Burnham Holdings, Inc. Reports Second Quarter and First Half 2026 Financial Results

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Jul 23, 2026, 15:58 ET

Strategic portfolio simplification and demand for high-efficiency heating solutions drive revenue and earnings growth.

LANCASTER, Pa., July 23, 2026 /PRNewswire/ -- Burnham Holdings, Inc. (OTC-Pink: BURCA) ("BHI", the "Company", "we" or "our") today reported strong financial results for the second quarter and first six months of 2026, reflecting higher sales, improved margins and significantly stronger profitability as the Company continues to benefit from its strategic focus on its core boiler business.

As with previous 2026 filings, the financial statement presentation has been adjusted to reflect the previously completed divestiture of its subsidiaries Thermo Products, LLC (TP) and Norwood Manufacturing, Inc. (NMI) as discontinued operations.

Key Financial Highlights

Strong Top-Line Revenue Growth: Net sales for the second quarter of 2026 reached $56.6 million, up 6.8% ($3.6 million) compared to net sales of $53.0 million in the second quarter of 2025. Year-to-date net sales for the first six months of 2026 climbed to $122.8 million, compared to $108.7 million in the first half of 2025.
Healthy Gross Profit Margins: Gross profit margin for the second quarter of 2026 was 23.1%, compared to 21.6% in the second quarter of 2025. For the first half of 2026, year-to-date gross profit margin reached 25.0%, compared to 23.1% in the prior-year period.
Strategic SG&A Investments: Selling, general, and administrative expenses (SG&A) as a percentage of net sales were 18.3% for the second quarter (compared to 20.3% in Q2 2025) and 19.1% year-to-date (compared to 19.2% in H1 2025). Spend remains aligned with planned strategic initiatives and operational optimization designed to support long-term, profitable growth.
Adjusted Net Income from Continuing Operations: Adjusted net income from continuing operations for the second quarter of 2026 was $2.3 million, or $0.48 per diluted share, compared with adjusted net income from continuing operations of $0.9 million, or $0.19 per diluted share, in the second quarter of 2025. For the first half of 2026, adjusted net income from continuing operations was $5.7 million ($1.19 per diluted share), compared with $3.4 million ($0.72 per diluted share) in the first half of 2025.
Enhanced Profitability Metrics: Adjusted EBITDA from continuing operations for the second quarter of 2026 was $5.4 million (9.6% of net sales), compared to $2.4 million (4.6% of net sales) in the second quarter of 2025. For the first six months, year-to-date adjusted EBITDA from continuing operations reached $11.8 million (9.6% of net sales), compared to $7.2 million (6.7% of net sales) in the first half of 2025.
Balance Sheet and Revolving Credit Facility: Total outstanding debt was $18.8 million as of June 28, 2026, compared to $9.1 million as of June 29, 2025. Prior year debt levels were impacted by the sale of TP and NMI as cash received was applied to outstanding debt; adjusted debt at June 29, 2025 would have been $32.8 million. Total borrowing remains in line with typical seasonal working capital needs and planned inventory investments to support upcoming peak heating season demand.

"Our second-quarter results reflect the progress we've made to sharpen our focus and strengthen our business," said Chris Drew, President and CEO of Burnham Holdings. "Revenue growth, expanding margins, and significantly improved earnings demonstrate the benefits of concentrating on our core boiler and thermal solutions portfolio while continuing to invest in products that address our customers' demand for higher efficiency and long-term reliability. As we move through the second half of the year, we remain focused on disciplined execution, operational excellence and creating sustainable long-term value for our shareholders."

Crown Boiler: As previously disclosed, Burnham Holdings continues to monitor Crown Boiler Company's voluntary Chapter 11 proceedings. There have been no material developments during the quarter requiring changes to the Company's financial statements. The Company will provide updates as appropriate.

Divestiture Adjustment: During the quarter, the Company recorded a noncash adjustment of approximately $0.3 million (net of tax) related to the prior year gain on the previously completed sale of Thermo Products and Norwood Manufacturing. The adjustment is reflected within discontinued operations.

Subsidiary Litigation Update: As previously disclosed, on October 21, 2025, the New York Court of Appeals denied Burnham LLC's, at that time a wholly owned subsidiary of BHI, petition for leave to appeal the verdict that was entered against the company in Maffei v. A.O. Smith Water Prods. Co. (In re N.Y.C. Asbestos Litigation) matter. On November 6, 2025, the insurer paid the full amount of the award, including punitive damages totaling $7.9 million after accounting for pre- and post-judgment interest. Burnham LLC continues to vigorously pursue coverage from its applicable insurance policies to pay for cost of the awarded punitive damages, including through litigation, and is continuing to proactively engage insurers to negotiate a settlement in good faith. During the quarter, the reserve for this matter was increased by $0.8 million, bringing the total reserve to $5.8 million, as settlement negotiations continue between the parties. The increase was fully offset by the release of excess operating reserves, resulting in no net impact on current period earnings. Accordingly, the litigation reserve adjustment was not excluded from Adjusted EBITDA. As previously disclosed, in the normal course of business, certain subsidiaries of BHI have been named, and may in the future be named, as defendants in various legal actions, including claims for damages alleging exposure to asbestos from products of the company's subsidiaries or their predecessors.

At its meeting on July 23, 2026, the Board of Directors declared a quarterly dividend of $0.23 per share on Class A and Class B Common Stock, payable on September 24, 2026, to Shareholders of record on September 17, 2026.

About Burnham Holdings, Inc.:

BHI is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers for residential applications. Additionally, through its various subsidiaries, it serves the commercial/industrial boiler markets with a variety of boiler products, rental trailers, and boiler room services. BHI is listed on the OTC Exchange under the ticker symbol "BURCA". For more information, please visit www.burnhamholdings.com.

Safe Harbor Statement:

This Press Release contains forward-looking statements. Other reports, letters, press releases, and investor presentations distributed or made available by the Company may also contain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates, and projections, and you should therefore not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, variations in weather, changes in the regulatory environment, litigation, customer preferences, general economic conditions, technology, product performance, raw material costs, and increased competition.

Non-GAAP Financial Information:

This press release may contain certain non-GAAP financial measures, including, but not limited to, adjusted SG&A, EBITDA, Adjusted EBITDA, Adjusted Net Income, and adjusted diluted earnings per share. These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company's overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. The Company acknowledges that there are many items that impact a company's reported results, and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Burnham Holdings, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended		Six Months Ended
	June 28,	June 29,	June 28,	June 29,
	2026	2025	2026	2025
Net sales	$ 56,595	$ 52,971	$ 122,778	$ 108,708
Cost of goods sold	43,500	41,519	92,051	83,622
Gross profit	13,095	11,452	30,727	25,086
Selling, general and administrative expenses	10,362	10,755	23,471	20,908
Impairment loss	-	3,137	-	3,137
Operating income (loss)	2,733	(2,440)	7,256	1,041
Other (expense) / income:
Non-service related pension credit	12	50	25	100
Loss on derivative mark to market	(47)	-	(25)	-
Interest and investment gain	662	498	878	492
Interest expense	(355)	(105)	(664)	(344)
Other expense	272	443	214	248
Income (loss) from continuing operations before income tax	3,005	(1,997)	7,470	1,289
Income tax expense	766	(459)	1,793	295
Income (loss) from continuing operations	2,239	(1,538)	5,677	994

Income from discontinued operations, net of tax	-	227	-	1,066
(Loss) gain on sale of discontinued operations, net of tax	(307)	6,227	(307)	6,227
(Loss) income from discontinued operations, net of tax	(307)	6,454	(307)	7,293

Net income	$ 1,932	$ 4,916	$ 5,370	$ 8,287

Earnings per share:
Basic
Income (loss) from continuing operations	$ 0.47	$ (0.33)	$ 1.20	$ 0.21
(Loss) income from discontinued operations	(0.06)	1.38	(0.06)	1.56
Basic earnings per share	$ 0.41	$ 1.05	$ 1.14	$ 1.77

Diluted
Income (loss) from continuing operations	$ 0.46	$ (0.33)	$ 1.19	$ 0.21
(Loss) income from discontinued operations	(0.06)	1.37	(0.06)	1.55
Diluted earnings per share	$ 0.40	$ 1.04	$ 1.13	$ 1.76

Cash dividends per share	$ 0.23	$ 0.23	$ 0.46	$ 0.46

Burnham Holdings, Inc.
Consolidated Balance Sheets
(In thousands)
			(Unaudited)		(Unaudited)
			June 28,	December 31,	June 29,
ASSETS			2026	2025	2025
Current Assets
	Cash and cash equivalents		$ 6,863	$ 7,657	$ 7,032
	Trade accounts receivable, net		22,840	29,065	21,371
	Inventories, net		51,263	37,442	54,126
	Costs in excess of billings		187	507	202
	Prepaid expenses and other current assets		3,118	6,556	3,210
		Total Current Assets	84,271	81,227	85,941

Property, plant and equipment, net			68,846	69,306	69,049
Lease assets			5,988	6,014	5,851
Other long-term assets			18,785	18,772	20,455
		Total Assets	$ 177,890	$ 175,319	$ 181,296

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
	Accounts payable & accrued expenses		$ 32,815	$ 41,243	$ 31,761
	Billings in excess of costs		484	261	803
	Current portion of:
	Long-term liabilities		87	87	772
	Lease liabilities		1,693	1,571	1,398
	Long-term debt		184	184	184
		Total Current Liabilities	35,263	43,346	34,918

Long-term debt			18,574	11,373	8,955
Lease liabilities			4,295	4,443	4,453
Other long-term liabilities			4,980	4,860	4,210
Deferred income taxes			7,728	7,710	9,668
Shareholders' Equity
	Preferred Stock		530	530	530
	Class A Common Stock		3,657	3,654	3,642
	Class B Convertible Common Stock		1,292	1,293	1,302
	Additional paid-in capital		9,040	10,055	9,685
	Retained earnings		106,152	103,031	134,943
	Accumulated other comprehensive loss		(5,237)	(5,280)	(21,237)
	Treasury stock, at cost		(8,384)	(9,696)	(9,773)
		Total Shareholders' Equity	107,050	103,587	119,092
		Total Liabilities and Shareholders' Equity	$ 177,890	$ 175,319	$ 181,296

Burnham Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Six Months Ended
	June 28,	June 29,
	2026	2025
Cash flows from operating activities:
Net income	$ 5,370	$ 8,287
(Loss) income from discontinued operations, net of tax	(307)	7,293
Income from continuing operations	$ 5,677	$ 994
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Depreciation and amortization	3,665	2,472
Impairment loss	-	3,137
Deferred income taxes	5	28
Provision for long-term employee benefits	(62)	(156)
Share-based compensation expense	395	279
Other reserves and allowances	(142)	(1,445)
Changes in current assets and liabilities:
Decrease in accounts receivable, net	6,202	2,460
Increase in inventories, net	(13,821)	(8,613)
Decrease in other current assets	2,142	1,006
Decrease in accounts payable and accrued expenses	(6,502)	(1,761)
Net cash used by operating activities of continuing operations	(2,441)	(1,599)
Net cash used by operating activities of discontinued operations	-	(9)
Net cash used by operating activities	(2,441)	(1,608)

Cash flows from investing activities:
Capital expenditures	(3,209)	(5,729)
Net cash used by investing activities of continuing operations	(3,209)	(5,729)
Net cash provided by investing activities of discontinued operations	-	7
Proceeds from sale of discontinued operations	-	23,687
Net cash (used) provided by investing activities	(3,209)	17,965

Cash flows from financing activities:
Net activity from revolving credit facility	7,293	(13,226)
Repayment of term loan	(92)	(92)
Share-based compensation activity	(96)	(108)
Dividends paid	(2,249)	(2,228)
Net cash provided (used) by financing activities	4,856	(15,654)

Net (decrease) increase in cash and cash equivalents	$ (794)	$ 703

Cash and cash equivalents, beginning of period	$ 7,657	$ 6,329
Net (decrease) increase in cash and cash equivalents	(794)	703
Cash and cash equivalents, end of period	$ 6,863	$ 7,032

Burnham Holdings, Inc.
Consolidated Statements of Shareholders' Equity
(In thousands)
(Unaudited)

			Class B			Accumulated
		Class A	Convertible	Additional		Other	Treasury
	Preferred	Common	Common	Paid-in	Retained	Comprehensive	Stock,	Shareholders'
	Stock	Stock	Stock	Capital	Earnings	Loss	at Cost	Equity
Balance at December 31, 2024	$ 530	$ 3,633	$ 1,311	$ 10,799	$ 128,884	$ (20,820)	$ (11,058)	$ 113,279

Net income	-	-	-	-	3,371	-	-	3,371
Other comprehensive loss,
net of tax	-	-	-	-	-	(208)	-	(208)
Cash dividends declared:
Common stock - ($0.23 per share)	-	-	-	-	(1,072)	-	-	(1,072)
Share-based compensation:
Expense recognition	-	-	-	119	-	-	-	119
Conversion of common stock	-	9	(9)	-	-	-	-	-

Balance at March 30, 2025	$ 530	$ 3,642	$ 1,302	$ 10,918	$ 131,183	$ (21,028)	$ (11,058)	$ 115,489

Net income	-	-	-	-	4,916	-	-	4,916
Other comprehensive loss,
net of tax	-	-	-	-	-	(209)	-	(209)
Cash dividends declared:
Preferred stock - 6%	-	-	-	-	(9)	-	-	(9)
Common stock - ($0.23 per share)	-	-	-	-	(1,147)	-	-	(1,147)
Share-based compensation:
Expense recognition	-	-	-	160	-	-	-	160
Issuance of vested shares	-	-	-	(1,393)	-	-	1,285	(108)

Balance at June 29, 2025	$ 530	$ 3,642	$ 1,302	$ 9,685	$ 134,943	$ (21,237)	$ (9,773)	$ 119,092


			Class B			Accumulated
		Class A	Convertible	Additional		Other	Treasury
	Preferred	Common	Common	Paid-in	Retained	Comprehensive	Stock,	Shareholders'
	Stock	Stock	Stock	Capital	Earnings	Loss	at Cost	Equity
Balance at December 31, 2025	$ 530	$ 3,654	$ 1,293	$ 10,055	$ 103,031	$ (5,280)	$ (9,696)	$ 103,587

Net income	-	-	-	-	3,438	-	-	3,438
Other comprehensive income,
net of tax	-	-	-	-	-	72	-	72
Cash dividends declared:
Common stock - ($0.23 per share)	-	-	-	-	(1,080)	-	-	(1,080)
Share-based compensation:
Expense recognition	-	-	-	195	-	-	-	195

Balance at March 29, 2026	$ 530	$ 3,654	$ 1,293	$ 10,250	$ 105,389	$ (5,208)	$ (9,696)	$ 106,212

Net income	-	-	-	-	1,932	-	-	1,932
Other comprehensive loss,
net of tax	-	-	-	-	-	(29)	-	(29)
Cash dividends declared:
Preferred stock - 6%	-	-	-	-	(9)	-	-	(9)
Common stock - ($0.23 per share)	-	-	-	-	(1,160)	-	-	(1,160)
Share-based compensation:
Expense recognition	-	-	-	200	-	-	-	200
Issuance of vested shares	-	2	-	(1,410)	-	-	1,312	(96)
Conversion of common stock	-	1	(1)	-	-	-	-	-

Balance at June 28, 2026	$ 530	$ 3,657	$ 1,292	$ 9,040	$ 106,152	$ (5,237)	$ (8,384)	$ 107,050

Burnham Holdings, Inc.
Non-GAAP Reconciliation
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended		Six Months Ended
	June 28,	June 29,	June 28,	June 29,
	2026	2025	2026	2025
Income (loss) from continuing operations, net of tax	$ 2,239	$ (1,538)	$ 5,677	$ 994
Exclude:
Income tax expense (benefit)	766	(459)	1,793	295
Interest expense	355	105	664	344
Depreciation and amortization	2,023	1,195	3,665	2,472
EBITDA	$ 5,383	$ (697)	$ 11,799	$ 4,105

EBITDA as a percent of net sales	9.5 %	-1.3 %	9.6 %	3.8 %

EBITDA	$ 5,383	$ (697)	$ 11,799	$ 4,105
Adjustments:
Loss on derivative mark to market	47	-	25	-
Impairment loss	-	3,137	-	3,137
Adjusted EBITDA	$ 5,430	$ 2,440	$ 11,824	$ 7,242

Adjusted EBITDA as a percent of net sales	9.6 %	4.6 %	9.6 %	6.7 %

	Three Months Ended		Six Months Ended
	June 28,	June 29,	June 28,	June 29,
	2026	2025	2026	2025
Income (loss) from continuing operations	$ 2,239	$ (1,538)	$ 5,677	$ 994
Adjustments, net of tax	80	2,450	19	2,415
Adjusted income from continuing operations	$ 2,319	$ 912	$ 5,696	$ 3,409

Diluted weighted-average shares outstanding	4,779	4,720	4,760	4,705

Diluted earnings (loss) per share from continuing operations	$ 0.46	$ (0.33)	$ 1.19	$ 0.21
Adjusted diluted earnings per share from continuing operations	$ 0.48	$ 0.19	$ 1.19	$ 0.72


	June 28,	June 29,
	2026	2025
Total debt	$ 18,758	$ 9,139
Proceeds from sale of discontinued operations	-	23,687
Adjusted total debt	$ 18,758	$ 32,826