Analogy 1: Whirlpool for small kitchen and home appliances.

Analogy 2: A smaller Newell Brands, specializing in kitchen and home appliances.

• Small Kitchen Appliances: A wide range of countertop devices for home cooking and food preparation, including blenders, coffee makers, toasters, and slow cookers.
• Commercial Foodservice Equipment: Durable blenders, mixers, and other kitchen appliances designed for professional use in restaurants, bars, and hotels.
• Hair Care Appliances: Personal grooming tools such as hair dryers, flat irons, and curling irons, primarily sold under licensed beauty brands like CHI and BioSilk.
• Garment Care Appliances: Home appliances primarily focused on fabric care, including various models of irons and garment steamers.

Hamilton Beach Brands (HBB) primarily sells its products to other companies, specifically major retailers and e-commerce platforms, who then sell to individual consumers. In its latest 10-K filing (for the fiscal year ended December 31, 2023), HBB reported that a small number of retail customers account for a significant portion of its net sales.

Based on industry analysis and the descriptions provided in HBB's financial filings (which do not explicitly name customers for competitive reasons), the major customer companies, accounting for the largest percentages of net sales, are inferred to be:

• Walmart Inc. (Symbol: WMT) - Inferred as the largest customer, which accounted for approximately 49% of HBB's 2023 net sales and is described as a mass merchandiser.
• Target Corporation (Symbol: TGT) - Inferred as the second largest customer, which accounted for approximately 17% of HBB's 2023 net sales and is also described as a mass merchandiser.
• Amazon.com, Inc. (Symbol: AMZN) - Inferred as the third largest customer, which accounted for approximately 10% of HBB's 2023 net sales and is described as an e-commerce retailer.

Other customers include a variety of other mass merchandisers, department stores, national chains, and specialty stores, as well as other e-commerce platforms.

R. Scott Tidey, President and Chief Executive Officer

Mr. Tidey assumed the role of President and Chief Executive Officer of Hamilton Beach Brands Holding Company effective October 1, 2024. He previously served as the President of the Company starting in February 2024. With over three decades at Hamilton Beach Brands, Mr. Tidey has progressed through various senior leadership positions, including Senior Vice President of Global Sales, Senior Vice President of Consumer Sales & Marketing, and Senior Vice President of North America Sales and Marketing. Prior to joining Hamilton Beach in 1993, he worked for A.H. Robins. He holds a Bachelor of Science in Business Management from Virginia Polytechnic Institute and State University.

Sally M. Cunningham, Senior Vice President, Chief Financial Officer and Treasurer

Ms. Cunningham was appointed Senior Vice President, Chief Financial Officer, and Treasurer of Hamilton Beach Brands Holding Company, effective March 17, 2023. Her background includes serving as a Finance Operating Partner with the private equity firm One Rock Capital Partners, LLC from November 2021 to February 2023. She also held CFO positions at Synalloy Corporation (June 2020 to August 2021) and Ironworks Consulting, LLC (October 2006 to December 2011). Her career also includes roles as Vice President of Corporate Administration at Synalloy Corporation, Vice President of Finance at ICF International, and Director of Internal Audit at Cadmus Communications. Ms. Cunningham began her career as a Senior Auditor at Arthur Andersen, LLP. She is a Certified Public Accountant and holds a B.B.A. in accounting from the College of William & Mary and an M.B.A. from the University of Richmond.

Andrew C. Carington, Senior Vice President, General Counsel and Secretary

Mr. Carington serves as the Senior Vice President, General Counsel, and Secretary for Hamilton Beach Brands Holding Company.

Erin Israel, Senior Vice President - Strategy, Marketing & Global Commercial Business

Ms. Israel holds the title of Senior Vice President - Strategy, Marketing & Global Commercial Business at Hamilton Beach Brands.

Michael Bunge, Vice President, Global Supply Chain & Operations

Mr. Bunge serves as the Vice President, Global Supply Chain & Operations at Hamilton Beach Brands.

The key risks to Hamilton Beach Brands (HBB) include:

1. Unfavorable Global Economic Conditions and Weak Consumer Spending: Hamilton Beach Brands faces significant risks from uncertain or unfavorable global economic conditions, including inflation, rising interest rates, and economic slowdowns. These factors directly impact consumer confidence and spending, leading to softer demand for small appliances and potentially lower sales and profitability.
2. Impact of Tariffs and Trade Policy Uncertainty: The company is exposed to risks related to tariffs and volatile trade policies, particularly concerning imports from China. Recent tariff increases have caused market disruptions, impacted inventory levels, increased product costs, and created uncertainty regarding future consumer demand. Hamilton Beach Brands has been actively working to diversify its manufacturing away from China to mitigate this risk.
3. Intense Competition and Reliance on Key Retailers: Hamilton Beach Brands operates in a highly competitive small appliance market. This intense competition, coupled with the significant negotiating power of major retailers (such as Walmart and Amazon), poses a constant challenge to maintaining profit margins and market share.

1. Rise of Direct-to-Consumer (DTC) and Niche Innovator Brands: New entrants in the small appliance market are leveraging agile business models, direct-to-consumer sales channels, targeted digital marketing, and design-centric aesthetics (e.g., Our Place, Beautiful by Drew Barrymore, Instant Brands' rapid ascent). These brands often build strong online communities and quickly capture market share in specific product categories, challenging Hamilton Beach Brands' traditional brand loyalty and reliance on established retail distribution. This represents a significant shift in consumer purchasing habits and brand discovery.

2. Increasing Demand for Smart Home Integration and Advanced Connectivity: Consumer expectations are evolving towards appliances that offer seamless integration into broader smart home ecosystems (e.g., Amazon Alexa, Google Home, Apple HomeKit), providing advanced connectivity, voice control, and app-driven functionality. If Hamilton Beach Brands lags in developing and adopting these advanced smart features compared to tech-forward competitors (e.g., Samsung, LG, Breville, or new IoT startups), their product offerings could be perceived as less innovative or future-proof by a growing segment of tech-savvy consumers.

Hamilton Beach Brands (HBB) operates in several key markets, primarily focusing on small electric household appliances and commercial foodservice equipment. The company has also expanded into the home health market through its Hamilton Beach Health subsidiary.

Small Electric Household Appliances

This category includes a wide range of consumer products such as blenders, coffee makers, toasters, and food processors.

• U.S. Market: The United States small kitchen appliances market was valued at approximately USD 30.82 billion in 2024.
• Global Market: The global small kitchen appliances market is valued at approximately USD 62.19 billion in 2025 and is projected to reach USD 80.63 billion by 2030.

Commercial Foodservice Equipment

Hamilton Beach Brands also designs, markets, and distributes commercial products for restaurants, fast-food chains, bars, and hotels, including commercial blenders, juicers, and drink mixers.

• Global Market: The global food service equipment market size was valued at approximately USD 46.80 billion in 2024 and is anticipated to reach around USD 82.24 billion by 2034.
• North America Market: North America was the largest region in the commercial foodservice equipment market in 2024. The United States leads this region and is expected to account for over 28% of the global revenue share by 2034.

Hamilton Beach Health

The Hamilton Beach Health subsidiary focuses on expanding the company's participation in the home health and medical markets, offering connected devices and software for healthcare management.

• Addressable Market: null

Hamilton Beach Brands (HBB) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. New Product Innovation and Launches: The company consistently emphasizes innovation and the introduction of new products. This includes the launch of the FlexBrew 5-in-1 coffee maker in late 2024. A significant driver for 2025 is the planned launch of the premium Lotus brand, which will introduce seven new products targeting a substantial $4 billion market in the small kitchen appliance segment. Furthermore, Hamilton Beach has new innovative launches planned for its Qi and Clorox brand partnerships in the coming quarters and a robust pipeline in high-growth categories such as blender kitchen systems, specialty coffee, and air fryers.
2. Expansion in Premium and Commercial Markets: Hamilton Beach Brands is strategically increasing its presence in higher-margin premium and commercial segments. The introduction of the Lotus brand directly targets the premium small kitchen appliance market. In the commercial sector, the company has highlighted the successful launch of Sunkist-branded commercial juicers and sectionizers, which are designed to reach new customer bases globally and have already delivered outstanding results.
3. Growth in the Hamilton Beach Health Subsidiary: The acquisition of HealthBeacon PLC in February 2024, a medical technology firm specializing in connected devices for home health, is a key driver for expanding into the home health and medical markets. HealthBeacon contributed $1.5 million in revenue during the first quarter of 2025, and future growth is expected from adding new patients, expanding specialty pharmacy customers, increasing the number of chronic conditions addressed, and exploring further collaborations in the home medical market.
4. International Market Expansion: The company has demonstrated success in expanding its international footprint. Notably, Hamilton Beach expanded its market share in Mexico, becoming the third-largest small appliance brand in the region, which contributed to revenue growth in 2024. Growth in its Latin America businesses also supported revenue performance in early 2025.
5. E-commerce Growth and Digital Transformation: A focus on e-commerce growth is a stated strategic initiative. Hamilton Beach plans to leverage digital transformation efforts to boost its e-commerce sales, which accounted for 40% of its U.S. consumer sales in the first quarter of 2025.

Share Repurchases

• Hamilton Beach Brands authorized a stock repurchase program on November 9, 2023, allowing for the purchase of up to $25 million of its Class A Common Stock from January 1, 2024, through December 31, 2025.
• Under the repurchase program announced in November 2023, Hamilton Beach Brands completed the repurchase of 1,034,446 shares for $20.78 million through September 30, 2025.
• A previous stock repurchase program, authorized on February 22, 2022, allowed for the purchase of up to $25 million of Class A Common Stock through December 31, 2023, under which $4.5 million of shares were repurchased through September 30, 2023.

Outbound Investments

• In February 2024, Hamilton Beach Health, a subsidiary of Hamilton Beach Brands, acquired HealthBeacon PLC, a medical technology firm and strategic partner.
• This acquisition is a key step in support of HBB's strategic initiative to expand in the fast-growing home health and wellness market, specifically strengthening its participation in the home medical category.
• HealthBeacon develops connected devices that help patients with chronic conditions manage injectable medication regimens at home, with revenue primarily from subscription services.

Capital Expenditures

• Capital expenditures were $3.2 million in 2024, following $3.4 million in 2023.
• In the first quarter of 2025, capital expenditures were $0.5 million, compared to $0.9 million in the first quarter of 2024.
• Hamilton Beach Brands' capital expenditures, along with working capital requirements and operating expenses, constitute primary uses of funds, with recent investments aimed at infrastructure, including an ERP system and distribution centers for efficiency.