What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-12 compared with 2025-03-07 · 93 added, 95 removed, 303 unchanged (38% of the section changed)

4 unchanged sentences

fuel gases within residential and commercial buildings;

gasoline and diesel gasoline products (both above and below the ground) in a double containment piping to contain any possible leaks,

which is used in automotive and marina refueling, and fueling for back-up generation;

copper-alloy corrugated piping in medical or health care facilities to carry medical gases (oxygen, nitrogen, vacuum) or pure gases

for pharmaceutical applications;

applications where the customer requires the piping to have both a degree of flexibility and/or an ability to carry corrosive compounds

or mixtures, or to carry at both very high and very low (cryogenic) temperatures.

gasoline and diesel gasoline products (both above and below the ground) in a double containment

piping to contain any possible leaks, which is used in automotive and marina refueling, and

fueling for back-up generation;

copper-alloy corrugated piping in medical or health care facilities to carry medical gases

(oxygen, nitrogen, vacuum) or pure gases for pharmaceutical applications;

applications where the customer requires the piping to have both a degree of flexibility

and/or an ability to carry corrosive compounds or mixtures, or to carry at both very high

and very low (cryogenic) temperatures.

Company’s business is managed as a single operating segment that consists of the manufacture and sale of flexible metal hose (also

31 unchanged sentences

of the total gas piping market.

In addition, the Company is a member of an industry trade group comprised of the largest manufacturers

of CSST in the U.S., which compiles and distributes sales volume statistics for its members relative to flexible gas piping.

our sales and the statistics described above, the Company believes it can estimate its position within that market.

Based on our sales, the Company believes it can estimate its position within that market.

For other applications,

50 unchanged sentences

In particular, the Company has one significant distribution customer, whose

various branches had sales in the range of 14% to 15% of total sales during the periods of 2023 to 2024 and were 23% and 19% of the Company’s

various branches had sales in the range of 13% to 15% of total sales during the years of 2025 to 2024 and were 22% and 23% of the Company’s

accounts receivable balance as of December 31, 2025 and 2024, respectively.

11 unchanged sentences

and we also sell our products internationally, primarily in Europe through our manufacturing facility located in Banbury, U.K.

outside of North America were in the range of 3% to 4% of our total sales during the last two years, with most of the sales occurring

and elsewhere in Europe.

We do not have a material portion of our long-lived assets located outside of the U.S.

outside of North America were about 3% of our total sales during the last two years, with most of the sales occurring in the U.K.

elsewhere in Europe.

Company has had the most success within the residential construction industry with its flexible gas piping products, TracPipe ®

57 unchanged sentences

for aboveground piping for flammable and combustible liquids.

DoubleTrac® piping is one of a select few piping systems having listings

and approvals for both belowground and aboveground piping systems.

Similar to our flexible gas piping, DoubleTrac ® piping

provides advantages over older rigid pipe technologies.

DoubleTrac ® piping is made and can be installed in long continuous

runs, eliminating the need for manually assembling rigid pipe junctions at the end of a pipe or at a turn in direction.

DoubleTrac ® piping has superior performance in terms of its ability to safely convey fuel from the storage tank to the

dispenser, primarily because DoubleTrac ® piping is essentially a zero permeation piping system, far exceeding the most

stringent government regulations.

DoubleTrac ® piping is one of a select few piping systems

having listings and approvals for both belowground and aboveground piping systems.

Similar to our flexible gas piping, DoubleTrac ®

piping provides advantages over older rigid pipe technologies.

DoubleTrac ® piping is made and can be installed in long

continuous runs, eliminating the need for manually assembling rigid pipe junctions at the end of a pipe or at a turn in direction.

addition, DoubleTrac ® piping has superior performance in terms of its ability to safely convey fuel from the storage tank

to the dispenser, primarily because DoubleTrac ® piping is essentially a zero permeation piping system, far exceeding the

most stringent government regulations.

Originally designed for applications involving automotive fueling stations running from the storage

4 unchanged sentences

piping, a complementary product which is very similar to DoubleTrac ® piping, was brought to the marketplace in 2011.

DEF-Trac ® piping is specifically engineered to handle the demanding requirements for diesel emissions fluid (DEF).

regulations require all diesel engines to use DEF to reduce the particulate contaminants from the diesel combustion process.

DEF is highly corrosive and cannot be pre-mixed with diesel fuel.

This requires that new diesel trucks and automobiles must have separate

tanks built into the vehicle so that the diesel emissions fluid can be injected into the catalytic converter after the point of combustion.

Similarly, a large portion of fueling stations carrying diesel fuel are now also selling DEF through a separate dispenser.

to being highly corrosive, DEF also has a high freezing temperature, requiring a heat trace in the piping in applications in northern

areas of the U.S.

DEF-Trac ® flexible piping is uniquely suited to handle all of these challenges, as the stainless steel

inner core is corrosion resistant, and DEF-Trac ® piping also comes with options for heat trace that is extruded directly

into the wall of the product.

In summary, DEF-Trac ® piping provides a complete solution to the demanding requirements

of this unique application, as such, DEF-Trac ® piping has been met with wide acceptance from the industry that was searching

for a solution to the new environmental requirement.

The advantageous market position of DEF-Trac ® has leveraged the penetration

of DoubleTrac ® piping into the broader market for automotive fueling applications.

piping is specifically engineered to handle the demanding requirements for diesel emissions fluid (DEF).

Federal regulations require

all diesel engines to use DEF to reduce the particulate contaminants from the diesel combustion process.

However, DEF is highly corrosive

and cannot be pre-mixed with diesel fuel.

This requires that new diesel trucks and automobiles must have separate tanks built into the

vehicle so that the diesel emissions fluid can be injected into the catalytic converter after the point of combustion.

Similarly, a large

portion of fueling stations carrying diesel fuel are now also selling DEF through a separate dispenser.

In addition to being highly corrosive,

DEF also has a high freezing temperature, requiring a heat trace in the piping in applications in northern areas of the U.S.

flexible piping is uniquely suited to handle all of these challenges, as the stainless steel inner core is corrosion resistant,

and DEF-Trac ® piping also comes with options for heat trace that is extruded directly into the wall of the product.

summary, DEF-Trac ® piping provides a complete solution to the demanding requirements of this unique application, as such,

DEF-Trac ® piping has been met with wide acceptance from the industry that was searching for a solution to the new environmental

The advantageous market position of DEF-Trac ® has leveraged the penetration of DoubleTrac ®

piping into the broader market for automotive fueling applications.

Corrugated Medical Tubing

6 unchanged sentences

easily and quickly than traditional medical grade rigid copper pipe, which generally comes in 20 foot long sections.

CMT is unrolled from a spool and installed in a medical facility in one long continuous length and is bent by hand when a change

in direction is needed.

The long lengths and ability to change direction with ease eliminates labor that would otherwise be needed to

braze connections to straight sections of copper pipe or elbows or tees for changes in direction, while increasing installation efficiency

and operational safety and minimizing downtime for healthcare facilities.

Easy to assemble axial swaged brass fittings connect with all

K, L and DWV medical tubing that is sized from ½” to 2” in diameter and provides a leak-tight seal using ordinary

The patented fitting also prevents tampering or disassembly using a tamper-proof sleeve that is required by the Health Care

Facilities Code (NFPA 99 – 2018 edition).

Rated at 185 psig, MediTrac ® CMT can deliver the necessary volume of gas

wherever it is needed across a facility.

A recent case study comparing the installation of rigid copper pipe and MediTrac ®

CMT showed that MediTrac ® CMT increases installation efficiency by a factor of five (i.e., a 500% increase in efficiency).

By reducing the number of joints and brazed connections, MediTrac ® CMT also reduces possible contamination into the medical

gas system along with the fire risk associated with brazing.

MediTrac ® CMT is currently listed at UL 1365 and has an ASTM

E84 rating of 25/50 and meets all 2018 requirements of the Health Care Facilities Code (NFPA 99 – 2018).

CMT also meets Canadian standard Z7396.1, Medical Gas Pipeline Systems.

CMT is unrolled from a spool and installed in a medical facility in one long continuous length and is bent by hand when a change in direction

The long lengths and ability to change direction with ease eliminates labor that would otherwise be needed to braze connections

to straight sections of copper pipe or elbows or tees for changes in direction, while increasing installation efficiency and operational

safety and minimizing downtime for healthcare facilities.

Easy to assemble axial swaged brass fittings connect with all K, L and DWV

medical tubing that is sized from ½” to 2” in diameter and provides a leak-tight seal using ordinary hand tools.

patented fitting also prevents tampering or disassembly using a tamper-proof sleeve that is required by the Health Care Facilities Code

(NFPA 99 – 2018 edition).

Rated at 185 psig, MediTrac ® CMT can deliver the necessary volume of gas wherever it is

needed across a facility.

A recent case study comparing the installation of rigid copper pipe and MediTrac ® CMT showed

that MediTrac ® CMT increases installation efficiency by a factor of five (i.e., a 500% increase in efficiency).

the number of joints and brazed connections, MediTrac ® CMT also reduces possible contamination into the medical gas system

along with the fire risk associated with brazing.

MediTrac ® CMT is currently listed at UL 1365 and has an ASTM E84 rating

of 25/50 and meets all 2018 requirements of the Health Care Facilities Code (NFPA 99 – 2018).

MediTrac ® CMT also

meets Canadian standard Z7396.1, Medical Gas Pipeline Systems.

2020, the MediTrac ® product line experienced increased sales in use and acceptance in the marketplace resulting from its

56 unchanged sentences

are approximately eight manufacturers or importers of flexible metal hose in the U.S., and at least that many in Europe and Asia.

manufacturers and importers include Titeflex Corporation, Ward Manufacturing, Pro-Flex, Microflex Inc., Hose Master, Pennflex, and

several smaller privately held companies.

No one manufacturer or importer, as a general rule, participates in more than two of the major

market categories, automotive, aerospace, residential and commercial construction, and general industrial, with most concentrating on

manufacturers and importers include Titeflex Corporation, ASC Engineered Solutions, Pro-Flex, Microflex Inc., Hose Master, Pennflex,

and several smaller privately held companies.

No one manufacturer or importer, as a general rule, participates in more than two of the

major market categories, automotive, aerospace, residential and commercial construction, and general industrial, with most concentrating

We estimate that we are at or near the top position of the two major categories in which we participate regarding U.S.

5 unchanged sentences

can estimate with a high level of accuracy the size of the total gas piping market.

In addition, the Company is a member of an industry

trade group which compiles and distributes sales statistics for its members relative to flexible gas piping.

For other applications,

industry trade groups collect and report on the size of the relevant market, and we can estimate our percentage of the relevant market

based on our sales as compared to the market as a whole.

The larger of our two markets, the construction industry, has seen a modest

decrease in the number of residential housing starts in 2024, as compared to the previous year.

As discussed elsewhere, black iron pipe

or copper tubing was historically used by all builders of commercial and residential buildings until the advent of flexible gas piping

and changes in the relevant building codes.

Since that time, flexible gas piping has taken an increasing share of the total amount of

fuel gas piping used in construction.

For other applications, industry trade groups collect

and report on the size of the relevant market, and we can estimate our percentage of the relevant market based on our sales as compared

to the market as a whole.

The larger of our two markets, the construction industry, has seen a modest decrease in the number of residential

housing starts in 2025, as compared to the previous year.

As discussed elsewhere, black iron pipe or copper tubing was historically used

by all builders of commercial and residential buildings until the advent of flexible gas piping and changes in the relevant building

Since that time, flexible gas piping has taken an increasing share of the total amount of fuel gas piping used in construction.

to the number of applications in which flexible metal hose may be used, and the number of companies engaged in the manufacture, import

31 unchanged sentences

and CounterStrike ® CSST, DoubleTrac ® double containment piping, and MediTrac ® CMT.

We have multiple sources qualified for all of our major raw materials and components.

Nickel is a prime material in stainless steel which

the Company utilizes to manufacture CSST, and copper is a key component of the Company’s brass fittings and our MediTrac ®

Fortunately, the Company was able to maintain reasonably stable margins during 2024 as the cost of these prime materials,

mainly nickel, decreased.

We believe that with our purchase commitments for stainless steel, polyethylene and for our proprietary fittings,

we have adequate sources of supply for these raw materials and components.

Like most other manufacturers, we had sporadic supply chain

issues in 2024, but we believe our multiple suppliers have sufficient raw materials and capacity minimizing any potential disruption.

We believe that the supply sufficiency of stainless steel will continue until there is a reduction in global capacity, such as mine closures,

which would then cause constriction.

Volatility in the commodities marketplace and competitive conditions in the sale of our products

could potentially restrict us from passing along raw materials or component part price increases to our customers.

multiple sources qualified for all of our major raw materials and components.

Nickel is a prime material in stainless steel which the

Company utilizes to manufacture CSST, and copper is a key component of the Company’s brass fittings and our MediTrac ®

Fortunately, the Company was able to maintain reasonably stable margins during 2025 even though the cost of copper, along with the

impact of tariffs upon stainless steel, increased towards the end of the year.

We believe that with our purchase commitments for stainless

steel, polyethylene and for our proprietary fittings, we have adequate sources of supply for these raw materials and components.

most other manufacturers, we had sporadic supply chain issues in 2025, but we believe our multiple suppliers have sufficient raw materials

and capacity minimizing any potential disruption.

We believe that the supply sufficiency of stainless steel will continue until there

is a reduction in global capacity, such as mine closures, which would then cause constriction.

Volatility in the commodities marketplace,

tariffs, and competitive conditions in the sale of our products could potentially restrict us from passing along raw materials or component

part price increases to our customers.

Regulations, Including Environmental Regulations

14 unchanged sentences

have a comprehensive portfolio of intellectual property including over 120 patents issued in various countries around the world and trademarks

registered around the world such as OmegaFlex®, AutoFlare®, TracPipe®, CounterStrike®, DoubleTrac®, and MediTrac®.

registered around the world such as OmegaFlex ® , AutoFlare ® , TracPipe ® , CounterStrike ® ,

DoubleTrac ® , and MediTrac ® .

We also have several patent applications pending in the U.S.

and internationally covering improvements to our CounterStrike ®

and MediTrac® products.

Finally, and as mentioned above, our unique rotary process for manufacturing flexible metal hose has

been developed over a number of years and constitutes a valuable trade secret.

and internationally

covering improvements to our CounterStrike ® and MediTrac® products.

Finally, and as mentioned above, our unique rotary

process for manufacturing flexible metal hose has been developed over a number of years and constitutes a valuable trade secret.

may learn more about our Company by visiting our website at www.omegaflex.com.

10 unchanged sentences

amendments or waivers to our Code of Business Conduct and Ethics.

The SEC maintains a website at www.sec.gov that also contains the Company’s

various reports, proxy, and information statements and other filings.

The information contained on or accessible through the websites

referred to above is not incorporated by reference in, or otherwise a part of, this annual report, and any references to these websites

are intended to be inactive textual references only.

The SEC maintains a website at www.sec.gov that also contains

the Company’s various reports, proxy, and information statements and other filings.

The information contained on or accessible

through the websites referred to above is not incorporated by reference in, or otherwise a part of, this annual report, and any references

to these websites are intended to be inactive textual references only.

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