changing retail landscape, this could have a negative effect on our results of operations. These two customers have been key components of our growth and failure to maintain fulfillment and service levels or relationships with these customers could result in a material loss of business. Our inability to penetrate new channels of distribution, including ecommerce, may also have a negative impact on our future sales and business.business (Seesee Note 17 - Concentration of Credit Risks of the Notes to Consolidated Financial Statements for additional information).
Many of our products are manufactured out of metals, including but not limited to steel, aluminum, zinc, and copper. Additionally, we use other commodity-based materials in the manufacture of Letters, Numbers, and Signs (“LNS”) that are resin-based and subject to fluctuations in the price of oil. We source the majority of our products from third parties and are subject to changes in their underlying manufacturing costs. We also use third parties for transportation and are exposed to fluctuations in freight costs to transport goods from our suppliers to our distribution facilities and to our customers, as well as the price of diesel fuel in the form of freight surcharges on customer shipments and the cost of gasoline used by the field sales and service force. Inflation in these costs could result in significant cost increases. If we are unable to mitigate any cost increases from the foregoing factors through various customer pricing actions and cost reduction initiatives, our financial condition may be adversely affected. Conversely, in the event that there is deflation, we may experience, and in fact have experienced, pressure from our customers to reduce prices. There can be no assurance that we would be able to reduce our cost base (through negotiations with suppliers or other measures) to offset any such price concessions which could adversely impact our results of operations and cash flows.
We import a majority of our products and rely on foreign sources, primarily China and Taiwan, to meet our supply demands at prices that support our current operating margins. Substantially all of our import operations are subject to customs requirements, tariffs, and quotas set by governments through mutual agreements or unilateral actions. The U.S. tariffs on steel, aluminum, and other imported goods have materially increased the costs of many of our foreign sourced products, and any escalation in the tariffs will increase the impact, including without limitation recent tariffs against goods imported from China, Mexico, and Canada enacted onsince February 1, 2025 by the Trump Administration and any retaliatory tariffs issued in response thereto. In order to sustain current operating margins while the tariffs are in effect, we must be able to increase prices with our customers and find alternative, similarly priced sources that are not subject to the tariffs. If we are unable to effectively implement these countermeasures, our operating margins will be impacted.
In order to sustain current operating margins while the tariffs are in effect, we must be able to increase prices with our customers and find alternative, similarly priced sources that are not subject to the tariffs. If we are unable to effectively implement these countermeasures, our operating margins will be impacted.
We estimate we source approximately 33% of our products from China, 33% from suppliers based in North America, and 33% from all other countries. Based on the current facts and tariff environment as of the date of this filing, we expect the tariffs to continue to drive an increase in our net working capital and cost of sales. We have raised prices to offset the tariff costs, although these price increases could impact future demand for our products. We continue to analyze the impact of these actions and what, if any, steps, including pricing actions, we may take to mitigate the impact of the tariffs. Consistent with our normal course of business, we will continue exploring alternative suppliers in other countries to source quality products that provide the best value for our customers.
Many of our products are manufactured out of metals, including but not limited to steel, aluminum, zinc, and copper. Additionally, we use other commodity-based materials in the manufacture of Letters, Numbers, and Signs (“LNS”) that are resin-based and subject to fluctuations in the price of oil. We source the majority of our products from third parties and are subject to changes in their underlying manufacturing costs. We also use third parties for transportation and are exposed to fluctuations in freight costs to transport goods from our suppliers to our distribution facilities and to our customers, as well as the price of diesel fuel in the form of freight surcharges on
customer shipments and the cost of gasoline used by the field sales and service force. Inflation in these costs could result in significant cost increases. If we are unable to mitigate any cost increases from the foregoing factors through various customer pricing actions and cost reduction initiatives, our financial condition may be adversely affected. Conversely, in the event that there is deflation, we may experience, and in fact have experienced, pressure from our customers to reduce prices. There can be no assurance that we would be able to reduce our cost base (through negotiations with suppliers or other measures) to offset any such price concessions which could adversely impact our results of operations and cash flows.
Our operations are working capital intensive, and our inventories, accounts receivable, and accounts payable are significant components of our net asset base. We manage our inventories and accounts payable through our purchasing policies and our accounts receivable through our customer credit policies. In recent years, our lead times extended due to disruptions in the global supply chain. During 2022, we saw increased lead times for ocean freight from Asia,Asia due to disruptions in the global supply chain, and we had to increase our inventory levels to maintain our high fill rates with our customers, which has increased our inventory costs and reduced our profitability. Our lead times and inventory levels normalized in 2023. However, there are no assurances that lead times will not increase in the future, and in such event our working capital and financial condition may be adversely affected. Ifif we fail to adequately manage our product purchasing or customer credit policies, our working capital and financial condition may be adversely affected.
•the imposition of duties and tariffs and other trade barriers, including without limitation recent tariffs against goods imported from China, Mexico, and Canada enacted onsince February 1, 2025 by the Trump Administration and any retaliatory tariffs issued in response thereto;
In late May 2023, we experienced a ransomware attack relating to certain systems on our network (the “Cybersecurity Incident”). The Cybersecurity Incident affected certain of our information technology systems, and as part of the containment effort, we suspended affected systems and elected to temporarily suspend additional systems in an abundance of caution. We reactivated and restored our operational systems over the course of the week following the Cybersecurity Incident. In 2023, the Cybersecurity Incident related costs net of an expected insurance receivable totaled $1.0 million. In the fourth quarter of 2024, we received proceeds from our insurance claim that exceeded the amount recorded as a receivable by $0.6 million. These proceeds represented the cost associated with lost revenue and incremental expenses incurred.
In addition, we plan to upgrade our existing information technology systems or choose to incorporate new technology systems from time to time in order for such systems to support our business, including a conversion to a new enterprise resource planning system currently scheduled to occur in over the next several years.business. Costs and potential problems and interruptions associated with the implementation of new or upgraded systems and technology or with maintenance or adequate support of existing systems could disrupt or reduce the efficiency of our operations. Any such reduction in efficiency or disruption could have a material adverse effect on our business and results of operations.
Complications with the design or implementation of our new enterprise resource planning ("ERP") system could adversely impact our business and operations.
We rely on various information systems and technology to manage our business. We are in the process of a multi-year implementation of a new ERP system. We expect the first phase of this project to be operationalized in mid
2026, with future phases to follow. This ERP system is designed to accurately maintain the Company’s financial records, enhance operational functionality, provide timely information to the Company’s management team related to the operation of the business, and streamline internal controls over financial reporting. The ERP system implementation process has required, and will continue to require, the investment of significant personnel and financial resources. We may not be able to successfully complete the implementation efforts without experiencing delays, increased costs, and other difficulties. Any reduction in efficiency or disruption could have a material adverse effect on our business and results of operations. If we are unable to successfully manage implementation efforts related to our new ERP system, our financial positions, results of operations and cash flows could be negatively impacted. Further, if the ERP system does not operate as intended, the effectiveness of our internal control over financial reporting could be adversely impacted.
As part of our business, we collect, process, and retain personal, sensitive and confidential personal information about our customers, employees, and suppliers. Despite the security measures we have in place, our facilities and
As part of our business, we collect, process, and retain personal, sensitive and confidential personal information about our customers, employees, and suppliers. Despite the security measures we have in place, our facilities and systems, and those of the retailers and other third party distributors with which we do business, may be vulnerable to security breaches, cyber-attacks, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors, or other similar events. In fact, in late May 2023, we experienced a ransomware attack relating to certain systems on our network, as is more fully described on the preceding page, and some confidential personal information of our employees and selected dependents was accessed by the threat actor.
All of our indebtedness incurred under our senior secured credit facilities have variable interest rates. Increases in borrowing rates will increase our cost of borrowing, which may adversely affect our results of operations and
All of our indebtedness incurred under our senior secured credit facilities have variable interest rates. Increases in borrowing rates will increase our cost of borrowing, which may adversely affect our results of operations and financial condition. Our term loan and interest rate derivatives generally bear interest at a rate per annum equal to Daily Simple Secured Overnight Financing Rate (SOFR). We may, and have in the past, enter into interest rate derivatives that hedge risks related to floating for fixed rate interest payments in order to reduce interest rate volatility, however there are no assurances that we will do so, or that we will be able to do so on terms favorable to us. Further, we may choose not to maintain interest rate swaps with any of our variable rate indebtedness, or may only choose to maintain interest rate swaps with some, but not all, of our variable rate indebtedness.
Exposure to foreign currency risk exists because we, through our global operations, enter into transactions and make investments denominated in multiple currencies. Our predominant exposures are in Canadian, Mexican, and
Exposure to foreign currency risk exists because we, through our global operations, enter into transactions and make investments denominated in multiple currencies. Our predominant exposures are in Canadian, Mexican, and Asian currencies, including the Chinese Yuan (“CNY”). In preparing our Consolidated Financial Statements for foreign operations with functional currencies other than the U.S. dollar, asset and liability accounts are translated at current exchange rates and income and expenses are translated using weighted-average exchange rates. With respect to the effects on translated earnings, if the U.S. dollar strengthens relative to local currencies, our earnings could be negatively impacted. We do not make a practice of hedging our non-U.S. dollar earnings.
We source many products from China and other Asian countries for resale in other regions. To the extent that the U.S. dollar declines relative to the CNY or other currencies, we may experience cost increases on such purchases. The U.S. dollar increaseddecreased in value relative to the CNY by 4.0% in 2025, increased by 2.8% in 2024,2024 and increased by 2.9% in 2023 and increased by 8.3% in 2022.2023. Significant appreciation of the CNY or other currencies in countries where we source our products could adversely impact our profitability. In addition, our foreign subsidiaries in Canada and Mexico may purchase certain products from their vendors denominated in U.S. dollars. If the U.S. dollar strengthens compared to the local currencies, it may result in margin erosion. We have a practice of hedging some of our Canadian subsidiary's purchases denominated in U.S. dollars. We may not be successful at implementing customer pricing or other actions in an effort to mitigate the related cost increases which may adversely impact our results of operations.
Management's Discussion & Analysis (MD&A)
New heading “Tariff Environment”
New heading “Segment Realignment”
New heading “Share Repurchases”
New heading “Year Ended December 28, 2024 vs Year Ended December 30, 2023”
New heading “Treasury Stock:”
Removed heading “Acquisition of Koch Industries, Inc.”
Removed heading “Term Loan Repricing”
Removed heading “Acquisition of Intex DIY, Inc.”
Removed heading “True Value Bankruptcy”
Removed heading “Settlement of Dispute with Kiosk Development Partner”
Removed heading “Year Ended December 30, 2023 vs Year Ended December 31, 2022”
Removed heading “Change to Non-GAAP metrics”
Removed heading “Intex DIY, Inc.”
Removed heading “Koch Industries, Inc.”
Largest changes
“In 2025, the U.S. government announced tariffs on imports from countries from which we import products and components. Additionally, other countries have announced their own tariffs. We estimate we source approximately 33% of our products from China, 33% from suppliers based in North America, and 33% from all other countries. Tariffs have resulted in an increase in our net working capital and cost of sales. We have raised our prices to offset the tariff costs, although these price increases could impact future demand for our products. …”see in full comparison
“The Company does not believe the bankruptcy will have a material negative impact on our future net sales. With the completed sale to Do It Best Corp. and conversion to direct billing with some stores, we believe we will maintain the majority of the existing sales previously attributed to True Value. With respect to collectability of our accounts receivable, in the year ended December 28, 2024, we recorded a charge of $8.6 million representing the net receivable balances less the amount we expect to recover as an administrative claim pursuant to Section 503(b)(9) of the bankruptcy code. …”see in full comparison
“On October 14, 2024, True Value Company, LLC and certain of its affiliates (collectively, "True Value"), a hardware brand and wholesaler selling to 4,500 independently operated locations, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware. True Value accounted for approximately $8.8 million of our accounts receivable, net of rebates and discounts, as of the October 14, 2024 Chapter 11 bankruptcy filing date.”see in full comparison
“•General and administrative (“G&A”) increased by $0.5 million. The increase was primarily driven by an increased investment into information technology along with increased compensation and benefit expenses and legal fees. These current year increases were partially offset by lower bad debt expense in 2025 relative to 2024. The year ended December 28, 2024 included a write off of $8.4 million of accounts receivable, net, due to True Value declaring bankruptcy.”see in full comparison
Full comparison: every changed paragraph (93)
Net sales during 20242025 decreasedincreased by 0.3%5.4% when compared to 2023.2024. Driving our resultsperformance for the year werewas the net sales contributions from new business wins, along with the twocontribution acquisitionsof Hillmannet closedsales onfrom this year (Koch in January 2024 andthe Intex DIY acquisition, which closed in August 2024).2024, and the contribution of price increases, which were implemented during the year to offset an increase in costs related to tariffs. These contributions to net sales were more than offset by a decline in net sales due tothe soft home improvement spending and price reductionsmarket during the year. Hardware and Protective Solutions, which is our largest segment,segment making up 74.3%76.9% of our net sales, led the way with an increase of 1.8%7.8%, which was mainly driven by the aforementioned acquisitions. Offsetting this was a decrease inwhile our Robotics and Digital Solutions segment andreturned to growth during 2025 contributing 1.6%. Partially offsetting this growth was a decline in our Canadian business.business segment.
Products across our business are primarily used by DIYers and smallprofessionals contractorsshopping at our customers' retail locations for repair, maintenance, and remodel projects. Because repair and maintenance projects are beneficial and often necessary no matter the economic environment, we believe our business is generally resilient to economic downturns. However, remodel projects are more dependent upon macroeconomic variables, including existing home sales. According to the National Association of Realtors, existing home sales in the U.S. for 2025 were atunchanged from 2024, which marked a 30-year low during 2024,low, totaling $4.064.1 million. This was a headwind for our top line results during the year.
Our competitive moat, which consists of our 1,200 member field sales and service team, our ability to ship direct to the retail locations of our customers rather than their distribution network, and our 60+ years of experience set us apart from the competition. As such, we launched multiple new business wins during the year and we won vendor of the year awards from ourDo twoIt largestBest customers,and Home Depot andCanada. Lowe's.We Thiscontinue isto focus on taking great care of our customers which has been a key focus on the firstcompany timefor inover Hillman's history that we have been recognized by our two largest customers as vendor of the year in the same year.60-years.
We are pleased with our top and bottom line results during 2025, as both were records for Hillman. Producing record top and bottom line results while successfully managing the dynamic and complex tariff situation is a testament to our team. Looking to 2026, we remain committed to driving value for our stakeholders, taking great care of our customers, and continuing to grow our business.
We are pleased with the progress we made during 2024. Looking to 2025, we remain committed to driving value for our stakeholders, and believe that our competitive moat and long-standing relationships with customers will allow us to continue to win.
Our business is impacted by general economic conditions in the North American and international markets, particularly the U.S. and Canadian retail markets including hardware stores, home centers, mass merchants, and other retailers. Changes in current economic conditions, including inflationary pressures in the cost of inventory, transportation, and employee compensation, foreign currency volatility, and interest rates, and the growing concerns of a potential recession, have impacted consumer discretionary income levels and spending. Consumer discretionary income levels and spending impact the purchasing trends of our products by our retail customers. Any adverse trends in discretionary income and consumer spending could have a material adverse effect on our business or operating results.
We are exposed to the risk of unfavorable changes in foreign currency exchange rates for the U.S. dollar versus local currency of our suppliers located primarily in China and Taiwan. We purchase a majority of our products for resale from multiple vendors located in China and Taiwan. The purchase price of these products is routinely negotiated in U.S. dollar amounts rather than the local currency of the vendors and our suppliers' profit margins decrease when the U.S. dollar declines in value relative to the local currency. This puts pressure on our suppliers to increase prices to us. The U.S. dollar increased in value relative to the CNY by approximately by 2.8% in 2024, increased by 2.9% in 2023, and increased by 8.3% in 2022. The U.S. dollar increased in value relative to the Taiwan dollar by approximately 7.1% in 2024, decreased by 0.4% in 2023, and increased by 10.8% in 2022.
decrease when the U.S. dollar declines in value relative to the local currency. This puts pressure on our suppliers to increase prices to us. The U.S. dollar decreased in value relative to the CNY by approximately by 4.0% in 2025, increased by 2.8% in 2024, and increased by 2.9% in 2023. The U.S. dollar decreased in value relative to the Taiwan dollar by approximately 4.2% in 2025, increased by 7.1% in 2024, and decreased by 0.4% in 2023.
We are also exposed to risk of unfavorable changes in the Canadian dollar exchange rate versus the U.S. dollar. Our sales in Canada are denominated in Canadian dollars while a majority of the products are sourced in U.S. dollars. A weakening of the Canadian dollar versus the U.S. dollar results in lower sales in terms of U.S. dollars while the cost of sales remains unchanged. We have a practice of hedging some of our Canadian subsidiary's purchases denominated in U.S. dollars. The U.S. dollar increaseddecreased in value relative to the Canadian dollar by approximately 5.2% in 2025, increased by 9.0% in 2024, and decreased by 2.4% in 2023, and increased by 5.7% in 2022.2023.
We import products which are subject to customs requirements and to tariffs and quotas set by governments through mutual agreements and bilateral actions. U.S. tariffs on steel and aluminum and other imported goods has increased our product costs and required us to increase prices on the affected products. Recent tariffs against goods imported from China, Mexico, and Canada enacted onsince February 1, 2025 by the Trump Administration and any retaliatory tariffs issued in response thereto, couldhave also caused us to increase prices on affected products.
Tariff Environment
In 2025, the U.S. government announced tariffs on imports from countries from which we import products and components. Additionally, other countries have announced their own tariffs. We estimate we source approximately 33% of our products from China, 33% from suppliers based in North America, and 33% from all other countries. Tariffs have resulted in an increase in our net working capital and cost of sales. We have raised our prices to offset the tariff costs, although these price increases could impact future demand for our products. We continue to analyze the impact of these actions and what, if any, steps, including pricing actions, we may take to mitigate the impact of the tariffs. Consistent with our normal course of business, we will continue exploring alternative suppliers in other countries to source quality products that provide the best value for our customers.
Segment Realignment
In the second quarter of 2025, the Company realigned its Hardware and Protective Solutions segment to include the sales of accessories, which are now managed by the Hardware and Protective Solutions leadership team. Previously, accessories were included under the Robotics and Digital Solutions segment leadership team. See Note 18 - Segment Reporting and Geographic Information of the Notes to Consolidated Financial Statements for additional information.
Share Repurchases
On July 31, 2025, the Board of Directors of the Company authorized a share repurchase program of up to $100.0 million (the “Repurchase Program”) of the Company's common stock. The company has repurchased a total of 1.4 million shares for $12.4 million as of December 27, 2025. See Note 10 - Equity and Accumulated Other Comprehensive Loss of the Notes to Consolidated Financial Statements for additional information.
Acquisition of Koch Industries, Inc.
On January 11, 2024, we completed the acquisition of Koch Industries, Inc. ("Koch"), a provider and merchandiser of rope and twine, chain and wire rope, and related hardware products for a total purchase price of $23.8 million. Koch has business operations throughout North America and its financial results reside in our Hardware and Protective Solutions reportable segment. Koch generated $39.9 million in net sales and $3.3 million in operating income for the year ended December 28, 2024.
Term Loan Repricing
On March 26, 2024, we entered into a Repricing Amendment (2024 Repricing Amendment) on our existing Senior Term Loan due July 14, 2028. The 2024 Repricing Amendment (i) reduces the interest rate per annum and (ii) implements a 1% prepayment premium for the existing Term Loan to apply to Repricing Transactions that occur within six months after the effective date of the 2024 Repricing Amendment. In connection with the closing of the 2024 Repricing Amendment, we expensed $3.0 million consisting of $1.6 million of existing fees written off and $1.5 million in new fees expensed.
Acquisition of Intex DIY, Inc.
On August 23, 2024, we completed the acquisition of Intex DIY, Inc. ("Intex"), a leading supplier of wiping cloths, consumable rags, and cleaning textiles for a total purchase price of $34.1 million. This acquisition expands Hillman’s offerings in the cleaning products category. Intex is based in Georgia and sells to customers located throughout North America and its financial results will reside in the Company's Hardware and Protective Solutions reportable segment. Intex generated $21.1 million in net sales and $2.0 million in operating income for the year ended December 28, 2024.
True Value Bankruptcy
On October 14, 2024, True Value Company, LLC and certain of its affiliates (collectively, "True Value"), a hardware brand and wholesaler selling to 4,500 independently operated locations, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware. True Value accounted for approximately $8.8 million of our accounts receivable, net of rebates and discounts, as of the October 14, 2024 Chapter 11 bankruptcy filing date.
Concurrent with the announcement of the Chapter 11 bankruptcy filing, True Value also announced that it had entered into an agreement to sell substantially all of its business operations to Do It Best Corp., another home improvement industry peer as a "stalking horse", or lead, bidder. The sale of True Value to Do It Best Corp. closed on November 22, 2024.
The Company does not believe the bankruptcy will have a material negative impact on our future net sales. With the completed sale to Do It Best Corp. and conversion to direct billing with some stores, we believe we will maintain the majority of the existing sales previously attributed to True Value. With respect to collectability of our accounts receivable, in the year ended December 28, 2024, we recorded a charge of $8.6 million representing the net receivable balances less the amount we expect to recover as an administrative claim pursuant to Section 503(b)(9) of the bankruptcy code. The loss was recorded in selling, warehouse, general and administrative expenses. All uncollectible receivables were written off in the fourth quarter of 2024 and are no longer included in our gross receivables or the allowances as of December 28, 2024.
Settlement of Dispute with Kiosk Development Partner
On December 16, 2024, the Company entered into a settlement agreement with a kiosk development partner (the “Kiosk Partner”), pursuant to which the Company paid the Kiosk Partner a $5.0 million settlement payment on December 30, 2024 to resolve all claims and disputes alleged by the Kiosk Partner. See Item 3 - Legal Proceedings of this Annual Report and Note 15 - Commitments and Contingencies of the Notes to Consolidated Financial Statements for additional information. The $5.0 million settlement was recorded within the Robotics and Digital Solution segment in Selling, Warehouse, and General and Administrative expense within the Consolidated Statements of Comprehensive Loss.
•Net sales for the year ended December 28,27, 20242025 were $1,472.6$1,552.2 million compared to net sales of $1,476.5$1,472.6 million for the year ended December 30,28, 2023,2024, aan decreaseincrease of approximately $3.9$79.6 million or 0.3%. The decrease was primarily due to market softness and decreased volume, partially offset by net sales from our acquisition of Koch of $39.9 million and net sales from our acquisition of Intex of $21.1 million.5.4%.
•Net income improved to $17.3$40.3 million, or $0.09$0.20 per diluted share, compared to a net lossincome of $9.6$17.3 million, or $(0.05)$0.09 per diluted share for the year ended December 30,28, 2023.2024.
Hardware and Protective Solutions revenues consist primarily of the delivery of fasteners, anchors, specialty fastening products, and personal protective equipment such as gloves and eye-wear as well as accessories and in-store merchandising services for the related product category.
Robotics and Digital Solutions revenues consist primarily of sales of keys and identification tags through self-service key duplication and engraving kiosks. It also includes our associate-assisted key duplication systems and key accessories.systems.
Net sales decreasedincreased $3.9$79.6 million in total during 2024.2025. The decreaseincrease in net sales was primarily driven by the factors described below:
•Hardware sales increased $3.7$45.9 million primarily driven by $39.9$59.4 million ofin netprice sales added by the acquisition of Koch,increases offset by $27.3$13.9 million in reduced volume driven by market softness and $8.9 million in price reductions.softness.
•Protective equipment sales increased by $16.1$40.0 million primarily driven by $21.1$40.5 million of net sales added by the acquisition of Intex,Intex. Additionally, sales were impacted by price increases of $9.5 million offset by $3.8 million in price reductions and $1.0$9.5 million in reduced volume driven by market softness.volume.
Robotics and Digital Solutions sales decreasedincreased $15.1$3.5 million primarily duedriven toby decreases$14.3 million in keyprice andincreases engravingoffset by $11.2 million in reduced volume.
Canada net sales decreased $8.6by $9.8 million primarily due to avolume $6.7decreases millionof decrease$4.8 relatedmillion, to price reductions as well as a $2.1 millionan unfavorable impact of the exchange rate from Canadian dollars to U.S. dollars.dollars of $2.8 million, and price decreases of $2.2 million.
Hardware and Protective Solutions cost of sales as a percentage of net sales decreased primarily due to the timing of price increases driven by higher tariff costs. During 2025, we began taking pricing actions with our customers to align with the additional tariff costs we paid in 2025. We expect higher tariff expense to be included in our cost of sales as we sell through the inventory purchased prior to the new tariffs and transition to selling inventory purchased after the new tariffs. These were partially offset by a higher mix of Protective Solutions sales which generally have higher costs than Hardware Solutions products.
Hardware and Protective Solutions cost of sales as a percentage of net sales decreased primarily due to the decreased product and shipping costs.
Our Robotics and Digital Solutions cost of sales as a percentage of net sales decreased primarily due to athe shiftimpact inof productprice mixincreases fromand full-servicesales to self-service keys.mix.
Canada cost of sales as a percentage of net sales decreasedwas primarily duecomparable to decreasedprior product and shipping cost.year.
•Selling expense increased $10.7by $9.6 million primarily due to increased compensation and benefit expense.
•Warehouse expense increased $1.9 million due to inflation in shipping costs along with rent and maintenance. Additionally, warehouse expense includes $1.0 million in costs incurred related to our Cincinnati, Ohio distribution center consolidation project.
•General and administrative (“G&A”) increased by $0.5 million. The increase was primarily driven by an increased investment into information technology along with increased compensation and benefit expenses and legal fees. These current year increases were partially offset by lower bad debt expense in 2025 relative to 2024. The year ended December 28, 2024 included a write off of $8.4 million of accounts receivable, net, due to True Value declaring bankruptcy.
•Warehouse expense increased $0.8 million due to inflation in labor and shipping costs.
•General and administrative (“G&A”) increased by $20.4 million. We recorded a write off of $8.6 million of accounts receivable, net, in 2024 due to the True Value bankruptcy. The remaining increase was primarily driven by increased incentive compensation and investment into information technology and security.
•WarehouseSelling decreasedexpense increased by $1.3$6.4 million primarily due to the shift from full-service keys to self-service keys, which have a higher warehousingvariable cost,selling to self-service keys.cost.
•G&A increased by $2.9 million. The increase was primarily driven by a $5.0 million settlement agreement with a kiosk development partner (see Note 15 - Commitments and Contingencies). We also recorded a $0.3 million write off of accounts receivable, net related to the True Value bankruptcy. These increased expenses were partially offset by reduced legal and consulting expense.
Canada SG&A increased in 2024 due to the following:
•SellingWarehouse expense increased $1.2by $1.4 million primarily due to increasedinflation incentivein compensationlabor expense.and shipping costs.
•G&A decreased by $5.0 million. The decrease was primarily due to a $5.0 million settlement agreement with a kiosk development partner in 2024 (see Note 15 - Commitments and Contingencies).
Canada SG&A decreased in 2025 due to the following:
•G&ASelling increasedexpense bydecreased $1.4$0.3 million primarily due to lower severance costs associatedin withthe restructuringcurrent andyear incentiveas compensation.relative to 2024.
•Warehouse expense decreased $0.9 million primarily due to lower sales volumes along with improved operational efficiencies in addition to lower severance costs in the current year as relative to 2024 due to restructuring activities in the prior year.
•G&A was comparable to prior year.
Depreciation expense increased $9.4$11.1 million due to increased capital spend on merchandising racks andalong facilitywith relocationskey completedduplication in the prior year.kiosks.
Amortization expense was comparable to prior year.
Amortization expense decreased $1.0 million primarily due to lower intangible asset balances following the write down of the carrying values of intangible assets to their fair value as a result of exiting a specific product line that occurred in the fourth quarter of 2023.
In the year ended December 28,27, 2024,2025, other expense (income), expense, net consisted primarily of an exchange rate loss of $0.9 million along with a $0.2 million lossgain on the revaluation of the contingent consideration associated with the acquisition of Resharp and Instafob (see Note 14 - Fair Value Measurements of the Notes to Consolidated Financial Statements for additional information). Offsettingalong the loss waswith income from certain rebates received. In the year ended December 30,28, 2023,2024, other expense (income), net consisted primarily of aan $19.6exchange millionrate impairment charge related to the write downloss of intangible$0.9 assets, (see Note 2 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements for additional information)million and a $4.9$0.2 million gainloss on the revaluation of the contingent consideration associated with the acquisition of Resharp and Instafob. Offsetting these losses was income from certain rebates received.
Income from operations in our Hardware and Protective Solutions segment increased $48.4$30.4 million due to the changes in net sales, cost of sales, SG&A expense, and other expense (income), expense, net described above. Depreciation expense increased by $6.5$6.3 million due to increased capital spend on merchandising racks and facility relocations completed in the prior year.
What changed in the latest 10-Q
Risk Factors
There have been no material changes to the risks from those disclosed in the Form 10-K filed on February 17, 2026 with the Securities and Exchange Commission (“SEC”).
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Tariff Environment”
New heading “Acquisition of Campbell Chain and Fittings”
New heading “Acquisition of Delaney Hardware”
New heading “FINANCIAL SUMMARY AND OTHER KEY METRICS”
New heading “RESULTS OF OPERATIONS”
New heading “Net Sales by Segment”
New heading “Cost of Sales (excluding depreciation and amortization)”
New heading “Selling, Warehouse, General and Administrative Expenses”
New heading “Other Operating Expenses”
New heading “Income from Operations”
New heading “Campbell Chain and Fittings”
New heading “Delaney Hardware”
Largest changes
“On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On April 15, 2026, Hillman filed a lawsuit in the U.S. Court of International Trade against the United States of America seeking a full refund of all IEEPA tariffs that Hillman has paid to the United States. We elected to apply a gain contingency model in accordance with ASC 450-30, “Gain Contingencies” to account for potential recoveries of previously paid tariffs under which a gain will not be recognized until realized or realizable. …”see in full comparison
“On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On April 15, 2026, Hillman filed a lawsuit in the U.S. Court of International Trade against the United States of America seeking a full refund of all IEEPA tariffs that Hillman has paid to the United States. …”see in full comparison
Net cash provided by operating activities for the twenty-six weeks ended June 27, 2026 was favorably impacted by a reduction in inventory due to a focus on inventory management in order to balance supply chain in relationship with the recently enacted tariffs. Additionally, net cash used for operating activities was unfavorably impacted by a decrease in accrued incentive compensation related to the payout of 2025 incentive compensation.see in full comparison
Full comparison: every changed paragraph (113)
Hillman Solutions Corp. and its wholly-owned subsidiaries (collectively, “Hillman” or “Company”) are one of the largest providers of hardware-related products and related merchandising services to retail markets in North America. Our principal business is operated through our wholly-owned subsidiary, Hillman Solutions Corp. and its wholly-owned subsidiaries (collectively, “Hillman Group”), which had net sales of $370.1$442.3 million in the thirteen weeks ended MarchJune 28,27, 2026 and $812.3 million in the twenty-six weeks ended June 27, 2026. Hillman sells its products to hardware stores, home improvement centers, mass merchants, pet supply stores, and other retail outlets principally in the United States, Canada, and Mexico. Product lines include thousands of small hardware parts such as fasteners and related items; threaded rod and metal shapes; keys and accessories; builder's hardware; personal protective equipment, such as gloves and eyewear; rope and chain; and identification items, such as tags and letters, numbers, and signs. We support product sales
such as tags and letters, numbers, and signs. We support product sales with services that include design and installation of merchandising systems, maintenance of appropriate in-store inventory levels, and break-fix for our robotics kiosks.
Tariff Environment
On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On April 15, 2026, Hillman filed a lawsuit in the U.S. Court of International Trade against the United States of America seeking a full refund of all IEEPA tariffs that Hillman has paid to the United States. We elected to apply a gain contingency model in accordance with ASC 450-30, “Gain Contingencies” to account for potential recoveries of previously paid tariffs under which a gain will not be recognized until realized or realizable. Additionally, after the Supreme Court ruling in February, the U.S. administration almost immediately instituted new tariffs against most major trading partners, and has previewed future actions that could restore or exceed the level of the IEEPA tariffs. We expect that the impact of these additional tariffs will partially offset any benefit of the IEEPA refunds that we will receive in the current year. Future adverse effects on our financial results will likely continue if tariff levels persist, continue to rise, or remain volatile. We are currently developing and implementing mitigation strategies (such as price increases and sourcing changes, among others) and determining future implementation timelines, though there is no assurance that these efforts will be successful.
Acquisition of Campbell Chain and Fittings
On April 3, 2026, the Company completed the acquisition of Campbell Chain and Fittings ("Campbell"), a widely recognized provider of industrial chain and chain-related products for a total purchase price of $2,600. Campbell adds US-based manufacturing and complements our existing chain business.
Acquisition of Delaney Hardware
On April 10, 2026, the Company completed the acquisition of Delaney Hardware (“Delaney”), a U.S.-based supplier of door hardware and related products used in residential, multifamily, and commercial construction for a total purchase price of $4,618. Delaney has business operations in North America and its financial results reside in the Company's Hardware and Protective Solutions reportable segment.
On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On April 15, 2026, Hillman filed a lawsuit in the U.S. Court of International Trade against the United States of America seeking a full refund of all IEEPA tariffs that Hillman has paid to the United States. The financial impact of these events is uncertain, as it is unclear to what extent duties will be refunded by CBP, how effective the refund process will be, the timeline that refunds could be issued, or if we can fully collect on any refunds owed. We are evaluating the impact of these developments on our business and financial statements. No adjustments have been recorded in the accompanying unaudited condensed consolidated financial statements as we cannot reasonably estimate the financial impact; however, it is reasonably possible that it could be material.
We are exposed to the risk of unfavorable changes in foreign currency exchange rates for the U.S. dollar versus local currency of our suppliers, particularly those located in China and Taiwan, because we purchase a majority of our products for resale from multiple vendors located in these countries. The purchase price of these products is routinely negotiated in U.S. dollar amounts rather than the local currency of the vendors and our suppliers' profit margins decrease when the U.S. dollar declines in value relative to the local currency. This puts pressure on our suppliers to increase prices to us. The U.S. dollar declined in value relative to the CNY by approximately 1.4%3.0% in the thirteentwenty-six weeks ended MarchJune 28,27, 2026, declined by 4.0% in 2025, and increased by 2.8% in 2024. The U.S. dollar increased in value relative to the Taiwan dollar by approximately 1.7%1.4% in the thirteentwenty-six weeks ended MarchJune 28,27, 2026, declined by 4.2% in 2025, and increased by 7.1% in 2024.
We are also exposed to risk of unfavorable changes in the Canadian dollar exchange rate versus the U.S. dollar. Our sales in Canada are denominated in Canadian dollars, while a majority of the products are sourced in U.S. dollars. A weakening of the Canadian dollar versus the U.S. dollar results in lower sales in terms of U.S. dollars while the cost of sales remains unchanged. We have a practice of hedging some of our Canadian subsidiary's purchases denominated in U.S. dollars. The U.S. dollar increased in value relative to the Canadian dollar by approximately 1.5% in the thirteen weeks ended March 28, 2026, declined by 5.2% in 2025, and increased by 9.0% in 2024.
purchases denominated in U.S. dollars. The U.S. dollar increased in value relative to the Canadian dollar by approximately 3.7% in the twenty-six weeks ended June 27, 2026, declined by 5.2% in 2025, and increased by 9.0% in 2024.
We import products, which are subject to customs requirements and to tariffs and quotas set by governments, through mutual agreements and bilateral actions. The historical U.S. tariffs on steel and aluminum and other imported goods have increased our product costs and required us to increase prices on the affected products. Current uncertainties about increases in tariffs of imported products from countries may have an adverse effect on our results. (see Recent Developments - Tariff Environment of Item 2 - Management’s Discussion and Analysis above and Risk Factors of Part II - Other Information for additional information).
on our results. (see Recent Developments - Tariff Environment of Item 2 - Management’s Discussion and Analysis above and Risk Factors of Part II - Other Information for additional information).
Thirteen weeks ended MarchJune 28,27, 2026 vs the Thirteen weeks ended MarchJune 29,28, 2025
•Net sales for the thirteen weeks ended MarchJune 28,27, 2026 were $370.1$442.3 million compared to net sales of $359.3$402.8 million for the thirteen weeks ended MarchJune 29,28, 2025, an increase of approximately $10.7$39.4 million or 3.0%.9.8%.
•Net lossincome for the thirteen weeks ended MarchJune 28,27, 2026 was $(4.7)$21.1 million, or $(0.02)$0.11 per diluted share, compared to a net lossincome of $(0.3)$15.8 million, or $(0.00)$0.08 per diluted share for the thirteen weeks ended MarchJune 29,28, 2025.
•Adjusted EBITDA(1) totaled $50.1$77.1 million versus $54.5$75.2 million in the thirteen weeks ended MarchJune 28,27, 2026 and in the thirteen weeks ended MarchJune 29,28, 2025, respectively.
The following analysis of results of operations includes a brief discussion of the factors that affected our operating results and a comparative analysis of the thirteen weeks ended MarchJune 28,27, 2026 and the thirteen weeks ended MarchJune 29,28, 2025.
(1)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net lossincome to Adjusted EBITDA.
We evaluate our net sales growth by measuring changes from new business wins (e.g. new customers, new product lines, or new categories at existing customers), mergers and acquisitions, and core performance of the existing business. We define core performance as the impact of the following factors on our existing base of business: market volume growth, change in customer footprint, product category management, price increases and/or decreases, and the impact of foreign currency exchange. During the quarter, our business was impacted by macroeconomic influences like economic uncertainty and concerns over housing affordability resulting from the combined pressure of high home prices and elevated interest rates, both of which impact existing home sales and repair and remodel spending on the home. During the firstsecond quarter of 2026, net sales increased by $10.7$39.4 million or 3.0%.9.8%.
Our Hardware and Protective SolutionsSolutions' segment increased by $3.3$30.1 million, or 1.2%.9.9%. Primarily driving the increase was 2.9%a 4.1% increase in core performance and 1.5% increase in new business wins, partiallyalong offsetwith bysales arelated 1.7%to declinethe Delaney and Campbell acquisitions of $13.7 million. Our increase in core performance. Our core performance was by impacted low double digit volume declines partially offset by a low double digit increase from pricing increases.partially offset by a high single digit decrease in volume.
Our Robotics and Digital SolutionsSolutions' segment increased by $3.2$6.1 million, or 6.0%.11.0%. Primarily driving the increase was 9.0%13.5% in new business wins partially offset by a 3.0%2.6% decrease in core performance. Core performance within RDS was negativelypositively impacted by a low double digit volume declines partially offset by the high single digit impact of price increases.increases which was more than offset by a mid single digit decrease in volume.
Lastly, our Canada segment increased by $4.3$3.2 million, or 15.1%.7.8%. Primarily driving the increase was 15.5%13.6% in new business wins,wins. partially offset by a 0.4% decline in core performance. Canada'sOur core performance was negativelydown impacted5.8% bydue mid-singleto digitsoft volumemarket declines partially offset by the favorable mid-single digit impact of foreign exchange.volumes.
Hardware and Protective Solutions' cost of sales as a percentage of net sales increased primarily due to increased tariff costs and change in product costs.
CanadaCanada's cost of sales as a percentage of net sales increased primarily due to increasedhigher producttariffs andimplemented shippingon costssteel along with customer and product mix.products.
Selling, Warehouse, and General and Administrative Expenses
The following table summarizes selling, warehouse, and general and administrative expense ("SG&A") by segment:
•Selling expense increased $1.5$3.0 million due to increasedexpenses compensationassociated costs.with our pro growth strategy and other initiatives.
•Warehouse expense increased $0.7$2.1 million primarily due to costsincreased associatedcompensation withand ourfreight Cincinnati, Ohio distribution center consolidation project.costs.
•General and administrative expense (“G&A”) expense was comparable to prior year.
•G&A expense was comparable to prior year.
•G&A expense decreased $0.5 million primarily due to reduced variable compensation.
Canada SG&A increased due to the following:
•Selling expense increased by $0.5 million primarily due increased variable selling expenses.
•Warehouse expense increased by $0.2 million primarily due primarily due to higher sales volumes.
•GCanada's SG&A expense was comparable to prior year.
Amortization expense in the thirteen weeks ended MarchJune 28,27, 2026 wasdecreased comparable0.2% due to priorcertain yearintangible quarter.assets being fully amortized.
In the thirteen weeks ended MarchJune 28,27, 2026, other income (expense) consistedincreased by $3.9 million consisting primarily of a $0.5$4.7 million gain on the acquisition of Campbell Chain and Fittings (see Note 4 - Acquisitions of the Notes to Condensed Consolidated Financial Statements for additional information) along with a $0.2 million loss on the revaluation of the contingent consideration associated with the acquisition of Resharp and Instafob (see Note 1415 - Fair Value Measurements of the Notes to Condensed Consolidated Financial Statements for additional information) alongand with $0.2$0.4 million in rebate income. This was partially offset by exchange rate losses of $0.2$0.4 million.
In the thirteen weeks ended MarchJune 29,28, 2025, other income (expense) consisted primarily of exchange rate gains of $0.3 million in the thirteen weeks ended June 28, 2025, and a $0.3$0.2 million gain on the revaluation of the contingent consideration associated with the acquisition of Resharp and Instafob. In addition, we recorded income related to certain rebates received of $0.2 million.
Income from operations in our Hardware and Protective Solutions segment decreasedincreased $7.5$4.7 million due to the changes in net sales, cost of sales, and SG&A expensesexpenses, and other income described above andpartially offset by an increase in depreciation expense of $0.6$0.7 million due to capital spend on merchandising racks.
Income from operations in our Robotics and Digital Solutions segment decreased $0.4$0.5 million. The $0.4$0.5 million decrease is primarily due to the changes in net sales, cost of sales, and SG&A expenses described above, and an increase in depreciation expense of $1.9 million due to capital spend on key duplication kiosks and machines. Additionally, we saw ana increasedecrease of $0.2$0.4 million in other income driven by the changes in revaluation of the contingent consideration described above.
Canada's income from operations increased by $0.4 million primarily due to the changes in net sales, cost of sales and SG&A expenses described above offset by the change in exchange rate losses of $0.6 million in the thirteen weeks ended June 27, 2026.
Canada's income from operations was comparable with the prior year.
Interest expense, net, decreased $1.5$0.9 million in the thirteen weeks ended MarchJune 28,27, 2026 primarily due to a reduction in outstanding debt and a reduction in interest rate spreads driven by the debt repricing in the first quarter of 2025 (see Note 9 - Long-term Debt of the Notes to Condensed Consolidated Financial Statements for additional information).
For the thirteen weeks ended MarchJune 28,27, 2026 and thirteen weeks ended MarchJune 29,28, 2025, the effective income tax rate was 18.3%24.3% and 9.7%,29.4%, respectively. The Company recorded an income tax benefitprovision for the thirteen weeks ended MarchJune 28,27, 2026 of $1.1$6.8 million based on a pre-tax lossincome of $5.8$27.9 million, and an income tax benefitprovision for the thirteen weeks ended MarchJune 29,28, 2025 of $0.03$6.6 million based on a pre-tax lossincome of $0.35$22.4 million.
In 2026 and 2025,2026, the effective tax rate differed from the U.S. federal statutory tax rate due to state and foreign income taxes and certain non-deductible expenses.expenses, offset by the non-taxable gain on the acquisition of Campbell Chain and Fittings.
In 2025, the effective tax rate differed from the U.S. federal statutory tax rate due to state and foreign income taxes and certain non-deductible expenses. See Note 78 - Income Taxes of the Notes to Condensed Consolidated Financial Statements for additional information.
See Note 8 - Income Taxes of the Notes to Condensed Consolidated Financial Statements for additional information.
Twenty-six weeks ended June 27, 2026 vs the Twenty-six weeks ended June 28, 2025
FINANCIAL SUMMARY AND OTHER KEY METRICS
•Net sales for the twenty-six weeks ended June 27, 2026 were $812.3 million compared to $762.1 million for the twenty-six weeks ended June 28, 2025, an increase of approximately $50.2 million or 6.6%.
•Net income for the twenty-six weeks ended June 27, 2026 was $16.4 million, or $0.08 per diluted share, compared to net income of $15.5 million, or $0.08 per diluted share for the twenty-six weeks ended June 28, 2025.
•Adjusted EBITDA(1) totaled $127.2 million versus $129.8 million in the twenty-six weeks ended June 27, 2026 and in the twenty-six weeks ended June 28, 2025, respectively.
RESULTS OF OPERATIONS
The following analysis of results of operations includes a brief discussion of the factors that affected our operating results and a comparative analysis of the twenty-six weeks ended June 27, 2026 and the twenty-six weeks ended June 28, 2025.
(1)Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income to Adjusted EBITDA.
Net Sales by Segment
The increase in total net sales during the twenty-six weeks ended June 27, 2026 was primarily driven by the factors described below:
Hardware and Protective Solutions' net sales increased by $33.4 million or 5.7% in the twenty-six weeks ended June 27, 2026. Primarily driving the increase was a 1.5% increase in core performance and a 1.9% increase in new business wins, along with sales related to the Delaney and Campbell acquisitions of $13.7 million. Our increase in core performance was impacted by a low double digit increase from pricing partially offset by a high single digit decrease in volume.
HLMN insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 35,500 shares, about $248.5K) and open-market sales in 2 filings (2 insiders, 2 trade dates, 31,131 shares, about $248.6K). Net open-market shares: 4,369 (purchases minus sales); net value about -$143.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-11 | Kraft Robert O. |
Open-market purchase | 35,500 | $7.00 | $248.5K |
| 2026-09-09 | Kitzberger Amanda |
Open-market sale | 13,750 | $7.25 | $99.7K |
| 2026-09-07 | Spann Nicky Andre |
Shares withheld for tax | 1,656 | $7.68 | $12.7K |
| 2026-08-19 | Parker Aaron Jerrod |
Open-market sale | 17,381 | $8.57 | $149.0K |
| 2026-06-07 | Adinolfi Jon Michael |
Shares withheld for tax | 67,253 | $7.30 | $490.9K |
| 2026-06-04 | O Leary Dan |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Owens David A. |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Honda Diane |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Woodlief Philip |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Gendron Teresa S |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Dowling Diana |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Jagdfeld Aaron |
Grant/award | 19,257 | — | — |
| 2026-06-04 | Swygert John W |
Grant/award | 19,257 | — | — |
Well-known investors holding HLMN (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 1,761,363 | $14.7M | — | Sold out |
| D. E. Shaw & Co. | 2026-06-30 | 598,900 | $5.1M | 0.0% | Reduced 47% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 561,425 | $4.7M | 0.0% | Reduced 70% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 121,984 | $1.0M | 0.0% | Reduced 6% |
| Renaissance Technologies | 2026-06-30 | 108,287 | $913.9K | 0.0% | New position |