Art’s-Way Manufacturing Co., Inc.

Company overview

• Delaware corporation, began operations in 1956.
• Manufactures agricultural equipment and specialized modular science and agricultural buildings for global markets.
• Two operating segments: Agricultural Products and Modular Buildings.
• Principal plant and corporate headquarters in Armstrong, Iowa.
• Discontinued Tools business in Q3 of fiscal 2023; remaining Tools segment components disposed before the twelve months ended November 30, 2025.

Segments

Agricultural Products

• Product lines: portable and stationary animal feed processing equipment and attachments; forage equipment (forage boxes, bale processors, running gear, dump boxes); manure spreaders; sugar beet harvesting equipment; dirt work equipment; limited OEM parts.
• Distribution: sold through approximately 500 U.S. and Canadian independent dealers and additional dealers overseas (Australia, Japan, United Kingdom); end-user support provided by a local Armstrong, IA sales force.
• Revenue mix: 55.5% of net revenue in fiscal 2025; 59.9% in fiscal 2024.
• Primary location: Armstrong, Iowa.

Modular Buildings

• Products and services: modular buildings tailored to research needs, from basic swine buildings to containment laboratories; provides turnkey design, manufacture, delivery, and installation; leasing option available.
• End users: academic research institutions, government research and diagnostic centers, public health institutions, and private research and pharmaceutical companies.
• Revenue mix: 44.5% of net revenue in fiscal 2025; 40.1% in fiscal 2024.
• Location: Monona, Iowa — 50,000 sq ft plant plus a 12,000 sq ft east building used as a weld shop.

Customers and distribution

• Agricultural Products: dealer network in the U.S., Canada, Australia, Japan, and the U.K.; end users are farmers and related service providers.
• Modular Buildings: sells directly to end users and exports to five foreign countries; maintains relationships with specialized buyers in health, education, and research sectors.
• International sales: 4.0% of consolidated net sales in 2025; 3.3% in 2024.
• Dealer network: approximately 500 U.S./Canadian dealers plus overseas dealers.

Backlog and near-term outlook

• Agricultural Products backlog: approximately $3.224 million as of February 2, 2026 (down from $3.486 million on February 2, 2025).
• Modular Buildings backlog: approximately $4.882 million as of February 2, 2026 (up from $2.403 million on February 2, 2025).
• Outlook: Modular Buildings expected to produce results in fiscal 2026 similar to fiscal 2025; backlog levels may fluctuate due to orders, cancellations, and dealer discounting. Beet equipment demand is affected by sugar price announcements, with improvement anticipated from product development.

Recent product developments

• 2025: introduced a new 12-row beet harvester head with a clear-view design compatible with older units; redesigned 8-row beet head with clear-view design.
• 2025: developed a sack cutter for grinders and tested improvements to unloading speed.
• 2026: ongoing R&D expected to improve margins.
• Modular Buildings: no specific new product developments reported for 2025.

Competition and market positioning

• Agricultural Products: operates in a highly competitive, fragmented market with niche product lines. Differentiation is based on branded products, aftermarket parts, product performance, and the dealer network.
• Modular Buildings: competes with conventional design/build firms and new entrants. Barriers include customer relationships, specialized knowledge, capital access, skilled labor, and bidding experience. Ability to deliver turnkey modular labs quickly is a competitive strength.

Raw materials, suppliers, and customers

• Materials sourced domestically and internationally; some foreign suppliers with alternatives available.
• Manure spreader beaters are imported from Italy; a reshoring project was initiated in 2025 to mitigate tariffs and cost concerns.
• Customer concentration: one customer accounted for just over 9% of consolidated net revenues in 2025.

Intellectual property and licensing

• Holds manufacturing rights and trademarks for several products; rights have 5–10 year terms with renewal options.
• No pending IP applications reported.
• Licensing arrangement: Spreader, LLC licenses loader-mounted spreader production in exchange for royalties through December 2026.

Government, regulatory, and environmental

• Modular Buildings must comply with applicable state building codes.
• Operations comply with federal, state, and local environmental regulations.
• The company does not expect compliance costs to have a material impact on consolidated results.

Employees

• As of November 30, 2025:
  • Agricultural Products segment: 66 employees (including 1 part-time).
  • Modular Buildings segment: 32 employees (including 2 part-time).

Properties

• Armstrong, Iowa: executive offices and primary production/warehousing facilities totaling about 249,000 sq ft of usable space; ongoing roof repairs in 2026; owns 30 acres west of Armstrong used for factory and inventory storage.
• Monona, Iowa: 50,000 sq ft facility for Modular Buildings manufacturing plus a 12,000 sq ft east building used as a weld shop.
• All owned real property is mortgaged to Bank Midwest as security for long-term debt and credit facilities.

Legal and other disclosures

• No material legal proceedings currently pending.
• Websites referenced for corporate and segment information are not incorporated into this summary.