Company Announcement - Ferroglobe PLC will issue its second quarter 2025 financial results after market close on August 5, 2025 [1] - The quarterly earnings call is scheduled for August 6, 2025, at 8:30 a.m. Eastern Time [1] Company Overview - Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys, and ferroalloys [2] - The company serves a diverse customer base in rapidly growing markets such as solar, electronics, automotive, consumer products, construction, and energy [2] - Ferroglobe is headquartered in London [2]

Group 1 - Ferroglobe PLC reported weak Q1 2025 results with revenue of approximately $307 million, representing a decline of around 32% year-over-year [1] - The company experienced an adjusted EBITDA loss of approximately $27 million, attributed to collapsing prices in the market [1] Group 2 - Ferroglobe is a global producer of silicon metal and ferrosilicon/ferromanganese alloys, primarily serving the aluminum and steel industries [1]

Core Insights - Ferroglobe PLC has been included in the Russell 2000® and Russell 3000® Indexes, effective June 30, 2025, marking a significant milestone for the company [1][3] - The Russell US indexes are maintained by FTSE Russell and include the 3,000 largest U.S. stocks ranked by total market capitalization, with membership determined by objective market-capitalization rankings [2] - The inclusion in the Russell indexes enhances Ferroglobe's visibility among institutional investors and underscores its commitment to innovation and operational excellence [3] Company Overview - Ferroglobe is a leading global producer of silicon metal and silicon and manganese-based ferroalloys, serving diverse and fast-growing markets such as solar, automotive, consumer products, construction, and energy [4] - The company is headquartered in London and aims to deliver sustainable value to its shareholders [4]

Company Performance - Ferroglobe reported a quarterly loss of $0.20 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.12, and compared to break-even earnings per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $307.18 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 8.59%, and down from $391.85 million in the same quarter last year [2] - Over the last four quarters, Ferroglobe has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Outlook - Ferroglobe shares have lost about 9% since the beginning of the year, underperforming the S&P 500, which declined by 4.7% [3] - The current consensus EPS estimate for the coming quarter is $0.03 on revenues of $410.95 million, and for the current fiscal year, it is $0.23 on revenues of $1.61 billion [7] - The estimate revisions trend for Ferroglobe is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Mining - Miscellaneous industry, to which Ferroglobe belongs, is currently in the bottom 41% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment towards Ferroglobe [5]

Financial Data and Key Metrics Changes - The company reported a negative adjusted EBITDA of $27 million for the first quarter, a decline of $37 million compared to the previous quarter [5][25][32] - Revenue decreased by 16% sequentially, driven by a 35% decrease in silicon metal revenue and a 5% decrease in manganese-based alloys [14][23] - The adjusted EBITDA margin was negative 9%, with raw materials as a percentage of sales increasing to 77.6% from 68.2% in the prior quarter [23][25] Business Line Data and Key Metrics Changes - Silicon metal shipments declined by 27% due to weak demand and increased imports, resulting in a 35% drop in silicon metal revenue [4][15][25] - Silicon-based alloys revenue increased by 7%, driven by a 9% increase in volume, while manganese-based alloys revenues decreased by 5% due to lower prices [19][23][28] - The manganese segment showed strong demand, but delays in receiving manganese ore negatively impacted volumes [21][22] Market Data and Key Metrics Changes - The US silicon metal index pricing decreased by 9% quarter over quarter and 22% from the third quarter [5] - Imports of silicon metal into the US grew by 68,000 tons year-over-year, significantly impacting pricing and volumes [16][17] - The European market is expected to benefit from a safeguard investigation into silicon metal and alloys, with a provisional ruling expected by June [9][10] Company Strategy and Development Direction - The company is maintaining its full-year 2025 guidance, anticipating a strong adjusted EBITDA recovery in the second quarter and continued momentum in Q3 [5][32] - Regulatory trade measures are being introduced to curb low-priced imports, which are expected to stabilize the market [6][10] - The company is focusing on improving demand forecasting and supply planning through sales and operational planning initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions have remained challenging, significantly impacting first-quarter results, but expressed optimism for recovery in the second half of the year [4][5][32] - The company believes it is at or near the bottom of the current cycle and expects positive adjusted EBITDA in the second quarter [5][32] - Management highlighted the importance of trade measures in creating a more balanced market and benefiting local producers [38] Other Important Information - The company generated $5 million of free cash flow in the first quarter, driven by a $25 million reduction in working capital [28] - The dividend was increased by 8%, and the company repurchased 720,000 shares at an average price of $3.75 [29][30] - Adjusted gross debt increased to $110 million from $94 million in the prior quarter [31] Q&A Session Summary Question: How should investors think about the cadence of improvement in Q2, Q3, and Q4 in 2025? - Management indicated that the negative results were expected and in line with the budget, maintaining guidance of $100 million to $170 million for adjusted EBITDA [37][38] Question: Can you provide an update on the outlook for the Asian polysilicon market? - Management noted that while there are measures blocking exports from certain Southeast Asian countries, other countries like Indonesia may see increased business opportunities [40][42] Question: What would be needed to increase the magnitude of shareholder returns? - Management emphasized the importance of maintaining enough cash to run the company and indicated that share repurchases would depend on cash availability and market conditions [44][46]

Financial Data and Key Metrics Changes - The company reported a negative adjusted EBITDA of $27 million for Q1 2025, a decline of $37 million compared to the previous quarter [5][25][32] - Revenue decreased by 16% sequentially to $307 million, driven by a 35% decrease in silicon metal revenue and a 5% decrease in manganese-based alloys [15][23] - The adjusted EBITDA margin was negative 9%, with raw materials as a percentage of sales increasing to 77.6% from 68.2% in the prior quarter [23][25] Business Line Data and Key Metrics Changes - Silicon metal shipments declined by 27% due to weak demand and increased imports, resulting in a 35% drop in silicon metal revenue [4][16][25] - Silicon-based alloys revenue increased by 7%, driven by a 9% increase in volume, while manganese-based alloys revenue decreased by 5% due to lower prices [23][26][28] - The manganese segment showed strong demand, but delays in receiving manganese ore negatively impacted volumes [21][22] Market Data and Key Metrics Changes - The US silicon metal index pricing dropped by 9% quarter over quarter and 22% from the third quarter [5] - Imports of silicon metal into the US increased by 68,000 tons year-over-year, contributing to pricing pressures [17][18] - The company anticipates that trade measures will stabilize the market and improve conditions in the US and Europe [6][10][11] Company Strategy and Development Direction - The company is focusing on sales and operational planning to improve demand forecasting and supply planning accuracy [12][13] - Strengthening commercial execution capabilities is a priority to enhance agility and effectiveness in sales [13][14] - The company is maintaining its full-year 2025 guidance, expecting a recovery in adjusted EBITDA in the second quarter and continued improvement in the second half of the year [6][32] Management Comments on Operating Environment and Future Outlook - Management noted that market conditions remain challenging but believe they are at or near the bottom of the current cycle [5][32] - The company is optimistic about the impact of regulatory trade measures on market dynamics and pricing [6][10][11] - Management expects a healthier and more balanced market as existing channel inventories are drawn down [8][12] Other Important Information - The company generated $5 million of free cash flow in Q1 2025, driven by a $25 million reduction in working capital [28][29] - The dividend was increased by 8% to 1.4 cents per share, and the company repurchased 720,000 shares at an average price of $3.75 [29][30] - Adjusted gross debt increased to $110 million from $94 million in the prior quarter [31] Q&A Session Summary Question: How should the cadence of improvement in Q2, Q3, and Q4 be viewed given the negative Q1 results? - Management indicated that the negative results were expected and aligned with their budget, maintaining guidance of $100 million to $170 million for the year, anticipating improvements in the second half [37][38] Question: Update on end markets and the outlook for the Asian polysilicon market? - Management noted that while demand in Asia is uncertain, they expect stable demand for alloys and improvements in aluminum demand in the US due to protective measures [42] Question: What would be needed to increase shareholder returns? - Management emphasized the importance of maintaining sufficient cash to run the company while continuing opportunistic share repurchases, with a focus on maximizing long-term shareholder value [44][48]

Driving innovation of critical materials essential to a sustainable future First Quarter 2025 Results May 8, 2025 NASDAQ: GSM NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward- looking statements are not historical facts but are based on certain assumptions ...

Company Performance - Globe Specialty Metals reported a quarterly loss of $0.20 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.12, and compared to break-even earnings per share a year ago [1] - The company posted revenues of $307.18 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 8.59%, and down from $391.85 million in the same quarter last year [3] - The earnings surprise for this quarter was -66.67%, while the previous quarter saw a positive surprise of 200% when actual earnings were $0.03 compared to an expected $0.01 [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $410.95 million, and for the current fiscal year, it is $0.23 on revenues of $1.61 billion [8] - The estimate revisions trend for Globe Specialty Metals is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [7] Industry Context - Globe Specialty Metals operates within the Mining - Miscellaneous industry, which is currently ranked in the bottom 41% of over 250 Zacks industries [9] - The performance of the stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [9]

[Q1 2025 Financial & Operational Highlights](index=4&type=section&id=Ferroglobe%20Reports%20First%20Quarter%202025%20Financial%20Results) This section provides an overview of Ferroglobe's financial and operational performance in Q1 2025, highlighting key results and management's perspective [Overall Performance Summary](index=4&type=section&id=First%20Quarter%20Highlights) Ferroglobe reported a challenging first quarter with a net loss of $66.5 million and a negative Adjusted EBITDA of $(26.8) million, which was in line with the company's budget Q1 2025 Financial Highlights | Financial Highlights | Q1 2025 | Q4 2024 | % Q/Q | Q1 2024 | % Y/Y | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales ($M) | $307.2 | $367.5 | (16.4)% | $391.9 | (21.6)% | | Net loss attributable to the parent ($M) | $(66.5) | $(28.1) | (136.3)% | $(2.0) | (3184.7)% | | Adj. EBITDA ($M) | $(26.8) | $9.8 | (372.2)% | $25.8 | (203.9)% | | Adjusted diluted EPS ($) | $(0.20) | $0.03 | (849.2)% | $(0.00) | (4872.9)% | | Operating cash flow ($M) | $19.4 | $32.1 | (39.6)% | $198.0 | (90.2)% | | Free cash flow ($M) | $5.1 | $14.1 | (64.2)% | $179.8 | (97.2)% | - The company is maintaining its full-year 2025 Adjusted EBITDA guidance of **$100-$170 million**[7](index=7&type=chunk)[47](index=47&type=chunk)[85](index=85&type=chunk) - CEO Dr. Marco Levi stated that the negative first-quarter adjusted EBITDA was in line with the budget and anticipates significant improvement from the second quarter forward, believing the market is at or near a trough[8](index=8&type=chunk)[9](index=9&type=chunk) - Key operational achievements include generating **$5.1 million** of free cash flow, receiving a favorable final decision in the U.S. ferrosilicon case, increasing the quarterly dividend by **8%**, and repurchasing **720,008 shares**[11](index=11&type=chunk) [Consolidated Sales Analysis](index=4&type=section&id=Consolidated%20Sales) In Q1 2025, Ferroglobe's sales were $307.2 million, a significant decrease of 16.4% quarter-over-quarter and 21.6% year-over-year - Q1 2025 sales of **$307.2 million** were down **16.4%** from Q4 2024 and **21.6%** from Q1 2024[10](index=10&type=chunk) - Compared to the prior quarter, sales of silicon metal and manganese-based alloys declined by **$56.7 million** and **$4.0 million**, respectively, while silicon-based alloys sales increased by **$5.8 million**[12](index=12&type=chunk) [Segment Performance Analysis](index=5&type=section&id=Product%20Category%20Highlights) This section details the financial performance of Ferroglobe's key product segments, including Silicon Metal, Silicon-Based Alloys, and Manganese-Based Alloys, for Q1 2025 [Silicon Metal](index=5&type=section&id=Silicon%20Metal) The Silicon Metal segment experienced a significant downturn in Q1 2025, with revenue falling 35.2% quarter-over-quarter to $104.6 million Silicon Metal Performance (Q1 2025 vs. Q4 2024) | Metric | Q1 2025 | Q4 2024 | % Q/Q | | :--- | :--- | :--- | :--- | | Shipments (MT) | 36,308 | 49,797 | (27.1)% | | Avg. Selling Price ($/MT) | $2,881 | $3,240 | (11.1)% | | Revenue ($'000) | $104,603 | $161,342 | (35.2)% | | Adj. EBITDA ($'000) | $(15,447) | $16,849 | (191.7)% | | Adj. EBITDA Margin | (14.8)% | 10.4% | - | - The decrease in Adjusted EBITDA margin was attributed to lower prices, volume declines, reduced fixed cost absorption, and higher energy costs[13](index=13&type=chunk) - Outlook: Management believes Q1 likely marked the trough for the year, expects Q2 volumes to increase significantly, and anticipates benefits from the U.S. silicon metal trade case and EU safeguards[58](index=58&type=chunk) [Silicon-Based Alloys](index=5&type=section&id=Silicon-Based%20Alloys) Silicon-based alloy revenue rose 6.8% to $90.9 million in Q1 2025, driven by an 8.7% increase in shipment volumes due to higher demand in the US Silicon-Based Alloys Performance (Q1 2025 vs. Q4 2024) | Metric | Q1 2025 | Q4 2024 | % Q/Q | | :--- | :--- | :--- | :--- | | Shipments (MT) | 42,864 | 39,417 | 8.7% | | Avg. Selling Price ($/MT) | $2,120 | $2,159 | (1.8)% | | Revenue ($'000) | $90,872 | $85,101 | 6.8% | | Adj. EBITDA ($'000) | $2,414 | $3,093 | (22.0)% | | Adj. EBITDA Margin | 2.7% | 3.6% | - | - Outlook: The company is seeing initial positive impacts from trade cases, with U.S. FeSi index prices increasing **17%** through April, and expects market improvement to accelerate with potential EU safeguard implementation[63](index=63&type=chunk) [Manganese-Based Alloys](index=5&type=section&id=Manganese-Based%20Alloys) Manganese-based alloy revenue decreased by 5.1% to $74.5 million in Q1 2025, as a 4.4% drop in average selling prices overshadowed nearly flat shipment volumes Manganese-Based Alloys Performance (Q1 2025 vs. Q4 2024) | Metric | Q1 2025 | Q4 2024 | % Q/Q | | :--- | :--- | :--- | :--- | | Shipments (MT) | 67,229 | 67,712 | (0.7)% | | Avg. Selling Price ($/MT) | $1,108 | $1,159 | (4.4)% | | Revenue ($'000) | $74,490 | $78,478 | (5.1)% | | Adj. EBITDA ($'000) | $(5,574) | $7,091 | (178.6)% | | Adj. EBITDA Margin | (7.5)% | 9.0% | - | - The decrease in Adjusted EBITDA margin was mainly due to higher energy costs and idling in France[15](index=15&type=chunk) - Outlook: The company expects a meaningful increase in volumes in the second quarter and believes affirmed EU safeguards should benefit pricing and help local producers[68](index=68&type=chunk) [Cost and Profitability Analysis](index=5&type=section&id=Cost%20and%20Profitability) This section analyzes Ferroglobe's cost structure and profitability metrics, including raw materials, energy consumption, net loss, and Adjusted EBITDA for Q1 2025 [Raw Materials and Energy Consumption](index=5&type=section&id=Raw%20materials%20and%20energy%20consumption%20for%20production) Raw materials and energy consumption for production decreased 5.0% to $238.3 million in Q1 2025, but increased as a percentage of sales to 77.6% - Raw materials and energy consumption as a percentage of sales was **77.6%** in Q1 2025, up from **68.2%** in Q4 2024[17](index=17&type=chunk) - The increase in costs as a percentage of sales was driven by lower pricing and higher energy costs[17](index=17&type=chunk) [Net Loss and Adjusted EBITDA](index=6&type=section&id=Net%20(Loss)%20Income%20Attributable%20to%20the%20Parent) In Q1 2025, Ferroglobe reported a net loss attributable to the parent of $66.5 million, or $(0.36) per diluted share, with Adjusted EBITDA turning negative to $(26.8) million - Q1 2025 net loss attributable to the parent was **$(66.5) million**, or **$(0.36)** per diluted share[18](index=18&type=chunk) - Adjusted EBITDA for Q1 2025 was **$(26.8) million**, compared to **$9.8 million** in Q4 2024, with the decrease mainly driven by lower pricing and higher energy costs[19](index=19&type=chunk) - Adjusted diluted earnings per share was **$(0.20)** for Q1 2025, compared with **$0.03** in the prior quarter[18](index=18&type=chunk) [Financial Position and Cash Flow](index=7&type=section&id=Financial%20Position%20and%20Cash%20Flow) This section reviews Ferroglobe's balance sheet, working capital management, and cash flow generation, including capital returns to shareholders, for Q1 2025 [Balance Sheet and Working Capital](index=7&type=section&id=Total%20Cash,%20Adjusted%20Gross%20Debt%20and%20Working%20Capital) As of March 31, 2025, Ferroglobe maintained a net cash position of $19.2 million, with total working capital decreasing by $25.1 million to $435.7 million Key Balance Sheet Metrics (as of March 31, 2025) | ($ in millions) | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Total Cash | $129.6 | $133.3 | $159.8 | | Adjusted Gross Debt | $110.4 | $94.4 | $80.8 | | Net Cash | $19.2 | $38.9 | $79.0 | | Total Working Capital | $435.7 | $460.8 | $487.5 | - The **$25.1 million** decrease in working capital was due to a **$32.3 million** decrease in inventories and a **$17.7 million** increase in trade and other payables, partially offset by increases in receivables[22](index=22&type=chunk) - CFO Beatriz García-Cos noted that the company achieved about **50%** of its full-year working capital reduction target in Q1 and expects a modest increase in the next two quarters as production ramps up, followed by a meaningful reduction in Q4[23](index=23&type=chunk) [Cash Flow and Capital Returns](index=7&type=section&id=Cash%20Flow%20and%20Capital%20Returns) Despite the challenging market, Ferroglobe generated positive free cash flow of $5.1 million in Q1 2025 and continued its capital return program - Generated positive free cash flow of **$5.1 million**, calculated from **$19.4 million** in operating cash flow less **$14.3 million** in capital expenditures[8](index=8&type=chunk)[81](index=81&type=chunk) - During Q1, the company repurchased **720,008 shares** at an average price of **$3.75** per share for a total of **$2.7 million**[24](index=24&type=chunk) - A quarterly cash dividend of **$0.014** per share was paid on March 26, 2025, with the next dividend of the same amount to be paid on June 26, 2025[24](index=24&type=chunk) [Outlook and Guidance](index=4&type=section&id=Outlook%20and%20Guidance) This section outlines Ferroglobe's forward-looking statements, including its full-year 2025 Adjusted EBITDA guidance and the factors influencing its optimistic market outlook [Company Outlook](index=4&type=section&id=Company%20Outlook) Ferroglobe maintains its full-year 2025 Adjusted EBITDA guidance of $100-$170 million, expecting significant performance improvement from Q2 onwards due to market trough and trade actions - The company is maintaining its 2025 Adjusted EBITDA guidance of **$100-$170 million**[7](index=7&type=chunk)[85](index=85&type=chunk) - The optimistic outlook is driven by the belief that the market is at or near a trough, combined with supportive trade actions[9](index=9&type=chunk) - Key trade actions include a favorable final determination in the U.S. ferrosilicon case, a newly filed petition by U.S. silicon metal producers, and expected EU safeguard measures covering all main products, which should benefit the company in the second half of the year[9](index=9&type=chunk)[51](index=51&type=chunk) [Appendix: Financial Statements and Reconciliations](index=10&type=section&id=Appendix) This appendix provides detailed unaudited condensed consolidated financial statements and reconciliations of non-IFRS financial measures to their IFRS equivalents [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended March 31, 2025, including the Income Statement, Statement of Financial Position, and Statement of Cash Flows - The Unaudited Condensed Consolidated Income Statement details revenues, costs, and the resulting net loss for the period[35](index=35&type=chunk)[36](index=36&type=chunk) - The Unaudited Condensed Consolidated Statement of Financial Position provides a snapshot of the company's assets, liabilities, and equity at the end of the quarter[37](index=37&type=chunk)[38](index=38&type=chunk) - The Unaudited Condensed Consolidated Statement of Cash Flows outlines the cash movements from operating, investing, and financing activities during the quarter[39](index=39&type=chunk)[40](index=40&type=chunk) [Non-IFRS Reconciliations](index=13&type=section&id=Non-IFRS%20Reconciliations) This section provides reconciliations for non-IFRS financial measures used by management, such as Adjusted EBITDA, Adjusted Profit, and Adjusted Diluted EPS, to their nearest IFRS equivalents Reconciliation of Net Loss to Adjusted EBITDA (Q1 2025, $ in thousands) | Description | Amount | | :--- | :--- | | Loss attributable to the parent | $(66,482) | | Loss attributable to non-controlling interest | $(416) | | Income tax expense | $625 | | Finance income | $(873) | | Finance costs | $4,555 | | Depreciation and amortization | $17,520 | | **EBITDA** | **$(45,071)** | | Exchange differences | $6,914 | | Impairment (gain) loss | $(268) | | New strategy implementation | $682 | | PPA Energy | $2,768 | | Fines inventory adjustment | $8,172 | | **Adjusted EBITDA** | **$(26,803)** | Reconciliation of Diluted EPS to Adjusted Diluted EPS (Q1 2025) | Description | Amount ($) | | :--- | :--- | | Diluted (loss) per ordinary share | $(0.36) | | Tax rate adjustment | $0.11 | | Impairment (gain) loss | $(0.00) | | New strategy implementation | $0.00 | | PPA Energy | $0.01 | | Fines inventory adjustment | $0.03 | | **Adjusted diluted (loss) per ordinary share** | **$(0.20)** |

Core Insights - Ferroglobe PLC reported a significant decline in financial performance for Q1 2025, with a net loss of $66.5 million, compared to a loss of $28.1 million in Q4 2024, indicating a 136.3% increase in losses [3][11][12] - The company anticipates a market recovery, citing supportive trade actions in the U.S. and expected safeguard measures in the EU, which could lead to improved demand and revenue in the upcoming quarters [4][5] Financial Highlights - Sales for Q1 2025 were $307.2 million, down 16.4% from Q4 2024 and down 21.6% year-over-year [3][5] - Adjusted EBITDA was $(26.8) million, a decrease of 372.2% from the previous quarter and a decline of 203.9% year-over-year [3][12] - The adjusted diluted EPS was $(0.20), compared to $0.03 in Q4 2024, marking an 849.2% decrease [3][11] Product Category Performance - **Silicon Metal**: Revenue decreased by 35.2% to $104.6 million, with shipments down 27.1% and average selling prices down 11.1% [7][8] - **Silicon-Based Alloys**: Revenue increased by 6.8% to $90.9 million, with shipments up 8.7%, although adjusted EBITDA decreased by 22.0% [8][9] - **Manganese-Based Alloys**: Revenue decreased by 5.1% to $74.5 million, with shipments flat and adjusted EBITDA dropping to $(5.6) million [9][10] Cash Flow and Capital Management - Operating cash flow was $19.4 million, down 39.6% from Q4 2024, while free cash flow was $5.1 million, a 64.2% increase from the previous quarter [3][14] - The company repurchased 720,008 shares at an average price of $3.75 per share and increased the quarterly cash dividend to $0.014 per share, up 8% from the prior quarter [6][17] Balance Sheet Overview - Total cash as of March 31, 2025, was $129.6 million, down from $133.3 million at the end of 2024 [13] - Adjusted gross debt increased to $110.4 million, resulting in net cash of $19.2 million [13][15] - Total working capital decreased to $435.7 million, down from $460.8 million at the end of 2024 [15][16]