GrafTech International (EAF) Q1 2025 Earnings Call April 25, 2025 10:00 AM ET Company Participants Michael Dillon - Vice President of Investor Relations & CommunicationsTimothy Flanagan - CEO, President & DirectorJeremy Halford - EVP, COORory O’Donnell - SVP & CFOBennett Moore - Vice President, Equity ResearchKirk Ludtke - Managing DirectorAbraham Landa - Director Conference Call Participants Alex Hacking - Equity Research Analyst - Metals & MiningArun Viswanathan - Senior Equity Analyst Operator Good morni ...

Core Insights - GrafTech International reported a quarterly loss of $0.13 per share, which was better than the Zacks Consensus Estimate of a loss of $0.15, representing an earnings surprise of 13.33% [1] - The company posted revenues of $111.84 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 6.28% and down from $136.58 million year-over-year [2] - GrafTech shares have declined approximately 62.2% since the beginning of the year, contrasting with the S&P 500's decline of 6.8% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $131.4 million, and for the current fiscal year, it is -$0.57 on revenues of $535.35 million [7] - The estimate revisions trend for GrafTech is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Metal Products - Procurement and Fabrication industry, to which GrafTech belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact GrafTech's stock performance [5]

Sales Performance - Total sales volume grew 2% year-over-year for Q1 2025, with expectations of a low-double digit percentage increase for the full year, resulting in approximately 25% cumulative growth since 2023[4] - Sales volume in the United States increased by 25% year-over-year for Q1 2025, with expectations to outpace this growth rate for the full year[4] - Net sales for Q1 2025 were $112 million, an 18% decrease from $137 million in Q1 2024, primarily due to lower weighted-average realized prices[6] - Net sales decreased to $111,839 thousand in Q1 2025 from $136,584 thousand in Q1 2024, representing a decline of approximately 18.1%[40] Financial Losses - Net loss for Q1 2025 was $39 million, or $0.15 per share, compared to a net loss of $31 million, or $0.12 per share, in Q1 2024[7] - Adjusted net loss for Q1 2025 was $(34,155) thousand, compared to $(25,161) thousand in Q1 2024, reflecting a worsening in adjusted financial performance[43] - Net loss for Q1 2025 was $(39,351) thousand, compared to $(30,869) thousand in Q1 2024, marking an increase in net loss of approximately 27.5%[40] Cost Management - Cash costs per metric ton decreased by 21% year-over-year and 11% sequentially from Q4 2024, with a projected mid-single digit percentage decline for the full year 2025[4] - Cash cost of goods sold per metric ton was $3,652 in Q1 2025, down from $4,595 in Q1 2024, indicating improved cost efficiency[46] - The cash cost of goods sold per MT is a key measure for evaluating costs on a per metric ton basis[34] Liquidity and Capital Expenditures - Total liquidity as of March 31, 2025, was $421 million, supporting the company's ability to manage near-term industry challenges[11] - Capital expenditures for 2025 are anticipated to be approximately $40 million, with a favorable net impact of working capital on cash flow performance[16] - Cash and cash equivalents decreased from $256,248,000 as of December 31, 2024, to $214,283,000 as of March 31, 2025, a decrease of about 16.4%[38] Operational Performance - Adjusted EBITDA was negative $4 million in Q1 2025, down from $0.2 million in Q1 2024, reflecting lower realized prices despite reduced cash costs[7] - Adjusted EBITDA is used as a primary metric for managing business and evaluating performance, reflecting operational profitability[28] - Operating loss improved to $(18,210) thousand in Q1 2025 from $(21,361) thousand in Q1 2024, reflecting a reduction in operational losses[40] Market Conditions - The company expects a low-double digit percentage increase in sales volume for 2025, driven by a focus on regaining market share[13] - The pricing environment remains challenging, with a planned 15% price increase for uncommitted 2025 volume[14] Asset and Liability Management - Total current assets decreased from $636,797,000 as of December 31, 2024, to $618,543,000 as of March 31, 2025, a decline of approximately 2.0%[38] - Total liabilities increased from $1,224,274,000 as of December 31, 2024, to $1,207,753,000 as of March 31, 2025, reflecting a decrease of approximately 1.3%[38] - Long-term debt remained relatively stable, increasing slightly from $1,086,915,000 to $1,088,863,000, an increase of about 0.2%[38] - The accumulated deficit increased from $793,453,000 as of December 31, 2024, to $832,452,000 as of March 31, 2025, an increase of approximately 4.9%[38] Cash Flow Analysis - Net cash used in operating activities was $(32,186) thousand in Q1 2025, significantly higher than $(530) thousand in Q1 2024, indicating increased cash outflow[42] - Free cash flow and adjusted free cash flow are critical measures for evaluating liquidity, with adjusted free cash flow accounting for debt modification costs[32] Non-GAAP Financial Measures - The company emphasizes the importance of non-GAAP financial measures for investors to assess financial performance and debt-service capabilities[29] - Total non-GAAP adjustments pre-tax for Q1 2025 amounted to $6,563 thousand, compared to $7,279 thousand in Q1 2024, showing a reduction in adjustments[43]

Liquidity and Cash Flow - As of December 31, 2024, the company had liquidity of $464.2 million, consisting of $108.0 million available under the 2018 Revolving Credit Facility, $100.0 million under the Initial First Lien Term Loan Facility, and cash and cash equivalents of $256.2 million[250]. - The company reported a net cash used in operating activities of $40.1 million for 2024, a significant decrease from a cash source of $76.6 million in 2023, primarily due to reduced cash provided by working capital[260]. - Cash flow used in investing activities was $34.2 million for 2024, compared to $53.8 million in 2023, driven by reduced capital expenditures[261]. - Net cash provided by financing activities was $155.7 million in 2024, an increase from $18.7 million in 2023, mainly due to the issuance of $175.0 million of First Lien Term Loans[262]. - The company experienced a decrease in cash flow provided by inventories and accounts receivable, primarily due to reduced sales in the fourth quarter of 2024 compared to the same period in 2023[260]. Debt and Financing - The company had gross long-term debt of $1.1 billion as of December 31, 2024, up from $950.0 million in 2023[250]. - The company completed financing transactions to extend the maturities on its outstanding debt during the fourth quarter of 2024[253]. - The company issued New 4.625% Notes and New 9.875% Notes in aggregate principal amounts of $498.2 million and $446.2 million, respectively, on December 23, 2024[265]. - The Initial First Lien Term Loans amount to $175 million, with an additional $100 million available through Delayed Draw Commitments until July 23, 2026[286]. - The First Lien Term Loans bear interest at a rate equal to Term SOFR plus 6.00% per annum or ABR plus 5.00% per annum, with a 2.00% floor[288]. - Following the Exchange Offer, approximately $1.8 million of Existing 4.625% Notes and $3.8 million of Existing 9.875% Notes remain outstanding[279][285]. - The Existing 4.625% Notes were issued at an aggregate principal amount of $500 million, with proceeds used to partially repay borrowings under the 2018 Term Loan Facility[275]. - The First Lien Term Loans mature on December 23, 2029, and are secured by perfected first-priority security interests in the collateral[287]. - GrafTech Global must offer to repurchase the New 9.875% Notes if specific changes in control occur or if certain assets are sold[281]. - The New Notes Indentures contain covenants that limit the ability to incur additional indebtedness or engage in certain transactions[271]. - The total contractual obligations as of December 31, 2024, amounted to $1,559.864 million, with long-term debt accounting for $1,125 million[297]. - The Company had no outstanding term loans under the 2018 Term Loan Facility as of December 31, 2024[294]. Dividend and Stock Repurchase - The company suspended its quarterly cash dividend of $0.01 per share on August 2, 2023, with no assurance of resuming future dividend payments[255]. - The company authorized a stock repurchase program totaling $250.0 million, with $99.0 million remaining under the authorization as of December 31, 2024[254]. Compliance and Covenants - As of December 31, 2024, GrafTech Global was in compliance with all debt covenants in the New Notes Indentures, maintaining a pro forma consolidated total net leverage ratio of no greater than 2.50 to 1.00[271]. - As of December 31, 2024, the availability under the 2018 Revolving Credit Facility was $108.0 million, down from $112.4 million in 2023[294]. - The 2018 Revolving Credit Facility matures on November 30, 2028, with a financial covenant requiring a Senior Secured First Lien Net Leverage Ratio of no more than 4.00 to 1.00[296]. - The Company must not have more than $100 million of unrestricted cash and cash equivalents after borrowing under the 2018 Revolving Credit Facility[293]. - The Company has complied with all debt covenants as of December 31, 2024[296]. Tax and Deferred Assets - As of December 31, 2024, the Company had deferred tax assets (DTAs) of $52.4 million in the U.S., with a valuation allowance of $19.3 million against certain DTAs[303][304]. - The Company is required to make estimated interest payments on its Existing 9.875% Notes and Existing 4.625% Notes through December 15, 2028, totaling $434.864 million[297]. Other Financial Details - The 2018 Revolving Credit Facility includes a commitment fee of 0.25% per annum on undrawn commitments[295]. - As of December 31, 2024, there were $7.4 million of letters of credit drawn against the 2018 Revolving Credit Facility[294].

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $49 million or $0.19 per share, with adjusted EBITDA improving to negative $7 million from negative $22 million in Q4 2023 [37] - Cash COGS per metric ton decreased by 23% year-over-year to approximately $4,290, exceeding the previous guidance of a 20% decline [40][39] - Total liquidity at the end of 2024 was $464 million, a $210 million increase from Q3 2024, with no borrowings outstanding under the revolving credit facility [45][46] Business Line Data and Key Metrics Changes - Sales volume in Q4 2024 was 27,000 metric tons, a 13% increase year-over-year, while production volume was 25,000 metric tons with a capacity utilization rate of 55% [29][30] - The weighted average realized price for non-LTA sales in Q4 was approximately $3,900 per metric ton, reflecting a 19% year-over-year decline [30] - The company anticipates a low-double-digit percentage increase in sales volume for 2025, building on the 13% increase achieved in 2024 [32] Market Data and Key Metrics Changes - Global steel production outside of China was approximately 207 million tons in Q4 2024, remaining flat compared to Q4 2023 [27] - North American steel production decreased by 4% in 2024, while EU steel output increased by 3% [28] - The company expects demand for graphite electrodes to remain relatively flat in key regions in the near term, despite modest growth projections for global steel demand in 2025 [19][51] Company Strategy and Development Direction - The company is focused on regaining market share through enhanced customer engagement and the introduction of new products, such as the 800-millimeter electrode [10][11] - A price increase of 15% on uncommitted volumes for 2025 has been communicated to customers to restore profitability [23][24] - The company is committed to managing costs while also investing in technical capabilities and customer value propositions to support long-term growth [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted geopolitical uncertainties, particularly regarding potential tariffs impacting the North American supply chain, and is preparing various responses [18][19] - The outlook for 2025 includes modest growth in global steel demand, with expectations of continued decarbonization efforts driving long-term demand for electric arc furnace (EAF) steel production [51][54] - Management remains cautious about near-term industry trends but is optimistic about long-term growth opportunities in the graphite electrode market [51][56] Other Important Information - The company successfully completed a financing transaction that extended debt maturities to December 2029, enhancing its financial foundation [15][47] - The company is actively managing working capital levels, having reduced working capital by $40 million in 2024, following a $108 million reduction in 2023 [14][43] Q&A Session Summary Question: What was the benefit of the LCM inventory adjustment for the full year? - The full year benefit for 2025 is estimated to be around $16 million to $17 million, with a fourth quarter benefit of approximately $2 million to $3 million [62][63] Question: How will potential tariffs impact production and commitments? - The company is prepared to adjust its supply chain and production across various facilities to minimize the impact of tariffs, with flexibility to redirect production as needed [74][75] Question: What has been the customer feedback on the 15% price hike? - Initial customer reactions indicate an understanding of the need for the price increase, recognizing the importance of maintaining a healthy supply chain [94][92] Question: When could the price hikes start to reflect in results? - The first deliveries reflecting the price increase are expected in the second quarter of 2025, as negotiations for uncommitted volumes are ongoing [98] Question: What is the current pricing trend for needle coke? - Needle coke pricing remains largely unchanged, with super premium coke priced between $1,000 to $1,300 per metric ton, but a long-term view anticipates a shortage [99][100] Question: How is market share recovery progressing? - The company has made significant progress in regaining market share, particularly in the U.S., by focusing on customer engagement and value-added services [106][108]

Core Viewpoint - GrafTech International reported a quarterly loss of $0.13 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.14, and an improvement from a loss of $0.27 per share a year ago, indicating a positive earnings surprise of 7.14% [1][2] Financial Performance - The company posted revenues of $134.22 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.52%, and down from $137.15 million in the same quarter last year [2] - Over the last four quarters, GrafTech has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Performance - GrafTech shares have declined approximately 13.9% since the beginning of the year, contrasting with the S&P 500's gain of 3.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $129 million, and for the current fiscal year, it is -$0.48 on revenues of $571.45 million [7] Industry Outlook - The Metal Products - Procurement and Fabrication industry, to which GrafTech belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact GrafTech's stock performance [5]

Financial Performance - In Q4 2024, GrafTech achieved a 13% year-over-year increase in sales volume to 27.2 thousand MT, despite a 2% decrease in net sales to $134 million compared to Q4 2023[5][9]. - The company reported a net loss of $49 million, or $0.19 per share, for Q4 2024, an improvement from a net loss of $217 million, or $0.85 per share, in Q4 2023[10][12]. - Adjusted EBITDA for Q4 2024 was negative $7 million, an improvement from negative $22 million in Q4 2023, reflecting a 25% reduction in cash costs per metric ton[11][13]. - Net sales for Q4 2024 were $134.2 million, a decrease of 2.1% from $137.1 million in Q4 2023[47]. - Gross loss for Q4 2024 was $(10.4) million compared to a gross loss of $(19.7) million in Q4 2023[47]. - Operating loss for the year ended December 31, 2024, was $(75.2) million, significantly improved from $(214.4) million in 2023[47]. - Net loss for Q4 2024 was $(49.5) million, a reduction from $(217.4) million in Q4 2023[47]. - Basic loss per share for Q4 2024 was $(0.19), compared to $(0.85) in Q4 2023[47]. - Cash flow from operating activities for Q4 2024 was $(26.4) million, down from $9.3 million in Q4 2023[50]. - Adjusted net loss for Q4 2024 was $(33.1) million, compared to $(68.6) million in Q4 2023[51]. - Free cash flow for Q4 2024 was $(39.209) million, down from $19.682 million in Q3 2024 and $3.539 million in Q4 2023[54]. - Adjusted EBITDA for Q4 2024 was $(6.859) million, an improvement from $(21.572) million in Q4 2023[53]. Liquidity and Capital Structure - GrafTech ended 2024 with total liquidity of $464 million, consisting of cash and cash equivalents of $256 million and availability under credit facilities[5][17]. - As of December 31, 2024, gross debt is reported at $1.1 billion, with net debt calculated at $844 million after accounting for cash and cash equivalents of $256 million[8]. - The company reported cash and cash equivalents of $256.2 million as of December 31, 2024, an increase from $176.9 million in 2023[45]. - The total stockholders' equity shifted from a positive $78.2 million in 2023 to a negative $78.9 million in 2024, indicating a deterioration in equity position[45]. - Long-term debt increased from $925.5 million in 2023 to $1.09 billion in 2024, indicating a significant rise in financial leverage[45]. - The accumulated deficit grew from $662.4 million in 2023 to $793.5 million in 2024, highlighting ongoing financial challenges[45]. Sales and Pricing Strategy - The weighted-average realized price for non-LTA volume in Q4 2024 was approximately $3,900 per MT, a decrease of about 19% compared to Q4 2023[15]. - For 2025, GrafTech anticipates a low double-digit percentage increase in sales volume year-over-year, with over 60% of anticipated sales volume already committed[19]. - The company plans to increase prices by 15% on uncommitted volume for 2025 to address the unsustainably low pricing environment[20]. - GrafTech expects a mid-single digit percentage decline in cash cost of goods sold per MT for 2025 compared to 2024, supported by ongoing cost structure improvements[21]. Capital Expenditures and Investments - Full year 2025 capital expenditures are anticipated to be approximately $40 million, with a favorable net impact from working capital expected[22]. - Capital expenditures for the year ended December 31, 2024, totaled $(34.3) million, compared to $(54.0) million in 2023[50]. - Capital expenditures in Q4 2024 totaled $(12.792) million, compared to $(4.027) million in Q3 2024 and $(5.753) million in Q4 2023[54]. Market Outlook and Industry Trends - Long-term demand growth for graphite electrodes is anticipated due to the steel industry's decarbonization efforts and increased utilization of electric arc furnaces[23]. - The company faces various risks, including dependence on the global steel industry and potential disruptions in supply chains, which could materially affect financial results[31][32]. Non-GAAP Measures and Adjustments - Adjusted EBITDA is used as a primary metric for evaluating operational performance, although it does not account for working capital changes or capital expenditures[36][38]. - Total non-GAAP adjustments pre-tax for Q4 2024 amounted to $20.5 million, reflecting various expenses including stock-based compensation and goodwill impairment[51].

Core Viewpoint - GrafTech International (EAF) is anticipated to report a year-over-year increase in earnings despite lower revenues, which could significantly influence its near-term stock price depending on the actual results compared to estimates [1][2]. Earnings Expectations - The earnings report is scheduled for release on February 7, 2025, and could lead to a stock price increase if the results exceed expectations, while missing estimates may result in a decline [2]. - The consensus estimate indicates a quarterly loss of $0.14 per share, reflecting a year-over-year change of +48.2%, with expected revenues of $136.28 million, down 0.6% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their initial projections [4]. - The Zacks Earnings ESP model suggests that the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% for GrafTech [10]. Zacks Rank and Predictive Power - GrafTech currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat based on the combination of a negative Earnings ESP [11]. - Historical performance shows that GrafTech has beaten consensus EPS estimates three out of the last four quarters, with a recent surprise of +7.14% when it reported a loss of $0.13 instead of the expected loss of $0.14 [12][13]. Conclusion - While GrafTech does not appear to be a strong candidate for an earnings beat, investors should consider other factors before making investment decisions related to the stock ahead of the earnings release [16].

Financial Data and Key Metrics Changes - In Q3 2024, the company reported a net loss of $36 million or $0.14 per share, with adjusted EBITDA at negative $6 million compared to positive $1 million in Q3 2023 [42] - Net sales decreased by 18% year-over-year, driven by lower pricing and a shift in the business mix from long-term agreements (LTA) to non-LTA volumes [39] - Cash costs per metric ton decreased by 28% year-over-year, with cash COGS per metric ton at just under $4,200, leading to an updated full-year guidance for a 20% year-over-year decline [20][45] Business Line Data and Key Metrics Changes - Sales volume increased by 9% year-over-year and 13% year-to-date, despite a soft demand environment [14][12] - The company sold 26,000 metric tons in Q3 2024, with approximately 23,000 metric tons from non-LTA sales at an average price of $4,100 per metric ton, and 3,000 metric tons from LTAs at $7,700 per metric ton [37] - Initial trials of new 800-millimeter electrodes were successful, indicating potential for future growth in this niche market [18] Market Data and Key Metrics Changes - Global steel production outside of China declined by 2% year-over-year, with North America seeing a 5% decrease in steel production [32][33] - The global steel capacity utilization rate outside of China fell to 65%, the lowest in seven quarters [32] - The company expects a slow recovery in global steel market demand, with projected growth of 3% for steel demand outside of China in 2025 [60] Company Strategy and Development Direction - The company is focused on improving liquidity through a new financing transaction, which includes a $275 million delayed draw term loan and an extension of existing debt maturities [24][49] - The strategic flexibility gained from the financing will allow the company to pursue growth opportunities, particularly in the Seadrift asset, which is critical for long-term growth [13][28] - The company aims to capitalize on the transition to electric arc furnace steelmaking, which is expected to drive demand for graphite electrodes [63][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current challenging environment in the steel industry but remains optimistic about long-term growth opportunities [59] - The company anticipates low double-digit sales volume growth in 2025, driven by market recovery and customer engagement strategies [16][40] - Management emphasized the importance of a healthy pricing environment for the sustainability of the graphite electrode industry [62] Other Important Information - The company ended Q3 2024 with total liquidity of approximately $254 million, consisting of $141 million in cash and $112 million available under the revolving credit facility [48] - The anticipated demand growth for petroleum needle coke, a key raw material, is expected to benefit the company due to its vertical integration [66][68] Q&A Session Summary Question: Near-term environment and pricing dynamics - Management noted a steady decline in spot pricing, with current weighted average pricing at about $4,150 per ton, while needle coke prices have remained stable [75][76] Question: Cost control and growth expectations - Management highlighted significant progress in controlling costs, with expectations for continued cost reductions and increased volumes in 2025 [80][83] Question: Production and sales strategy - Management confirmed that production and sales will align moving forward, with plans to rebuild inventory in line with growth expectations [101][102] Question: Outlook for global steel utilization rates - Management expects a gradual recovery in sales volume and demand, with low double-digit growth anticipated for 2025 [104][106] Question: Footprint and asset management - Management expressed confidence in the current asset portfolio and indicated that any changes would depend on long-term market conditions [114][116]

Financial Position - As of September 30, 2024, the company had liquidity of $253.8 million, consisting of $112.4 million available under the 2018 Revolving Credit Facility and cash and cash equivalents of $141.4 million[151]. - Long-term debt stood at $950.0 million and short-term debt at $0.1 million as of September 30, 2024[151]. - As of September 30, 2024, $51.5 million of cash and cash equivalents were located outside of the U.S.[152]. - The company is subject to covenants that limit its ability to incur additional indebtedness, including a senior secured first lien net leverage ratio not greater than 4.00 to 1.00[160]. - The company may need to seek other sources of funding if additional debt financing is not available on commercially reasonable terms[153]. Stock Repurchase and Dividends - The company had $99.0 million remaining under its stock repurchase authorization as of September 30, 2024, with no shares repurchased in the first nine months of 2024[170]. - The company suspended its quarterly cash dividend of $0.01 per share on August 2, 2023, with no assurance of future resumption[171]. Capital Expenditures - Capital expenditures totaled $21.5 million in the nine months ended September 30, 2024, with full-year expectations in the range of $35.0 million to $40.0 million for 2024[174]. Debt Instruments - The 2023 Senior Secured Notes bear interest at a rate of 9.875% per annum, maturing on December 15, 2028[167]. - The 2020 Senior Secured Notes bear interest at a rate of 4.625% per annum, maturing on December 15, 2028[164]. Cash Flow and Operating Activities - Net cash used in operating activities was $13.7 million in the first nine months of 2024, a decrease from a cash source of $67.3 million in the same period of 2023, primarily due to a $43.8 million increase in net loss[177]. - Cash flow provided by accounts receivable decreased by $36.8 million in the first nine months of 2024, primarily due to reduced sales[177]. - Cash flow used for income taxes decreased by $28.7 million in the first nine months of 2024, driven by reduced federal tax payments[177]. Investing and Financing Activities - Net cash used in investing activities decreased to $21.4 million in the nine months ended September 30, 2024, compared to $48.1 million in the prior year, mainly due to reduced capital expenditures[178]. - Financing activities resulted in a cash use of $0.1 million in the first nine months of 2024, down from a cash source of $18.9 million in the same period of 2023, which included $27.5 million from interest rate swap settlements[179]. Performance Metrics - The net loss for the three months ended September 30, 2024, was $36.1 million, compared to a net loss of $22.6 million in the same period of 2023, with a diluted loss per share of $0.14 versus $0.09[191]. - Adjusted net loss for the nine months ended September 30, 2024, was $73.0 million, compared to $32.2 million in the same period of 2023[191]. - Cash cost of goods sold per metric ton (MT) for the nine months ended September 30, 2024, was $4,363, down from $5,567 in the same period of 2023[198]. - Cash cost of goods sold for the nine months ended September 30, 2024, was $331.6 million, compared to $375.8 million in the same period of 2023[198]. - Sales volume for the nine months ended September 30, 2024, was 76.0 thousand MT, an increase from 67.5 thousand MT in the same period of 2023[198].