Financial Performance - Net sales for Q1 2025 were $24.7 million, a decrease of 11.8% compared to $28.0 million in Q1 2024[3]. - Net sales for Q1 2025 were $24,732, a decrease of 11.3% from $27,952 in Q1 2024[27]. - Gross profit increased by 108.7% to $4.8 million, with a gross profit margin of 19.4%, up 1,120 basis points from 8.2% in Q1 2024[3][7]. - Net loss improved to $1.0 million, or a diluted loss per share of $0.10, compared to a net loss of $5.5 million, or $0.37 per share, in Q1 2024[3][8]. - Operating loss from continuing operations was $1,035 in Q1 2025, improved from a loss of $4,343 in Q1 2024[27]. - Net loss for Q1 2025 was $2,293, a reduction from a net loss of $5,493 in Q1 2024[28]. - Interest expense, net for Q1 2025 was $115, slightly down from $127 in Q1 2024[29]. Adjusted EBITDA - Adjusted EBITDA rose to $0.8 million from a loss of $2.7 million in Q1 2024, with an adjusted EBITDA margin of 3.4% compared to (9.6)% in the prior year[3][9]. - Adjusted EBITDA for Q1 2025 was $844, representing 3.4% of sales, compared to a negative 9.6% in Q1 2024[29]. - Specialty Chemicals segment reported an Adjusted EBITDA of $1,970, which is 11.0% of segment sales, compared to a negative 1.4% in Q1 2024[29]. - Tubular Products segment achieved an Adjusted EBITDA of $1,309, representing 19.0% of segment sales, up from 3.5% in Q1 2024[29]. - Ascent Chemicals segment net sales were $17.8 million, down 12.3% from $20.3 million in Q1 2024, but adjusted EBITDA increased to $2.0 million from a loss of $0.3 million[10][11]. - Ascent Tubular segment net sales were $6.9 million, down from $7.7 million in Q1 2024, with adjusted EBITDA increasing to $1.3 million from $0.3 million[12]. Cash and Debt Position - As of March 31, 2025, the company had $14.3 million in cash and cash equivalents, with no debt outstanding under its revolving credit facilities[14]. - Cash and cash equivalents at the end of Q1 2025 were $14,272, up from $1,299 at the end of Q1 2024[28]. - The company repurchased 16,822 shares at an average cost of $12.73 per share for approximately $0.2 million during the quarter[15]. Strategic Focus - Management emphasized a shift from stabilization to growth mode, focusing on high-quality organic growth opportunities[5]. - The company sold substantially all assets of Bristol Metals, LLC for $45 million in cash, impacting its financial results[13]. - The company incurred acquisition costs of $3 in Q1 2025, with no such costs reported in Q1 2024[27]. Share Information - Average shares outstanding remained stable at 10,076 for both basic and diluted shares in Q1 2025[27].
Ascent Industries (ACNT) - 2025 Q1 - Quarterly Results