Art's-Way Manufacturing (ARTW):

• John Deere for specialized farm equipment.

• Sugar Beet Equipment: Manufactures specialized machinery for all stages of sugar beet cultivation, including defoliators, harvesters, and loaders.
• Agricultural Implements: Produces various farm machinery such as manure spreaders, grain carts, hay and forage equipment, rotary tillers, and land rollers.
• Industrial Grinding Solutions: Creates high-performance hammermills and other grinding equipment for diverse industrial applications.

Art's-Way Manufacturing (ARTW) primarily sells to other companies (B2B).

Major Customers of Art's-Way Manufacturing (ARTW)

Based on their SEC filings, particularly the 10-K report, Art's-Way Manufacturing serves a diverse set of customers across its operating segments. The company's major customers are primarily other businesses.

1. Modular Buildings Segment

• Largest Unnamed Customer: Art's-Way's most significant customer resides within its Modular Buildings segment. This single customer accounted for 22% of the company's consolidated net sales for the fiscal year ended November 30, 2023 (and 37% in fiscal year 2022). The specific name of this major customer is not publicly disclosed in Art's-Way's SEC filings.
• General Customer Categories: Customers in this segment typically include universities, pharmaceutical companies, governmental agencies, and other research-based institutions that require specialized modular laboratory and cleanroom facilities. These are B2B or B2G (Business-to-Government) relationships.

2. Agricultural Products Segment

• Independent Dealers and Distributors: For its Agricultural Products segment, Art's-Way sells its machinery and equipment (such as sugar beet equipment, hay and forage equipment, manure spreaders, grinders, and mixers) primarily through an extensive network of independent dealers and distributors. These businesses are Art's-Way's direct customers, who then sell the equipment to end-users (farmers and ranchers). Therefore, Art's-Way's direct relationship in this segment is also B2B.

Marc H. McConnell, President, Chief Executive Officer, and Chairman of the Board of Directors

Marc H. McConnell assumed the role of President and CEO of Art's-Way Manufacturing as of October 4, 2024. He has a long history with the company, having served on its Board of Directors since 2001. Prior to his current role, he was the Vice Chairman from January 2008 to April 2015, and has since served as Chairman of the Board. He also held the position of President of the Farm Equipment Manufacturers Association from 2013 to 2014. His father, J. Ward McConnell, acquired Logan Potato Equipment and merged it with Art's-Way in 1996, following the sale of his Marc McConnell Tractor business to AGCO in 1994.

Michael Woods, Chief Financial Officer

Michael Woods was promoted to Chief Financial Officer of Art's-Way Manufacturing, effective February 1, 2020. Before this promotion, he served as the Vice President of Finance for the company, which he joined in April 2016. Woods has eight years of experience in financial and accounting roles. He began his career in public accounting at Brinkman and Reed, CPAs, and also worked at XPO Logistics. He holds Bachelor of Science degrees in Accounting and Finance from Iowa State University, earned in December 2010, and obtained his CPA designation in October 2013.

Dan Palmer, Vice President of Sales - Scientific

Dan Palmer serves as the Vice President of Sales for the Scientific division of Art's-Way Manufacturing.

Mark Tschirgi, General Manager - Scientific

Mark Tschirgi holds the position of General Manager for the Scientific division of Art's-Way Manufacturing.

Mark Bresson, General Manager - ACT

Mark Bresson is the General Manager for American Carbide Tool (ACT), a division of Art's-Way Manufacturing.

The increasing adoption of precision agriculture, automation, and smart farming technologies by larger agricultural equipment manufacturers poses a clear emerging threat to Art's-Way Manufacturing. As farmers increasingly seek integrated, data-driven solutions and autonomous equipment to optimize operations, demand for Art's-Way's traditional, mechanical agricultural machinery (such as sugar beet harvesters, grinders, and mixers) could diminish. Without significant investment in research and development to integrate advanced technologies or adapt their product lines, Art's-Way risks falling behind competitors offering more technologically sophisticated and efficient farming solutions.

For the public company Art's-Way Manufacturing (symbol: ARTW), the addressable markets for their main products and services are as follows:

• Agricultural Machinery (Overall U.S. Market): The U.S. agricultural machinery market was valued at approximately USD 39.4 billion in 2024 and is projected to grow to USD 57.1 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.9% from 2025 to 2032.
• Animal Feed Processing Equipment (Global Market, including Grinder-Mixers): The global animal feed processing equipment market, which includes grinder-mixers, was valued at USD 12.8 billion in 2024 and is projected to reach USD 18.6 billion by 2034, with a CAGR of 3.8%. North America constituted 32.1% of this global market in 2024.
• Sugar Beet Harvesters (Global Market): The global sugar beet harvester market is projected to reach approximately USD 1.2 billion by 2025 and is expected to grow at a CAGR of around 6.5% through 2033.
• Modular Buildings (Art's Way Scientific): null
• Machine Cutting Tools (American Carbide Tool): null

Here are 3-5 expected drivers of future revenue growth for Art's-Way Manufacturing (ARTW) over the next 2-3 years:

1. Continued Growth in the Modular Buildings Segment: The Modular Buildings segment has demonstrated consistent strength and is expected to be a significant driver of future revenue. The company has seen strong demand in this area, particularly within research markets, which led to a 124% increase in research sales in fiscal 2024. Art's-Way Manufacturing plans to capitalize on this by focusing on converting existing projects in the engineering phase into signed construction contracts. This segment's sales increased by 19.4% in Q3 2025 and 21.4% for the first nine months of fiscal 2025.
2. Recovery and Targeted Initiatives in the Agricultural Products Segment: While the Agricultural Products segment has faced headwinds from high interest rates and low commodity prices, management is optimistic about improved market conditions over the next 12-18 months. Despite recent declines, there has been strong demand for specific products like grinder mixers, fueled by record-high livestock prices. The company intends to implement product-specific programs in fiscal 2025 to stimulate sales and manage inventory levels, which could help drive a recovery in this segment.
3. Strategic Price Increases: Art's-Way Manufacturing anticipates implementing price increases of 3-5% for its products. This strategy, if successfully passed on to customers, will directly contribute to revenue growth without necessarily increasing sales volume.
4. Product Innovation and Enhancements: The company has a focus on strengthening its product offerings and enhancing the customer experience. Although specific new product launches were not detailed for the immediate future, continuous innovation in agricultural machinery and modular construction solutions, along with strategic updates and potential new branding initiatives, are expected to contribute to market positioning and attract new business.

Share Repurchases

• Art's-Way Manufacturing Co., Inc. did not make any purchases of common stock in the fourth quarter of fiscal year 2022.

Share Issuance

• An additional 500,000 shares were reserved for issuance under the 2020 Equity Incentive Plan. No further awards will be made under prior plans.
• Shares have been withheld under the 2011 and 2020 Equity Plans to offset tax withholding obligations upon the vesting and release of restricted stock awards.
• The number of shares outstanding increased from 4,523,407 as of February 4, 2021, to 5.11 million as of May 31, 2025.

Capital Expenditures

• The company was focused on additional capital expenditures in fiscal year 2023 to improve operations, as cash flow allowed.