Mayville Engineering (MEC) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,644,333
Entity Central Index Key	0001766368
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 178	$ 672
Receivables, net of allowances for doubtful accounts of $430 at September 30, 2024 and $685 at December 31, 2023	54,345	57,445
Inventories, net	61,173	67,782
Tooling in progress	5,626	5,457
Prepaid expenses and other current assets	4,932	3,267
Total current assets	126,254	134,623
Property, plant and equipment, net	163,713	175,745
Goodwill	92,650	92,650
Intangible assets, net	53,467	58,667
Operating lease assets	28,536	32,233
Other long-term assets	1,382	2,743
Total assets	466,002	496,661
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	47,990	46,526
Current portion of operating lease obligation	4,646	5,064
Accrued liabilities:
Salaries, wages, and payroll taxes	6,042	6,368
Profit sharing and bonus	3,182	3,107
Other current liabilities	9,517	10,644
Total current liabilities	71,377	71,709
Bank revolving credit notes	111,045	147,493
Operating lease obligation, less current maturities	25,570	28,606
Deferred compensation, less current portion	4,603	3,816
Deferred income tax liability	12,847	12,606
Other long-term liabilities	2,204	2,453
Total liabilities	227,646	266,683
Commitments and contingencies (see Note 9)
Common shares, no par value, 75,000,000 authorized, 22,302,151 shares issued at September 30, 2024 and 21,853,477 at December 31, 2023
Additional paid-in-capital	205,750	205,373
Retained earnings	44,115	34,118
Treasury shares at cost, 1,657,818 shares at September 30, 2024 and 1,542,893 at December 31, 2023	(11,509)	(9,513)
Total shareholders' equity	238,356	229,978
Total liabilities and shareholders' equity	$ 466,002	$ 496,661

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Allowances for doubtful accounts	$ 430	$ 685
Common shares, no par value	$ 0	$ 0
Common shares, shares authorized	75,000,000	75,000,000
Common shares, Shares, issued	22,302,151	21,853,477
Treasury stock at cost	1,657,818	1,542,893

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income
Net sales	$ 135,392	$ 158,217	$ 460,298	$ 439,843
Cost of sales	118,297	139,197	399,993	388,351
Amortization of intangible assets	1,733	2,173	5,200	5,649
Profit sharing, bonuses, and deferred compensation	2,076	2,346	10,010	8,037
Other selling, general and administrative expenses	7,559	8,608	23,589	22,969
Income from operations	5,727	5,893	21,506	14,837
Interest expense	(2,653)	(3,907)	(8,977)	(7,533)
Loss on extinguishment of debt				(216)
Income before taxes	3,074	1,986	12,529	7,088
Income tax expense	100	554	2,532	1,471
Net income and comprehensive income	$ 2,974	$ 1,432	$ 9,997	$ 5,617
Earnings per share:
Basic	$ 0.14	$ 0.07	$ 0.49	$ 0.28
Diluted	$ 0.14	$ 0.07	$ 0.48	$ 0.27
Weighted average shares outstanding:
Basic	20,715,275	20,439,602	20,601,702	20,416,914
Diluted	21,123,494	20,622,864	20,893,316	20,644,915

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 9,997	$ 5,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,927	19,849
Amortization	5,200	5,649
Allowance for doubtful accounts	(255)	127
Inventory excess and obsolescence reserve	(30)	277
Stock-based compensation expense	3,847	3,755
Gain on disposal of property, plant and equipment	(177)	(342)
Deferred compensation	752	(17,433)
Loss on extinguishment of debt		216
Non-cash lease expense	4,034	3,348
Other non-cash adjustments	447	202
Changes in operating assets and liabilities:
Accounts receivable	3,355	(6,819)
Inventories	6,639	7,818
Tooling in progress	(169)	2,348
Prepaids and other current assets	(1,694)	(769)
Accounts payable	534	(4,134)
Deferred income taxes	1,454	1,017
Operating lease obligations	(3,792)	(3,119)
Accrued liabilities	(1,222)	(3,911)
Net cash provided by operating activities	51,847	13,696
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(9,753)	(9,814)
Proceeds from sale of property, plant and equipment	108	753
Payment for acquisition, net of cash acquired		(88,593)
Net cash used in investing activities	(9,645)	(97,654)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank revolving credit notes	514,466	454,587
Payments on bank revolving credit notes	(550,914)	(358,411)
Repayments of other long-term debt	(306)	(5,877)
Payments of financing costs		(1,206)
Shares withheld for employees' taxes	(3,816)
Purchase of treasury stock	(1,996)	(2,661)
Payments on finance leases	(475)	(296)
Proceeds from the exercise of stock options	345
Net cash provided by (used in) financing activities	(42,696)	86,136
Net increase (decrease) in cash and cash equivalents	(494)	2,178
Cash and cash equivalents at beginning of period	672	127
Cash and cash equivalents at end of period	178	2,305
Supplemental disclosure of cash flow information:
Cash paid for interest	8,032	7,209
Cash paid for taxes	1,205	508
Non-cash property, plant & equipment, net	$ 1,376	1,981
Non-cash 401(k) contribution of treasury stock		2,500
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

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Beginning, Balance at Dec. 31, 2022	$ 200,945	$ (9,352)	$ 26,274	$ 217,867
Net income			2,571	2,571
401(k) plan contribution		2,500		2,500
Purchase of treasury stock		(661)		(661)
Stock-based compensation	1,066			1,066
Ending, Balance at Mar. 31, 2023	202,011	(7,513)	28,845	223,343
Beginning, Balance at Dec. 31, 2022	200,945	(9,352)	26,274	217,867
Net income				5,617
Ending, Balance at Sep. 30, 2023	204,664	(9,513)	31,891	227,042
Beginning, Balance at Mar. 31, 2023	202,011	(7,513)	28,845	223,343
Net income			1,614	1,614
Purchase of treasury stock		(1,000)		(1,000)
Stock-based compensation	1,354			1,354
Stock options exercised net of employee tax withholding	58			58
Ending, Balance at Jun. 30, 2023	203,423	(8,513)	30,459	225,369
Net income			1,432	1,432
Purchase of treasury stock		(1,000)		(1,000)
Stock-based compensation	1,336			1,336
Stock options exercised net of employee tax withholding	20			20
Restricted stock units net of employee tax withholding	(115)			(115)
Ending, Balance at Sep. 30, 2023	204,664	(9,513)	31,891	227,042
Beginning, Balance at Dec. 31, 2023	205,373	(9,513)	34,118	229,978
Net income			3,241	3,241
Stock-based compensation	1,157			1,157
Stock options exercised net of employee tax withholding	185			185
Restricted stock units net of employee tax withholding	(524)			(524)
Ending, Balance at Mar. 31, 2024	206,191	(9,513)	37,359	234,037
Beginning, Balance at Dec. 31, 2023	205,373	(9,513)	34,118	229,978
Net income				9,997
Ending, Balance at Sep. 30, 2024	205,750	(11,509)	44,115	238,356
Beginning, Balance at Mar. 31, 2024	206,191	(9,513)	37,359	234,037
Net income			3,782	3,782
Purchase of treasury stock		(998)		(998)
Stock-based compensation	1,338			1,338
Stock options exercised net of employee tax withholding	(75)			(75)
Ending, Balance at Jun. 30, 2024	207,454	(10,511)	41,141	238,084
Net income			2,974	2,974
Purchase of treasury stock		(998)		(998)
Stock-based compensation	1,352			1,352
Stock options exercised net of employee tax withholding	(285)			(285)
Restricted stock units net of employee tax withholding	(2,771)			(2,771)
Ending, Balance at Sep. 30, 2024	$ 205,750	$ (11,509)	$ 44,115	$ 238,356

Basis of presentation

Basis of presentation	9 Months Ended
Basis of presentation	Sep. 30, 2024
Basis of presentation
Basis of presentation	Note 1. Basis of presentation The interim unaudited Condensed Consolidated Financial Statements of Mayville Engineering Company, Inc. and subsidiaries (MEC, the Company, we, our, us or similar terms) presented here have been prepared in accordance with the accounting principles generally accepted in the United States of America (GAAP) and with instructions to Form 10-Q and Article 10 of Regulation S-X. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and financial position for the interim unaudited periods presented. All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These interim unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K. A summary of the Company’s significant accounting policies is included in the Company’s 2023 financial statements in the Annual Report on Form 10-K. The Company followed these policies in preparation of the interim unaudited Condensed Consolidated Financial Statements except for new accounting pronouncements adopted as described below. Nature of Operations 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 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. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures , amending Accounting Standards Codification (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. The Company is evaluating the potential impact of adopting 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, 2023 and for interim periods after December 15, 2024. The Company has evaluated the impact of the guidance and will adopt during the period ended December 31, 2024. The Company does not expect this adoption to have a material impact on its consolidated financial statements.

Acquisition

Acquisition	9 Months Ended
Acquisition	Sep. 30, 2024
Acquisition
Acquisition	Note 2. Acquisition 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 Condensed 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 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: Opening Balance Estimated Sheet Allocation Useful 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 Condensed Consolidated Statements of Comprehensive Income during the three months ended September 30, 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 Condensed 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. As of December 31, 2023, 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. Since its preliminary estimates, the Company adjusted the purchase price by ($1,084) related to working capital adjustments. The offsetting adjustment was primarily related to goodwill. As of June 30, 2024, the Company finalized the estimates of assets and acquired liabilities assumed. 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, 2023, 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 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. Nine Months Ended September 30, 2023 Net sales $ 470,799 Net income $ 3,523

Select balance sheet data

Select balance sheet data	9 Months Ended
Select balance sheet data	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 consist of: September 30, December 31, 2024 2023 Finished goods and purchased parts $ 27,560 $ 31,489 Raw materials 24,963 25,929 Work-in-process 8,650 10,363 Total $ 61,173 $ 67,782 Property, plant and equipment Property, plant and equipment as of September 30, 2024 and December 31, 2023 consist of: Useful Lives September 30, December 31, Years 2024 2023 Land Indefinite $ 2,587 $ 2,640 Land improvements 15-39 4,291 4,378 Building and building improvements 15-39 82,207 79,682 Machinery, equipment and tooling 3-10 306,907 295,960 Vehicles 5 4,405 4,571 Office furniture and fixtures 3-7 22,846 21,325 Construction in progress N/A 5,528 9,779 Total property, plant and equipment, gross 428,771 418,335 Less accumulated depreciation 265,058 242,590 Total property, plant and equipment, net $ 163,713 $ 175,745 Depreciation expense was $7,748 and $7,434 for the three months ended September 30, 2024 and 2023, respectively, and $22,927 and $19,849 for the nine months ended September 30, 2024 and 2023, respectively. Goodwill There were no changes to the goodwill balance of $92,650 between December 31, 2023 and September 30, 2024. Intangible Assets The following is a listing of definite-lived intangible assets, the useful lives in years (amortization period) and accumulated amortization as of September 30, 2024 and December 31, 2023: September 30, 2024 Useful Lives Gross Carrying Accumulated Years Amount Amortization Net Amortizable intangible assets: Customer relationships and contracts 9-17 $ 96,040 $ 56,643 $ 39,397 Trade name 10 14,780 8,555 6,225 Non-compete agreements 5 8,800 8,800 — Developed technology 7 4,900 875 4,025 Patents 19 24 15 9 Total intangible assets, net $ 124,544 $ 74,888 $ 49,656 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 Additionally, the Company reported an indefinite lived non-amortizable brand name asset with a balance of $3,811 as of September 30, 2024 and December 31, 2023. Changes in intangible assets between December 31, 2023 and September 30, 2024 consist of: Balance as of December 31, 2023 $ 58,667 Amortization expense (5,200) Balance as of September 30, 2024 $ 53,467 Amortization expense was $1,733 and $2,173 for the three months ended September 30, 2024 and 2023, respectively, and $5,200 and $5,649 for the nine months ended September 30, 2024 and 2023, respectively. Future amortization expense is expected to be as followed: Year ending December 31, 2024 (remainder) $ 1,733 2025 $ 6,933 2026 $ 6,933 2027 $ 6,933 2028 $ 6,877 Thereafter $ 20,247

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt
Debt	Note 4. Debt Bank Revolving Credit Notes 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 3.50 to 1.00. The Company incurred deferred financing costs of $1,248 associated with executing the Credit Agreement, which was recorded as an other long-term asset in the Condensed Consolidated Balance Sheets and will be amortized over the duration of the agreement. At September 30, 2024, our consolidated total leverage ratio was 1.59 to 1.00 as compared to a covenant maximum of 3.50 to 1.00 under the Credit Agreement. At September 30, 2024, our consolidated interest coverage ratio was 4.92 to 1.00 as compared to a covenant minimum of 3.00 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 7.22% and 7.71% as of September 30, 2024 and December 31, 2023, respectively. Additionally, the agreement has a fee on the average daily unused portion of the aggregate unused revolving commitments. This fee was 0.25% as of September 30, 2024 and 0.30% as of December 31, 2023. 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 September 30, 2024 and December 31, 2023. The amount borrowed on the revolving credit notes was $111,045 and $147,493 as of September 30, 2024 and December 31, 2023, respectively. Other Debt Additionally, the Company has a Fond du Lac County and Fond du Lac Economic Development Corporation term note (Fond du Lac Term Note). The Fond du Lac Term Note is secured by a security agreement, payable in annual installments of

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases
Leases	Note 5. Leases The Company has real property operating leases for office and 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 right-of-use (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 equipment used throughout its office and manufacturing facilities. 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: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Finance lease cost: Amortization of finance lease assets $ 130 $ 122 $ 353 $ 310 Interest on finance lease liabilities 12 14 32 35 Total finance lease expense 142 136 385 345 Operating lease expense 1,332 1,310 4,025 3,917 Short-term lease expense 200 169 511 439 Variable lease expense 66 22 178 139 Lease income (1) (547) (513) (1,616) (1,548) Total lease expense $ 1,193 $ 1,124 $ 3,483 $ 3,292 (1) The Company subleases a portion of its Hazel Park, MI facility. Lease income for the three months ended September 30, 2024 and 2023 was $ 547 and $ 513 , respectively, and $ 1,616 and $ 1,548 for the nine months ended September 30, 2024 and 2023, respectively. The lease related supplemental cash flow information is as follows: Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities for finance leases: Operating cash flows $ 32 $ 35 Financing cash flows $ 475 $ 296 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 4,459 $ 4,348 Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases $ 337 $ 455 Finance leases $ 377 $ 2

Employee stock ownership plan

Employee stock ownership plan	9 Months Ended
Employee stock ownership plan	Sep. 30, 2024
Employee stock ownership plan
Employee stock ownership plan	Note 6. Employee stock ownership plan Under the Mayville Engineering Company, Inc. Employee Stock Ownership Plan (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. The Company recorded no ESOP expense for the three and nine months ended September 30, 2024 and 2023. As of January 1, 2023, the Company amended the plan reducing the distribution period from five years to three years. 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 September 30, 2024 and December 31, 2023, the ESOP shares consisted of 3,474,467 and 4,062,583 in allocated shares, respectively.

Retirement plans

Retirement plans	9 Months Ended
Retirement plans	Sep. 30, 2024
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. The Company provides a 50% match for employee contributions, up to 6%. For the three months ended September 30, 2024 and 2023, the Company’s employer match expense was $609 and $933, respectively. Total employer match expense for the nine months ended September 30, 2024 and 2023 was $2,585 and $2,577, respectively. 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 three and nine months ended September 30, 2024 and 2023, the Company’s estimated discretionary profit-sharing expense was $0.

Income taxes

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2024
Income taxes
Income taxes	On a quarterly basis, the Company estimates its effective tax rate for the full fiscal year and records a quarterly income tax provision based on the anticipated rate and adjusted for discrete taxable events that may occur in the quarter. As the year progresses, the Company will refine its estimate based on facts and circumstances by each tax jurisdiction. Income tax expense was $100 and $2,532, and the effective tax rate (ETR) was 3.24% and 20.21% for the three and nine months ended September 30, 2024, respectively. Our ETR is different from the expected tax rate due to state taxes, non-deductible items, research and development credits and excess tax benefit associated with stock-based compensation items. For the three and nine months ended September 30, 2023, income tax expense was estimated at $554 and $1,471 and the ETR was 27.94% and 20.76%, respectively. Uncertain Tax Positions Based on the Company’s evaluation, it has been concluded that there is one unrecognized tax benefit requiring recognition in its financial statements as of September 30, 2024. 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. 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, 2020, and state tax returns beginning January 1, 2019, are open for examination.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2024
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 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. On April 11, 2024, the First Department, Appellate Division issued a decision and order affirming the court’s order on the motion to dismiss and affirming the court’s dismissal of the alternate claim of good faith and fair dealing. 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. On October 28, 2024, the Company and Peloton entered into a formal Settlement Agreement (the “Agreement”) to resolve this lawsuit. Under the terms of the Agreement, MEC and Peloton have agreed to dismiss the lawsuit and exchange mutual releases, and MEC received a gross payment of $25,500 from Peloton in the fourth quarter of the current year, with no admission of liability by either party. 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	9 Months Ended
Deferred compensation	Sep. 30, 2024
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 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 three and nine months ended September 30, 2024, eligible employees elected to defer compensation of $96 and $544, respectively. Eligible employees elected to defer compensation of $94 and $410 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the short-term portion accrued for all benefit years less than twelve months under this plan was $254 and $289, respectively. As of September 30, 2024 and December 31, 2023, the long-term portion accrued for all benefit years greater than twelve months under this plan was $4,603 and $3,816. These amounts include the initial deferral of compensation and were adjusted for changes in the value of investment options chosen by the participants. Total expense (credit) for the deferred compensation plan for the three months ended September 30, 2024 and 2023 was $204 and ($52), respectively. Total expense for the deferred compensation plan for the nine months ended September 30, 2024 and 2023 was $489 and $677, respectively. These expenses are included in profit-sharing, bonuses and deferred compensation on the Condensed Consolidated Statements of Comprehensive Income. Additionally, the Company made cash distributions of $286 and $18,520 for the nine months ended September 30, 2024 and 2023, respectively.

Self-Funded insurance

Self-Funded insurance	9 Months Ended
Self-Funded insurance	Sep. 30, 2024
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. The Company has an aggregate stop loss limit to mitigate risk. Expenses related to self-funded insurance were $6,104 and $5,741 for the three months ended September 30, 2024 and 2023, respectively, and $18,655 and $15,508 for the nine months ended September 30, 2024 and 2023, respectively. An estimated accrued liability of $1,244 and $1,018 was recorded as of September 30, 2024 and December 31, 2023, respectively, for estimated unpaid claims and is included within other current liabilities on the Condensed Consolidated Balance Sheets.

Segments

Segments	9 Months Ended
Segments	Sep. 30, 2024
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	9 Months Ended
Fair value of financial instruments	Sep. 30, 2024
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 September 30, Report Date Using 2024 (Level 1) (Level 2) (Level 3) Deferred compensation liability $ 4,857 $ 4,857 $ — $ — Total $ 4,857 $ 4,857 $ — $ — 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 $ — $ — 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 Condensed 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 or 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 Condensed Consolidated Statements of Comprehensive Income. The short-term and long-term balances due to participants are reflected on the other current liabilities and deferred compensation, less current portion, line items, respectively, on the Condensed Consolidated Balance Sheets. The Company’s non-financial assets such as goodwill, 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. As of September 30, 2024, there was no impairment recognized for the year.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share
Earnings Per Share	Note 14. Earnings Per Share The Company computes earnings per share in accordance with ASC Topic 260, Earnings per Share A reconciliation of basic and diluted net income per share attributable to the Company were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income attributable to MEC $ 2,974 $ 1,432 $ 9,997 $ 5,617 Average shares outstanding 20,715,275 20,439,602 20,601,702 20,416,914 Basic income per share $ 0.14 $ 0.07 $ 0.49 $ 0.28 Average shares outstanding 20,715,275 20,439,602 20,601,702 20,416,914 Effect of dilutive stock-based compensation 408,219 183,262 291,614 228,001 Total potential shares outstanding 21,123,494 20,622,864 20,893,316 20,644,915 Diluted income per share $ 0.14 $ 0.07 $ 0.48 $ 0.27 There were no options in the money that were excluded in the computation of diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 that had an anti-dilutive impact on earnings per share.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2024
Revenue Recognition
Revenue Recognition	Note 15. 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 Condensed 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 Product Part Approval Process 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 twelve-month period. The following table reflects the changes in our contract assets and liabilities during the nine months ended September 30, 2024: Contract Contract Assets Liabilities As of December 31, 2023 $ 5,457 $ 3,635 Net activity 169 (1,302) As of September 30, 2024 $ 5,626 $ 2,333 Disaggregated Revenue The following tables represent a disaggregation of revenue by product category and end market: Three Months Ended Nine Months Ended September 30, September 30, Product Category 2024 2023 2024 2023 Outdoor sports $ 1,824 $ 2,155 $ 6,188 $ 6,839 Fabrication 67,284 89,372 245,400 260,545 Performance structures 42,645 41,541 136,209 95,063 Tube 16,140 19,096 55,061 58,916 Tank 10,684 11,660 34,385 33,849 Total 138,577 163,824 477,243 455,212 Intercompany sales elimination (3,185) (5,607) (16,945) (15,369) Total, net sales $ 135,392 $ 158,217 $ 460,298 $ 439,843 Three Months Ended Nine Months Ended September 30, September 30, End Market 2024 2023 2024 2023 Commercial vehicle $ 51,612 $ 57,264 $ 172,696 $ 172,494 Construction & access 20,110 26,296 75,786 79,326 Powersports 21,605 25,143 82,202 73,236 Agriculture 10,358 15,029 39,955 42,924 Military 6,968 10,960 21,499 28,439 Other 24,739 23,525 68,160 43,424 Total, net sales $ 135,392 $ 158,217 $ 460,298 $ 439,843

Concentration of major customer

Concentration of major customers	9 Months Ended
Concentration of major customers	Sep. 30, 2024
Concentration of major customers
Concentration of major customers	Note 16. Concentration of major customers The following customers accounted for 10% or greater of the Company’s recorded net sales or net trade receivables: Net Sales Net Sales Accounts Receivable Three Months Ended Nine Months Ended As of As of September 30, September 30, September 30, December 31, 2024 2023 2024 2023 2024 2023 Customer A 16.8 % 14.3 % 16.5 % 15.1 % 12.2 % <10 % B <10 % 13.4 % 12.2 % 14.8 % <10 % 12.6 % C <10 % 10.1 % 10.2 % 11.2 % <10 % <10 % D <10 % <10 % <10 % <10 % 14.1 % 12.7 %

Stock-based compensation

Stock-based compensation	9 Months Ended
Stock-based compensation	Sep. 30, 2024
Stock-based compensation
Stock-based compensation	Note 17. 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 The actual number of PSUs, if any, to be earned by the award recipients is determined after the end of a performance measurement period. The performance measures include Adjusted EBITDA, which represents net income before interest expense, provision for income taxes, depreciation, amortization, stock-based compensation, legal costs due to the former fitness customer and adjusted for items to be determined unusual in nature or infrequent in occurrence, for the year ended December 31, 2026, and the average annual return on invested capital (ROIC), for the three-years ended December 31, 2024, 2025 and 2026, respectively. ROIC represents net operating profit after taxes divided by invested capital for an annual period. These performance targets are subject to adjustments or exclusions as deemed appropriate to account for extraordinary or unanticipated events that do not reflect the core business of the Company, and have been set for each of the minimum, target and maximum levels with the actual performance amount received determined by the Compensation Committee of the Board of Directors. Cancellations and forfeitures are accounted for as incurred. During the nine months ended September 30, 2024, 247,564 RSUs vested. For the same period, 206,524 options vested with a weighted average strike price of $13.54. During the nine months ended September 30, 2023, 254,169 RSUs vested. For the same period, 195,264 options vested with a strike price of $11.67. During the nine months ended September 30, 2024, options exercised were 879,388 with a weighted average strike price of $9.85, which resulted in 264,247 of Company issued shares. As of September 30, 2024, 433,918 options remained outstanding with a weighted average strike price of $13.71 and a weighted average contractual life of 9.24 years remaining. The Company’s stock-based compensation expense by award type is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 RSU awards $ 973 $ 856 $ 2,725 $ 2,445 PSU awards 119 — 257 — Option awards 260 480 865 1,311 Stock-based compensation expense, net of tax $ 1,352 $ 1,336 $ 3,847 $ 3,756 A roll-forward of unrecognized stock-based compensation expense is displayed in the table below. Unrecognized stock-based compensation expense as of September 30, 2024 will be expensed over the remaining requisite service period from which individual award values relate, up to August 20, 2027. RSUs PSUs Options Total Balance as of December 31, 2023 $ 2,304 $ — $ 1,513 $ 3,817 Grants 4,423 1,423 — 5,846 Forfeitures (32) — — (32) Expense (789) (20) (348) (1,157) Balance as of March 31, 2024 $ 5,906 $ 1,403 $ 1,165 $ 8,474 Grants 1,115 — — 1,115 Forfeitures (283) — (33) (316) Expense (962) (119) (257) (1,338) Balance as of June 30, 2024 $ 5,776 1,284 $ 875 $ 7,935 Grants 80 — — 80 Forfeitures (58) — — (58) Expense (973) (119) (260) (1,352) Balance as of September 30, 2024 $ 4,825 1,165 $ 615 $ 6,605

Common Equity

Common Equity	9 Months Ended
Common Equity	Sep. 30, 2024
Common Equity
Common Equity	Note 18. Common Equity At September 30, 2024 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: Shares Outstanding Shares as of December 31, 2022 20,172,746 Treasury stock purchases (184,964) Common stock issued (including stock-based compensation impact) 320,574 Balance as of September 30, 2023 20,308,356 Shares Outstanding Balance as of December 31, 2023 20,310,584 Treasury stock purchases (114,925) Common stock issued (including stock-based compensation impact) 448,674 Balance as of September 30, 2024 20,644,333

Subsequent events

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2024
Subsequent events
Subsequent events	Note 19. Subsequent events The Company has evaluated events and transactions for potential recognition or disclosure in the consolidated financial statements through November 6, 2024, the date on which the consolidated financial statements were available to be issued, and there were no material events or transactions other than the following: On October 28, 2024, the Company entered into the Agreement to resolve the lawsuit with Peloton. Under the terms of the Agreement, MEC and Peloton have agreed to dismiss the lawsuit and exchange mutual releases, and MEC received a gross payment of $25,500 from Peloton in the fourth quarter of the current year, with no admission of liability by either party.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,974	$ 3,782	$ 3,241	$ 1,432	$ 1,614	$ 2,571	$ 9,997	$ 5,617

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Basis of presentation (Policies

Basis of presentation (Policies)	9 Months Ended
Basis of presentation (Policies)	Sep. 30, 2024
Basis of presentation
Nature of Operations	Nature of Operations 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 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures , amending Accounting Standards Codification (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. The Company is evaluating the potential impact of adopting 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, 2023 and for interim periods after December 15, 2024. The Company has evaluated the impact of the guidance and will adopt during the period ended December 31, 2024. The Company does not expect this adoption to have a material impact on its consolidated financial statements.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
Acquisition (Tables)	Sep. 30, 2024
Business Acquisition [Line Items]
Schedule of Pro Forma Financial Information	Nine Months Ended September 30, 2023 Net sales $ 470,799 Net income $ 3,523
Mid-States Aluminum [Member]
Business Acquisition [Line Items]
Schedule of assets acquired, liabilities assumed and net cash consideration paid	Opening Balance Estimated Sheet Allocation Useful 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)	9 Months Ended
Select balance sheet data (Tables)	Sep. 30, 2024
Select balance sheet data
Schedule of Inventories	September 30, December 31, 2024 2023 Finished goods and purchased parts $ 27,560 $ 31,489 Raw materials 24,963 25,929 Work-in-process 8,650 10,363 Total $ 61,173 $ 67,782
Schedule of Property, Plant and Equipment	Useful Lives September 30, December 31, Years 2024 2023 Land Indefinite $ 2,587 $ 2,640 Land improvements 15-39 4,291 4,378 Building and building improvements 15-39 82,207 79,682 Machinery, equipment and tooling 3-10 306,907 295,960 Vehicles 5 4,405 4,571 Office furniture and fixtures 3-7 22,846 21,325 Construction in progress N/A 5,528 9,779 Total property, plant and equipment, gross 428,771 418,335 Less accumulated depreciation 265,058 242,590 Total property, plant and equipment, net $ 163,713 $ 175,745
Schedule of Listing of Intangible Assets	September 30, 2024 Useful Lives Gross Carrying Accumulated Years Amount Amortization Net Amortizable intangible assets: Customer relationships and contracts 9-17 $ 96,040 $ 56,643 $ 39,397 Trade name 10 14,780 8,555 6,225 Non-compete agreements 5 8,800 8,800 — Developed technology 7 4,900 875 4,025 Patents 19 24 15 9 Total intangible assets, net $ 124,544 $ 74,888 $ 49,656 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
Schedule of Changes In Intangible Assets	Balance as of December 31, 2023 $ 58,667 Amortization expense (5,200) Balance as of September 30, 2024 $ 53,467
Schedule of Future Amortization Expense	Year ending December 31, 2024 (remainder) $ 1,733 2025 $ 6,933 2026 $ 6,933 2027 $ 6,933 2028 $ 6,877 Thereafter $ 20,247

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases
Summary of components of lease expense	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Finance lease cost: Amortization of finance lease assets $ 130 $ 122 $ 353 $ 310 Interest on finance lease liabilities 12 14 32 35 Total finance lease expense 142 136 385 345 Operating lease expense 1,332 1,310 4,025 3,917 Short-term lease expense 200 169 511 439 Variable lease expense 66 22 178 139 Lease income (1) (547) (513) (1,616) (1,548) Total lease expense $ 1,193 $ 1,124 $ 3,483 $ 3,292 (1) The Company subleases a portion of its Hazel Park, MI facility. Lease income for the three months ended September 30, 2024 and 2023 was $ 547 and $ 513 , respectively, and $ 1,616 and $ 1,548 for the nine months ended September 30, 2024 and 2023, respectively.
Schedule of Supplemental cash flow information	Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities for finance leases: Operating cash flows $ 32 $ 35 Financing cash flows $ 475 $ 296 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 4,459 $ 4,348 Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases $ 337 $ 455 Finance leases $ 377 $ 2

Fair value of financial instr_2

Fair value of financial instruments (Tables)	9 Months Ended
Fair value of financial instruments (Tables)	Sep. 30, 2024
Fair value of financial instruments
Schedule of financial assets and liabilities accounted for at fair value by fair value hierarchy	Balance at Fair Value Measurements at September 30, Report Date Using 2024 (Level 1) (Level 2) (Level 3) Deferred compensation liability $ 4,857 $ 4,857 $ — $ — Total $ 4,857 $ 4,857 $ — $ — 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 $ — $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share
Schedule of earnings per share	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income attributable to MEC $ 2,974 $ 1,432 $ 9,997 $ 5,617 Average shares outstanding 20,715,275 20,439,602 20,601,702 20,416,914 Basic income per share $ 0.14 $ 0.07 $ 0.49 $ 0.28 Average shares outstanding 20,715,275 20,439,602 20,601,702 20,416,914 Effect of dilutive stock-based compensation 408,219 183,262 291,614 228,001 Total potential shares outstanding 21,123,494 20,622,864 20,893,316 20,644,915 Diluted income per share $ 0.14 $ 0.07 $ 0.48 $ 0.27

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Revenue Recognition
Schedule of changes in contract assets and liabilities	Contract Contract Assets Liabilities As of December 31, 2023 $ 5,457 $ 3,635 Net activity 169 (1,302) As of September 30, 2024 $ 5,626 $ 2,333
Schedule of disaggregation of revenue by product category and end market	Three Months Ended Nine Months Ended September 30, September 30, Product Category 2024 2023 2024 2023 Outdoor sports $ 1,824 $ 2,155 $ 6,188 $ 6,839 Fabrication 67,284 89,372 245,400 260,545 Performance structures 42,645 41,541 136,209 95,063 Tube 16,140 19,096 55,061 58,916 Tank 10,684 11,660 34,385 33,849 Total 138,577 163,824 477,243 455,212 Intercompany sales elimination (3,185) (5,607) (16,945) (15,369) Total, net sales $ 135,392 $ 158,217 $ 460,298 $ 439,843 Three Months Ended Nine Months Ended September 30, September 30, End Market 2024 2023 2024 2023 Commercial vehicle $ 51,612 $ 57,264 $ 172,696 $ 172,494 Construction & access 20,110 26,296 75,786 79,326 Powersports 21,605 25,143 82,202 73,236 Agriculture 10,358 15,029 39,955 42,924 Military 6,968 10,960 21,499 28,439 Other 24,739 23,525 68,160 43,424 Total, net sales $ 135,392 $ 158,217 $ 460,298 $ 439,843

Concentration of major custom_2

Concentration of major customers (Tables)	9 Months Ended
Concentration of major customers (Tables)	Sep. 30, 2024
Concentration of major customers
Schedules of major customer concentrations	Net Sales Net Sales Accounts Receivable Three Months Ended Nine Months Ended As of As of September 30, September 30, September 30, December 31, 2024 2023 2024 2023 2024 2023 Customer A 16.8 % 14.3 % 16.5 % 15.1 % 12.2 % <10 % B <10 % 13.4 % 12.2 % 14.8 % <10 % 12.6 % C <10 % 10.1 % 10.2 % 11.2 % <10 % <10 % D <10 % <10 % <10 % <10 % 14.1 % 12.7 %

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
Stock-based compensation (Tables)	Sep. 30, 2024
Stock-based compensation
Summary of Stock-based Compensation Expenses	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 RSU awards $ 973 $ 856 $ 2,725 $ 2,445 PSU awards 119 — 257 — Option awards 260 480 865 1,311 Stock-based compensation expense, net of tax $ 1,352 $ 1,336 $ 3,847 $ 3,756
Schedule of Unrecognized Stock-based Compensation Expense	RSUs PSUs Options Total Balance as of December 31, 2023 $ 2,304 $ — $ 1,513 $ 3,817 Grants 4,423 1,423 — 5,846 Forfeitures (32) — — (32) Expense (789) (20) (348) (1,157) Balance as of March 31, 2024 $ 5,906 $ 1,403 $ 1,165 $ 8,474 Grants 1,115 — — 1,115 Forfeitures (283) — (33) (316) Expense (962) (119) (257) (1,338) Balance as of June 30, 2024 $ 5,776 1,284 $ 875 $ 7,935 Grants 80 — — 80 Forfeitures (58) — — (58) Expense (973) (119) (260) (1,352) Balance as of September 30, 2024 $ 4,825 1,165 $ 615 $ 6,605

Common Equity (Tables)

Common Equity (Tables)	9 Months Ended
Common Equity (Tables)	Sep. 30, 2024
Common Equity
Summary of changes in outstanding common shares	Shares Outstanding Shares as of December 31, 2022 20,172,746 Treasury stock purchases (184,964) Common stock issued (including stock-based compensation impact) 320,574 Balance as of September 30, 2023 20,308,356 Shares Outstanding Balance as of December 31, 2023 20,310,584 Treasury stock purchases (114,925) Common stock issued (including stock-based compensation impact) 448,674 Balance as of September 30, 2024 20,644,333

Basis of presentation (Details)

Basis of presentation (Details)	9 Months Ended
Basis of presentation (Details)	Sep. 30, 2024 segment facility
Basis Of Presentation [Line Items]
Number of facilities operated \| facility	23
Number of Operating Segments \| segment	1
Maximum [Member]
Basis Of Presentation [Line Items]
The length of the product redevelopment cycle.	5 years
Minimum [Member]
Basis Of Presentation [Line Items]
The length of the product redevelopment cycle.	3 years

Acquisition (Details)

Acquisition (Details) - Mid-States Aluminum [Member] $ in Thousands	Jun. 19, 2023 USD ($)
Business Acquisition [Line Items]
Purchase price of the acquisition	$ 95,945
Total net consideration	$ 90,002

Acquisition - Assets acquired,

Acquisition - Assets acquired, liabilities assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2023
Business Acquisition [Line Items]
Goodwill	$ 92,650	$ 92,650
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Estimated useful life	7 years	7 years	7 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated useful life			17 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

Acquisition - Assets (Details)

Acquisition - Assets (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
Acquisition - Assets (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Operating income		$ 5,727	$ 5,893	$ 21,506	$ 14,837
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Estimated useful life	7 years	7 years		7 years		7 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated useful life	17 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 adjustment						$ (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

Acquisition - Pro Forma Financi

Acquisition - Pro Forma Financial Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Acquisition
Net sales	$ 470,799
Net income	$ 3,523

Select balance sheet data - Sch

Select balance sheet data - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Select balance sheet data
Finished goods and purchased parts	$ 27,560	$ 31,489
Raw materials	24,963	25,929
Work-in-process	8,650	10,363
Total	$ 61,173	$ 67,782

Select balance sheet data - S_2

Select balance sheet data - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 428,771	$ 418,335
Less accumulated depreciation	265,058	242,590
Total property, plant and equipment, net	163,713	175,745
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	2,587	2,640
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,291	4,378
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	$ 82,207	79,682
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	$ 306,907	295,960
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	$ 4,405	4,571
Property, plant and equipment useful lives	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 22,846	21,325
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	3 years
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	$ 5,528	$ 9,779

Select balance sheet data - Add

Select balance sheet data - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Select balance sheet data
Depreciation	$ 7,748	$ 7,434	$ 22,927	$ 19,849
Amortization expense	$ 1,733	$ 2,173	$ 5,200	$ 5,649

Select balance sheet data - S_3

Select balance sheet data - Schedule of Changes In Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Select balance sheet data
Change in goodwill carrying amount	$ 0
Goodwill	$ 92,650	$ 92,650

Select balance sheet data - S_4

Select balance sheet data - Schedule of Listing of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2023
Amortizable intangible assets [Abstract]
Amortizable intangible assets, gross	$ 124,544	$ 124,544
Accumulated amortization	74,888	69,688
Total amortizable intangible assets, net	49,656	54,856
Total intangible assets, net	53,467	58,667
Customer Relationships And Contracts [Member]
Amortizable intangible assets [Abstract]
Amortizable intangible assets, gross	96,040	96,040
Accumulated amortization	56,643	53,078
Total amortizable intangible assets, net	$ 39,397	$ 42,962
Trade Names [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	10 years	10 years
Amortizable intangible assets, gross	$ 14,780	$ 14,780
Accumulated amortization	8,555	7,446
Total amortizable intangible assets, net	$ 6,225	$ 7,334
Noncompete 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	$ 8,800
Developed Technology Rights [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	7 years	7 years	7 years
Amortizable intangible assets, gross	$ 4,900	$ 4,900
Accumulated amortization	875	350
Total amortizable intangible assets, net	$ 4,025	$ 4,550
Patents [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	19 years	19 years
Amortizable intangible assets, gross	$ 24	$ 24
Accumulated amortization	15	14
Total amortizable intangible assets, net	9	10
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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Select balance sheet data
Beginning balance			$ 58,667
Amortization expense	$ (1,733)	$ (2,173)	(5,200)	$ (5,649)
Ending balance	$ 53,467		$ 53,467

Select balance sheet data - Amo

Select balance sheet data - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Select balance sheet data
Amortization expense	$ 1,733	$ 2,173	$ 5,200	$ 5,649

Select balance sheet data - S_6

Select balance sheet data - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Select balance sheet data
2024 (remainder)	$ 1,733
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		9 Months Ended	12 Months Ended
Debt - Credit Agreements (Details) - USD ($) $ in Thousands	Jun. 28, 2023	Sep. 30, 2024	Dec. 31, 2023	Jun. 27, 2023
Line Of Credit Facility [Line Items]
Revolving credit notes		$ 111,045	$ 147,493
Amended And Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio		3%
Maximum consolidated leverage ratio		3.50%
Deferred financing costs		$ 1,248
Consolidated leverage ratio		1.59%
Interest coverage ratios		4.92%
Interest rate at end of period		7.22%	7.71%
Amended And Restated Credit Agreement [Member] \| Lenders And Wells Fargo Bank National Association Administrative 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
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Revolving credit notes		$ 111,045	$ 147,493
Revolving Credit Facility [Member] \| Amended And Restated Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Revolving commitments fee percentage		0.25%	0.30%
Revolving Credit Facility [Member] \| Amended And Restated Credit Agreement [Member] \| Lenders And Wells Fargo Bank National Association Administrative Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity	$ 250,000			200,000
Letter of Credit [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity				5,000
Swingline Facility [Member] \| Amended And Restated Credit Agreement [Member] \| Lenders And Wells Fargo Bank National Association Administrative Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity	$ 25,000			$ 20,000

Debt - Other Debt (Details)

Debt - Other Debt (Details) - Mid-States Aluminum [Member] - Fond du Lac County and Fond du Lac Economic Development Corporation Term Note [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Monthly installment	$ 500
Interest rate (as a percent)	2%
Balance outstanding	$ 2,375	$ 2,375
Other Current Liabilities [Member]
Line of Credit Facility [Line Items]
Short-term balance	500
Other Noncurrent Liabilities [Member]
Line of Credit Facility [Line Items]
Long-term balance	$ 1,875

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases
Amortization of finance lease assets	$ 130	$ 122	$ 353	$ 310
Interest on finance lease liabilities	12	14	32	35
Total finance lease expense	142	136	385	345
Operating lease expense	1,332	1,310	4,025	3,917
Short-term lease expense	200	169	511	439
Variable lease expense	66	22	178	139
Lease income	(547)	(513)	(1,616)	(1,548)
Total lease expense	$ 1,193	$ 1,124	$ 3,483	$ 3,292

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Operating cash flows	$ 32	$ 35
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Financing cash flows	475	296
Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows	4,459	4,348
Right-of-use assets obtained in exchange for recorded lease obligations: Operating leases	337	455
Right-of-use assets obtained in exchange for recorded lease obligations: Finance leases	$ 377	$ 2

Employee stock ownership plan -

Employee stock ownership plan - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Employee stock ownership plan
Distribution period	3 years					5 years
Shares in ESOP		3,474,467		3,474,467			4,062,583
Employee Stock Option [Member]
Employee stock ownership plan
Employee stock ownership plan (ESOP), (income) expense		$ 0	$ 0	$ 0	$ 0

Retirement plans - Additional I

Retirement plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	$ 609	$ 933	$ 2,585	$ 2,577
Profit sharing expense	$ 0	$ 0	$ 0	$ 0

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income taxes
Income tax expense	$ 100	$ 554	$ 2,532	$ 1,471
Effective income tax rate	3.24%	27.94%	20.21%	20.76%

Commitments and contingencies (

Commitments and contingencies (Details) $ in Thousands	Oct. 28, 2024 USD ($)	Aug. 04, 2022 claim
Litigation
Number of claims \| claim		2
Subsequent Event [Member]
Litigation
Gross payment \| $	$ 25,500

Deferred compensation - Additio

Deferred compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Deferred compensation
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	$ 2,076	$ 2,346	$ 10,010	$ 8,037
Deferred compensation cash-based arrangements liability, Current	254		254		$ 289
Deferred compensation cash-based arrangements liability, Non current	4,603		4,603		$ 3,816
Deferred compensation, distributions paid			286	18,520
Deferred Profit Sharing [Member]
Deferred compensation
Deferred compensation plan (Income) expense	204	(52)	489	677
Employees [Member]
Deferred compensation
Deferred compensation plan (Income) expense	$ 96	$ 94	$ 544	$ 410

Self-Funded insurance (Details)

Self-Funded insurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Self-Funded insurance (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Self-Funded insurance
Health care self-insurance expense	$ 6,104	$ 5,741	$ 18,655	$ 15,508
Estimated accrued liability	$ 1,244		$ 1,244		$ 1,018

Segments (Details)

Segments (Details)	9 Months Ended
Segments (Details)	Sep. 30, 2024 segment
Segments
Number of operating segments	1

Fair value of financial instr_3

Fair value of financial instruments - Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value of financial instruments
Total	$ 4,857	$ 4,105
Fair Value, Inputs, Level 1
Fair value of financial instruments
Total	4,857	4,105
Deferred compensation liability
Fair value of financial instruments
Total	4,857	4,105
Deferred compensation liability \| Fair Value, Inputs, Level 1
Fair value of financial instruments
Total	$ 4,857	$ 4,105

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic [Abstract]
Net Income (Loss)	$ 2,974	$ 3,782	$ 3,241	$ 1,432	$ 1,614	$ 2,571	$ 9,997	$ 5,617
Average shares outstanding	20,715,275			20,439,602			20,601,702	20,416,914
Basic income per share	$ 0.14			$ 0.07			$ 0.49	$ 0.28
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Average shares outstanding	20,715,275			20,439,602			20,601,702	20,416,914
Effect of dilutive stock-based compensation	408,219			183,262			291,614	228,001
Total potential shares outstanding	21,123,494			20,622,864			20,893,316	20,644,915
Diluted income per share	$ 0.14			$ 0.07			$ 0.48	$ 0.27

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share
Antidilutive securities excluded from computation of diluted earnings per share	0	0	0	0

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue Recognition
Contract asset, beginning balance	$ 5,457
Net activity	169
Contract asset, ending balance	5,626
Contract liability, beginning balance	3,635
Net activity	(1,302)
Contract liability, ending balance	$ 2,333

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Total, net sales	$ 135,392	$ 158,217	$ 460,298	$ 439,843
Operating segments
Revenue Recognition
Total, net sales	138,577	163,824	477,243	455,212
Intercompany sales elimination
Revenue Recognition
Total, net sales	(3,185)	(5,607)	(16,945)	(15,369)
Outdoor sports
Revenue Recognition
Total, net sales	1,824	2,155	6,188	6,839
Fabrication
Revenue Recognition
Total, net sales	67,284	89,372	245,400	260,545
Performance structures
Revenue Recognition
Total, net sales	42,645	41,541	136,209	95,063
Tube
Revenue Recognition
Total, net sales	16,140	19,096	55,061	58,916
Tank
Revenue Recognition
Total, net sales	$ 10,684	$ 11,660	$ 34,385	$ 33,849

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Disaggregation of Revenue by End Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Total, net sales	$ 135,392	$ 158,217	$ 460,298	$ 439,843
Commercial vehicle
Revenue Recognition
Total, net sales	51,612	57,264	172,696	172,494
Construction & access
Revenue Recognition
Total, net sales	20,110	26,296	75,786	79,326
Powersports
Revenue Recognition
Total, net sales	21,605	25,143	82,202	73,236
Agriculture
Revenue Recognition
Total, net sales	10,358	15,029	39,955	42,924
Military
Revenue Recognition
Total, net sales	6,968	10,960	21,499	28,439
Other
Revenue Recognition
Total, net sales	$ 24,739	$ 23,525	$ 68,160	$ 43,424

Concentration of major custom_3

Concentration of major customers - Schedule of Major Customer Concentrations (Details) - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Customer A [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.80%	14.30%	16.50%	15.10%
Customer A [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage			12.20%
Concentration risk percentage					<10
Customer B [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Concentration risk percentage		13.40%	12.20%	14.80%
Concentration risk percentage	<10
Customer B [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage					12.60%
Concentration risk percentage			<10
Customer C [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Concentration risk percentage		10.10%	10.20%	11.20%
Concentration risk percentage	<10
Customer C [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage			<10		<10
Customer D [Member] \| Revenue Benchmark [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10	<10	<10
Customer D [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage			14.10%		12.70%

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Apr. 20, 2021	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercised	879,388
Shares issued	264,247
Weighted average strike price	$ 9.85
Options, issued and outstanding number	433,918
Options, issued and outstanding weighted average exercise price	$ 13.71
Weighted average contractual life remaining	9 years 2 months 26 days
Unrecognized stock-based compensation recognition period	Aug. 20, 2027
Omnibus Incentives 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
Number of shares authorized			2,500,000
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units, vested	247,564	254,169
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vested (in shares)	206,524	195,264
Weighted average strike price	$ 13.54	$ 11.67

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 1,352	$ 1,336	$ 3,847	$ 3,756
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	973	856	2,725	2,445
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	119		257
Option Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 260	$ 480	$ 865	$ 1,311

Stock-based compensation - Sche

Stock-based compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	$ 7,935	$ 8,474	$ 3,817
Grants	80	1,115	5,846
Forfeitures	(58)	(316)	(32)
Expense	(1,352)	(1,338)	(1,157)
Ending Balance	6,605	7,935	8,474
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	5,776	5,906	2,304
Grants	80	1,115	4,423
Forfeitures	(58)	(283)	(32)
Expense	(973)	(962)	(789)
Ending Balance	4,825	5,776	5,906
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	1,284	1,403	0
Grants			1,423
Expense	(119)	(119)	(20)
Ending Balance	1,165	1,284	1,403
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	875	1,165	1,513
Forfeitures		(33)
Expense	(260)	(257)	(348)
Ending Balance	$ 615	$ 875	$ 1,165

Common Equity (Details)

Common Equity (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
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) - Common Stock [Member] - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Beginning balance	20,310,584	20,172,746
Treasury stock purchases	(114,925)	(184,964)
Common stock issued (including stock-based compensation impact)	448,674	320,574
Ending balance	20,644,333	20,308,356

Subsequent events - (Details)

Subsequent events - (Details) $ in Thousands	Oct. 28, 2024 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross payment	$ 25,500