What changed in this filing

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Item 1. Business

2026-05-13 compared with 2025-05-14 · 49 added, 51 removed, 91 unchanged (52% of the section changed)

We are a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for our Water Treatment, Industrial and Health and Nutrition customers.

We are a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for our Water Treatment, Food and Health Sciences, and Industrial Solutions customers.

We believe that we create value for our customers through superb service and support, quality products, personalized applications and trustworthy, creative employees.

We conduct our business in three segments:

Water Treatment, Industrial, and Health and Nutrition.

Water Treatment, Food and Health Sciences, and Industrial Solutions.

Water Treatment Segment.

Our Water Treatment Group specializes in providing chemicals, products, equipment, services and solutions for potable water, municipal and industrial wastewater, industrial process water, mainly non-residential swimming pool water and agricultural water.

Our Water Treatment Group specializes in providing chemicals, filtration media and systems, equipment, services and solutions for potable water, municipal and industrial wastewater, industrial process water, mainly non-residential swimming pool water and agricultural water.

This group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility.

The group utilizes delivery routes operated by our employees who typically serve as route driver, salesperson and trained technician to deliver our products and diagnose our customers’ water treatment needs.

This group utilizes delivery routes operated by our employees who typically serve as route driver, salesperson and trained technician to deliver our products and diagnose our customers’ water treatment needs.

We believe that the high level of service provided by these individuals allows us to serve as the trusted water treatment expert for many of the municipalities and other customers that we serve.

We also believe that there are significant synergies between our Water Treatment and Industrial Groups that allow us to obtain a competitive cost position on many of the chemicals sold by the Water Treatment Group due to the large volumes of these chemicals purchased by our Industrial Group.

In addition, our Water Treatment and Industrial groups share certain resources, which leverage fixed costs across both groups.

The Water Treatment group operates out of 50 warehouses, primarily located in the eastern two-thirds of the United States, supplying products and services to customers in nearly all 50 states.

In addition to meeting customers' chemistry needs, our employees sell and service equipment, including tanks, valves, and pumps, and offer a large variety of filtration media and equipment to treat water for the short-term through rental of filtration units and the long-term with ability to design, engineer, and build full-scale filtration systems capabilities.

The Water Treatment Group operates out of 53 warehouses in 28 states, primarily located in the eastern two-thirds of the United States, supplying products and services to customers across that footprint.

We expect to continue to invest in existing and new branches to expand the group’s geographic coverage.

Our Water Treatment Group has historically experienced higher sales during April to September, primarily due to a seasonal increase in chemicals used by municipal water treatment facilities and pools.

Industrial Segment.

Our Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical and plating.

This group’s principal products are acids, alkalis and food and pharmaceutical-grade salts and ingredients.

The Industrial Group:

• Manufactures sodium hypochlorite (bleach), certain food and pharmaceutical-grade products, including liquid phosphates, lactates and other blended products, and agricultural products;

• Receives, stores and distributes various chemicals in bulk quantities, including liquid caustic soda, sulfuric acid, hydrochloric acid, urea, phosphoric acid, aqua ammonia and potassium hydroxide;

• Repackages water treatment chemicals for our Water Treatment Group and bulk industrial chemicals to sell in smaller quantities to our customers;

• Performs custom blending of chemicals according to customer formulas and specifications.

The group’s sales are concentrated primarily in the central United States, while the group sells food and pharmaceutical products, as well as some agricultural products, nationally.

The Industrial Group relies on a specially trained sales staff that works directly with customers on their specific needs.

The group conducts its business primarily through manufacturing locations and terminal operations.

Agricultural sales within this group tend to be seasonal, with higher sales during the typical planting season of March through June given our concentration in the upper Midwest.

Health and Nutrition Segment.

Our Health and Nutrition Group specializes in providing ingredient distribution, processing and formulation solutions to manufacturers of nutraceutical, functional food and beverage, personal care, dietary supplement and other nutritional food, health and wellness products.

This group offers a diverse product portfolio including minerals, vitamins and amino acids, excipients, joint products, botanicals and herbs, sweeteners and enzymes.

The Health and Nutrition Group relies on a specially trained sales staff that works directly with customers on their specific needs.

The group’s extensive product portfolio, combined with value-added services, including product formulation, sourcing, distribution, processing and blending, positions this group as a one-stop ingredient solutions provider to its customers.

The group also follows rigorous quality control and compliance processes to provide reliable, high-quality products to its customers.

The group operates out of facilities in California and New York, and its products are sold nationally and, in certain cases, internationally.

Food and Health Sciences Segment.

Our Food and Health Sciences Group specializes in processing and formulation solutions as well as ingredient distribution to manufacturers in the nutrition, food, pharmaceutical, and agricultural markets.

This group offers a diverse product portfolio including base chemistry, acid based reactions, minerals, vitamins and amino acids, excipients, botanicals and herbs, sweeteners and enzymes, fertilizers, and food-grade and pharmaceutical salts and ingredients.

The Food and Health Sciences Group relies on a specially trained sales staff that works directly with customers on their specific needs.

Our group’s extensive product portfolio, combined with value-added services, including product formulation, sourcing, distribution, processing and blending, positions this segment as a one-stop ingredient solutions provider to its customers.

This group also follows rigorous quality control and compliance processes to provide reliable, high-quality products to its customers.

They operate primarily out of facilities in California, New York, Minnesota, and Illinois, and their products are sold nationally, and in certain cases, internationally.

Agricultural sales within this group have seasonality based on planting seasons.

Industrial Solutions Segment.

Our Industrial Solutions Group specializes in providing industrial chemicals, products and services to industries such as industrial manufacturing, chemical processing, electronics, energy, plating, and surface finishing.

This group’s principal products are acids and alkalis.

This segment receives, stores and distributes various chemicals in bulk quantities, including liquid caustic soda, sulfuric acid, hydrochloric acid, urea, phosphoric acid, aqua ammonia and potassium hydroxide.

They perform customer blending of chemicals according to customer formulas and specifications and repackage bulk industrial chemicals to sell in smaller quantities to our customers.

The Industrial Solutions group relies on a specially trained sales staff that works directly with customers on their specific needs.

This group conducts its business primarily through manufacturing locations and terminal operations.

Our three groups provide significant synergies to one another because certain raw materials used in each segment are similar, creating opportunities for buying power among two or more groups and competitive cost positions.

In addition, the segments share some manufacturing facilities and resources, which leverage fixed costs.

Raw Materials.

3 unchanged sentences

We believe that most of the products we purchase can be obtained from alternative sources should existing relationships be terminated.

We are dependent upon the availability of our raw materials.

While we believe that we have adequate sources of supply for our raw material and product requirements, we cannot be sure that supplies will be consistently available in the future.

Our operations are substantially dependent upon the availability of our raw materials.

While we believe that we have adequate sources of supply for our raw materials and product requirements, we cannot be sure that supplies will be consistently available in the future.

In the event that certain raw materials become generally unavailable, suppliers may extend lead times or limit or cut off the supply of materials to us.

As a result, we may not be able to supply or manufacture products for our customers.

As a result, we may not be able to supply or manufacture the corresponding products for our customers.

Intellectual Property.

1 unchanged sentence

When appropriate, we have pursued, and we will continue to pursue, patents covering our products.

We have also obtained certain trademarks for our products to distinguish them from our competitors’ products.

We have also obtained trademarks for certain of our products to distinguish them from our competitors’ products.

We regard many of the formulas, information and processes that we generate and use in the conduct of our business as proprietary and protectable under applicable copyright, patent, trademark, trade secret and unfair competition laws.

Customer Concentration.

In fiscal 2025, none of our customers accounted for 10% or more of our total sales.

In fiscal 2026, 2025, and 2024, none of our customers accounted for 10% or more of our total sales.

We operate in a competitive industry and compete with many producers, distributors and sales agents offering products equivalent to substantially all of the products we offer.

4 unchanged sentences

Due to the nature of our operations, which includes purchases of large quantities of bulk chemicals, the timing of purchases can result in significant changes in working capital and the resulting operating cash flow.

Historically, our cash requirements for working capital increase during the period from March through November as caustic soda inventory levels increase with most of our barges received during this period.

Historically, our cash requirements for working capital increase during our first fiscal quarter.

Regulatory Matters.

5 unchanged sentences

These concerns have led to, and could continue to result in, more stringent regulatory intervention by governmental authorities.

In addition, we operate a fleet of approximately 400 commercial vehicles, primarily in our Water Treatment Group, which are highly regulated, including by the U.S.

In addition, we operate a fleet of approximately 400 commercial vehicles with power units, primarily in our Water Treatment Group, which are highly regulated, including by the U.S.

Department of Transportation (“DOT”).

10 unchanged sentences

We work to ensure our employees have a thorough understanding of health and safety precautions that need to be taken in all business functions.

Specific safety initiatives include accident prevention work, improving process controls, safety training, safety committees, safety audits, incident investigation and improvement measures.

Specific safety programs include process controls, safety training, safety committees, safety audits, incident investigation and improvement measures.

We strive to provide employees with competitive wages commensurate with their skill levels, experience, knowledge and the regional market.

Full-time employees are eligible for health, dental and vision insurance, paid and unpaid leaves, 401(K) plan, retirement plans, life and disability/accident coverage and our employee assistance program.

As of March 30, 2025, we had 1,035 employees across the United States, of which 1,031 were full-time employees.

As of March 29, 2026, we had approximately 1,200 employees across the United States, substantially all of which were full-time employees.

Approximately 45% of our employees were female or racially and ethnically diverse, and approximately 8% were covered by a collective bargaining agreement.

Of the eight members of our Board of Directors, two are female, six are male, one is Asian American and seven are white.

Available Information.

4 unchanged sentences

The SEC also maintains an internet site that contains reports, proxy and information statements, and other information regarding our company at http://www.sec.gov.

Information about our Executive Officers

Our current executive officers, their ages and offices held, are set forth below:

Information about our Executive Officers and Key Employees

Our current executive officers and key employees, their ages and offices held, are set forth below:

Name Age Office

1 unchanged sentence

Oldenkamp 53 Executive Vice President, Chief Financial Officer and Treasurer

Erstad 61 Vice President, General Counsel and Secretary

Grahek 56 Vice President — Operations

Jones 45 Vice President — Food and Health Sciences

Lange 55 Vice President — Water Treatment Group

Lange 56 Vice President — Water Treatment

Louismet 40 Vice President, General Counsel and Secretary

Mangine 68 Vice President — Industrial Solutions

Rozeboom 63 Vice President — Health and Nutrition

Rozeboom 64 Vice President — Stauber

Hawkins has been our Chief Executive Officer and President and member of our board since 2011.

7 unchanged sentences

Oldenkamp was with MTS Systems Corporation, a supplier of high-performance test systems and sensors, where he served as Chief Financial Officer from 2015 to May 2017 and as Vice President of Finance for the MTS Test business from 2014 to 2015, and with Nilfisk-Advance, Inc., a global manufacturer of professional cleaning equipment, where he served as Americas Operations Chief Financial Officer and Vice President from 2012 to 2014.

Erstad has been our Vice President, General Counsel and Secretary since 2008.

Erstad was General Counsel and Secretary of BUCA, Inc., a restaurant company, from 2005 to 2008.

Erstad had previously been an attorney with the corporate group of Faegre & Benson LLP, a law firm, from 1996 to 2005, where his practice focused on securities law and mergers and acquisitions.

He is a member of the Minnesota Bar.

Grahek has been our Vice President - Operations since September 2018.

9 unchanged sentences

Prior to attaining this position, Mr.

Jones served as our as Vice President of Business since April 2024.

Jones served as our Vice President of Business since April 2024.

Prior to joining Hawkins, Mr.

3 unchanged sentences

Manager of sales from 2010-2017.

Lange has been our Vice President - Water Treatment Group since June 2020.

Lange has been our Vice President - Water Treatment since June 2020.

Prior to attaining this position, Mr.

Lange served the Company as General Manager and Product Development Manager for the Water Treatment Group after joining the company in January 2019.

Lange served the Company as General Manager and Product Development Manager for Water Treatment after joining the company in January 2019.

Prior to joining the Company, Mr.

2 unchanged sentences

Lange served in various roles in the specialty adhesives market for a total of 21 years prior to joining the Company.

Mangine has been our Vice President - Industrial Group since 2021.

Louismet has served as our Interim General Counsel since December 2025 and had previously served as our Associate General Counsel since September 2024.

Prior to joining Hawkins, Mr.

Louismet founded Minnesota Dealer Law through which he counseled franchised new vehicle dealerships from November 2023 to October 2024.

Louismet served as General Counsel of the Minnesota Automobile Dealers Association from 2018 to October 2023 and as Associate General Counsel from 2015 to 2018.

Previously, he was an attorney at Rice, Michels & Walther, LLP from 2013 to 2015.

He is a member of the Minnesota Bar.

Mangine has been our Vice President - Industrial Solutions since 2021.

Prior to attaining this position, Mr.

Mangine served as the Industrial Sales Manager from 2011 to 2021, after joining Hawkins in 2000 as an Account Manager.

Rozeboom has been our Vice President - Health and Nutrition since 2019.

Rozeboom has been our Vice President - Stauber since 2025.

Prior to attaining this position, Ms.

Rozeboom held the position of Senior Vice President of Sales for Stauber from 2012 to 2019, Director of Sales from 2008 to 2012 and Account Executive from 2000 to 2008.

Rozeboom held the position of Vice President of Health and Nutrition from 2019 to 2025, Senior Vice President of Sales for Stauber from 2012 to 2019, Director of Sales from 2008 to 2012 and Account Executive from 2000 to 2008.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business