Mayville Engineering (MEC) 10-K 6 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
DocumentAnnualReport	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38894
Entity Registrant Name	Mayville Engineering Company, Inc.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0944729
Entity Address, Address Line One	135 S. 84th Street, Suite 300
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53214
City Area Code	414
Local Phone Number	381-2860
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MEC
Security Exchange Name	NYSE
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
ICFR Auditor Attestation Flag	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 247,236,179
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		20,364,907
Document Annual Report	true
Auditor Name	DELOITTE & TOUCHE, LLP
Auditor Location	Milwaukee, WI
Auditor Firm Id	34
Documents incorporated by reference	DOCUMENTS INCORPORATED BY REFERENCE Part III of this report incorporates information by reference to the Registrant’s proxy statement for its 2024 annual meeting of shareholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of the year ended December 31, 2023.
Entity Central Index Key	0001766368
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 672	$ 127
Receivables, net of allowances for doubtful accounts of $685 at December 31, 2023 and $545 at December 31, 2022	57,445	58,001
Inventories, net	67,782	71,708
Tooling in progress	5,457	7,938
Prepaid expenses and other current assets	3,267	3,529
Total current assets	134,623	141,303
Property, plant and equipment, net	175,745	145,771
Assets held for sale		83
Goodwill	92,650	71,535
Intangible assets, net	58,667	43,809
Operating lease assets	32,233	36,073
Other long-term assets	2,743	2,007
Total assets	496,661	440,581
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	46,526	53,735
Current portion of operating lease obligation	5,064	4,857
Accrued liabilities:
Salaries, wages, and payroll taxes	6,368	7,288
Profit sharing and bonus	3,107	6,860
Current portion of deferred compensation	289	18,062
Other current liabilities	10,355	11,646
Total current liabilities	71,709	102,448
Bank revolving credit notes	147,493	72,236
Operating lease obligation, less current maturities	28,606	31,891
Deferred compensation, less current portion	3,816	3,132
Deferred income tax liability	12,606	11,818
Other long-term liabilities	2,453	1,189
Total liabilities	266,683	222,714
Commitments and contingencies (see Note 9)
Common shares, no par value, 75,000,000 authorized, 21,853,477 shares issued at December 31, 2023 and 21,645,193 at December 31, 2022	0	0
Additional paid-in-capital	205,373	200,945
Retained earnings	34,118	26,274
Treasury shares at cost, 1,542,893 shares at December 31, 2023 and 1,472,447 at December 31, 2022	(9,513)	(9,352)
Total shareholders' equity	229,978	217,867
Total	$ 496,661	$ 440,581

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Allowances for doubtful accounts	$ 685	$ 545
Common shares, no par value	$ 0	$ 0
Common shares, shares authorized	75,000,000	75,000,000
Common shares, Shares, issued	21,853,477	21,645,193
Treasury stock at cost	1,542,893	1,472,447

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income (Loss)
Net sales	$ 588,425	$ 539,392	$ 454,826
Cost of sales	518,722	478,323	403,451
Amortization of intangible assets	7,742	6,952	10,706
Profit sharing, bonuses, and deferred compensation	11,588	7,997	11,500
Other selling, general and administrative expenses	30,182	24,692	20,409
Impairment of long-lived assets and (gain) loss on contracts		(4,346)	16,151
Income (loss) from operations	20,191	25,774	(7,391)
Interest expense	(11,092)	(3,380)	(2,003)
Loss on extinguishment of debt	(216)
Income (loss) before taxes	8,883	22,394	(9,394)
Income tax expense (benefit)	1,039	3,667	(1,943)
Net income (loss) and comprehensive income (loss)	$ 7,844	$ 18,727	$ (7,451)
Earnings (loss) per share:
Basic	$ 0.38	$ 0.92	$ (0.37)
Diluted	$ 0.38	$ 0.91	$ (0.36)
Weighted average shares outstanding:
Basic	20,415,157	20,399,737	20,404,543
Diluted	20,698,970	20,682,628	20,830,977

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 7,844	$ 18,727	$ (7,451)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	27,338	22,359	21,077
Amortization	7,742	6,952	10,706
Allowance for doubtful accounts	140	(86)	(667)
Inventory excess and obsolescence reserve	183	80	(935)
Stock-based compensation expense	4,485	3,759	4,962
Gain on disposal of property, plant and equipment	(526)	(161)	(1,311)
Impairment of inventory and loss on contracts			700
Impairment of long-lived assets and gain on contracts		(4,346)	16,151
Deferred compensation	(17,089)	(3,923)	(514)
Loss on extinguishment of debt	216
Non-cash lease expense	3,840	4,251
Other non-cash adjustments	259	329	325
Changes in operating assets and liabilities:
Accounts receivable	7,791	(2,498)	(12,670)
Inventories	13,441	(1,631)	(27,896)
Tooling in progress	2,555	(3,988)	(824)
Prepaids and other current assets	532	(616)	(1,013)
Accounts payable	(9,438)	9,361	11,836
Deferred income taxes	687	4,710	(3,323)
Operating lease obligations	(3,078)	(3,856)
Accrued liabilities	(6,559)	3,003	5,304
Net cash provided by operating activities	40,363	52,426	14,457
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(16,598)	(58,610)	(39,309)
Proceeds from sale of property, plant and equipment	1,059	7,942	5,348
Payment for acquisition, net of cash acquired	(88,593)
Net cash used in investing activities	(104,132)	(50,668)	(33,961)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank revolving credit notes	588,040	437,939	385,226
Payments on bank revolving credit notes	(512,783)	(433,312)	(362,873)
Repayments of other long-term debt	(6,673)	(1,107)	(268)
Payments of financing costs	(1,205)
Purchase of treasury stock	(2,661)	(4,947)	(2,153)
Payments on finance leases	(404)	(322)	(544)
Proceeds from the exercise of stock options			139
Other financing activities			(26)
Net cash provided by (used in) financing activities	64,314	(1,749)	19,501
Net increase (decrease) in cash and cash equivalents	545	9	(3)
Cash and cash equivalents at beginning of period	127	118	121
Cash and cash equivalents at end of period	672	127	118
Supplemental disclosure of cash flow information:
Cash paid for interest	10,669	3,670	2,122
Cash paid for taxes	513	704	1,548
Non-cash property, plant & equipment, net	446	603	6,347
Non-cash 401(k) contribution of treasury stock	2,500	$ 2,057	$ 625
In conjunction with the acquisition, assets acquired and liabilities assumed were as follows:
Fair value of assets acquired, net of cash acquired	102,356
Liabilities assumed	(13,763)
Cash paid for acquisition, net of cash acquired	$ 88,593

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands	Additional Paid-in-Capital [Member]	Treasury Shares [Member]	Retained Earnings [Member]	Total
Beginning, Balance at Dec. 31, 2020	$ 190,793	$ (4,934)	$ 14,998	$ 200,857
Net income (loss)			(7,451)	(7,451)
Share repurchases		(2,153)		(2,153)
401(k) contribution	1,319	625		1,944
Stock options exercised	112			112
Stock-based compensation	4,962			4,962
Ending, Balance at Dec. 31, 2021	197,186	(6,462)	7,547	198,271
Net income (loss)			18,727	18,727
Share repurchases		(4,947)		(4,947)
401(k) contribution		2,057		2,057
Stock-based compensation	3,759			3,759
Ending, Balance at Dec. 31, 2022	200,945	(9,352)	26,274	217,867
Net income (loss)			7,844	7,844
Share repurchases		(2,661)		(2,661)
401(k) contribution		2,500		2,500
Restricted stock units employee tax withholding	(115)			(115)
Stock options exercised	58			58
Stock-based compensation	4,485			4,485
Ending, Balance at Dec. 31, 2023	$ 205,373	$ (9,513)	$ 34,118	$ 229,978

Nature of business and summary

Nature of business and summary of significant accounting policies	12 Months Ended
	Dec. 31, 2023
Nature of business and summary of significant accounting policies
Nature of business and summary of significant accounting policies	Note 1. Nature of business and summary of significant accounting policies Mayville Engineering Company, Inc. (MEC) is a leading U.S.-based, vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, agriculture, military and other end markets. Founded in 1945 and headquartered in Milwaukee, Wisconsin, we are a leading Tier I U.S. supplier of highly engineered components to original equipment manufacturer (OEM) customers with leading positions in their respective markets. The Company operates 23 facilities located in Arkansas, Michigan, Mississippi, Ohio, Pennsylvania, Virginia, and Wisconsin. Our engineering expertise and technical know-how allow us to add value through every product redevelopment cycle (generally every three to five years for our customers). Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, agricultural, military and other products. In December 1985, the Company formed the Mayville Engineering Company, Inc. Employee Stock Ownership Plan (ESOP). The ESOP is a tax qualified retirement plan and is designed to invest primarily in the Company’s common stock which is held in a trust. From January 2003 until the Company’s initial public offering of common stock (IPO) in May 2019, the ESOP owned 100% of the Company’s outstanding shares of common stock which have been fully allocated to active or retired eligible employees. In connection with the IPO, the Company initially sold 6,250,000 shares of common stock into the public market, reducing ESOP ownership to approximately 67%. As of December 31, 2023, approximately 36% of all outstanding shares were held by the ESOP or within the Company’s 401(k) plan. Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). They include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less to be cash and cash equivalents. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of bank balances above the Federal Deposit Insurance Corporation insurability limits of $250 per official custodian. The Company has not experienced any losses on these accounts and management believes the Company is not exposed to any significant credit risk on cash. Accounts receivable Accounts receivable are generally uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days from the invoice date. Management periodically reviews past due balances and established an allowance for doubtful accounts of $685 and $545 as of December 31, 2023 and 2022, respectively, for probable uncollectible amounts based on its assessment of the current status of individual accounts. The estimated valuation allowance results in a reduction to sales and the accounts are written-off through a charge to the valuation allowance and a credit to accounts receivable after the Company has used all reasonable collection efforts. As the Company's customer base is principally made up of blue-chip OEMs with high credit ratings and our trade receivables are due within one year or less, the Company does not have a reserve for credit losses. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method (FIFO), or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production cost consisting of material, labor and overhead. The Company maintains a reserve for obsolete and slow-moving inventory of $2,527 and $2,344 as of December 31, 2023 and 2022, respectively, which is based upon the aging of current inventory as well as assumptions on future demand and market conditions. Tooling in progress The Company has agreements with its customers to provide production tooling which will be used to produce specific parts for its customers. The costs to design, engineer, and manufacture the tooling are charged to tooling in progress as incurred and based on when control of the tooling is transferred to the customer under contract or when the customer signs off through the Product Part Approval Process (PPAP) or other documented customer acceptance, either at a point in time or over a period of time is when revenue is recognized. The Company may also provide production tooling that is not sold to customers but is capitalized in property, plant and equipment. To the extent that estimated costs exceed expected reimbursement from the customer, the Company recognizes a loss. Tooling in progress was $5,457 and $7,938 as of December 31, 2023 and 2022, respectively. Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for additions and improvements are capitalized while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to the results of operations. Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line depreciation method for financial reporting purposes and begins when the asset is placed into service. Business combinations The Company accounts for all business combinations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations Goodwill We test goodwill for impairment annually, or more frequently if triggering events occur indicating that there may be an impairment. We have recorded goodwill and perform testing for potential goodwill impairment at a reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment for which discrete financial information is available, and for which management regularly reviews the operating results. Additionally, components within an operating segment can be aggregated as a single reporting unit if they have similar economic characteristics. We have concluded we have one reporting unit. We determine the fair value of our reporting units using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The income approach is dependent on several key management assumptions, including estimates of future sales, gross margins, operating costs, interest expense, income tax rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital or the discount rate. Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the reporting unit. Expected cash flows used under the income approach are developed in conjunction with our budgeting and forecasting process. We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. At December 31, 2023 and 2022, the Company had goodwill with a carrying amount of $92,650 and $71,535, respectively, with the fair value of our reporting unit exceeding the carrying value. If the market valuation of our common shares or operating results of our reporting unit significantly decline beyond current levels, we may again need to conduct an evaluation of the fair value of our goodwill, which may result in an impairment change. Changes to management assumptions and estimates utilized in the income approach could negatively impact the fair value conclusions for our reporting units resulting in goodwill impairment. All key assumptions and valuations are determined by and are the responsibility of management. The factors used in the impairment analysis are inherently subject to uncertainty. We believe that the estimates and assumptions are reasonable to determine the fair value of our reporting unit, however, if actual results are not consistent with these estimates and assumptions, goodwill and other intangible assets may be overstated which could result in an impairment charge. Intangible assets, net The Company’s primary other intangible assets are customer relationships and contracts, trade names, non-compete agreements, developed technology and patents acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. The costs of amortizable intangible assets are recognized over their expected useful lives using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. Fair value of financial instruments Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amount of all significant financial instruments approximates fair value due to either the short maturity or the existence of variable interest rates that approximate prevailing market rates. Cash and cash equivalents, accounts receivable and accounts payable are classified as Level 1 fair value inputs as further described in Note 13 – Fair Value of Financial Instruments. Long-term debt is classified as a Level 2 fair value input. Impairment of long-lived assets and (gain) loss on contracts When events or conditions warrant, the Company evaluates the recoverability of long-lived assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based on several factors, including management’s intention with respect to these assets and their projected undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the respective assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. To the extent that the carrying value of the net assets of an asset group is greater than the estimated fair value, the Company may be required to record impairment charges. The Company records intangible asset impairment charges as a reduction to intangible assets. The Company records other long-lived asset impairment charges as a reduction to property, plant and equipment and an increase in other current liabilities for loss contracts in the Consolidated Balance Sheets. The Company records a gain on sale of a previously impaired asset and a reversal of a loss contract within impairment of long-lived assets and (gain) loss on contracts. Deferred financing costs Loan issuance costs and discounts are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Loan issuance costs associated with revolving debt arrangements are presented as a component of other assets. Loan issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method over the life of the credit agreement. Loan issuance costs and discounts incurred in connection with term debt are amortized using the effective interest method. Amortization of deferred loan issuance costs and discounts are included in interest expense. During 2023 and 2022, the Company recorded $1,205 and $0, respectively, of deferred financing costs associated with its long-term debt and line of credit arrangements. Amortization expense associated with the deferred debt issuance costs and discounts in 2023, 2022 and 2021 was $309, $336 and $336, respectively. Accumulated amortization was $141 and $1,056 as of December 31, 2023 and 2022, respectively. Amendments made to existing debt in 2023, 2022 and 2021 resulted in the write-off of $216, $0 and $0, respectively, of unamortized costs associated with the debt that was replaced. Revenue recognition The Company recognizes revenue for the transfer of goods or services to a customer in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company enters into supply agreements and purchase orders that include both free on board (FOB) origin and FOB destination shipping terms. Depending on the terms of the agreement, the customer takes ownership at shipment or at delivery, and this is when control transfers. Sales are supported by documentation such as supply agreements and purchase orders, which specify certain terms and conditions including product specifications, quantities, fixed prices, delivery dates and payments terms. Revenue related to services is recognized in the period services are performed, thus the Company recognizes revenue at a point in time. There are many customers where the Company designs, engineers and builds production tooling, which is purchased by the customer. Tooling revenue is recognized at the point the customer signs off on the product through the Product Part Approval Process (PPAP) or other documented customer acceptance and control of the tooling promised under a contract is transferred to the customer at a point in time. Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the tooling. The Company offers certain customers discounts for early payments. These discounts are recorded against net sales in the Consolidated Statement of Comprehensive Income (Loss) and accounts receivable in the Consolidated Balance Sheets. The Company does not offer any other customer incentives, rebates or allowances. Shipping and handling The Company expenses shipping and handling costs as incurred. These costs are generally comprised of salaries and wages, shipping supplies and warehouse costs. Inbound freight costs, which mostly relate to raw materials, are included in cost of sales on the Consolidated Statements of Comprehensive Income (Loss). Outbound freight costs, which mostly relate to sales, are included in net sales on the Consolidated Statements of Comprehensive Income (Loss). The Company does not charge customers nor recognize revenue for shipping and handling. The Company’s OEM customers arrange and pay the freight for delivery. Advertising The Company expenses the costs of advertising when incurred. Advertising expense was $141, $169 and $163 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. Advertising costs are charged to selling, general and administrative expenses. Income taxes Income taxes and uncertain tax positions are accounted for in accordance with ASC 740, Accounting for Income Taxes Income (loss) per share The Company computes basic income (loss) per share by dividing net income (loss) available to shareholders by the actual weighted average number of common shares outstanding for the reporting period. The dilutive impact to basic earnings per share considers the impact to earnings if all convertible securities were exercised or outstanding that do not have an antidilutive impact on earnings per share. Treasury stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Subsequent reissuance of shares to the 401(k) Plan or ESOP are recorded as a reduction to treasury stock and as ESOP expense in the Consolidated Statements of Comprehensive Income (Loss). Recent accounting pronouncements In December 2023, the FASB issued Accounting Standards Updated (ASU) 2023-09, Improvements to Income Tax Disclosures , amending ASC 740, Income Taxes. The amendment is intended to enhance the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments require that on an annual basis, entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments require that entities disclose additional information about income taxes paid as well as additional disclosures of pretax income and income tax expense and remove the requirement to disclose certain items that are no longer considered cost beneficial or relevant. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively and allows for early adoption. The Company is evaluating the potential impact of this guidance on the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures , amending ASC 280, Segment Reporting . The amendment is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively and allows for early adoption. The Company is evaluating the potential impact of this guidance on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses trade receivables are due within one year or less, the adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases The new guidance provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which allows it to not reassess under the new guidance its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient. In addition, the new guidance provides accounting policy elections for an entity’s ongoing lessee accounting. The Company has elected to not separate lease and non-lease components for certain of its real estate leases. The Company has elected the short-term lease recognition exemption for all leases that qualify which means that it will not recognize ROU assets or lease liabilities for those leases with a term of 12 months or less.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Acquisitions
Acquisitions	Note 2. Acquisitions On July 1, 2023, the Company completed its acquisition of Mid-States Aluminum (MSA). The acquisition was consummated in accordance with terms and conditions of the certain Unit Purchase Agreement, dated as of June 19, 2023, among the Company and shareholders of MSA. The purchase price of the acquisition was $95,945, subject to adjustments for the amount of cash, indebtedness, net working capital and certain expenses of MSA as of the closing. At the closing of the acquisition, the Company applied an estimate of the adjustments and paid total net consideration of $90,002. The Company financed the acquisition by borrowing under its amended and restated credit agreement, as described in Note 4 – Debt in the Notes to Consolidated Financial Statements. Located in Fond du Lac, WI, MSA is an industry leading, vertically-integrated manufacturer of custom aluminum extrusions and fabrications that also offers related services including design, engineering, anodizing and finishing, assembly and packaging. The acquisition enables MEC to secure an attractive entry point within light-weight materials fabrication, while providing significant new cross-selling opportunities with both new and existing customers. The Company accounted for the acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations The aggregate purchase price has been allocated to the assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date. The estimate of the excess purchase price over the preliminary estimated fair value of net tangible assets acquired was allocated to identifiable intangible assets and goodwill. The Company engaged an independent third party to assist with the identification and valuation of these intangible assets. Management makes significant estimates and assumptions when determining the fair value of assets acquired and liabilities assumed. These estimates include, but are not limited to, discount rates, projected future net sales, projected future expected cash flows, useful lives, attrition rates, royalty rates and growth rates. These measures are based on significant Level 3 inputs (see Note 13) not observable in the market. The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid for MSA during 2023: ​ ​ ​ ​ ​ ​ Preliminary ​ Estimated ​ Opening Balance ​ Useful ​ Sheet Allocation ​ Life Cash $ 324 ​ ​ Accounts receivable, net ​ 7,381 ​ ​ Inventory ​ 9,698 ​ ​ Property, plant and equipment ​ 41,271 ​ ​ Other assets ​ 291 ​ ​ Intangible assets ​ ​ ​ ​ Developed technology ​ 4,900 ​ 7 Years Customer relationships ​ 17,700 ​ 17 Years Goodwill ​ 21,115 ​ Indefinite Total assets acquired ​ 102,680 ​ ​ Accounts payable ​ (2,386) ​ ​ Accrued expenses ​ (1,509) ​ ​ Other liabilities ​ (1,984) ​ ​ Debt ​ (7,884) ​ ​ Total consideration $ 88,917 ​ ​ ​ Inventory was valued at its estimated fair value, which is defined as expected sales price, less costs to sell, plus a reasonable margin for selling effort. The valuation resulted in an inventory fair value step-up of $891 and was fully expensed and reflected in cost of sales on the Consolidated Statements of Comprehensive Income (Loss) during the twelve months ended December 31, 2023. Property, plant and equipment was valued at its estimated fair value using the cost, market and sales comparison approaches. The valuation resulted in a property, plant and equipment fair value step-up of $21,157. Depreciation on property, plant and equipment is computed on a straight-line basis over the estimated useful life of the respective assets. The Company also recorded $17,700 of customer relationships intangible assets with an estimated useful life of 17 years and $4,900 of developed technology intangible assets with an estimated useful life of 7 years. The purchase price allocated to these assets was based on management’s forecasted cash inflows and outflows and using a relief from royalty method for developed technologies and the multi-period excess earnings method for customer relationships. Amortization expense related to these intangible assets is recorded on a straight-line basis and reflected in amortization of intangible expenses on the Consolidated Statements of Comprehensive Income. The purchase price of MSA exceeded the preliminary estimated fair value of identifiable net assets and accordingly, the difference was allocated to goodwill, which is not tax deductible. The Company believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the purchase price allocations are preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Provisional amounts include items related to working capital adjustments, intangibles, indemnification of assets and liabilities and deferred taxes. The Company finalized the net working capital adjustment in conjunction with the fair value estimates for assets acquired, liabilities assumed, identifiable assets and the net income tax provision. During the twelve months ended December 31, 2023, the Company adjusted the purchase price by ($1,084) related to working capital adjustments. The offsetting adjustment was primarily related to goodwill. The Company has recorded preliminary estimates for the items noted in the preceding paragraph and will record adjustments, if any, to the preliminary amounts upon finalization of the respective valuations. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. ​ Pro Forma Financial Information (Unaudited) In accordance with ASC 805, the following unaudited pro forma combined results of operations have been prepared and presented to give effect to the MSA acquisition as if it had occurred on January 1, 2022, the beginning of the comparable period, applying certain assumptions and pro forma adjustments. These pro forma adjustments primarily relate to the estimated depreciation expense associated with the fair value of the acquired property, plant and equipment, amortization of identifiable intangible assets, interest expense related to additional debt needed to fund the acquisition, and the tax impact of these adjustments. Additionally, the pro forma adjustments include non-recurring expenses related to transaction costs, a one-time bonus payment and the sale of stepped-up inventory. The unaudited pro forma consolidated results are provided for illustrative purposes only, are not indicative of the Company’s actual consolidated results of operations or consolidated financial position and do not reflect any revenue and operating synergies or cost savings that may result from the acquisition. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 Net sales $ 619,381 ​ $ 624,995 Net income $ 8,324 ​ $ 21,477 ​ Based on our variable rate debt, a hypothetical 12.5-basis-point increase or decrease in our borrowing rate would have resulted in a $113 change in interest expense due to incremental borrowings from the acquisition.

Select balance sheet data

Select balance sheet data	12 Months Ended
	Dec. 31, 2023
Select balance sheet data
Select balance sheet data	Note 3. Select balance sheet data Inventory Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production costs consisting of material, labor, and overhead. Inventories as of December 31, 2023 and December 31, 2022 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 Finished goods and purchased parts ​ $ 31,489 ​ $ 44,728 Raw materials ​ 25,929 ​ 17,003 Work-in-process ​ 10,363 ​ 9,977 Total ​ $ 67,782 ​ $ 71,708 ​ The MSA inventory fair value step-up of $891 was fully expensed and included within cost of goods sold in the Consolidated Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2023. Property, plant and equipment Property, plant and equipment as of December 31, 2023 and December 31, 2022 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives December 31, December 31, ​ ​ Years ​ 2023 ​ 2022 Land ​ ​ Indefinite ​ $ 2,640 ​ $ 1,030 Land improvements ​ ​ 15-39 ​ ​ 4,378 ​ ​ 3,169 Building and building improvements ​ 15-39 ​ 79,682 ​ 59,664 Machinery, equipment and tooling ​ 3-10 ​ 295,960 ​ 250,110 Vehicles ​ 5 ​ 4,571 ​ 4,359 Office furniture and fixtures ​ 3-7 ​ 21,325 ​ 19,585 Construction in progress ​ N/A ​ 9,779 ​ 26,435 Total property, plant and equipment, gross ​ ​ ​ ​ 418,335 ​ 364,352 Less accumulated depreciation ​ ​ ​ ​ 242,590 ​ 218,581 Total property, plant and equipment, net ​ ​ ​ ​ $ 175,745 ​ $ 145,771 ​ Depreciation expense was $27,338, $22,359 and $21,077 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2021, there was uncertainty as to the level of demand from the former fitness customer. The Company received a notification from the former fitness customer in February 2022 resulting in a change in forecasted future cash flow, triggering an impairment assessment of assets purchased, and assets the Company had committed to purchase, to meet obligations under the agreement with the former fitness customer as of December 31, 2021. As a result, at December 31, 2021, the Company recorded a long-lived asset impairment During the twelve months ended December 31, 2022, the Company was able to cancel $2,257 of purchase commitments for property, plant and equipment relating to the former fitness customer that had previously been recorded in the Consolidated Statements of Comprehensive Income (Loss) as an impairment of long-lived assets and loss on contracts as of December 31, 2021. The cancellation of loss contracts has resulted in the reversal of these amounts from other current liabilities in the Consolidated Balance Sheets and recorded in the Consolidated Statements of Comprehensive Income (Loss) as an impairment of long-lived assets and gain on contracts. Throughout the twelve months ended December 31, 2022, the Company sold $5,097 of machinery and equipment originally intended to support production for the former fitness customer, resulting in a gain on the sale of the assets of $2,089. The gain on the sale of assets is classified in impairment of long-lived assets and gain on contracts on the Consolidated Statements of Comprehensive Income (Loss) as of December 31, 2022. As a result of the previously mentioned impairment, these assets had been written down to fair value at December 31, 2021. The Company adopted ASC 842 on January 1, 2022, classifying finance leases of $854 and $1,103 in property, plant and equipment Goodwill We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. Our annual qualitative goodwill impairment test during the fourth quarter of fiscal years 2023 and 2022 did not indicate an impairment existed. At December 31, 2023, the Company had goodwill with a carrying amount of $92,650. The fair value exceeded the carrying value for 2023. ​ The following table sets forth the changes in the carrying amount of goodwill as of December 31, 2023. The carrying value of goodwill was increased by $21,115 during the twelve months ended December 31, 2023, due to the acquisition of MSA. ​ ​ ​ ​ ​ Balance as of December 31, 2022 $ 71,535 Acquisition ​ ​ 21,115 Balance as of December 31, 2023 ​ $ 92,650 ​ Intangible Assets The following is a listing of intangible assets, the useful lives in years (amortization period) and accumulated amortization as of December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Useful Lives ​ Gross Carrying ​ Accumulated ​ ​ ​ Years Amount Amortization ​ Net Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9 17 ​ $ 96,040 ​ $ 53,078 ​ $ 42,962 Trade name ​ 10 ​ 14,780 ​ 7,446 ​ ​ 7,334 Non-compete agreements ​ 5 ​ 8,800 ​ 8,800 ​ ​ — Developed technology ​ ​ 7 ​ ​ 4,900 ​ ​ 350 ​ ​ 4,550 Patents ​ 19 ​ 24 ​ 14 ​ ​ 10 Total intangible assets, net ​ ​ ​ $ 124,544 $ 69,688 ​ $ 54,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Useful Lives ​ Gross Carrying ​ Accumulated ​ ​ ​ Years Amount Amortization ​ Net Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9-17 ​ $ 78,340 ​ $ 48,839 ​ $ 29,501 Trade name ​ 10 ​ 14,780 ​ 5,968 ​ ​ 8,812 Non-compete agreements ​ 5 ​ 8,800 ​ 7,126 ​ ​ 1,674 Patents ​ 19 ​ 24 ​ 13 ​ ​ 11 Total intangible assets, net ​ ​ ​ $ 101,944 $ 61,946 ​ $ 39,998 ​ Additionally, the Company reported an indefinite lived non-amortizable brand name asset with a balance of $3,811 for the twelve months ended December 2023 and 2022. Non-amortizable brand name is tested annually during the fourth quarter for impairment, or more frequently if triggering events occur indicating there may be impairment. There has been no impairment recorded for the years ended December 31, 2023, 2022 and 2021. Changes in intangible assets between December 31, 2022 and December 31, 2023 consist of: ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ $ 50,761 Amortization expense ​ ​ (6,952) Balance as of December 31, 2022 $ 43,809 Amortization expense ​ (7,742) Acquisition (see Note 2) ​ ​ 22,600 Balance as of December 31, 2023 ​ $ 58,667 ​ Amortization expense was $7,742, $6,952 and $10,706, for the twelve months ended December 31, 2023, 2022 and 2021, respectively. ​ Future amortization expense is expected to be as followed: ​ ​ ​ ​ Year ending December 31, ​ ​ 2024 ​ $ 6,933 2025 ​ $ 6,933 2026 ​ $ 6,933 2027 ​ $ 6,933 2028 ​ $ 6,877 Thereafter ​ $ 20,247 ​

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt
Debt	Note 4. Debt On June 28, 2023, we entered into an amended and restated credit agreement (the Credit Agreement) with certain lenders and Wells Fargo Bank, National Association, as administrative agent (the Agent). The Credit Agreement provides for a $250,000 revolving credit facility, with a letter of credit sub-facility, and a swingline facility in an aggregate amount of $25,000. The Credit Agreement also provides the availability of incremental facilities to the greater of $100,000 and 125% of the Company’s twelve month trailing Consolidated EBITDA through an accordion feature. All amounts borrowed under the credit agreement mature on June 28, 2028. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on our ability to, subject to certain exceptions, create, incur or assume indebtedness; create, incur, assume or suffer to exist liens; make certain investments; allow our subsidiaries to merge or consolidate with another entity; make certain asset dispositions; pay certain dividends or other distributions to shareholders; enter into transactions with affiliates; enter into sale leaseback transactions; and exceed the limits on annual capital expenditures. The Credit Agreement also requires us to satisfy certain financial covenants, including a minimum consolidated interest coverage ratio of 3.00 to 1.00 as well as a consolidated total leverage ratio not to exceed 4.00 to 1.00 (which was increased as of July 1, 2023 from 3.50 to 1.00 in connection with the acquisition of MSA). The Company incurred deferred financing costs of $1,248 associated with executing the Credit Agreement, which has been recorded as an other long-term asset in the Consolidated Balance Sheets and will be amortized over the duration of the agreement. At December 31, 2023, our consolidated total leverage ratio was 2.14 to 1.00 as compared to a covenant maximum of 4.00 to 1.00 under the Credit Agreement. At December 31, 2023, our consolidated interest coverage ratio was 5.49 to 1.00 as compared to a covenant minimum of 4.00 to 1.00 under the Credit Agreement. Under the Credit Agreement, interest is payable quarterly at the adjusted secured overnight financing rate (SOFR) plus an applicable margin based on the current consolidated total leverage ratio. The interest rate was 7.71% and 5.69% as of December 31, 2023 and December 31, 2022, respectively. Additionally, the agreement has a fee on the average daily unused portion of the aggregate unused revolving commitments. This fee was 0.30% and 0.25% as of December 31, 2023 and December 31, 2022, respectively. Prior to June 28, 2023, the Company maintained a credit agreement (Former Credit Agreement) with certain lenders and the Agent. The Former Credit Agreement provided for a $200,000 revolving credit facility, with a letter of credit sub-facility in an aggregate amount not to exceed $5,000, and a swingline facility in an aggregate amount of $20,000. The Former Credit Agreement also provided for an additional $100,000 of debt capacity through an accordion feature. The Company was in compliance with all financial covenants of its credit agreements as of December 31, 2023 and December 31, 2022. The amount borrowed on the revolving credit notes was $147,493 and $72,236 as of December 31, 2023 and December 31, 2022, respectively. Other Debt With the consummation of the MSA acquisition, the Company assumed a Small Business Administration (SBA) loan and a Fond du Lac County and Fond du Lac Economic Development Corporation term note (Fond du Lac Term Note) in the amounts of $5,009 and $2,875, respectively. The SBA loan is secured by specific equipment, payable in monthly installments of $27, including interest at 1.17% and due in full in September 2045. Due to the nature of the SBA loan, the Company did not meet the necessary criteria to qualify for this type of loan, so the Company paid off the full loan amount of $5,009 during the third quarter of the current year period. The Fond du Lac Term Note is secured by a security agreement, payable in annual installments of $500 plus interest at 2.00% and is due in full in December 2028. The short-term and long-term balance of $500 and $1,875, respectively, are recorded in other current liabilities and other long-term liabilities in the Consolidated Balance Sheets.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	Note 5. Leases In February 2016, the FASB issued ASU 2016-02, Leases The Company has real property operating leases for office and light manufacturing space. Operating leases for the Company’s personal property consist of leases for office equipment, vehicles, forklifts and storage tanks for bulk gases. The Company recognizes a ROU asset and a lease liability for operating leases based on the net present value of future minimum lease payments. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term, including renewal periods that are considered reasonably certain. The Company has finance leases for two laser cutting systems, four vehicles and a number of copiers. The Company recognizes an ROU asset and a lease liability for finance leases based on the net present value of future minimum lease payments. Lease expense for the Company’s finance leases is comprised of the amortization of the ROU asset and interest expense recognized based on the effective interest method. Variable lease expense is related to certain of the Company’s real property leases and personal property leases, and it generally consists of property tax and insurance components that are for the benefit of the lessor (real property leases) and variable overage fees (personal property leases) that are remitted as part of the Company’s lease payments. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 ​ 2022 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ $ 414 ​ $ 320 Interest on finance lease liabilities ​ ​ 44 ​ 42 Total finance lease expense ​ ​ 458 ​ ​ 362 Operating lease expense ​ ​ 5,237 ​ ​ 6,063 Short-term lease expense ​ ​ 610 ​ ​ 683 Variable lease expense ​ ​ 197 ​ 217 Lease income (1) ​ ​ (2,070) ​ ​ (1,133) Total lease expense ​ $ 4,432 ​ $ 6,192 (1) The Company subleased a portion of its Hazel Park, MI facility starting in June 2022. Lease income for the twelve months ended December 31, 2023 and 2022 was $2,070 and $1,133 , respectively. Total rent expense for the twelve months ended December 31, 2021 was $5,282. ​ Supplemental information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ Balance Sheet Classification 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ Finance lease assets Property, plant and equipment, net ​ $ 854 ​ $ 1,103 Operating lease assets Operating lease assets ​ ​ 32,233 ​ ​ 36,073 Total lease assets ​ ​ $ 33,087 ​ $ 37,176 ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Current finance lease liabilities Other current liabilities ​ $ 441 ​ $ 388 Current operating lease liabilities Current portion of operating lease obligation ​ ​ 5,064 ​ ​ 4,857 Noncurrent liabilities: ​ ​ ​ ​ ​ Long-term finance lease liabilities Other long-term liabilities ​ ​ 478 ​ ​ 784 Long-term operating lease liabilities Operating lease obligation, less current maturities ​ ​ 28,606 ​ ​ 31,891 Total lease liabilities ​ ​ $ 34,589 ​ $ 37,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 ​ 2022 Weighted average remaining lease term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ 2.4 ​ ​ ​ 3.1 ​ Operating leases ​ 7.0 ​ ​ ​ 7.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ 3.99 % ​ ​ 3.93 % Operating leases ​ 2.57 % ​ ​ 2.49 % ​ The table below represents ROU asset balances by type of lease: ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 ​ 2022 Real estate leases $ 30,558 ​ $ 34,211 Equipment Leases ​ 2,179 ​ ​ 2,506 Vehicle Leases ​ 350 ​ ​ 459 Total lease assets $ 33,087 ​ $ 37,176 ​ Maturities of lease liabilities at December 31, 2023 and minimum lease payments under ASC 842 having initial or remaining non-cancellable terms in excess of one year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2024 ​ $ 5,840 ​ $ 468 ​ $ 6,308 2025 ​ 5,149 ​ ​ 333 ​ ​ 5,482 2026 ​ ​ 4,963 ​ ​ 108 ​ ​ 5,071 2027 ​ ​ 4,987 ​ ​ 52 ​ ​ 5,039 2028 ​ ​ 4,896 ​ ​ — ​ ​ 4,896 Thereafter ​ ​ 11,657 ​ ​ — ​ ​ 11,657 Total lease payments ​ ​ 37,492 ​ ​ 961 ​ ​ 38,453 Less: imputed interest ​ ​ (3,822) ​ ​ (42) ​ ​ (3,864) Total lease obligations ​ $ 33,670 ​ $ 919 ​ $ 34,589 ​ ​ Lease related supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities for finance leases: ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 44 ​ $ 42 Financing cash flows ​ $ 404 ​ $ 322 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities for operating leases: ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 5,824 ​ $ 5,672 ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for recorded lease obligations: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 455 ​ $ 1,271 Finance leases ​ $ 2 ​ $ 284 ​ ROU assets are assessed for impairment in accordance with the Company’s long-lived asset policy. The Company reassesses lease classification and remeasures ROU assets and lease liabilities when a lease is modified, and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment in accordance with ASC 842.

Employee stock ownership plan

Employee stock ownership plan	12 Months Ended
	Dec. 31, 2023
Employee stock ownership plan
Employee stock ownership plan	Note 6. Employee stock ownership plan Under the ESOP, the Company can make annual discretionary contributions to the trust for the benefit of eligible employees in the form of cash or shares of common stock of the Company subject to the Board of Directors’ approval. For each of the twelve months ended December 31, 2023, 2022 and 2021, the Company recorded no ESOP expense. As of January 1, 2023, the Company amended the plan reducing the distribution period from five three At various times following death, disability, retirement, termination of employment or the exercise of diversification rights, an ESOP participant is entitled to receive their ESOP account balance in accordance with various distribution methods as permitted under the policies adopted by the ESOP. As of December 31, 2023 and December 31, 2022, the ESOP shares consisted of 4,062,583 and 5,684,879 in allocated shares, respectively.

Retirement plans

Retirement plans	12 Months Ended
	Dec. 31, 2023
Retirement plans
Retirement plans	Note 7. Retirement plans The Mayville Engineering Company, Inc. 401(k) Plan (the 401(k) Plan) covers substantially all employees meeting certain eligibility requirements. The 401(k) Plan is a defined contribution plan and is intended for eligible employees to defer tax-free contributions to save for retirement. Employees may contribute up to 50% of their eligible compensation to the 401(k) Plan, subject to the limits of Section 401(k) of the Internal Revenue Code. As of January 1, 2023, the Company implemented an employer match program to the 401(k) Plan. The Company now provides a 50% match for employee contributions, up to 6%. For the twelve months ended December 31, 2023, the Company’s employer match expense was $3,232. Additionally, the 401(k) Plan provides for employer discretionary profit-sharing contributions and the Board of Directors may authorize discretionary profit-sharing contributions (which are usually approved at the end of each calendar year). For the twelve months ended December 31, 2023, 2022 and 2021, the Company’s estimated discretionary profit-sharing expense was $0, $2,500 and $2,057, respectively.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income taxes
Income taxes	Note 8. Income taxes Income taxes are included in the Consolidated Statements of Comprehensive Income (Loss) at December 31, 2023, 2022 and 2021 as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2023 ​ 2022 ​ 2021 Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ — ​ $ — ​ $ 100 State ​ 191 ​ 414 ​ 1,203 Total ​ 191 ​ 414 ​ 1,303 Deferred income tax expense (benefit) ​ ​ ​ U.S. Federal ​ 808 ​ 4,722 ​ (2,790) State ​ 40 ​ (1,469) ​ (456) Total ​ 848 ​ 3,253 ​ (3,246) Total income tax expense (benefit) ​ $ 1,039 ​ $ 3,667 ​ $ (1,943) ​ A reconciliation of the statutory federal income tax provision (benefit) to the income tax provision (benefit) from continuing operations provided at December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Income tax provision (benefit) at the federal statutory rate - 21% ​ $ 1,865 ​ $ 4,703 $ (1,971) State and local income taxes - net of federal income tax benefits ​ ​ 429 ​ ​ 831 ​ ​ 523 ​ Compensation deduction limitation - section 162(m) adjustment ​ ​ 305 ​ ​ (427) ​ ​ 14 ​ Other - permanent differences ​ ​ 80 ​ ​ 43 ​ ​ 29 ​ Tax credits generated ​ ​ (975) ​ ​ (63) ​ ​ (301) ​ Uncertain tax positions - current year ​ ​ 195 ​ ​ 16 ​ ​ 75 ​ Uncertain tax positions - prior year ​ ​ 283 ​ ​ 54 ​ ​ (7) ​ Stock compensation ​ ​ (162) ​ ​ 50 ​ ​ (546) ​ Return to provision ​ ​ (1,137) ​ ​ (424) ​ ​ 147 ​ Changes in tax rates ​ ​ 182 ​ ​ (1,071) ​ ​ 43 ​ Other miscellaneous tax ​ ​ (26) ​ ​ (45) ​ ​ 51 ​ Total income tax provision (benefit) ​ $ 1,039 ​ $ 3,667 ​ $ (1,943) ​ Effective tax rate ​ 11.7 % ​ 16.4 % ​ 26.5 % ​ ​ ​ The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2023 ​ 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Deferred compensation ​ $ 3,693 ​ $ 7,674 Inventory adjustments ​ ​ 1,573 ​ ​ 1,601 Accrued expenses ​ ​ 1,478 ​ ​ 411 Right of use - liability ​ ​ 8,165 ​ ​ 8,853 Credits ​ ​ 2,322 ​ ​ 942 Net operating loss ​ ​ 4,401 ​ ​ 4,781 Interest Expense ​ ​ 2,969 ​ ​ 721 Other ​ ​ 398 ​ ​ 478 Total deferred tax assets ​ ​ 24,999 ​ ​ 25,461 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ ​ 24,009 ​ ​ 17,909 Intangibles ​ ​ 5,775 ​ ​ 10,671 Right of use - asset ​ ​ 7,816 ​ ​ 8,689 Other ​ ​ 5 ​ ​ 10 Total deferred tax liabilities ​ ​ 37,605 ​ ​ 37,279 Valuation allowance ​ ​ — ​ ​ — Net deferred tax liability ​ $ (12,606) ​ $ (11,818) ​ Consolidated federal net operating loss carryforwards are $20,008 and do not expire. In addition, the Company has consolidated and separate company net operating loss carryforwards of $19,169, certain of which begin to expire in 2031. Uncertain Tax Positions Based on an evaluation of its tax positions, the Company recorded an unrecognized tax benefit related to research and development tax credits in its financial statements as of December 31, 2023 and December 31, 2022. The Company does not anticipate that there will be a material change in the balance of the unrecognized tax benefits in the next twelve months. Any interest and penalties related to uncertain tax positions are recorded in income tax expense. No amounts have been recorded as tax expense for interest and penalties for the year ended December 31, 2023 as the amount for the utilized portion of the research and development credit on the Wisconsin return is considered to be immaterial. At December 31, 2023, a total of $771 of unrecognized tax benefits would, if recognized, impact the company’s effective tax rate. The Company files income tax returns in the United States federal jurisdiction and in various state and local jurisdictions. Federal tax returns for tax years beginning January 1, 2019, and state tax returns beginning January 1, 2018, are open for examination. ​ Details of Unrecognized Tax Benefits The following is a reconciliation of beginning and ending amounts of unrecognized tax benefits: ​ ​ ​ ​ ​ Balance as of December 31, 2020 ​ $ 221 Increase from current year tax positions ​ ​ 100 Increase from prior year tax positions ​ ​ (7) Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2021 ​ ​ 314 Increase from current year tax positions ​ ​ 16 Decrease from prior year tax positions ​ ​ 54 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2022 ​ 384 Increase from current year tax positions ​ ​ 1,099 Increase from prior year tax positions ​ ​ 217 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ (25) Balance as of December 31, 2023 ​ $ 1,675 ​

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and contingencies
Commitments and contingencies	Note 9. Commitments and contingencies Litigation On August 4, 2022, the Company filed a lawsuit against Peloton Interactive, Inc. (“Peloton”) in the Supreme Court of the State of New York, New York County. The lawsuit arises from a March 2021 Supply Agreement between the parties, pursuant to which MEC was to manufacture and supply custom component parts for Peloton’s exercise bikes (the “Manufacturing Project”). In the lawsuit, the Company originally asserted two claims (1) breach and anticipatory repudiation of contract and (2) breach of the duty of good faith and fair dealing (pleaded in the alternative). In January 2023, in response to Peloton’s motion to dismiss, the court allowed the first claim to proceed and dismissed the alternative claim. In the remaining claim, MEC asserts that Peloton breached and anticipatorily repudiated the Supply Agreement by unilaterally cancelling the Manufacturing Project, and refusing to pay MEC certain monthly fixed revenue payments owed under the terms of the Supply Agreement. The parties have cross-appealed the court’s order on the motion to dismiss – Peloton appealed the portion of the order that denied the motion to dismiss the claim for breach and anticipatory repudiation of contract and MEC appealed the portion of the order that dismissed the claim for breach of duty of good faith and fair dealing. Both appeals are pending. On November 3, 2023, Peloton filed a counterclaim alleging that Peloton was induced by fraud to enter into the Supply Agreement and seeking recission of the Supply Agreement and damages, among other forms of relief. On November 22, 2023, the Company answered Peloton’s counterclaim, denying the allegations in the counterclaim. The total amount for damages claimed by MEC is substantial but the amount and timing of the ultimate recovery is uncertain. As a result, any recovery from this litigation or settlement of this claim is a contingent gain and will be recognized if, and when, realized or realizable. From time to time, the Company may be involved in various claims and lawsuits, both for and against the Company, arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, in management’s opinion, either the likelihood of loss is remote, or any reasonably possible loss associated with the resolution of such proceedings is not expected to have a material adverse impact on the consolidated financial statements.

Deferred compensation

Deferred compensation	12 Months Ended
	Dec. 31, 2023
Deferred compensation
Deferred compensation	Note 10. Deferred compensation The Mayville Engineering Company Deferred Compensation Plan is available for certain employees designated to be eligible to participate by the Company and approved by the Board of Directors. Eligible employees may elect to defer a portion of their compensation for any plan year and the deferral cannot exceed 50% of the participant’s base salary and may include the participant’s annual short-term cash incentive up to 100%. The participant’s election must be made prior to the first day of the plan year. An employer contribution will be made for each participant to reflect the amount of any reduced allocations to the ESOP and/or 401(k) employer contributions due solely to the participant’s deferral amounts, as applicable. In addition, a discretionary amount may be awarded to a participant by the Company. Deferrals are assumed to be invested in an investment vehicle based on the options made available to the participant (which does not include Company stock). The deferred compensation plan provides benefits payable upon separation of service or death. Payments are to be made 30 or 180 days after date of separation from service, either in a lump-sum payment or up to five annual installments as elected by the participant when the participant first elects to defer compensation. The deferred compensation plan is non-funded, and all future contributions are unsecured in that the employees have the status of a general unsecured creditor of the Company and the agreements constitute a promise by the Company to make benefit payments in the future. During the twelve months ended December 31, 2023, 2022 and 2021, eligible employees elected to defer compensation of $490, $117 and $0, respectively. As of December 31, 2023 and 2022, the short-term portion accrued for all benefit years less than 12 months under this plan was $289 and $18,062, respectively. As of December 31, 2023 and 2022, the long-term portion accrued for all benefit years greater than 12 months under this plan was $3,816 and $3,132. Total expense (credit) for the deferred compensation plan for the twelve months ended December 31, 2023, 2022 and 2021 amounted to $942, ($3,051) and $812, respectively. These expenses (credits) are included in profit sharing, bonuses and deferred compensation on the Consolidated Statements of Comprehensive Income (Loss). Additionally, the Company made distributions of $18,520, $1,048 and $1,327 for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Self-Funded insurance

Self-Funded insurance	12 Months Ended
	Dec. 31, 2023
Self-Funded insurance
Self-Funded insurance	Note 11. Self-Funded insurance The Company is self-funded for the medical benefits provided to its employees and their dependents. Healthcare costs are expensed as incurred and are based upon actual claims paid, reinsurance premiums, administration fees and estimated unpaid claims. Since March 31, 2020, the Company has an aggregate stop loss limit to mitigate risk. Expense related to this contract were $20,292, $17,146 and $17,157 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. An estimated accrued liability of $1,018 and $900 was recorded as of December 31, 2023 and December 31, 2022, respectively, for estimated unpaid claims and is included within other current liabilities on the Consolidated Balance Sheets.

Segments

Segments	12 Months Ended
	Dec. 31, 2023
Segments
Segments	Note 12. Segments The Company applies the provisions of ASC 280, Segment Reporting

Fair value of financial instrum

Fair value of financial instruments	12 Months Ended
	Dec. 31, 2023
Fair value of financial instruments
Fair value of financial instruments	Note 13. Fair value of financial instruments Fair value provides information on what the Company may realize if certain assets were sold or might pay to transfer certain liabilities based upon an exit price. Financial assets and liabilities that are measured and reported at fair value are classified into a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. Long-term debt is classified as a Level 2 fair value input. ● Level 3 – Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be the Company’s own data and judgements about assumptions that market participants would use in pricing the asset or liability. The following table lists the Company’s financial assets and liabilities accounted for at fair value by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2023 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 4,105 ​ $ 4,105 ​ $ — ​ $ — Total ​ $ 4,105 ​ $ 4,105 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2022 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — Total ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — ​ Fair value measurements for the Company’s cash and cash equivalents are classified based upon Level 1 measurements because such measurements are based upon quoted market prices in active markets for identical assets. Accounts receivable, accounts payable, long-term debt and accrued liabilities are recorded in the Consolidated Balance Sheets at cost and approximate fair value. Deferred compensation liabilities are recorded at amounts due to participants at the time of deferral. Deferrals are invested in an investment vehicle based on the options made available to the participant, considered to be Level 1 and Level 2 on the fair value hierarchy, with the current balance all as Level 1. The change in fair value is recorded in the profit sharing, bonuses, and deferred compensation line item on the Consolidated Statements of Comprehensive Income (Loss). The short-term and long-term balances due to participants are reflected on the current portion of deferred compensation and deferred compensation, less current portion line items, respectively, on the Consolidated Balance Sheets. The Company’s non-financial assets such as intangible assets and property, plant, and equipment are re-measured at fair value when there is an indication of impairment and adjusted only when an impairment charge is recognized.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2023
Revenue Recognition
Revenue Recognition	Note 14. Revenue recognition Contract Assets and Contract Liabilities The Company has contract assets and contract liabilities, which are included in tooling in progress and other current liabilities on the Consolidated Balance Sheets, respectively. Contract assets include products where the Company has satisfied its performance obligation, but receipt of payment is contingent upon delivery. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied when the tooling is completed and the customer signs off through the PPAP or other documented customer acceptance. Cost of goods sold is recognized and released from the balance sheet when control of the tooling promised under contract is transferred to the customer. The Company’s contracts with customers are short-term in nature; therefore, revenue is typically recognized, billed and collected within a 12-month period. The following table reflects the changes in our contract assets and liabilities during the twelve months ended December 31, 2023, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Assets Liabilities As of December 31, 2020 ​ $ 3,126 ​ $ 1,060 Net activity ​ ​ 824 ​ ​ 1,658 As of December 31, 2021 ​ ​ 3,950 ​ ​ 2,718 Net activity ​ ​ 3,988 ​ ​ 3,423 As of December 31, 2022 ​ ​ 7,938 ​ ​ 6,141 Net activity ​ ​ (2,481) ​ ​ (2,506) As of December 31, 2023 ​ $ 5,457 ​ $ 3,635 Disaggregated Revenue The following tables represents a disaggregation of revenue by product category and end market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, Product Category ​ 2023 2022 2021 Outdoor sports ​ $ 9,017 ​ $ 9,498 ​ $ 10,039 Fabrication ​ ​ 342,689 ​ ​ 324,254 ​ ​ 295,988 Performance structures ​ ​ 136,819 ​ ​ 109,888 ​ ​ 73,207 Tube ​ ​ 76,322 ​ ​ 73,868 ​ ​ 58,749 Tank ​ ​ 43,947 ​ ​ 38,246 ​ ​ 25,816 Total ​ ​ 608,794 ​ ​ 555,754 ​ ​ 463,799 Intercompany sales elimination ​ ​ (20,369) ​ ​ (16,362) ​ ​ (8,973) Total, net sales ​ $ 588,425 ​ $ 539,392 ​ $ 454,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, End Market ​ 2023 ​ 2022 ​ 2021 Commercial vehicle ​ $ 225,252 ​ $ 212,992 ​ ​ 156,488 Construction & access ​ 105,228 ​ ​ 111,525 ​ ​ 92,298 Powersports ​ 97,788 ​ ​ 87,531 ​ ​ 90,247 Agriculture ​ 57,231 ​ 57,412 ​ ​ 49,827 Military ​ ​ 37,311 ​ ​ 24,831 ​ ​ 24,147 Other ​ ​ 65,615 ​ ​ 45,101 ​ ​ 41,819 Total, net sales ​ $ 588,425 ​ $ 539,392 ​ ​ 454,826 ​

Common Equity

Common Equity	12 Months Ended
	Dec. 31, 2023
Common Equity.
Common equity	Note 15. Common equity At December 31, 2023, the authorized stock of the Company consisted of 75,000,000 shares of common stock without par value. Changes in outstanding common shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Beginning balance ​ 20,172,746 ​ 20,335,934 ​ 20,059,390 Treasury stock purchases ​ (184,964) ​ (559,945) ​ (147,785) Common stock issued (including share-based compensation impact) ​ 322,802 ​ 396,757 ​ 424,329 Ending balance ​ 20,310,584 ​ 20,172,746 ​ 20,335,934 ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	Note 16. Earnings per share The Company computes earnings per share in accordance with ASC 260 , Earnings per Share A reconciliation of basic and diluted net income (loss) per share attributable to the Company were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2023 ​ 2022 ​ 2021 Net income (loss) attributable to MEC $ 7,844 ​ $ 18,727 ​ $ (7,451) Average shares outstanding ​ 20,415,157 ​ ​ 20,399,737 ​ ​ 20,404,543 Basic income (loss) per share $ 0.38 ​ $ 0.92 ​ $ (0.37) ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 20,415,157 ​ ​ 20,399,737 ​ ​ 20,404,543 Effect of dilutive share-based compensation ​ 283,813 ​ ​ 282,891 ​ ​ 426,434 Total potential shares outstanding ​ 20,698,970 ​ ​ 20,682,628 ​ ​ 20,830,977 Diluted income (loss) per share $ 0.38 ​ $ 0.91 ​ $ (0.36) ​ ​ Options in the money that were not included in the computation of diluted earnings per share because they would have had an antidilutive impact on earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2023 2022 2021 Stock options ​ — ​ — ​ 300,510 ​ ​

Concentration of major customer

Concentration of major customers	12 Months Ended
	Dec. 31, 2023
Concentration of major customers
Concentration of major customers	Note 17. Concentration of major customers The following customers accounted for 10% or greater of the Company’s recorded net sales and net trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Receivable ​ ​ ​ Net Sales ​ ​ As of ​ ​ As of ​ ​ ​ Twelve Months Ended December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ Customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A 15.0 % ​ 16.0 % ​ 14.1 % ​ <10 % ​ <10 % B 14.8 % ​ 17.2 % ​ 16.6 % ​ 12.6 % ​ 11.0 % C 10.6 % ​ 11.9 % ​ 10.8 % ​ <10 % ​ <10 % D ​ <10 % ​ <10 % ​ 10.0 % ​ <10 % ​ <10 % E <10 % ​ <10 % ​ <10 % ​ 12.7 % ​ 12.6 % ​ ​

Stock-based compensation

Stock-based compensation	12 Months Ended
	Dec. 31, 2023
Stock-based compensation
Stock-based compensation	Note 18. Stock-based compensation The Mayville Engineering Company, Inc. 2019 Omnibus Incentive Plan provided the Company the ability to grant monetary payments based on the value of its common stock, up to 2,000,000 shares. On April 20, 2021, shareholders of the Company approved an amendment to the 2019 Omnibus Incentive Plan increasing the number of shares of common stock authorized for issuance by 2,500,000 shares. The Company recognizes stock-based compensation using the fair value provisions prescribed by ASC 718, Compensation – Stock Compensation Cancellations and forfeitures are accounted for as incurred. Stock awards were granted on November 3, 2023, September 18, 2023, June 26, 2023, April 18, 2023, March 13, 2023, February 28, 2023, January 25, 2023, July 19, 2022, April 19, 2022, February 28, 2022, June 3, 2021, May 12, 2021 and February 28, 2021. The Company’s stock-based compensation expense by award type is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 2022 2021 Unit awards ​ $ 3,001 ​ $ 2,490 ​ $ 3,006 Option awards ​ 1,484 ​ ​ 1,269 ​ ​ 1,956 Stock based compensation expense, net of tax ​ $ 4,485 ​ $ 3,759 ​ $ 4,962 ​ A rollforward of unrecognized stock-based compensation expense is displayed in the table below. Unrecognized stock-based compensation expense as of December 31, 2023 will be expensed over the remaining requisite service period from which individual award values relate, up to November 3, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Options Total Balance as of December 31, 2021 ​ $ 1,676 ​ $ 1,537 ​ $ 3,213 Grants ​ ​ 4,426 ​ ​ 2,573 ​ ​ 6,999 Forfeitures ​ ​ (1,873) ​ ​ (1,791) ​ ​ (3,664) Expense ​ ​ (2,490) ​ ​ (1,269) ​ ​ (3,759) Balance as of December 31, 2022 ​ ​ 1,739 ​ ​ 1,050 ​ ​ 2,789 Grants ​ ​ 4,465 ​ ​ 2,585 ​ ​ 7,050 Forfeitures ​ ​ (899) ​ ​ (638) ​ ​ (1,537) Expense ​ ​ (3,001) ​ ​ (1,484) ​ ​ (4,485) Balance as of December 31, 2023 ​ $ 2,304 ​ $ 1,513 ​ $ 3,817 ​ ​ Units A summary of the Company’s unit award activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Grant Date Fair ​ Number of Units Value Number of Units Value Nonvested, beginning of year 392,550 ​ $ 9.52 354,906 ​ $ 11.59 Grants 295,109 ​ $ 15.22 477,277 ​ $ 9.27 Forfeitures (63,878) ​ $ 13.86 (167,641) ​ $ 11.18 Vested (254,169) ​ $ 10.00 (271,992) ​ $ 10.76 Nonvested, end of year 369,612 ​ $ 12.99 392,550 ​ $ 9.52 ​ Stock Options A summary of the Company’s stock option award activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ Weighted-Average ​ Weighted-Average ​ ​ Number of Options ​ Exercise Price ​ Number of Options ​ Exercise Price Nonvested, beginning of year 184,052 ​ $ 13.51 526,895 ​ $ 10.91 Grants 281,822 ​ $ 14.79 479,947 ​ $ 10.32 Forfeitures (84,261) ​ $ 13.54 (309,863) ​ $ 11.30 Vested (195,264) ​ $ 11.67 (512,927) ​ $ 9.18 Nonvested, end of year 186,349 ​ $ 17.37 184,052 ​ $ 13.51 ​ As of December 31, 2023, there were 250,505, 696,041, 225,114 and 120,571 options issued and outstanding at exercise prices of $17.00, $7.12, $14.01 and $10.32 per share, respectively, with a remaining weighted average contractual life of 6.45 years. The intrinsic values of these outstanding options were $0, $7.30, $0.42 and $4.10, respectively, based on the Company’s stock price as of December 31, 2023. The Company uses the Black-Scholes valuation model to estimate the fair value of stock options which were $9.28 and $5.36 for those options granted during the years ended December 31, 2023 and 2022, respectively. The Company utilized the following assumptions in determining these fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inputs Assumptions 2023 2022 2021 Stock price at date of grant/exercise price ​ $ 14.12 ​ $ 10.32 ​ $ 14.01 ​ Expected term (in years) ​ ​ 5.75 ​ ​ 5.75 ​ ​ 5.75 ​ Estimated volatility ​ ​ 58.5 % ​ 55.3 % ​ 53.9 % Estimated risk-free rate of return ​ ​ 3.9 % ​ 1.9 % ​ 0.8 % Expected dividend yield ​ ​ 0.0 % ​ 0.0 % ​ 0.0 % ​ The Company does not have historical option exercise data to estimate the expected term. For options granted, the Company utilizes the simplified method prescribed by Staff Accounting Bulletin (SAB) Topic 14 to estimate the expected term, which is calculated as the average of the vesting term and the contractual term. The option grants have a contractual life of 10 years and a requisite service period, or vesting term, of 2 years with 50% vesting on the annual anniversary dates. Applying the simplified method, the Company calculated the expected terms of each tranche to be 5.5 years and 6.0 years resulting in an average expected term of 5.75 years for these awards. The Company will continue to employ the simplified method until more relevant detailed information becomes available from which to make this estimate.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2023
Restructuring
Restructuring	Note 19. Restructuring On November 2, 2023, as part of our efforts to optimize our operations, the Company restructured its operations team, eliminating the position of Chief Operating Officer (COO). For the twelve months ended December 31, 2023, the Company incurred severance costs of $855 which were recognized within cost of sales in the Consolidated Statements of Comprehensive Income (Loss) as of December 31, 2023. The operations team reorganization was finalized during the fourth quarter of the current period. The following table summarizes the activity related to the separation with the Company’s former COO through December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Employee Severance ​ ​ ​ Reserve Balance as of December 31, 2022 ​ $ — Charges ​ ​ 855 Cash receipts (payments) ​ ​ (855) Balance as of December 31, 2023 ​ $ — ​

Valuation and qualifying accoun

Valuation and qualifying accounts	12 Months Ended
	Dec. 31, 2023
Valuation and qualifying accounts
Valuation and qualifying accounts	Note 20. Valuation and qualifying accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ Balance at ​ ​ beginning of ​ ​ ​ ​ ​ ​ ​ end of Description ​ period ​ Additions ​ Deductions ​ period Year ended December 31, 2023 ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 545 ​ $ 447 ​ $ 307 ​ $ 685 Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 631 ​ $ 697 ​ $ 784 ​ $ 545 Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 1,298 ​ $ 751 ​ $ 1,418 ​ $ 631 ​

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2023
Subsequent events
Subsequent events	Note 21. Subsequent events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the consolidated financial statements through March 6, 2024, the date on which the consolidated financial statements were available to be issued.

Nature of business and summar_2

Nature of business and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Nature of business and summary of significant accounting policies
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). They include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less to be cash and cash equivalents.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of bank balances above the Federal Deposit Insurance Corporation insurability limits of $250 per official custodian. The Company has not experienced any losses on these accounts and management believes the Company is not exposed to any significant credit risk on cash.
Accounts receivable	Accounts receivable Accounts receivable are generally uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days from the invoice date. Management periodically reviews past due balances and established an allowance for doubtful accounts of $685 and $545 as of December 31, 2023 and 2022, respectively, for probable uncollectible amounts based on its assessment of the current status of individual accounts. The estimated valuation allowance results in a reduction to sales and the accounts are written-off through a charge to the valuation allowance and a credit to accounts receivable after the Company has used all reasonable collection efforts. As the Company's customer base is principally made up of blue-chip OEMs with high credit ratings and our trade receivables are due within one year or less, the Company does not have a reserve for credit losses.
Inventories	Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method (FIFO), or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production cost consisting of material, labor and overhead. The Company maintains a reserve for obsolete and slow-moving inventory of $2,527 and $2,344 as of December 31, 2023 and 2022, respectively, which is based upon the aging of current inventory as well as assumptions on future demand and market conditions.
Tooling in progress	Tooling in progress The Company has agreements with its customers to provide production tooling which will be used to produce specific parts for its customers. The costs to design, engineer, and manufacture the tooling are charged to tooling in progress as incurred and based on when control of the tooling is transferred to the customer under contract or when the customer signs off through the Product Part Approval Process (PPAP) or other documented customer acceptance, either at a point in time or over a period of time is when revenue is recognized. The Company may also provide production tooling that is not sold to customers but is capitalized in property, plant and equipment. To the extent that estimated costs exceed expected reimbursement from the customer, the Company recognizes a loss. Tooling in progress was $5,457 and $7,938 as of December 31, 2023 and 2022, respectively.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for additions and improvements are capitalized while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to the results of operations. Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line depreciation method for financial reporting purposes and begins when the asset is placed into service.
Business combinations	Business combinations The Company accounts for all business combinations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations
Goodwill	Goodwill We test goodwill for impairment annually, or more frequently if triggering events occur indicating that there may be an impairment. We have recorded goodwill and perform testing for potential goodwill impairment at a reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment for which discrete financial information is available, and for which management regularly reviews the operating results. Additionally, components within an operating segment can be aggregated as a single reporting unit if they have similar economic characteristics. We have concluded we have one reporting unit. We determine the fair value of our reporting units using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The income approach is dependent on several key management assumptions, including estimates of future sales, gross margins, operating costs, interest expense, income tax rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital or the discount rate. Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the reporting unit. Expected cash flows used under the income approach are developed in conjunction with our budgeting and forecasting process. We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. At December 31, 2023 and 2022, the Company had goodwill with a carrying amount of $92,650 and $71,535, respectively, with the fair value of our reporting unit exceeding the carrying value. If the market valuation of our common shares or operating results of our reporting unit significantly decline beyond current levels, we may again need to conduct an evaluation of the fair value of our goodwill, which may result in an impairment change. Changes to management assumptions and estimates utilized in the income approach could negatively impact the fair value conclusions for our reporting units resulting in goodwill impairment. All key assumptions and valuations are determined by and are the responsibility of management. The factors used in the impairment analysis are inherently subject to uncertainty. We believe that the estimates and assumptions are reasonable to determine the fair value of our reporting unit, however, if actual results are not consistent with these estimates and assumptions, goodwill and other intangible assets may be overstated which could result in an impairment charge.
Intangible assets, net	Intangible assets, net The Company’s primary other intangible assets are customer relationships and contracts, trade names, non-compete agreements, developed technology and patents acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. The costs of amortizable intangible assets are recognized over their expected useful lives using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset.
Fair value of financial instruments	Fair value of financial instruments Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amount of all significant financial instruments approximates fair value due to either the short maturity or the existence of variable interest rates that approximate prevailing market rates. Cash and cash equivalents, accounts receivable and accounts payable are classified as Level 1 fair value inputs as further described in Note 13 – Fair Value of Financial Instruments. Long-term debt is classified as a Level 2 fair value input.
Impairment of long-lived assets and gain (loss) on contracts	Impairment of long-lived assets and (gain) loss on contracts When events or conditions warrant, the Company evaluates the recoverability of long-lived assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based on several factors, including management’s intention with respect to these assets and their projected undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the respective assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. To the extent that the carrying value of the net assets of an asset group is greater than the estimated fair value, the Company may be required to record impairment charges. The Company records intangible asset impairment charges as a reduction to intangible assets. The Company records other long-lived asset impairment charges as a reduction to property, plant and equipment and an increase in other current liabilities for loss contracts in the Consolidated Balance Sheets. The Company records a gain on sale of a previously impaired asset and a reversal of a loss contract within impairment of long-lived assets and (gain) loss on contracts.
Deferred financing costs	Deferred financing costs Loan issuance costs and discounts are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Loan issuance costs associated with revolving debt arrangements are presented as a component of other assets. Loan issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method over the life of the credit agreement. Loan issuance costs and discounts incurred in connection with term debt are amortized using the effective interest method. Amortization of deferred loan issuance costs and discounts are included in interest expense. During 2023 and 2022, the Company recorded $1,205 and $0, respectively, of deferred financing costs associated with its long-term debt and line of credit arrangements. Amortization expense associated with the deferred debt issuance costs and discounts in 2023, 2022 and 2021 was $309, $336 and $336, respectively. Accumulated amortization was $141 and $1,056 as of December 31, 2023 and 2022, respectively. Amendments made to existing debt in 2023, 2022 and 2021 resulted in the write-off of $216, $0 and $0, respectively, of unamortized costs associated with the debt that was replaced.
Revenue recognition	Revenue recognition The Company recognizes revenue for the transfer of goods or services to a customer in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company enters into supply agreements and purchase orders that include both free on board (FOB) origin and FOB destination shipping terms. Depending on the terms of the agreement, the customer takes ownership at shipment or at delivery, and this is when control transfers. Sales are supported by documentation such as supply agreements and purchase orders, which specify certain terms and conditions including product specifications, quantities, fixed prices, delivery dates and payments terms. Revenue related to services is recognized in the period services are performed, thus the Company recognizes revenue at a point in time. There are many customers where the Company designs, engineers and builds production tooling, which is purchased by the customer. Tooling revenue is recognized at the point the customer signs off on the product through the Product Part Approval Process (PPAP) or other documented customer acceptance and control of the tooling promised under a contract is transferred to the customer at a point in time. Revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the tooling. The Company offers certain customers discounts for early payments. These discounts are recorded against net sales in the Consolidated Statement of Comprehensive Income (Loss) and accounts receivable in the Consolidated Balance Sheets. The Company does not offer any other customer incentives, rebates or allowances.
Shipping and handling	Shipping and handling The Company expenses shipping and handling costs as incurred. These costs are generally comprised of salaries and wages, shipping supplies and warehouse costs. Inbound freight costs, which mostly relate to raw materials, are included in cost of sales on the Consolidated Statements of Comprehensive Income (Loss). Outbound freight costs, which mostly relate to sales, are included in net sales on the Consolidated Statements of Comprehensive Income (Loss). The Company does not charge customers nor recognize revenue for shipping and handling. The Company’s OEM customers arrange and pay the freight for delivery.
Advertising	Advertising The Company expenses the costs of advertising when incurred. Advertising expense was $141, $169 and $163 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. Advertising costs are charged to selling, general and administrative expenses.
Income taxes	Income taxes Income taxes and uncertain tax positions are accounted for in accordance with ASC 740, Accounting for Income Taxes
Income (loss) per share	Income (loss) per share The Company computes basic income (loss) per share by dividing net income (loss) available to shareholders by the actual weighted average number of common shares outstanding for the reporting period. The dilutive impact to basic earnings per share considers the impact to earnings if all convertible securities were exercised or outstanding that do not have an antidilutive impact on earnings per share.
Treasury stock	Treasury stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Subsequent reissuance of shares to the 401(k) Plan or ESOP are recorded as a reduction to treasury stock and as ESOP expense in the Consolidated Statements of Comprehensive Income (Loss).
Recent Accounting Pronouncements	Recent accounting pronouncements In December 2023, the FASB issued Accounting Standards Updated (ASU) 2023-09, Improvements to Income Tax Disclosures , amending ASC 740, Income Taxes. The amendment is intended to enhance the transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments require that on an annual basis, entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments require that entities disclose additional information about income taxes paid as well as additional disclosures of pretax income and income tax expense and remove the requirement to disclose certain items that are no longer considered cost beneficial or relevant. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively and allows for early adoption. The Company is evaluating the potential impact of this guidance on the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures , amending ASC 280, Segment Reporting . The amendment is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively and allows for early adoption. The Company is evaluating the potential impact of this guidance on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses trade receivables are due within one year or less, the adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases The new guidance provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which allows it to not reassess under the new guidance its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient. In addition, the new guidance provides accounting policy elections for an entity’s ongoing lessee accounting. The Company has elected to not separate lease and non-lease components for certain of its real estate leases. The Company has elected the short-term lease recognition exemption for all leases that qualify which means that it will not recognize ROU assets or lease liabilities for those leases with a term of 12 months or less.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Acquisition [Line Items]
Schedule of Pro Forma Financial Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 Net sales $ 619,381 ​ $ 624,995 Net income $ 8,324 ​ $ 21,477
Mid-States Aluminum [Member]
Business Acquisition [Line Items]
Schedule of assets acquired, liabilities assumed and net cash consideration paid	The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid for MSA during 2023: ​ ​ ​ ​ ​ ​ Preliminary ​ Estimated ​ Opening Balance ​ Useful ​ Sheet Allocation ​ Life Cash $ 324 ​ ​ Accounts receivable, net ​ 7,381 ​ ​ Inventory ​ 9,698 ​ ​ Property, plant and equipment ​ 41,271 ​ ​ Other assets ​ 291 ​ ​ Intangible assets ​ ​ ​ ​ Developed technology ​ 4,900 ​ 7 Years Customer relationships ​ 17,700 ​ 17 Years Goodwill ​ 21,115 ​ Indefinite Total assets acquired ​ 102,680 ​ ​ Accounts payable ​ (2,386) ​ ​ Accrued expenses ​ (1,509) ​ ​ Other liabilities ​ (1,984) ​ ​ Debt ​ (7,884) ​ ​ Total consideration $ 88,917 ​ ​

Select balance sheet data (Tabl

Select balance sheet data (Tables)	12 Months Ended
	Dec. 31, 2023
Select balance sheet data
Schedule of Inventories	Inventories as of December 31, 2023 and December 31, 2022 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 Finished goods and purchased parts ​ $ 31,489 ​ $ 44,728 Raw materials ​ 25,929 ​ 17,003 Work-in-process ​ 10,363 ​ 9,977 Total ​ $ 67,782 ​ $ 71,708
Schedule of Property, Plant and Equipment	Property, plant and equipment as of December 31, 2023 and December 31, 2022 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives December 31, December 31, ​ ​ Years ​ 2023 ​ 2022 Land ​ ​ Indefinite ​ $ 2,640 ​ $ 1,030 Land improvements ​ ​ 15-39 ​ ​ 4,378 ​ ​ 3,169 Building and building improvements ​ 15-39 ​ 79,682 ​ 59,664 Machinery, equipment and tooling ​ 3-10 ​ 295,960 ​ 250,110 Vehicles ​ 5 ​ 4,571 ​ 4,359 Office furniture and fixtures ​ 3-7 ​ 21,325 ​ 19,585 Construction in progress ​ N/A ​ 9,779 ​ 26,435 Total property, plant and equipment, gross ​ ​ ​ ​ 418,335 ​ 364,352 Less accumulated depreciation ​ ​ ​ ​ 242,590 ​ 218,581 Total property, plant and equipment, net ​ ​ ​ ​ $ 175,745 ​ $ 145,771
Schedule of Changes In Goodwill	​ ​ ​ ​ ​ Balance as of December 31, 2022 $ 71,535 Acquisition ​ ​ 21,115 Balance as of December 31, 2023 ​ $ 92,650
Schedule of Listing of Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Useful Lives ​ Gross Carrying ​ Accumulated ​ ​ ​ Years Amount Amortization ​ Net Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9 17 ​ $ 96,040 ​ $ 53,078 ​ $ 42,962 Trade name ​ 10 ​ 14,780 ​ 7,446 ​ ​ 7,334 Non-compete agreements ​ 5 ​ 8,800 ​ 8,800 ​ ​ — Developed technology ​ ​ 7 ​ ​ 4,900 ​ ​ 350 ​ ​ 4,550 Patents ​ 19 ​ 24 ​ 14 ​ ​ 10 Total intangible assets, net ​ ​ ​ $ 124,544 $ 69,688 ​ $ 54,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Useful Lives ​ Gross Carrying ​ Accumulated ​ ​ ​ Years Amount Amortization ​ Net Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9-17 ​ $ 78,340 ​ $ 48,839 ​ $ 29,501 Trade name ​ 10 ​ 14,780 ​ 5,968 ​ ​ 8,812 Non-compete agreements ​ 5 ​ 8,800 ​ 7,126 ​ ​ 1,674 Patents ​ 19 ​ 24 ​ 13 ​ ​ 11 Total intangible assets, net ​ ​ ​ $ 101,944 $ 61,946 ​ $ 39,998
Schedule of Changes In Intangible Assets	​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ $ 50,761 Amortization expense ​ ​ (6,952) Balance as of December 31, 2022 $ 43,809 Amortization expense ​ (7,742) Acquisition (see Note 2) ​ ​ 22,600 Balance as of December 31, 2023 ​ $ 58,667
Schedule of Future Amortization Expense	​ Future amortization expense is expected to be as followed: ​ ​ ​ ​ Year ending December 31, ​ ​ 2024 ​ $ 6,933 2025 ​ $ 6,933 2026 ​ $ 6,933 2027 ​ $ 6,933 2028 ​ $ 6,877 Thereafter ​ $ 20,247 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Summary of components of lease expense	The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 ​ 2022 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of finance lease assets ​ $ 414 ​ $ 320 Interest on finance lease liabilities ​ ​ 44 ​ 42 Total finance lease expense ​ ​ 458 ​ ​ 362 Operating lease expense ​ ​ 5,237 ​ ​ 6,063 Short-term lease expense ​ ​ 610 ​ ​ 683 Variable lease expense ​ ​ 197 ​ 217 Lease income (1) ​ ​ (2,070) ​ ​ (1,133) Total lease expense ​ $ 4,432 ​ $ 6,192 (1) The Company subleased a portion of its Hazel Park, MI facility starting in June 2022. Lease income for the twelve months ended December 31, 2023 and 2022 was $2,070 and $1,133 , respectively.
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ Balance Sheet Classification 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ Finance lease assets Property, plant and equipment, net ​ $ 854 ​ $ 1,103 Operating lease assets Operating lease assets ​ ​ 32,233 ​ ​ 36,073 Total lease assets ​ ​ $ 33,087 ​ $ 37,176 ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Current finance lease liabilities Other current liabilities ​ $ 441 ​ $ 388 Current operating lease liabilities Current portion of operating lease obligation ​ ​ 5,064 ​ ​ 4,857 Noncurrent liabilities: ​ ​ ​ ​ ​ Long-term finance lease liabilities Other long-term liabilities ​ ​ 478 ​ ​ 784 Long-term operating lease liabilities Operating lease obligation, less current maturities ​ ​ 28,606 ​ ​ 31,891 Total lease liabilities ​ ​ $ 34,589 ​ $ 37,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 ​ 2022 Weighted average remaining lease term (in years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ 2.4 ​ ​ ​ 3.1 ​ Operating leases ​ 7.0 ​ ​ ​ 7.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ 3.99 % ​ ​ 3.93 % Operating leases ​ 2.57 % ​ ​ 2.49 %
Schedule of ROU asset balances	The table below represents ROU asset balances by type of lease: ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 ​ 2022 Real estate leases $ 30,558 ​ $ 34,211 Equipment Leases ​ 2,179 ​ ​ 2,506 Vehicle Leases ​ 350 ​ ​ 459 Total lease assets $ 33,087 ​ $ 37,176
Schedule of minimum lease payments under ASC 840- Operating leases	Maturities of lease liabilities at December 31, 2023 and minimum lease payments under ASC 842 having initial or remaining non-cancellable terms in excess of one year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2024 ​ $ 5,840 ​ $ 468 ​ $ 6,308 2025 ​ 5,149 ​ ​ 333 ​ ​ 5,482 2026 ​ ​ 4,963 ​ ​ 108 ​ ​ 5,071 2027 ​ ​ 4,987 ​ ​ 52 ​ ​ 5,039 2028 ​ ​ 4,896 ​ ​ — ​ ​ 4,896 Thereafter ​ ​ 11,657 ​ ​ — ​ ​ 11,657 Total lease payments ​ ​ 37,492 ​ ​ 961 ​ ​ 38,453 Less: imputed interest ​ ​ (3,822) ​ ​ (42) ​ ​ (3,864) Total lease obligations ​ $ 33,670 ​ $ 919 ​ $ 34,589
Schedule of minimum lease payments under ASC 842- Finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2024 ​ $ 5,840 ​ $ 468 ​ $ 6,308 2025 ​ 5,149 ​ ​ 333 ​ ​ 5,482 2026 ​ ​ 4,963 ​ ​ 108 ​ ​ 5,071 2027 ​ ​ 4,987 ​ ​ 52 ​ ​ 5,039 2028 ​ ​ 4,896 ​ ​ — ​ ​ 4,896 Thereafter ​ ​ 11,657 ​ ​ — ​ ​ 11,657 Total lease payments ​ ​ 37,492 ​ ​ 961 ​ ​ 38,453 Less: imputed interest ​ ​ (3,822) ​ ​ (42) ​ ​ (3,864) Total lease obligations ​ $ 33,670 ​ $ 919 ​ $ 34,589
Schedule of Supplemental cash flow information	Lease related supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities for finance leases: ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 44 ​ $ 42 Financing cash flows ​ $ 404 ​ $ 322 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities for operating leases: ​ ​ ​ ​ ​ ​ Operating cash flows ​ $ 5,824 ​ $ 5,672 ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for recorded lease obligations: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 455 ​ $ 1,271 Finance leases ​ $ 2 ​ $ 284

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income taxes
Schedule of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2023 ​ 2022 ​ 2021 Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ — ​ $ — ​ $ 100 State ​ 191 ​ 414 ​ 1,203 Total ​ 191 ​ 414 ​ 1,303 Deferred income tax expense (benefit) ​ ​ ​ U.S. Federal ​ 808 ​ 4,722 ​ (2,790) State ​ 40 ​ (1,469) ​ (456) Total ​ 848 ​ 3,253 ​ (3,246) Total income tax expense (benefit) ​ $ 1,039 ​ $ 3,667 ​ $ (1,943)
Schedule of reconciliations of statutory federal income tax benefit to income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Income tax provision (benefit) at the federal statutory rate - 21% ​ $ 1,865 ​ $ 4,703 $ (1,971) State and local income taxes - net of federal income tax benefits ​ ​ 429 ​ ​ 831 ​ ​ 523 ​ Compensation deduction limitation - section 162(m) adjustment ​ ​ 305 ​ ​ (427) ​ ​ 14 ​ Other - permanent differences ​ ​ 80 ​ ​ 43 ​ ​ 29 ​ Tax credits generated ​ ​ (975) ​ ​ (63) ​ ​ (301) ​ Uncertain tax positions - current year ​ ​ 195 ​ ​ 16 ​ ​ 75 ​ Uncertain tax positions - prior year ​ ​ 283 ​ ​ 54 ​ ​ (7) ​ Stock compensation ​ ​ (162) ​ ​ 50 ​ ​ (546) ​ Return to provision ​ ​ (1,137) ​ ​ (424) ​ ​ 147 ​ Changes in tax rates ​ ​ 182 ​ ​ (1,071) ​ ​ 43 ​ Other miscellaneous tax ​ ​ (26) ​ ​ (45) ​ ​ 51 ​ Total income tax provision (benefit) ​ $ 1,039 ​ $ 3,667 ​ $ (1,943) ​ Effective tax rate ​ 11.7 % ​ 16.4 % ​ 26.5 %
Schedule of components of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2023 ​ 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ Deferred compensation ​ $ 3,693 ​ $ 7,674 Inventory adjustments ​ ​ 1,573 ​ ​ 1,601 Accrued expenses ​ ​ 1,478 ​ ​ 411 Right of use - liability ​ ​ 8,165 ​ ​ 8,853 Credits ​ ​ 2,322 ​ ​ 942 Net operating loss ​ ​ 4,401 ​ ​ 4,781 Interest Expense ​ ​ 2,969 ​ ​ 721 Other ​ ​ 398 ​ ​ 478 Total deferred tax assets ​ ​ 24,999 ​ ​ 25,461 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ ​ 24,009 ​ ​ 17,909 Intangibles ​ ​ 5,775 ​ ​ 10,671 Right of use - asset ​ ​ 7,816 ​ ​ 8,689 Other ​ ​ 5 ​ ​ 10 Total deferred tax liabilities ​ ​ 37,605 ​ ​ 37,279 Valuation allowance ​ ​ — ​ ​ — Net deferred tax liability ​ $ (12,606) ​ $ (11,818)
Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefit	​ ​ ​ ​ ​ Balance as of December 31, 2020 ​ $ 221 Increase from current year tax positions ​ ​ 100 Increase from prior year tax positions ​ ​ (7) Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2021 ​ ​ 314 Increase from current year tax positions ​ ​ 16 Decrease from prior year tax positions ​ ​ 54 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2022 ​ 384 Increase from current year tax positions ​ ​ 1,099 Increase from prior year tax positions ​ ​ 217 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ (25) Balance as of December 31, 2023 ​ $ 1,675 ​

Fair value of financial instr_2

Fair value of financial instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair value of financial instruments
Schedule of Financial Assets and Liabilities Accounted for at Fair Value by Fair Value Hierarchy	The following table lists the Company’s financial assets and liabilities accounted for at fair value by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2023 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 4,105 ​ $ 4,105 ​ $ — ​ $ — Total ​ $ 4,105 ​ $ 4,105 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2022 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — Total ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue Recognition
Schedule of Changes in Contract Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Assets Liabilities As of December 31, 2020 ​ $ 3,126 ​ $ 1,060 Net activity ​ ​ 824 ​ ​ 1,658 As of December 31, 2021 ​ ​ 3,950 ​ ​ 2,718 Net activity ​ ​ 3,988 ​ ​ 3,423 As of December 31, 2022 ​ ​ 7,938 ​ ​ 6,141 Net activity ​ ​ (2,481) ​ ​ (2,506) As of December 31, 2023 ​ $ 5,457 ​ $ 3,635
Schedule of Disaggregation of Revenue by Product Category and End Market	The following tables represents a disaggregation of revenue by product category and end market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, Product Category ​ 2023 2022 2021 Outdoor sports ​ $ 9,017 ​ $ 9,498 ​ $ 10,039 Fabrication ​ ​ 342,689 ​ ​ 324,254 ​ ​ 295,988 Performance structures ​ ​ 136,819 ​ ​ 109,888 ​ ​ 73,207 Tube ​ ​ 76,322 ​ ​ 73,868 ​ ​ 58,749 Tank ​ ​ 43,947 ​ ​ 38,246 ​ ​ 25,816 Total ​ ​ 608,794 ​ ​ 555,754 ​ ​ 463,799 Intercompany sales elimination ​ ​ (20,369) ​ ​ (16,362) ​ ​ (8,973) Total, net sales ​ $ 588,425 ​ $ 539,392 ​ $ 454,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, End Market ​ 2023 ​ 2022 ​ 2021 Commercial vehicle ​ $ 225,252 ​ $ 212,992 ​ ​ 156,488 Construction & access ​ 105,228 ​ ​ 111,525 ​ ​ 92,298 Powersports ​ 97,788 ​ ​ 87,531 ​ ​ 90,247 Agriculture ​ 57,231 ​ 57,412 ​ ​ 49,827 Military ​ ​ 37,311 ​ ​ 24,831 ​ ​ 24,147 Other ​ ​ 65,615 ​ ​ 45,101 ​ ​ 41,819 Total, net sales ​ $ 588,425 ​ $ 539,392 ​ ​ 454,826 ​

Common Equity (Tables)

Common Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Common Equity.
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Changes in outstanding common shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Beginning balance ​ 20,172,746 ​ 20,335,934 ​ 20,059,390 Treasury stock purchases ​ (184,964) ​ (559,945) ​ (147,785) Common stock issued (including share-based compensation impact) ​ 322,802 ​ 396,757 ​ 424,329 Ending balance ​ 20,310,584 ​ 20,172,746 ​ 20,335,934 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2023 ​ 2022 ​ 2021 Net income (loss) attributable to MEC $ 7,844 ​ $ 18,727 ​ $ (7,451) Average shares outstanding ​ 20,415,157 ​ ​ 20,399,737 ​ ​ 20,404,543 Basic income (loss) per share $ 0.38 ​ $ 0.92 ​ $ (0.37) ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 20,415,157 ​ ​ 20,399,737 ​ ​ 20,404,543 Effect of dilutive share-based compensation ​ 283,813 ​ ​ 282,891 ​ ​ 426,434 Total potential shares outstanding ​ 20,698,970 ​ ​ 20,682,628 ​ ​ 20,830,977 Diluted income (loss) per share $ 0.38 ​ $ 0.91 ​ $ (0.36)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	Options in the money that were not included in the computation of diluted earnings per share because they would have had an antidilutive impact on earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2023 2022 2021 Stock options ​ — ​ — ​ 300,510

Concentration of major custom_2

Concentration of major customers (Tables)	12 Months Ended
	Dec. 31, 2023
Concentration of major customers
Schedules of Major Customer Concentrations	The following customers accounted for 10% or greater of the Company’s recorded net sales and net trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Receivable ​ ​ ​ Net Sales ​ ​ As of ​ ​ As of ​ ​ ​ Twelve Months Ended December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ Customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A 15.0 % ​ 16.0 % ​ 14.1 % ​ <10 % ​ <10 % B 14.8 % ​ 17.2 % ​ 16.6 % ​ 12.6 % ​ 11.0 % C 10.6 % ​ 11.9 % ​ 10.8 % ​ <10 % ​ <10 % D ​ <10 % ​ <10 % ​ 10.0 % ​ <10 % ​ <10 % E <10 % ​ <10 % ​ <10 % ​ 12.7 % ​ 12.6 % ​

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock-based Compensation Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 2022 2021 Unit awards ​ $ 3,001 ​ $ 2,490 ​ $ 3,006 Option awards ​ 1,484 ​ ​ 1,269 ​ ​ 1,956 Stock based compensation expense, net of tax ​ $ 4,485 ​ $ 3,759 ​ $ 4,962
Schedule of Unrecognized Stock-based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Options Total Balance as of December 31, 2021 ​ $ 1,676 ​ $ 1,537 ​ $ 3,213 Grants ​ ​ 4,426 ​ ​ 2,573 ​ ​ 6,999 Forfeitures ​ ​ (1,873) ​ ​ (1,791) ​ ​ (3,664) Expense ​ ​ (2,490) ​ ​ (1,269) ​ ​ (3,759) Balance as of December 31, 2022 ​ ​ 1,739 ​ ​ 1,050 ​ ​ 2,789 Grants ​ ​ 4,465 ​ ​ 2,585 ​ ​ 7,050 Forfeitures ​ ​ (899) ​ ​ (638) ​ ​ (1,537) Expense ​ ​ (3,001) ​ ​ (1,484) ​ ​ (4,485) Balance as of December 31, 2023 ​ $ 2,304 ​ $ 1,513 ​ $ 3,817
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inputs Assumptions 2023 2022 2021 Stock price at date of grant/exercise price ​ $ 14.12 ​ $ 10.32 ​ $ 14.01 ​ Expected term (in years) ​ ​ 5.75 ​ ​ 5.75 ​ ​ 5.75 ​ Estimated volatility ​ ​ 58.5 % ​ 55.3 % ​ 53.9 % Estimated risk-free rate of return ​ ​ 3.9 % ​ 1.9 % ​ 0.8 % Expected dividend yield ​ ​ 0.0 % ​ 0.0 % ​ 0.0 %
Restricted Stock Units R S U [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule Of Share Based Compensation Restricted Stock Unit And Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Grant Date Fair ​ Number of Units Value Number of Units Value Nonvested, beginning of year 392,550 ​ $ 9.52 354,906 ​ $ 11.59 Grants 295,109 ​ $ 15.22 477,277 ​ $ 9.27 Forfeitures (63,878) ​ $ 13.86 (167,641) ​ $ 11.18 Vested (254,169) ​ $ 10.00 (271,992) ​ $ 10.76 Nonvested, end of year 369,612 ​ $ 12.99 392,550 ​ $ 9.52
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule Of Share Based Compensation Restricted Stock Unit And Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ Weighted-Average ​ Weighted-Average ​ ​ Number of Options ​ Exercise Price ​ Number of Options ​ Exercise Price Nonvested, beginning of year 184,052 ​ $ 13.51 526,895 ​ $ 10.91 Grants 281,822 ​ $ 14.79 479,947 ​ $ 10.32 Forfeitures (84,261) ​ $ 13.54 (309,863) ​ $ 11.30 Vested (195,264) ​ $ 11.67 (512,927) ​ $ 9.18 Nonvested, end of year 186,349 ​ $ 17.37 184,052 ​ $ 13.51

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring
Restructuring	​ ​ ​ ​ ​ ​ ​ ​ Employee Severance ​ ​ ​ Reserve Balance as of December 31, 2022 ​ $ — Charges ​ ​ 855 Cash receipts (payments) ​ ​ (855) Balance as of December 31, 2023 ​ $ — ​

Valuation and qualifying acco_2

Valuation and qualifying accounts (Tables)	12 Months Ended
	Dec. 31, 2023
Valuation and qualifying accounts
Schedule of valuation and qualifying accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ Balance at ​ ​ beginning of ​ ​ ​ ​ ​ ​ ​ end of Description ​ period ​ Additions ​ Deductions ​ period Year ended December 31, 2023 ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 545 ​ $ 447 ​ $ 307 ​ $ 685 Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 631 ​ $ 697 ​ $ 784 ​ $ 545 Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 1,298 ​ $ 751 ​ $ 1,418 ​ $ 631 ​

Nature of business and summar_3

Nature of business and summary of significant accounting policies (Details)	1 Months Ended	12 Months Ended
	May 31, 2019 shares	Dec. 31, 2023 facility segment
Basis Of Presentation [Line Items]
Number of facilities operated | facility		23
Number Of Operating Segments | segment		1
ESOP, plan description		From January 2003 until the Company’s initial public offering of common stock (IPO) in May 2019, the ESOP owned 100% of the Company’s outstanding shares of common stock which have been fully allocated to active or retired eligible employees.
Percentage of outstanding shares of common stock owned by ESOP	100%	36%
Common Stock [Member] | IPO
Basis Of Presentation [Line Items]
Common stock sold | shares	6,250,000
Percentage of outstanding shares of common stock owned by ESOP after the IPO	67%

Nature of business and summar_4

Nature of business and summary of significant accounting policies - Accounts receivable and Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable	$ 685	$ 545
Reserve for obsolete and slow-moving inventories	$ 2,527	$ 2,344

Nature of business and summar_5

Nature of business and summary of significant accounting policies - Tooling and PP&E (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Tooling in progress	$ 5,457	$ 7,938

Nature of business and summar_6

Nature of business and summary of significant accounting policies - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of Reporting Units | item	1
Goodwill | $	$ 92,650	$ 71,535

Nature of business and summar_7

Nature of business and summary of significant accounting policies - Deferred financing costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Deferred financing costs	$ 1,205	$ 0
Amortization of debt issuance costs and discounts	309	336	$ 336
Accumulated amortization	141	1,056
Write-offs of debt unamortized costs	$ 216	$ 0	$ 0

Nature of business and summar_8

Nature of business and summary of significant accounting policies - Advertising expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 141	$ 169	$ 163

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 01, 2023	Jun. 19, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Net sales			$ 588,425	$ 539,392	$ 454,826
Operating income			20,191	$ 25,774	$ (7,391)
Mid-States Aluminum [Member]
Business Acquisition [Line Items]
Purchase price of the acquisition	$ 95,945
Total net consideration		$ 90,002
Transaction costs			1,411
Net sales			25,687
Operating income			$ 3,027

Acquisitions - Assets acquired,

Acquisitions - Assets acquired, liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 92,650		$ 71,535
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Estimated useful life	7 years
Mid-States Aluminum [Member]
Business Acquisition [Line Items]
Cash		$ 324
Accounts receivable, net		7,381
Inventory		9,698
Property, plant and equipment		41,271
Other assets		291
Goodwill		21,115
Total assets acquired		102,680
Accounts payable		(2,386)
Accrued expenses		(1,509)
Other liabilities		(1,984)
Debt		(7,884)
Total consideration		88,917
Mid-States Aluminum [Member] | Developed Technology Rights [Member]
Business Acquisition [Line Items]
Intangibles		$ 4,900
Estimated useful life		7 years
Mid-States Aluminum [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangibles		$ 17,700
Estimated useful life		17 years

Acquisitions - Assets (Details)

Acquisitions - Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Inventory fair value step-up		$ 891
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Estimated useful life		7 years
Mid-States Aluminum [Member]
Business Acquisition [Line Items]
Inventory fair value step-up	$ 891
Property, plant and equipment fair value step-up	21,157
Purchase price		$ (1,084)
Mid-States Aluminum [Member] | Developed Technology Rights [Member]
Business Acquisition [Line Items]
Intangibles	$ 4,900
Estimated useful life	7 years
Mid-States Aluminum [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangibles	$ 17,700
Estimated useful life	17 years

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - Mid-States Aluminum [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net sales	$ 619,381	$ 624,995
Net income	$ 8,324	$ 21,477
Hypothectical increase in basis points	0.125%
Hypothetical increase in interest expense	$ 113

Select balance sheet data - Sch

Select balance sheet data - Schedule of Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Select balance sheet data
Finished goods and purchased parts	$ 31,489	$ 44,728
Raw materials	25,929	17,003
Work-in-process	10,363	9,977
Total	67,782	$ 71,708
Inventory fair value step-up	$ 891

Select balance sheet data - S_2

Select balance sheet data - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 418,335	$ 364,352
Less accumulated depreciation	242,590	218,581
Total property, plant and equipment, net	175,745	145,771
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	2,640	1,030
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,378	3,169
Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	15 years
Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	39 years
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 79,682	59,664
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	15 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	39 years
Machinery, Equipment and Tooling [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 295,960	250,110
Machinery, Equipment and Tooling [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	3 years
Machinery, Equipment and Tooling [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	10 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,571	4,359
Property, plant and equipment useful lives	5 years
Office Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 21,325	19,585
Office Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	3 years
Office Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	7 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 9,779	$ 26,435

Select balance sheet data - Add

Select balance sheet data - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Select Balance Sheet Data [Line Items]
Depreciation	$ 27,338,000	$ 22,359,000	$ 21,077,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Impairment Of Long Lived Assets And Gain Loss On Contracts To Be Disposed Of
Finance leases right of use assets	$ 854,000	$ 1,103,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property Plant And Equipment Net	Property Plant And Equipment Net
Goodwill	$ 92,650,000	$ 71,535,000
Amortization expense	7,742,000	6,952,000	$ 10,706,000
Gain on sale of assets	526,000	161,000	1,311,000
Impairment of intangible assets excluding goodwill	$ 0	0	0
Transaction with new fitness customer
Select Balance Sheet Data [Line Items]
Increase in other current liabilities			3,276,000
Former Customer [Member]
Select Balance Sheet Data [Line Items]
Impairment of long-lived asset			$ 12,875,000
Purchase commitments for property, plant and equipment canceled		2,257,000
Machinery and Equipment Sold		5,097,000
Gain on sale of assets		$ 2,089,000

Select balance sheet data - S_3

Select balance sheet data - Schedule of Changes In Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Select balance sheet data
Change in goodwill carrying amount	$ 21,115
Balance (beginning)	71,535
Acquisition	21,115
Balance (ending)	$ 92,650

Select balance sheet data - S_4

Select balance sheet data - Schedule of Listing of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortizable intangible assets [Abstract]
Amortizable intangible assets, gross	$ 124,544	$ 101,944
Accumulated amortization	69,688	61,946
Total amortizable intangible assets, net	54,856	39,998
Total intangible assets, net	58,667	43,809	$ 50,761
Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Amortizable intangible assets, gross	96,040	78,340
Accumulated amortization	53,078	48,839
Total amortizable intangible assets, net	$ 42,962	$ 29,501
Trade name [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	10 years	10 years
Amortizable intangible assets, gross	$ 14,780	$ 14,780
Accumulated amortization	7,446	5,968
Total amortizable intangible assets, net	$ 7,334	$ 8,812
Non-compete agreements [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	5 years	5 years
Amortizable intangible assets, gross	$ 8,800	$ 8,800
Accumulated amortization	$ 8,800	7,126
Total amortizable intangible assets, net		$ 1,674
Developed technology [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	7 years
Amortizable intangible assets, gross	$ 4,900
Accumulated amortization	350
Total amortizable intangible assets, net	$ 4,550
Patents [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	19 years	19 years
Amortizable intangible assets, gross	$ 24	$ 24
Accumulated amortization	14	13
Total amortizable intangible assets, net	10	11
Non-amortizable Brand Name [Member]
Amortizable intangible assets [Abstract]
Total intangible assets, net	$ 3,811	$ 3,811
Minimum [Member] | Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	9 years	9 years
Maximum [Member] | Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	17 years	17 years

Select balance sheet data - S_5

Select balance sheet data - Schedule of Changes In Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Select balance sheet data
Balance	$ 43,809	$ 50,761
Amortization expense	(7,742)	(6,952)	$ (10,706)
Acquisition (see Note 2)	22,600
Balance	$ 58,667	$ 43,809	$ 50,761

Select balance sheet data - S_6

Select balance sheet data - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Select balance sheet data
2024	$ 6,933
2025	6,933
2026	6,933
2027	6,933
2028	6,877
Thereafter	$ 20,247

Debt - Credit Agreements (Detai

Debt - Credit Agreements (Details) - USD ($) $ in Thousands			12 Months Ended
	Jun. 30, 2023	Jun. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 27, 2023
Line Of Credit Facility [Line Items]
Revolving credit notes			$ 147,493	$ 72,236
A&R Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio			3%
Maximum consolidated leverage ratio	3.50%		4%
Deferred financing costs			$ 1,248
Interest rate			7.71%	5.69%
A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement additional borrowing capacity through accordion feature		$ 100,000			$ 100,000
Line of credit facility additional borrowing capacity percentage through accordion feature		125%
Line of credit facility additional borrowing capacity period through accordion feature		12 months
Credit agreement maturity date		Jun. 28, 2028
Second Amendment [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio			4%
Maximum consolidated leverage ratio			4%
Consolidated leverage ratio			2.14%
Interest coverage ratios			5.49%
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Revolving credit notes			$ 147,493	$ 72,236
Revolving Credit Facility [Member] | A&R Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving commitments fee percentage			0.30%	0.25%
Revolving Credit Facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity		$ 250,000			200,000
Letter of Credit Sub-facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity					5,000
Swingline Facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity		$ 25,000			$ 20,000

Debt - Other Debt (Details)

Debt - Other Debt (Details) - MSA Acquisition - USD ($) $ in Thousands		3 Months Ended
	Jul. 01, 2023	Sep. 30, 2023	Dec. 31, 2023
SBA loan
Line Of Credit Facility [Line Items]
Principal amount	$ 5,009
Monthly installment	$ 27
Interest rate (as a percent)	1.17%
Repayment		$ 5,009
Fond du Lac Term Note
Line Of Credit Facility [Line Items]
Principal amount	$ 2,875
Monthly installment	$ 500
Interest rate (as a percent)	2%
Other liabilities current [Member] | Fond du Lac Term Note
Line Of Credit Facility [Line Items]
Short-term balance			$ 500
Other liabilities non-current [Member] | Fond du Lac Term Note
Line Of Credit Facility [Line Items]
Long-term balance			$ 1,875

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases
Operating lease assets	$ 32,233	$ 36,073
Operating lease liability	$ 33,670
Real Property [Member]
Leases
Operating lease assets			$ 37,908
Operating lease liability			38,185
Personal Property [Member]
Leases
Operating lease assets			2,415
Operating lease liability			$ 2,418

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Amortization of finance lease assets	$ 414	$ 320
Interest on finance lease liabilities	44	42
Total finance lease expense	458	362
Operating lease expense	5,237	6,063
Short-term lease expense	610	683
Variable lease expense	197	217
Lease income	(2,070)	(1,133)
Total lease expense	$ 4,432	$ 6,192
Rent expense			$ 5,282

Leases - Supplemental informati

Leases - Supplemental information related to leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Finance leases right of use assets	$ 854	$ 1,103
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Operating lease assets	$ 32,233	$ 36,073
Total lease assets	33,087	37,176
Current portion of finance lease obligation	$ 441	$ 388
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities Current	Other Accrued Liabilities Current
Current portion of operating lease obligation	$ 5,064	$ 4,857
Finance lease obligation, less current maturities	$ 478	$ 784
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Noncurrent	Other Liabilities Noncurrent
Operating lease obligation, less current maturities	$ 28,606	$ 31,891
Total lease liabilities	$ 34,589	$ 37,920
Weighted average remaining lease term (in years) - Finance leases	2 years 4 months 24 days	3 years 1 month 6 days
Weighted average remaining lease term (in years) - Operating leases	7 years	7 years 9 months 18 days
Weighted average discount rate - Finance leases	3.99%	3.93%
Weighted average discount rate -Operating leases	2.57%	2.49%

Leases - ROU asset balances (De

Leases - ROU asset balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
ROU lease assets	$ 33,087	$ 37,176
Real estate leases
Leases
ROU lease assets	30,558	34,211
Equipment Leases
Leases
ROU lease assets	2,179	2,506
Vehicle Leases
Leases
ROU lease assets	$ 350	$ 459

Leases - Minimum lease payments

Leases - Minimum lease payments under ASC 842 (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating leases
2024	$ 5,840
2025	5,149
2026	4,963
2027	4,987
2028	4,896
Thereafter	11,657
Total	37,492
Less: imputed interest	(3,822)
Operating lease liability	33,670
Finance leases
2024	468
2025	333
2026	108
2027	52
Total lease payments	961
Less: imputed interest	(42)
Total lease obligations	919
Leases.
2024	6,308
2025	5,482
2026	5,071
2027	5,039
2028	4,896
Thereafter	11,657
Total lease payments	38,453
Less: imputed interest	(3,864)
Total lease obligations	$ 34,589

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Operating cash flows	$ 44	$ 42
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Financing cash flows	404	322	$ 544
Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows	5,824	5,672
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases	455	1,271
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases	$ 2	$ 284

Employee stock ownership plan -

Employee stock ownership plan - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Distribution period	3 years		5 years
Shares in ESOP		4,062,583	5,684,879
Employee Stock Option
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee stock ownership plan (ESOP), (income) expense		$ 0	$ 0	$ 0

Retirement plans - Additional I

Retirement plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement plans
Percentage of employee contribution of eligible compensation plan	50%
Employer match percentage	50%
Percent of employee contributions eligible for employer match	6%
Employer match expense	$ 3,232
Profit sharing expense	$ 0	$ 2,500	$ 2,057

Income taxes - Schedule of Inco

Income taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense
U.S Federal			$ 100
State	$ 191	$ 414	1,203
Total	191	414	1,303
Deferred income tax expense (benefit)
U.S Federal	808	4,722	(2,790)
State	40	(1,469)	(456)
Total	848	3,253	(3,246)
Total income tax expense (benefit)	$ 1,039	$ 3,667	$ (1,943)

Income taxes - Schedule of Reco

Income taxes - Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Federal statutory rate	21%	21%	21%
Income tax provision (benefit) at the federal statutory rate - 21%	$ 1,865	$ 4,703	$ (1,971)
State and local income taxes - net of federal income tax benefits	429	831	523
Compensation deduction limitation - section 162(m) adjustment	305	(427)	14
Other - permanent differences	80	43	29
Tax credits generated	(975)	(63)	(301)
Uncertain tax positions - current year	195	16	75
Uncertain tax positions - prior year	283	54	(7)
Stock compensation	(162)	50	(546)
Return to provision	(1,137)	(424)	147
Changes in tax rates	182	(1,071)	43
Other miscellaneous tax	(26)	(45)	51
Total income tax expense (benefit)	$ 1,039	$ 3,667	$ (1,943)
Effective tax rate	11.70%	16.40%	26.50%

Income taxes - Components of De

Income taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Deferred compensation	$ 3,693	$ 7,674
Inventory adjustments	1,573	1,601
Accrued expenses	1,478	411
Right of use - liability	8,165	8,853
Credits	2,322	942
Net operating loss	4,401	4,781
Interest Expense	2,969	721
Other	398	478
Total deferred tax assets	24,999	25,461
Deferred tax liabilities:
Property, plant and equipment	24,009	17,909
Intangibles	5,775	10,671
Right of use - asset	7,816	8,689
Other	5	10
Total deferred tax liabilities	37,605	37,279
Net deferred tax liability	$ (12,606)	$ (11,818)

Income taxes - Additional Infor

Income taxes - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Tax expense for interest and penalties	$ 0
Unrecognized tax benefits that would impact effective tax rate	771
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	19,169
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 20,008

Income taxes - Reconciliation o

Income taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Balance	$ 384	$ 314	$ 221
Increase from current year tax positions	1,099	16	100
Increase from prior year tax positions	217	54
Decrease from prior year tax positions			(7)
Decrease from expiration of statute of limitations	(25)
Balance	$ 1,675	$ 384	$ 314

Commitments and contingencies (

Commitments and contingencies (Details)	Aug. 04, 2022 claim
Litigation
Number of claims	2

Deferred compensation - Additio

Deferred compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Description of deferred compensation arrangements	The Mayville Engineering Company Deferred Compensation Plan is available for certain employees designated to be eligible to participate by the Company and approved by the Board of Directors.
Deferred compensation arrangements	50%
Annual short term cash incentive	100%
Deferred compensation plan (Income) expense	$ 11,588	$ 7,997	$ 11,500
Deferred compensation cash-based arrangements liability, Current	289	18,062
Deferred compensation cash-based arrangements liability, Non current	3,816	3,132
Deferred compensation, distributions paid	18,520	1,048	1,327
Deferred Profit Sharing [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Deferred compensation plan (Income) expense	942	(3,051)	812
Employees [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Deferred compensation plan (Income) expense	$ 490	$ 117	$ 0

Self-Funded insurance - Additio

Self-Funded insurance - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Self-Funded insurance
Reinsured limit of aggregate expense	$ 20,292	$ 17,146	$ 17,157
Estimated accrued liability	$ 1,018	$ 900

Segments - Additional Informati

Segments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segments
Number of operating segments	1

Fair value of financial instr_3

Fair value of financial instruments - Schedule of Financial Assets and Liabilities Accounted for at Fair Value by Fair Value Hierarchy (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value assets and liabilities measured on recurring and nonrecurring basis
Total	$ 4,105	$ 21,194
Fair Value, Inputs, Level 1
Fair value assets and liabilities measured on recurring and nonrecurring basis
Total	4,105	21,194
Deferred compensation liability
Fair value assets and liabilities measured on recurring and nonrecurring basis
Total	4,105	21,194
Deferred compensation liability | Fair Value, Inputs, Level 1
Fair value assets and liabilities measured on recurring and nonrecurring basis
Total	$ 4,105	$ 21,194

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
Contract asset, beginning balance	$ 7,938	$ 3,950	$ 3,126
Net activity	(2,481)	3,988	824
Contract asset, ending balance	5,457	7,938	3,950
Contract liability, beginning balance	6,141	2,718	1,060
Net activity	(2,506)	3,423	1,658
Contract liability, ending balance	$ 3,635	$ 6,141	$ 2,718

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 588,425	$ 539,392	$ 454,826
Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	608,794	555,754	463,799
Intercompany sales elimination
Disaggregation Of Revenue [Line Items]
Total, net sales	(20,369)	(16,362)	(8,973)
Outdoor sports
Disaggregation Of Revenue [Line Items]
Total, net sales	9,017	9,498	10,039
Fabrication
Disaggregation Of Revenue [Line Items]
Total, net sales	342,689	324,254	295,988
Performance structures
Disaggregation Of Revenue [Line Items]
Total, net sales	136,819	109,888	73,207
Tube
Disaggregation Of Revenue [Line Items]
Total, net sales	76,322	73,868	58,749
Tank
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 43,947	$ 38,246	$ 25,816

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Disaggregation of Revenue by End Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 588,425	$ 539,392	$ 454,826
Commercial Vehicle
Disaggregation Of Revenue [Line Items]
Total, net sales	225,252	212,992	156,488
Construction And Access
Disaggregation Of Revenue [Line Items]
Total, net sales	105,228	111,525	92,298
Powersports
Disaggregation Of Revenue [Line Items]
Total, net sales	97,788	87,531	90,247
Agriculture
Disaggregation Of Revenue [Line Items]
Total, net sales	57,231	57,412	49,827
Military
Disaggregation Of Revenue [Line Items]
Total, net sales	37,311	24,831	24,147
Other Market
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 65,615	$ 45,101	$ 41,819

Common Equity (Details)

Common Equity (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Common Equity.
Common shares, shares authorized	75,000,000	75,000,000

Common Equity - Changes in outs

Common Equity - Changes in outstanding common shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Equity.
Beginning balance	20,172,746	20,335,934	20,059,390
Treasury stock purchases	(184,964)	(559,945)	(147,785)
Common stock issued (including share-based compensation impact)	322,802	396,757	424,329
Ending balance	20,310,584	20,172,746	20,335,934

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic [Abstract]
Net Income (Loss)	$ 7,844	$ 18,727	$ (7,451)
Average shares outstanding	20,415,157	20,399,737	20,404,543
Basic income (loss) per share	$ 0.38	$ 0.92	$ (0.37)
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Average shares outstanding	20,415,157	20,399,737	20,404,543
Effect of dilutive share-based compensation	283,813	282,891	426,434
Total potential shares outstanding	20,698,970	20,682,628	20,830,977
Diluted income (loss) per share	$ 0.38	$ 0.91	$ (0.36)

Earnings per share - Schedule o

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2021 shares
Earnings per share
Antidilutive securities excluded from computation of diluted earnings per share	300,510

Concentration of major custom_3

Concentration of major customers - Schedule of Major Customer Concentrations (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15%	16%	14.10%
Customer A [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer B [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	14.80%	17.20%	16.60%
Customer B [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.60%	11%
Customer C [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.60%	11.90%	10.80%
Customer C [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer D [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage			10%
Concentration risk percentage	<10	<10
Customer D [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer E [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10	<10
Customer E [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.70%	12.60%

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 4,485	$ 3,759	$ 4,962
Unit awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	3,001	2,490	3,006
Option awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 1,484	$ 1,269	$ 1,956

Stock-based compensation - Sche

Stock-based compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	$ 2,789	$ 3,213
Grants	7,050	6,999
Forfeitures	(1,537)	(3,664)
Expense	(4,485)	(3,759)
Ending Balance	3,817	2,789
Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	1,739	1,676
Grants	4,465	4,426
Forfeitures	(899)	(1,873)
Expense	(3,001)	(2,490)
Ending Balance	2,304	1,739
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	1,050	1,537
Grants	2,585	2,573
Forfeitures	(638)	(1,791)
Expense	(1,484)	(1,269)
Ending Balance	$ 1,513	$ 1,050

Stock-based compensation - Su_2

Stock-based compensation - Summary of Activity for Unit Award and Stock Option Award (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average exercise price
Grants ( in dollars per share)	$ 9.28	$ 5.36
Employee Stock Option
Number of Options
Nonvested, beginning of year (in shares)	184,052	526,895
Grants (in shares)	281,822	479,947
Forfeitures (in shares)	(84,261)	(309,863)
Vested (in shares)	(195,264)	(512,927)
Nonvested, end of year (in shares)	186,349	184,052
Weighted average exercise price
Nonvested, beginning of year ( in dollars per share)	$ 13.51	$ 10.91
Grants ( in dollars per share)	14.79	10.32
Forfeitures ( in dollars per share)	13.54	11.30
Vested ( in dollars per share)	11.67	9.18
Nonvested, end of year ( in dollars per share)	$ 17.37	$ 13.51
Restricted Stock Units [Member]
Number of Units
Nonvested, beginning of year ( in shares)	392,550	354,906
Grants ( in shares)	295,109	477,277
Forfeitures (in shares)	(63,878)	(167,641)
Vested (in shares)	(254,169)	(271,992)
Nonvested, end of year ( in shares)	369,612	392,550
Weighted average grant date fair value
Nonvested, beginning of year (in dollars per share)	$ 9.52	$ 11.59
Grants (in dollars per share)	15.22	9.27
Forfeitures (in dollars per share)	13.86	11.18
Vested (in dollars per shares)	10	10.76
Nonvested, end of year (in dollars per share)	$ 12.99	$ 9.52

Stock-based compensation - Su_3

Stock-based compensation - Summary of Fair Value Assumptions and Inputs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Stock price at date of grant/exercise price	$ 14.12	$ 10.32	$ 14.01
Expected term (in years)	5 years 9 months	5 years 9 months	5 years 9 months
Estimated volatility	58.50%	55.30%	53.90%
Estimated risk-free rate of return	3.90%	1.90%	0.80%
Expected dividend yield	0%	0%	0%

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) - USD ($)		12 Months Ended
	Apr. 20, 2021	Dec. 31, 2023	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average contractual life remaining		6 years 5 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period		2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Method Used		Black-Scholes valuation model
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		50%
Share Based Compensation Arrangement By Share Based Payment Award Options Average Expected Term		5 years 9 months
Option Price One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, issued and outstanding number		250,505
Options, issued and outstanding weighted average exercise price		$ 17
Options, issued and outsanding intrinsic value		$ 0
Option Price Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, issued and outstanding number		696,041
Options, issued and outstanding weighted average exercise price		$ 7.12
Options, issued and outsanding intrinsic value		$ 7.30
Option Price Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, issued and outstanding number		225,114
Options, issued and outstanding weighted average exercise price		$ 14.01
Options, issued and outsanding intrinsic value		$ 0.42
Option Price Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, issued and outstanding number		120,571
Options, issued and outstanding weighted average exercise price		$ 10.32
Options, issued and outsanding intrinsic value		$ 4.10
Share-Based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Expected Term		5 years 6 months
Share-Based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Expected Term		6 years
2019 Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payments based on the value of its common stock			2,000,000
Additional number of shares authorized	2,500,000

Restructuring (Details)

Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring
Severance costs	$ 855
Charges	855
Cash receipts (payments)	$ (855)

Valuation and qualifying acco_3

Valuation and qualifying accounts (Details) - Allowance For Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 545	$ 631	$ 1,298
Additions	447	697	751
Deductions	307	784	1,418
Balance at end of period	$ 685	$ 545	$ 631

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,844	$ 18,727	$ (7,451)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false