UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ANNUAL REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31 2020, 2023

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File No.: 001-32401

MANITEX INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: (708) (708) 430-7500

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the shares of common stock, no par value (“Common Stock”), held by non-affiliates of the registrant as of June 30, 2020February 21, 2024 was approximately $71.5$80.6 million based upon the closing price for the Common Stock of $4.97$6.49 on the NASDAQ Stock Market on such date.

The number of shares of the registrant’s common stock outstanding as of March 1, 2021February 27, 2024 was 19,821,089.20,273,085.

TABLE OF CONTENTS

The reader should carefully consider the following risks, together with the cautionary statement under the caption “Forward-Looking Statements” and the other information included in this report. The risks described below represent all of the material risks currently known to us; however, they are not the only ones the Company faces. Additional risks that are currently unknown to the Company or that the Company currently considers to be immaterial may also impair its business or adversely affect the Company’s financial condition or results of operations. If any of the following risks actually occur, the Company’s business, financial condition or results of operation could be adversely affected.

Risks Relating to the Company’s Business and Operations

A future substantial deterioration in economic conditions, especially in the United States and Europe, would adversely impact the Company’s results of operations and cash flows.

Economic conditions affect the Company’s sales volumes, pricing levels and overall profitability. Demand for many of the Company’s products depends on end-use markets. Challenging economic conditions may reduce demand for our products and may also impair the ability of customers to pay for products they have purchased. As a result, the Company’s reservesallowance for doubtful accountscredit losses and write-offs for accounts receivable may increase. Significant deterioration in economic conditions, especially in the United States and Europe, has had and may again have negative effects on the Company’s results of operations and cash flows.

A significant deterioration in economic conditions has caused and may again cause deterioration in the credit quality of our customers and the estimated residual value of our equipment. This could further negatively impact the ability of our customers to obtain the resources they need to make purchases of our equipment.equipment or to fulfill their obligations under our rental agreements. Reduced credit availability will diminish our customers’customers' ability to invest in their businesses, refinance maturing debt obligations, and meet ongoing working capital needs. If customers do not have sufficient access to credit, demand for the Company’s products will likely decline. Reduced access to credit and the capital markets will also negatively affect the Company’s ability to invest in strategic growth initiatives such as acquisitions.

COVID-19 and related economic conditions, including the Company’s assessment of the vulnerability of our customers and vendors in relation to the economic disruptions associated with COVID-19, are continuing to negatively impact our financial condition, results of operations and cash flows.

The global outbreak of COVID-19 severely restricted the level of economic activity in many parts of the world. In response to this outbreak, the governments of many countries, states, cities and other geographic regions have taken a variety of preventative or protective actions, such as imposing restrictions on travel and business operations. While some countries have experienced declining numbers of COVID-19 cases and have therefore reversed some of these preventative and protective measures, others, including many areas of the United States, have experienced increases in COVID-19 cases and have implemented or are considering implementing or re-implementing such actions.  These measures, while intended to curtail the spread of COVID-19, have had and are expected to continue to have significant adverse impacts of uncertain severity and duration on domestic and foreign economies. The outbreak and continued spread of COVID-19 have resulted in a global economic slowdown. Currently, the effectiveness of economic stabilization efforts and other measures being taken to mitigate the effects of these actions and the spread of COVID-19, including the development, approval and distribution of vaccines, is uncertain.

As a result of the COVID-19 pandemic, we and our affiliates, employees, suppliers, customers and others have been and may continue to be restricted or prevented from conducting normal business activities, including as a result of shutdowns, travel restrictions and other actions that may be recommended or mandated by governmental authorities. Such actions have prevented, and may in the future prevent us from accessing the facilities of our customers to provide services. While a substantial portion of our businesses have been classified as an essential business in jurisdictions in which facility closures have been mandated, we can give no assurance that there will not be closures in the future or that our businesses will be classified as essential in each of the jurisdictions in which we operate.

The COVID-19 outbreak has impacted, and may continue to impact, our office locations and manufacturing facilities, as well as those of our third-party vendors, including the effects of facility closures, reductions in operating hours and other social distancing efforts. In addition, we have modified our business practices (including practices regarding employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences), and we may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers, suppliers and other partners. These modifications to our business practices may cause us to experience reductions in productivity and disruptions to our business routines. Further, we have experienced, and may continue to experience, disruptions or delays in our supply chain as a result of such actions, which has resulted in higher supply chain costs to us in order to maintain an adequate supply of materials and components for our products.

Our management of the impact of COVID-19 has and will continue to require significant investment of time from our management and employees, as well as resources across our global enterprise. The focus on managing and mitigating the impacts of COVID-19 on our business may cause us to divert or delay the application of our resources toward new initiatives or investments, which may adversely impact our future results of operations. In addition, issues relating to the COVID-19 pandemic may result in legal claims or litigation against us.

We may also experience impacts from market downturns and changes in consumer behavior related to pandemic fears as a result of COVID-19. In addition, our customers may choose to delay or abandon projects on which we provide products. We may also experience adverse impacts on demand and sales volumes from industries that are sensitive to economic downturns and volatility in commodity prices. If these adverse impacts continue, our stock price and the operating performances of our businesses could be adversely affected, which could require us to incur material impairment, restructuring or other charges.

Further, the impact of COVID-19 may cause significant uncertainty and volatility in the credit markets. We rely on the credit markets to provide us with liquidity to operate and grow our businesses beyond the liquidity that our operating cash flows provide. If our access to capital were to become significantly constrained or if costs of capital increased significantly due the impact of COVID-19, including volatility in the capital markets, or other factors, then our financial condition, results of operations and cash flows could be adversely affected.

Lastly, if the COVID-19 pandemic becomes more pronounced in our global markets, or resurges in markets recovering from the pandemic, our operations in impacted areas could experience further adverse financial impacts due to market changes and other resulting events and circumstances. The extent to which the COVID-19 outbreak impacts our financial condition will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19, the longevity of COVID-19, the impact of COVID-19 on economic activity, and the actions to contain its impacts on public health and the global economy. The impact of COVID-19 may also exacerbate other risks discussed in this Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, any of which could have a material effect on our financial condition, results of operations and cash flows.

Our revenues and profitability are impacted by government spending and fluctuations in the construction industry, and capital expenditures in the oil and gas industry.

Many of the Company’s customers depend substantially on government spending, including highway construction and maintenance and other infrastructure projects by U.S. federal and state governments as well as foreign governments. Any decrease or delay in government funding of highway construction and maintenance and other infrastructure projects could cause the Company’s revenues and profits to decrease.

The demand for our product in part depends on the condition of the oil and gas industry and, in particular, on the level of capital expenditures of companies engaged in the exploration, development, and production of oil and natural gas. Capital expenditures by these companies are influenced by the following factors:

Historically, prices of oil and natural gas and exploration, development and production have fluctuated substantially. A sustained period of substantially reduced capital expenditures by oil and gas companies will result in decreased demand for certain equipment produced by the Company, lower margins, and possibly net losses.  Additionally, oil and gas companies may sell excess equipment into the general construction market which could further depress demand for certain of products.

The Company’s level of indebtedness reduces our financial flexibility and meeting financial covenants required by our debt agreements could impede our ability to successfully operate.

As of December 31, 2020,2023, the Company’s total debt was $47.3$94.9 million, which includes notes payable and capitalfinance lease obligations.

Our level of debt affects our operations in several important ways, including the following:

The Company’s existing debt agreements contain a number of significant covenants which may limit our ability to, among other things, borrow additional money, make capital expenditures, pay dividends, dispose of assets and acquire new businesses. These covenants also require the Company to meet certain financial and non-financial tests. A default or other event of non-compliance, if not waived or otherwise permitted by the Company’s lenders, could result in acceleration of the Company’s debt and possibly bankruptcy.

The Company may be unable to negotiate extensions of our credit agreements and to obtain additional debt or equity financing when needed.

Our future capital requirements will depend on the amount of cash generated or required by our current operations, as well as additional funds which may be needed to finance future acquisitions. Future cash needs are subject to substantial uncertainty.

Adequate funds may not be available when needed, and if we do not receive sufficient capital, we may be required to alter or reduce the scope of our operations or to forego making future acquisitions. If we raise additional funds by issuing equity securities, existing stockholders may be diluted.

The remediationIf we fail to maintain an effective system of internal controls, we may not be able to accurately and timely report our financial results, which could negatively impact our business, investor confidence, and the price of our common stock.

SEC Rules require that we perform an annual assessment of the material weakness indesign and effectiveness of our internal controls over financial reporting. If we are unable to maintain effective internal control over financial reporting has causedor disclosure controls and procedures in the future, our ability to record, process, and report financial information accurately and to prepare financial statements within required time periods could be adversely affected, which could subject us to incurlitigation, investigations, or penalties; negatively affect our liquidity, our access to capital markets, our ability to maintain compliance with covenants, any of which may require substantial audit, legaltime, expense and other costs, and may reduce investor confidence inmanagement resources to remediate, or cause our financial statements.stock price to decline.

We incur substantial unanticipated expenses and costs, including audit, legal and other professional fees, in connection with the ongoing remediation of material weaknesses in our internal control over financial reporting. Certain remediation actions were recommended, and we are in the process of implementing them (see Item 9A "Controls and Procedures" of this Form 10-K for a description of these remediation measures). To the extent these steps are not successful, we could be forced to incur additional time and expense. In addition, these ongoing remediation efforts have diverted our management’s attention away from the operation of our business.

The Company’s business is affected by the cyclical nature of its markets.

A substantial portion of our Lifting Equipment business's revenues are attributed to a limited number of customers which may decrease or cease purchasing any time, since the Company’s products dependsdepend upon the general economic conditions of the markets in which the Company competes. The Company’s sales depend in part upon its customers’customers replacement or repair cycles. Adverse economic conditions, including a decrease in commodity prices, may cause customers to forego or postpone new purchases in favor of repairing existing machinery. Downward economic cycles may result in reductions in sales of the Company’s products, which may reduce the Company’s profits.

A large portion of the Company’s revenues are attributed to a limited number of customers which may decrease or cease purchasing any time.

The Company’s revenues from its Lifting Equipment business are largely attributed to a limited number of customers. We generally do not have long-term supply agreements with our customers. Even if a multi-year contract exists, the customer is not required to commit to minimum purchases and can cease purchasing at any time. Our Rental Equipment business’s rental agreements with commercial and consumer customers are also on a short-term basis. If we were to lose either a significant customer or several smaller customers our operating results and cash flows would be adversely impacted.

The Company’s business is sensitive to increases in interest rates.

The Company is exposed to interest rate volatility with regard to future issuances of fixedits existing variable rate debt, and existing issuances ofwhich exposure could increase if the Company incurs additional variable rate debt. In addition, our credit agreement indebtedness may use LIBOR as a benchmark for establishing our interest rate. LIBOR is

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the subject of recent national, international and other regulatory guidance and proposals for reform. These reforms and other pressures may cause LIBOR to perform differently thandebt in the past or to be replaced entirely. The consequences of these developments cannot be entirely predicted but could include an increase in the cost of our credit agreement indebtedness.

future. If interest rates rise, it becomes costliermore costly for the Company’s customersCompany to borrow money and costlier for our customers to pay for the equipment they buy from the Company. Should the U.S. Federal Reserve Board decide to increase rates, prospects for business investmentCompany, which could result in a reduction of product sales or profit margins and manufacturing could deteriorate sufficiently and impact sales opportunities.adversely affect our financial results.

Our increasingly international operations expose us to additional risks and challenges associated with conducting business internationally.

The international expansion of our business may expose us to risks inherent in conducting foreign operations. These risks include:

Additionally, changes to the United States’States participation in, withdrawal from, renegotiation of certain international trade agreements or other major trade related issues including the non-renewal of expiring favorable tariffs granted to developing countries, tariff quotas, and retaliatory tariffs, (including, but not limited to, the current United States administration’s tariffs on China and China's retaliatory tariffs on certain products from the United States), trade sanctions, new or onerous trade restrictions, embargoes and other stringent government controls could have a material adverse effect on our business, results of operations and financial condition.

The reporting currency for our consolidated financial statements is the U.S. Dollar. Certain of our assets, liabilities, expenses, revenues, and earnings are denominated in other countries' currencies, including the Euro, Chilean Peso, and Argentinean Peso. Those assets, liabilities, expenses, revenues and earnings are translated into U.S. Dollars at the applicable exchange rates to prepare our consolidated financial statements. Therefore, increases or decreases in exchange rates between the U.S. Dollar and those other currencies affect the value of those items as reflected in our consolidated financial statements, even if their value remains unchanged in their original currency.

In connection with the ongoing war between Russia and Ukraine, the U.S. government has imposed enhanced export controls on certain products and sanctions on certain industry sectors and parties in Russia. The Company is not accepting orders from Russia at this time. This region does not represent a material portion of our international operations, and we do not rely on any material goods from suppliers in the region. However, the fluidity and continuation of the conflict may result in additional economic sanctions and other impacts which could have a negative impact on the Company’s financial condition, results of operations and cash flows. These include decreased sales, supply chain, increases to European energy costs and logistics disruptions; volatility in foreign exchange rates and interest rates; inflationary pressures on raw materials and energy and heightened cybersecurity threats.

The risks that the Company faces in its international operations may continue to intensify if the Company further develops and expands its international operations.

The Company may face limitations on its ability to integrate acquired businesses and manage anticipated growth and may be unable to effectively respond to technological change and implementing new systems.

The successful integration of new businessesbusiness depends on the Company’s ability to manage these new businesses and cut excess costs. While the Company believes it has successfully integrated these acquisitions to date, theThe Company cannot ensure that these acquired companies will operate profitably or that the intended beneficial effect from these acquisitions will be realized.

If the Company fails to manage growth, the Company’s financial results and business prospects may be harmed. To manage the Company’s growth and to execute its business plan efficiently, the Company will need to institute, maintain and continue to improve operational, financial and management controls, as well as reporting systems and procedures. The Company also must effectively expand, train and manage its employee base. The Company cannot assure you that it willmay not be successful in any of these endeavors.

The markets served by the Company are not historically characterized by rapidly changing technology. Nevertheless, the Company’s future success will depend in part upon the Company’s ability to enhance its current products and to develop and introduce new products.products and successfully operate and grow its Equipment Rental business. If the Company fails to anticipate or respond adequately to competitors’competitors' product improvements and new productionproduct introductions, future results of operations and financial condition will be negatively affected.

Some of our customers rely on financing with third parties to purchase our products.

We relyOur Lifting Equipment business relies on sales of our products to generate cash from operations. Significant portions of our sales are financed by third partythird-party finance companies on behalf of our customers. The availability and terms of financing by third parties are affected by general economic conditions, credit worthiness of our customers and estimated residual value of our equipment. Deterioration in credit quality of our

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customers or estimated residual value of our equipment, increases in interest rates or changes in the terms of third partythird-party financing agreements could negatively impact the ability or willingness of our customers to obtain resources they need to purchase our equipment. There can be no assurance third partythat third-party finance companies will continue to extend credit to our customers.

The Company operates in a highly competitive industry and the Company is particularly subject to the risks of such competition.

The Company competes in a highly competitive industry and the competition which the Company encounters has an effect on its product prices, market share, revenues and profitability. Because certain competitors have substantially greater financial, production, research and development resources and substantially greater name recognition than the Company, the Company is particularly subject to the risks inherent in competing with them and may be put at a competitive disadvantage. To compete successfully, the Company’s products must excel in terms of quality, price, product line, ease of use, safety and comfort, and the Company must also provide excellent customer service. The greater financial resources of the Company’s competitors may put it at a competitive disadvantage. If competition in the Company’s industry intensifies or if the Company’s current competitors enhance their products or lower their prices for competing products, the Company may lose sales or be required to lower its prices. This may reduce revenue from the Company’s products and services, lower its gross margins or cause the Company to lose market share. The Company may not be able to differentiate ourits products from those of competitors, successfully develop or introduce less costly products, offer better performance than competitors or offer purchasers of our products payment and other commercial terms as favorable as those offered by competitors.

The Company is dependent upon third-party suppliers, making us vulnerable to supply shortages.

The Company obtains materials and manufactured components from third-party suppliers. Any delay in the ability of the Company’s suppliers to provide the Company with necessary materials and components may affect the Company’s capabilities at a number of ourits manufacturing locations, or may require the Company to seek alternative supply sources. Delays in obtaining supplies may result from a number of factors affecting the Company’s supplierssuppliers' including capacity constraints, labor disputes, the impaired financial condition of a particular supplier, suppliers’suppliers' allocations to other purchasers, difficulties in obtaining raw materials, shipping delays or disruptions, public health emergencies, weather emergencies or acts of war or terrorism. Any delay in receiving supplies could impair the Company’s ability to deliver products to its customers and, accordingly, could have a material adverse effect on business, results of operations and financial condition.

In addition, the Company purchases materials and services from suppliers on extended terms based on the Company’s overall credit rating. Negative changes in the Company’s credit rating may impact suppliers’suppliers' willingness to extend terms and increase the cash requirements of the business.

Price increases in materials could reduce our profitability.

We use large amounts of steel and other items in the manufacture of our products. In the past, market prices of some of our key raw materials increased significantly. If we experience future significant increases in material costs, including steel, we may not be able to reduce product cost in other areas or pass future raw material price increases on to our customers and our margins could be adversely affected. The cost of material and manufactured components has increased due to inflation and has a direct affect to our business and outlook.

If Rabern’s rental fleet ages, its operating costs may increase, it may be unable to pass along such costs, and our earnings from the Rental Equipment segment may decrease. The costs of new equipment Rabern uses in its fleet have increased, and may continue to increase, requiring Rabern to spend more for replacement equipment or preventing Rabern from procuring equipment on a timely basis.

If Rabern’s rental equipment ages, the costs of maintaining such equipment, if not replaced within a certain period of time, will likely increase. The costs of maintenance may materially increase in the future and could lead to material adverse effects on our results of operations.

The cost of new equipment for use in Rabern’s rental fleet has increased, and could continue to increase in the future, due to increased material costs from its suppliers (including tariffs on raw materials) or other factors beyond its control. Such increases could materially adversely impact the rental equipment segment’s financial condition and results of operations in future periods. Furthermore, changes in customer demand could cause certain of Rabern’s existing equipment to become obsolete and require Rabern to purchase new equipment at increased costs.

If Rabern is unable to collect on its rental contracts with customers, our operating results could be adversely affected.

One of the reasons some of Rabern’s customers find it more attractive to rent equipment than own that equipment is the need to deploy their capital elsewhere. This has been particularly true in industries with recent high growth rates such as the construction industry. However, some of Rabern’s customers may have liquidity issues and ultimately may not be able to fulfill the terms of their rental agreements with Rabern. If Rabern is unable to manage credit risk issues adequately, or if a large number of customers have financial difficulties at the same time, Rabern’s allowance for credit losses could increase and our operating results for the Rental Equipment segment would be adversely affected. Further, a worsening of economic conditions would be expected to result in increased delinquencies and credit losses.

Rabern’s rental fleet is subject to residual value risk upon disposition, and may not sell at the prices or in the quantities we expect.

The market value of any given piece of rental equipment could be less than its depreciated value at the time it is sold. The market value of used rental equipment depends on several factors, including:

Our rental equipment segment includes in income from operations the difference between the sales price and the depreciated value of an item of equipment sold. Changes in our assumptions regarding depreciation could change the rental equipment segment’s depreciation expense, as well as the gain or loss realized upon disposal of equipment. Sales of Rabern’s used rental equipment at prices that fall significantly below our projections and/or in lesser quantities than we anticipate will have a negative impact on the Rental Equipment segment’s results of operations and cash flows.

The Company faces product liability claims and other liabilities due to the nature of its business.

In the Company’s lines of business numerous suits have been filed alleging damages for accidents that have occurred during the use or operation of the Company’s products. The Company is self-insured, up to certain limits, for these product liability exposures, as well as for certain exposures related to general, workers’worker's compensation and automobile liability. Insurance coverage is obtained for catastrophic losses as well as those risks required to be insured by law or contract. Any material liabilities not covered by insurance could have an adverse effect on the Company’s financial condition.

The Company’s success depends upon the continued protection of its trademarks and the Company may be forced to incur substantial costs to maintain, defend, protect and enforce its intellectual property rights.

The Company’s registered and common law trademarks, as well as certain of the Company’s licensed trademarks, have significant value and are instrumental to the Company’s ability to market its products. The Company’s trademarks “Manitex”, “Badger”, “Valla”, “PM” and “O&S”“Oil and Steel ” are important to the Company’s business as the majority of the Company’s products are sold (or services are provided) under those names. The Company has not registered all of its trademarks in the United States nor in the foreign countries where it does business. Third parties could assert claims against such intellectual property that the Company could be unable to successfully resolve. If the Company has to change the names of any of its products, it may experience a loss of goodwill associated with its brand names, customer confusion and a loss of sales.

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In addition, international protection of the Company’s intellectual property may not be available in some foreign countries to the same extent permitted by the laws of the United States. The Company could also incur substantial costs to defend legal actions relating to use of its intellectual property, which could have a material adverse effect on the Company’s business, results of operations or financial condition.

The Company may be unable to access the capital markets to raise funds and provide liquidity when needed.

Our access to capital markets to raise funds through the sale of equity or debt securities is subject to various factors, including general economic and/or financial market conditions which are outside our control, as well as our historical and expected future financial performance and perceived credit worthiness. Significant changes in market liquidity conditions or our actual or perceived financial condition could impact access to funding and associated funding costs, which could reduce our earnings and cash flows.

Compliance with changing laws and regulations may increase our costs or reduce our business flexibility.

Our operations are subject to a number of potential risks. Such risks principally include:

WeThe Company must comply with all applicable laws, including the Foreign Corrupt Practices Act (“FCPA”) and other laws that prohibit engaging in corruption for the purpose of obtaining or retaining business. These anti-corruption laws prohibit companies and their intermediaries from making improper payments or providing anything of value to improperly influence government officials or private individuals for the purpose of obtaining or retaining a business advantage regardless of whether those practices are legal or culturally expected in a particular jurisdiction. Our global activities and distribution model are subject to risk of corruption by our employees and in addition, our sales agents, distributors, dealers and other third parties that transact Manitex business particularlymay be subject to a higher risk of corruption because these parties are generally not subject to our control. We have an internal policy that expressly prohibits engaging in any commercial bribery and public corruption, including facilitation payments.

The Company’s revenues are attributed to limited number of customers which may decrease or cease purchasing any time.

The Company’s revenues are attributed to a limited number of customers. We generally do not have long-term supply agreements with our customers. Even if a multi-year contract exists, the customer is not required to commit to minimum purchases and can cease purchasing at any time. If we were to lose either a significant customer or several smaller customers our operating results and cash flows would be adversely impacted.

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The Company depends on its information technology systems. If its information technology systems do not perform in a satisfactory manner or if the security of them is breached, it could be disruptive and or adversely affect the operations and results of operations of the Company.

The Company depends on its information technology systems, some of which are managed by third parties, to process, transmit and store electronic information (including sensitive data such as confidential business information and personally identifiable data relating to employees, customers and other business partners), and to manage or support a variety of critical business processes and activities. If our information technology systems do not perform in a satisfactory manner, it could be disruptive and or adversely affect the operations and results of operations of the Company, including the ability of the Company to report accurate and timely financial results. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, has increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.

Furthermore, our information technology systems may be damaged, disrupted or shut down due to attacks by computer hackers, computer viruses, employee error or malfeasance, power outages, hardware failures, telecommunication or utility failures, catastrophes or other unforeseen events, and in any such circumstances our system redundancy and other disaster recovery planning may be ineffective or inadequate. A failure of or breach in information technology security could expose us and our customers, distributors and suppliers to risks of misuse of information or systems, the compromise of confidential information, manipulation and destruction of data, defective products, production downtimesdowntime and operations disruptions. In addition, such breaches in security could result in litigation, regulatory action and potential liability, as well as the costs and operational consequences of implementing further data protection measures, each of which could have a material adverse effect on our business or results of operations.

As noted in item 9A below, the Company did not maintain an effective control environment over the information technology general controls based upon the criteria established in the COSO framework, to enable identification and mitigation of risks of material accounting errors. The Company has developed and is implementing a remediation plan to address this issue. See Item 9A “Controls and Procedures” for further information.

The Company relies on key management.

The Company relies on the management and leadership skills of Steve Filipov, its Chief Executive Officer. Mr. Filipov entered into an employment agreement commencing on September 1, 2019. Under the employment agreement, Mr. Filipov’s employment term automatically extends for successive periods of three years unless either the Company or Mr. Filipov gives written notice to the other party of non-renewal at least 90 days prior to the end of the then current employment term.  The loss of his services could have a significant and negative impact on the Company’s business. In addition, the Company relies on the management and leadership skills of other senior executives. The Company could be harmed by the loss of key personnel in the future.

The Company may be required to record goodwill or other intangible impairment charges on all or a significant amount of the goodwill or intangibles on its Consolidated Balance Sheets.

As of December 31, 2020, the Company had approximately $27.5 million of goodwill and $15.7 million of net intangibles. The Company tests goodwill for impairment at least annually. If the carrying value of goodwill exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess, as occurred in both 2020 and 2019. An impairment of a significant portion of goodwill could materially negatively affect the Company’s results of operations.

The Company received a loan under the Paycheck Protection Program of the CARES Act, and all or a portion of the loan may not be forgivable. 

On April 14, 2020, the Company and its United States subsidiaries received a loan under the Paycheck Protection Program (PPP), which is part of the recently enacted CARES Act. The Company received total proceeds of $3.7 million from the PPP loan, and in accordance with the requirements of the PPP, the Company used proceeds from the PPP loan primarily for payroll costs. The loan is recorded on the balance sheet in current liabilities as deferred income liability and cash provided by operating activities on the statement of cash flows. We have applied to have this loan forgiven in accordance with applicable provisions of the PPP loan program, and we anticipate that this application will be approved.  However, we cannot provide any assurance that any amount of the PPP loan will ultimately be forgiven.

Risks Relating to Our Common Stock

The Company’s principal shareholders, executive officers and directors hold a significant percentage of the Company’s common stock, and these shareholders may take actions that may be adverse to your interests.

The Company’s principal shareholders, executive officers and directors beneficially own, in the aggregate approximately 39% of the Company’s common stock as of February 1, 2021.14, 2024. As a result, these shareholders, acting together, will be able to significantly influence

all matters requiring shareholder approval, including the election and removal of directors and approval of significant corporate transactions such as mergers, consolidations, sales and purchases of assets. They also could dictate the management of the

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Company’s business and affairs. This concentration of ownership could have the effect of delaying, deferring or preventing a change in control or impeding a merger or consolidation, takeover or other business combination, even if smaller shareholders support such a transaction, which could cause the market price of our common stock to fall or prevent smaller shareholders from receiving a premium in such a transaction.

The Company relies on key management.

The Company relies on the management and leadership skills of Michael Coffey, its Chief Executive Officer. Although Mr. Coffey entered into an employment agreement with the Company commencing on April 11, 2022, his employment is at will, and may be terminated by either party at any time, with or without cause. The loss of his services could have a significant and negative impact on the Company’s business. In addition, the Company relies on the management and leadership skills of other senior executives. The Company could be harmed by the loss of key personnel in the future.

The Company may be required to record goodwill, other intangibles and fixed assets impairment charges on all or a significant amount of the goodwill, other intangibles and fixed assets on its Consolidated Balance Sheets.

The Company reviews goodwill, long-lived assets, including property and identifiable amortizing intangible assets, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. As of December 31, 2023, the Company had no impairment charges to goodwill, other intangibles and fixed assets. Although the Company believes its estimates and assumptions relating to the carrying value of these assets are reasonable and reflect market conditions forecast at the assessment date, any changes to these assumptions and estimates due to market conditions or otherwise may lead to an outcome where impairment charges would be required in future periods. An impairment of a significant portion of goodwill, intangible assets or fixed assets could materially and negatively affect the Company’s results of operations.

Provisions of the Michigan Business Corporation Act and the Company’s Articles of Incorporation and Amended and Restated Bylaws and Rights Agreement may discourage or prevent a takeover of the Company.

Provisions of the Company’s Articles of Incorporation and Amended and Restated Bylaws and Michigan law and the Rights Agreement, as amended, between the Company and Broadridge Corporate Issuer Solution, Inc., as rights agent, could make it more difficult for a third partythird-party to acquire the Company, even if doing so would be perceived to be beneficial to you. These provisions could discourage potential takeover attempts and could adversely affect the market price of the Company’s shares. Because of these provisions, you might not be able to receive a premium on your investment. These provisions:

The provisions described above could prevent, delay or defer a change in control of the Company or its management.

General Risk Factors

The trading price of our common stock is highly volatile.

The trading price of the Company’s common stock is highly volatile and could be subject to wide fluctuations in price in response to various factors, many of which are beyond the Company’s control, including:

In the past, following periods of volatility in the market price of a company’s securities, class action litigation has often been brought against companies. If a securities class action suit is filed against us, whether or not meritorious, we would incur substantial legal fees and our management’s attention and resources would be diverted from operating our business in order to respond to the litigation.

The cost of compliance with Section 404 of the Sarbanes-Oxley Act of 2002 may negatively impact the Company’s income.

The Company is subject to the rules and regulations of the SEC, including those rules and regulations mandated by the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act requires all reporting companies to include in their annual report a statement of management’s responsibilities for establishing and maintaining adequate internal control over financial reporting, together with an assessment of the effectiveness of those internal controls. Section 404 further requires that the reporting company’s independent auditors attest to, and report on, this management assessment. The Company expects its expenses related to its internal

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and external auditors to be significant. In particular, we have incurred and continue to incur substantial expenses and costs, including audit, legal and other professional fees, in connection with our ongoing efforts to remediate material weaknesses in our internal control over financial reporting identified in 2017 and 2018. If we fail to successfully remediate these material weaknesses and establish and maintain a system of adequate controls, it could have an adverse effect on our business and stock price.

None

The Company’s executive offices are located at 9725 Industrial Drive, Bridgeview, Illinois 60455. The Company currently has sixseven principal operating plants. plants for the lifting equipment segment.

The Company builds boom trucks and sign cranes in its 188,000 sq. ft. leased facility located in Georgetown, Texas. The Company manufactures its knuckle boom cranes in two owned facilities,has four locations for the 542,000 sq. ft. plant located in S. Cesario sul Panaro, Italy and the 213,000 sq. ft. facility located in Arad, Romania.  The Romania facility also produces sub-assemblies that are incorporated into PM products manufactured in Italy.  The Company manufactures its precision pick and carry cranes in a 58,000 sq. ft. facility located in Piacenza, Italy. The Company builds specialized rough terrain cranes and material handling product in its 170,000 sq. ft. owned facility located in Winona, Minnesota.  rental equipment segment.

The Company operates its crane distribution business from a 39,000 sq. ft. leased facility located in Bridgeview, Illinois.  The Bridgeview facility also houses our corporate offices.

The Company believes that its facilities are suitable for its business and will be adequate to meet our current needs. All operating leases are reasonably certain we will exercise and, accordingly, have been considered in the lease term used to recognize our Right of Use assets and lease liabilities ("ROU") .

The information set forth in Note 2120 (Legal Proceedings and Other Contingencies) to the accompanying Condensed Consolidated Financial Statements included in Part II. Item 8 “Financial Statements” on Form 10-K is incorporated herein by reference.

Not applicable

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PART II

Market for the Company’s Common Stock

The Company’s common stock is listed on The NASDAQ Capital Market trading under the symbol MNTX.

Number of Common Stockholders

As of February 9, 2021,January 31, 2024 there were 155143 record holders of the Company’s common stock.

Dividends

During the fiscal years ended December 31, 20202023 and 2019,2022, the Company did not declare or pay any cash dividends on its common stock and the Company does not intend to pay any cash dividends in the foreseeable future. Furthermore, the terms of our credit facility do not allow us to declare or pay dividends without the prior written consent of the lender.

Issuer Purchases of Equity Securities

The following table provides information about the Company’s purchases of equity securities during the quarteryear ended December 31, 2020:2023.

ITEM 6. [RESERVED]

Not applicable.

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Recent Developments

ImpactNew Business Segment

On April 11, 2022, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”), with Rabern and Steven Berner. Pursuant to the Purchase Agreement, the Company acquired a 70% membership interest in Rabern for a purchase price of COVID-19

We are continuingapproximately $26 million in cash plus assumed debt of $14 million, subject to closely monitor the impactvarious adjustments, escrows and other provisions of the COVID-19 pandemicPurchase Agreement. The Rabern acquisition closed on all aspects of our business, including how it is impacting our customers, employees, supply chain, and distribution network, as well asApril 11, 2022. The financial results include the demand for our products inRabern operations since the industries and markets that we serve. Our first priority is the health and safety of our employees, customers, and business partners and we believe that we have taken every necessary step to keep our facilities clean and safe during the COVID-19 pandemic. While COVID19 had a material impact on our reported results for our second, third, and fourth quarters, we are unable to predict the ultimate impact that it may have on our business, future results of operations, financial position or cash flows. The extent to which our operations may be impacted by the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the ultimate severity and durationdate of the outbreak and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts ofacquisition

Rabern added a potential worsening of global economic conditions and the continued disruptions to and volatilitysales location in the financial markets remain unknown. See Part II, Item 1A, Risk Factors, for an additional discussion of risks related to COVD-19.

As a result of the impact of the COVID-19 outbreak, during the second, third, and fourth quarters of 2020, the Company experienced a temporary reduction of its manufacturing and operating capacityLubbock Texas in Italy as a result of government-mandated actions to control the spread of COVID-19 which adversely impacted our revenues. Further, the Company has experienced and may continue to experience disruptions or delays in its supply chain as a result of such actions, which would result in higher supply chain costs to the Company in order to maintain the supply of materials and components for its products. In addition, the Company has modified its business practices (including practices regarding employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences).

During 2020, to address the COVID-19 outbreak induced downturn in our business including, but not limited to, the Company adopted a restructuring plan for North American operations to generateApril 2023. The Lubbock facility is approximately $4.5 million in annualized cost savings.

In addition to the above, we continued to take steps to minimize the negative impact of the COVID-19 pandemic on our business and to protect the safety of our employees and customers. For the year ended December 31, 2020, we had available liquidity through cash and our credit15,000 square feet. The Lubbock facility of approximately $29 million to address liquidity concerns and we remained in compliance with the covenants in our bank credit facility as we were able to generate positive cash flow from operations of approximately $8.3 million (excluding the PPP loan of $3.7 million)will increase commercial revenue for the year ended December 31, 2020 and maintain a strong balance sheet. Furthermore, in December 2020, the Company paid down approximately $17.5 million of the convertible notes and European bank debt. Lastly, the company's consolidated backlog of approximately $82 million, as of January 31, 2021 is at its highest level in over three years.Rabern business.

Business Overview

The following management’s discussion and analysis of financial condition and results of continuing operations should be read in conjunction with the Company’s financial statements and notes, and other information included elsewhere in this Report.

When reading this section of this Annual Report on Form 10-K, it is important that you also read the financial statements and related notes thereto. This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. See “Forward-Looking Statements”.

The following table sets forth certain financial data for the years ended December 31, 2020,2023 and 2019:2022:

Results of Consolidated Operations

MANITEX INTERNATIONAL, INC.

(In thousands)

Year Ended December 31, 2020 Continuing2023 Operations Compared to Year Ended December 31, 20192022

Net (loss) income from continuing operations

revenue —For the year ended December 31, 2020, net loss was $12.7 million, compared to net income of $0.1 million for 2019.

Net revenue and gross profit —For the year ended December 31, 2020,2023, net revenue and gross profit were $167.5$291.4 million and $30.9$62.4 million, respectively. Gross profit as a percent of net revenues was 18.4%21.4% for the year ended December 31, 2020.2023. For the year ended December 31, 2019,2022, net revenue and gross profit were $215.5$273.9 million and $40.8$50.0 million, respectively. Gross profit as a percent of net revenues was 19.0%18.3% for the year ended December 31, 2019.  2022.

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For 2020,2023, revenues decreased $48.0increased $17.5 million, or 22.3%6.4%, from $215.5$273.9 million for 2019. 2022. The decreases areincrease in revenues is primarily due to decreasesincreases in straight mast crane sales and revenuesof knuckle boom cranes from the Company’s United Statesforeign subsidiaries primarily due to the impactoffset by a decrease in chassis sales. Additional increase in rental revenue was realized as a result of the ongoing of COVID-19 pandemic partially offset by an increase in revenues due to a favorable impact by a stronger Euro, which accounted for $2.2 million.  Rabern acquisition.

Gross profit - Gross profit as a percent of net revenues was 18.4%21.4% for the year end. The impact of foreign currency accounts for $3.6 million of revenue increase over 2022. d December 31, 2023, which increased 3.1% from 18.3% for the year ended December 31, 2020, which decreased from 19.0% for the year ended December 31, 2019.2022. The decreaseincrease in gross profit is attributable to decreases in revenuesincreased sales volume, higher selling prices and producta more profitable sales mix partially offset by decrease in cost of sales. The decline in the gross profit percentage is primarily driven by product mix as lower margin products were soldPM and Manitex businesses. Gross Profit also increased due to revenues from the Rabern acquisition and a new location added in 2020.Lubbock, Texas.

Research and development costs —Research and development for the year ended December 31, 20202023 was $3.2$3.4 million, compared to $2.7$3.0 million for the comparable period in 2019.2022. The Company’s research and development spending continues to reflect our commitment to develop and introduce new products that give the Company a competitive advantage.

Selling, general and administrative expenseexpenses — Selling, general and administrative expense for the year ended December 31, 20202023 was $28.7 $43.1 million compared to $34.1$40.4 million for the comparable period in 2019, a decrease2022, anincrease of $5.4$2.7 million. The decreases are primarily related to cost savings initiatives implemented duringincrease is driven by an additional three months of expense in the second quarter of 2020 at our US facilities resultingrental segment, the acquisition having occurred in permanentApril 2022, trade show expenses, increase in insurance costs, higher salaries and temporary layoffs of employees, postponement of consultingbenefits, partially offset by decreased severance costs and lower professionallegal fees.  Also cost reduction occurred driven by our Italian subsidiaries which were shut down for four weeks due to COVID-19. In addition, 2019 included restructuring charges at our PM facilities, which did not occur in 2020.

AdvertisingTransaction costs —Advertising— Transaction costs are expensed as incurred and were $489 and $965 for the yearstwelve months ended December 31, 2020, and 2019, respectively. The advertising2022 was $2.2 million, related to deal costs are included within the SG&A financial statement caption and the decrease in expense is consistentconnection with the cost savings initiatives discussed above.Rabern acquisition.

Impairment of intangible assetsInterest expense – Impairment—Interest expense was $6.7$7.8 million and $1.5$4.6 million for the years ended December 31, 20202023 and 2019,2022, respectively. The increase was driven byin interest expense is due to higher debt and interest rates due to the COVID-19 pandemic which causednew credit facilities added in connection with the Rabern acquisition and funding required for the increase in inventory levels.

Foreign currency transaction loss —The Company had a decrease in the Company’s market capitalization causing a triggering event which resulted in a $6.6foreign currency loss of $2.5 million goodwill impairment charge and a $0.1 million tradename impairment charge during 2020.

Interest expense —Interest expense was $3.6 million and $4.5 million for the years ended December 31, 20202023 and 2019,2022, respectively.  The decrease reflects the impact of lower outstanding debt balances and lower interest rates during 2020.

Gain from extinguishment of debt— For 2020, the Company paid off the entire PM term and unsecured debt at a 15% discount to its face value which resulted in a gain of $0.6 million.

Change in fair value of securities held— For the year ended December 31, 2020, the Company held no marketable securities. For the year ended December 31, 2019, the Company had a gain of $5.5 million due to a change in the fair value of securities held in ASV.

Foreign currency transaction loss — For the year ended December 31, 2020, the Company had a foreign currency loss of $0.8 million consistent with the loss incurred during 2019. A substantial portion of the losses relate to changes in the Argentinian peso. The Company has not been able to identify a strategy to effectively hedge the currency risks related to the ArgentinianArgentine peso.

Other income (expense) income— ForOther expense was $0.3 million for the year ended December 31, 2020, the Company had other expenses of $0.5 million2023 compared to other income of less than $0.1$1.8 million for the comparable period in 2019. Other2022. The expense in 2023 relates to a pension settlement obligation of $0.2 million related to the termination of services provided by union members and $0.3 million of legal settlement charges, offset by royalty income in connection with the sale of the Sabre business in 2020. The amount for the year ended December 31, 2020, was primarily related2022 relates to a legal settlement, partially offset by a gain on the sale of a Badger facility and the closingreversal of a location in Italy.previous recorded contingent liability.

Discontinued operations— For the year ended December 31, 2020, the Company had a net loss from discontinued operations of $0.9 million compared to a net loss from discontinued operations of $8.6 million for the comparable period in 2019. The improvement was mainly driven by no impairment expense during 2020, compared to $6.6 million of goodwill and intangible impairment expense during 2019.

Income tax (benefit) expense — On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was enacted. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, a modification to the net interest deduction limitations and a technical correction to tax depreciation methods for qualified improvement

20

property. The CARES Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020.

The calculation of the overall income tax provisionbenefit for the 12twelve months ended December 31, 20202023 primarily consists of a domestic income tax benefit due to a partial release of the valuation allowance offset by the Rabern domestic tax provision, resulting from state and local taxes, foreign income taxes offset by a partial release of the PM Italy valuation allowance, and the change in unrecognizeduncertain tax benefits and valuation allowance.positions.

The Company’s effective tax rate from continuing operations was an income tax provisionbenefit of 5.6%(43.8%) on a pretax lossincome of $12.0$5.5 million compared to an income tax provision of 98.1%96.8% on a pretax incomeloss of $2.8$2.2 million from prior year. The effective tax rate for the year ended December 31, 20202023 differs from the U.S. statutory rate of 21% primarily due to the tax effects related to the mix of domestic and foreign earnings, nondeductible permanent differences, domestic losses for whichUS federal GILTI inclusion, a partial release of the Company is not recognizing an income tax benefit,US federal and PM Italy valuation allowances and the change in unrecognizeduncertain tax benefits and valuation allowance. In the prior year the Company established a valuation allowance against the deferred assets of PM.positions..

Liquidity and Capital Resources

The ultimate duration and severity of the COVID-19 pandemic remain highly uncertain at this time.  Accordingly, its impact on the global economy generally and our customers and suppliers specifically, as well as the ultimate potential negative financial impact to our results of operations and liquidity position cannot be reasonably estimated at this time, but have been and could continue to be material. In the context of these uncertain conditions, we are actively managing the business to maintain cash flow and ensure that we have sufficient liquidity for a variety of scenarios. We believe that such strategy will allow us to meet our anticipated funding requirements.

On April 14, 2020, the Company and its United States subsidiaries received a loan under the Paycheck Protection Program (PPP), which is part of the recently enacted CARES Act administered by the U.S. Small Business Administration. The Company received total proceeds of $3.7 million from the PPP loan.  We have applied to have this loan forgiven in accordance with applicable provisions of the PPP loan program, and we anticipate that this application will be approved. In accordance with the requirements of the PPP, the Company used proceeds from the PPP loan primarily for payroll costs. The loan is recorded on the balance sheet in current liabilities as deferred income liability and cash provided by operating activities on the statement of cash flows (See Note 3 for accounting policy on loan). While there is no guarantee that the Company will receive forgiveness for any outstanding amounts under the PPP Loan, it believes that it has acted in compliance with the terms of the program and is seeking forgiveness of the PPP Loan.

Cash, cash equivalents and restricted cash were $17.4 $9.5million and $23.6$8.2 million at December 31, 20202023 and December 31, 2019,2022 , respectively. In addition,At December 31, 2023, the Company has a U.S. revolvinghad global liquidity of approximately $31 million based on the cash balance and availability under its working capital facilities. Future advances are dependent on having available collateral.

On April 11, 2022, the Company entered into an $85 million credit facility with Amarillo National Bank consisting of a maturity dateworking capital facility of July 20, 2023. $40 million based on Manitex assets, working capital facility of $30 million based on Rabern assets and $15 million term loan facility. This new banking facility provided the funds for the Rabern acquisition and working capital facilities for both the Manitex and Rabern businesses. If our revenues were to increase significantly in the future, the provision limiting borrowing against accounts receivable and inventory would limit future borrowings. If this were to occur, we would attempt to negotiate higher inventory caps with our banks. There is, however, no assurance that the banks would agree to increase the caps.

At December 31, 2020 the Company had $9.1 million available to borrow under its revolving credit facility.

At December 31, 2020,2023, the PM Group had established working capital facilities with five Italian, one Spanish, and eleventwelve South American banks.banks and one bank in Romania. Under these facilities, the PM Group can borrow $25.1$24.9 million against orders, invoices and letters of credit.credit . At December 31, 2020,2023, the PM Group had received advancesavailability under these facilities of $13$7.1 million. Future advances are dependent on having available collateral.

Significant Transactions AffectingThe Company Liquidityexpects cash flows from operations and existing availability under the current revolving credit and working capital facilities will be adequate to fund future operations. If, in the future, we were to determine that additional funding is necessary, we believe that it would be available. There is, however, no assurance that such financing will be available or, if available, on acceptable terms.

On August 21, 2020,At December 31, 2023 and December 31, 2022, no customer accounted for 10% or more of the Company entered into an Asset Purchase AgreementCompany’s accounts receivable.

Cash Flows for 2023 and 2022

Operating Activities - For 2023, operating activities provided $2.2 million compared to sell Manitex Sabre, Inc.$5.1 million used during 2022. Cash used in working capital was $15.3 million for 2023 compared to cash used by working capital of $10.6 million for the same period in the prior year. The change is due to an affiliate of Super Steel, LLC for cash proceeds of $1,500, subject to certain adjustments based on closing dateincrease in inventory balances partially offset by the changes in accounts receivable and inventory.accounts payable.

In addition

Investing Activities - Cash used in investing activities was $5.9 million in 2023 compared to $52.6 million used in investing activities in the proceeds from sale of $1,500same period a year ago. Cash used in cash received, the Company may receive a maximum royalty and earnout payments of approximately $2,900 for years 2021 thru 2023 if certain revenue criteria are met. The Company accounts for the contingent consideration as a gain in accordance with ASC 450. Under this approach, we will recognize the contingent consideration in earnings after the contingency is resolved. See Note 21 for additional discussionwas primarily related to the purchase of fleet assets for the rental business and other equipment purchases of $7.1 million, partially offset by proceeds from the sale of Sabre’s businessfleet assets of $1.2 million. Cash used in 2022 was primarily related to cash payments and assets.

In September 2019, ASV was acquired by Yanmar American Corporation resulting in the Company receiving $7.05 per share in cash, or $7.6 million, for its remaining 1,080,000 shares of ASV.

Cash Flows for 2020 and 2019

Operating Activities

For 2020, operating activities provided $12.0 million in cash compared to $3.2 million cash provided during 2019. Cash provided by working capital was $11.7 million for 2020 compared to usage $0.7 million for 2019. Effective accounts receivable management

21

generated $6.8 million cash in 2020 compared to $9.3 million cash in 2019. Cash of $7.6 million was used to pay down accounts payable in 2019. Inventory represented a cash inflow of $4.7 million in 2020 compared to a cash outflow of $2.4 million for 2019.   Cash of $3.7 million was also generatedrevolving loan payoff from the receiptRabern acquisition of funds under the PPP program in 2020.