Financial Performance - Q4 2024 net sales were $40.7 million, a decrease of 1.3% from $41.2 million in Q4 2023[2] - Q4 2024 gross profit increased to $7.3 million, a 438.4% improvement from a gross loss of $2.1 million in Q4 2023, resulting in a gross profit margin of 17.9%[2][7] - Q4 2024 net income improved to $0.1 million, compared to a net loss of $7.5 million in Q4 2023, with diluted earnings per share of $0.01[2][8] - Full year 2024 net sales were $177.9 million, down 7.9% from $193.2 million in 2023[3][10] - Full year 2024 gross profit rose to $22.1 million, a 1349.3% increase from $1.5 million in 2023, with a gross profit margin of 12.4%[3][11] - Full year 2024 net loss was $11.2 million, significantly improved from a net loss of $34.2 million in 2023, with diluted loss per share of $1.11[3][12] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $2.6 million, compared to a loss of $5.9 million in Q4 2023, with an adjusted EBITDA margin of 6.3%[2][9] - Full year 2024 adjusted EBITDA increased to $4.0 million from a loss of $15.9 million in 2023, representing an adjusted EBITDA margin of 2.3%[3][13] - Adjusted EBITDA for the year ended December 31, 2024 was $4,013,000, compared to a loss of $15,934,000 in 2023, indicating a turnaround in operational performance[29] Cash and Assets - As of December 31, 2024, the company had $16.1 million in cash and cash equivalents, with no debt outstanding[18] - Cash and cash equivalents increased from $1,851,000 at the end of 2023 to $16,108,000 at the end of 2024, representing a growth of 769.5%[30] - Total assets decreased from $163,295,000 in December 31, 2023 to $147,250,000 in December 31, 2024, a decline of approximately 9.8%[28] Liabilities and Retained Earnings - Total current liabilities decreased from $24,789,000 in 2023 to $22,280,000 in 2024, a reduction of approximately 10.1%[28] - Retained earnings decreased from $58,517,000 in 2023 to $44,919,000 in 2024, a decline of about 23.3%[28] Segment Performance - Specialty Chemicals segment achieved an adjusted EBITDA of $6,332 for the year ended December 31, 2024, up from $3,424 in 2023, with a segment sales margin of 7.8%[31] - Tubular Products segment reported an adjusted EBITDA of $5,652 for the year ended December 31, 2024, compared to a loss of $7,797 in 2023, with a segment sales margin of 5.8%[31] - The company’s net income from continuing operations for the Tubular Products segment improved to $2,649 in 2024, compared to a loss of $11,210 in 2023[31] Other Financial Metrics - Operating loss for the year ended December 31, 2024 was $5,096,000, compared to an operating loss of $37,430,000 in 2023, showing significant improvement[29] - Net loss for the year ended December 31, 2024 was $13,598,000, an improvement from a net loss of $26,629,000 in 2023[30] - Interest expense for the three months ended December 31, 2024, was $95, a decrease from $1,021 in the same period of 2023[31] - Depreciation expense for the year ended December 31, 2024, totaled $5,936, slightly down from $6,161 in 2023[31] - The company incurred acquisition costs of $692 for the year ended December 31, 2024, down from $856 in 2023[31] - Stock-based compensation for the year ended December 31, 2024, was $204, down from $594 in 2023[31] - The company reported a goodwill impairment of $11,389 in 2023, which was not repeated in 2024[31] Future Outlook - The company anticipates positive momentum in 2025 due to favorable market dynamics and a growing pipeline of opportunities for organic growth[5]
Ascent Industries (ACNT) - 2024 Q4 - Annual Results