Mativ(MATV) - 2025 Q2 - Quarterly Report

Filing Information This section provides key administrative details about the Form 10-Q filing, company, reporting period, and outstanding shares - The document is a Form 10-Q filed by MATIV HOLDINGS, INC. for the quarterly period ended June 30, 2025[1][2] - The Company's common stock (MATV) is registered on the New York Stock Exchange[3] - As of August 4, 2025, Mativ Holdings, Inc. had 54,672,519 shares of common stock outstanding[4] Part I - Financial Information This part presents the unaudited condensed consolidated financial statements and notes, detailing income, balance sheets, cash flows, and key accounting policies Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements for Mativ Holdings, Inc. and its subsidiaries, including statements of income (loss), comprehensive loss, balance sheets, changes in stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, segment information, and other financial disclosures Condensed Consolidated Statements of Income (Loss) This section presents the unaudited condensed consolidated statements of income (loss) for the three and six months ended June 30, 2025 and 2024 | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net sales | $525.4 | $523.8 | $1,010.2 | $1,024.0 | | Cost of products sold | $421.7 | $414.9 | $833.9 | $831.1 | | Gross profit | $103.7 | $108.9 | $176.3 | $192.9 | | Operating profit (loss) | $20.1 | $10.5 | $(410.5) | $(3.3) | | Net loss | $(9.5) | $(1.4) | $(435.0) | $(29.4) | | Diluted EPS | $(0.18) | $(0.03) | $(7.98) | $(0.54) | Condensed Consolidated Statements of Comprehensive Loss This section presents the unaudited condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024 | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss | $(9.5) | $(1.4) | $(435.0) | $(29.4) | | Other comprehensive income (loss) | $1.3 | $(4.3) | $(0.6) | $(10.8) | | Comprehensive loss | $(8.2) | $(5.7) | $(435.6) | $(40.2) | Condensed Consolidated Balance Sheets This section presents the unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024 | Metric (in millions) | June 30, 2025 | | :------------------- | :------------ | | Cash and cash equivalents | $95.6 | | Total current assets | $701.4 | | Total assets | $2,076.7 | | Total current liabilities | $295.5 | | Total liabilities | $1,660.1 | | Total stockholders' equity | $416.6 | Condensed Consolidated Statements of Changes in Stockholders' Equity This section presents the unaudited condensed consolidated statements of changes in stockholders' equity for the six months ended June 30, 2025 and 2024 Stockholders' Equity Balances (in millions, except shares): | Component | June 30, 2025 | | :-------------------------------- | :------------ | | Common Stock Shares | 54,648,991 | | Common Stock Amount | $5.5 | | Additional Paid-In Capital | $680.7 | | Retained Earnings (Accumulated Deficit) | $(282.1) | | Accumulated Other Comprehensive Income | $12.5 | | Total Stockholders' Equity | $416.6 | - For the three months ended June 30, 2025, the Company reported a net loss of $(9.5) million, other comprehensive income of $1.3 million, and paid dividends of $(5.7) million ($0.10 per share)[17] - For the six months ended June 30, 2025, the Company reported a net loss of $(435.0) million, other comprehensive loss of $(0.6) million, and paid dividends of $(11.4) million ($0.20 per share)[20] Condensed Consolidated Statements of Cash Flows This section presents the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 | Cash Flow Category (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operations | $41.7 | $33.1 | | Net cash used in investing | $(17.6) | $(32.0) | | Net cash provided by (used in) financing | $(17.5) | $16.4 | | Increase in Cash and cash equivalents and Restricted cash | $11.7 | $13.2 | | Cash and cash equivalents and Restricted cash at end of period | $106.0 | $133.4 | Notes to Condensed Consolidated Financial Statements Note 1. General Mativ Holdings, Inc. is a global leader in specialty materials, operating through two reportable segments: Filtration & Advanced Materials (FAM) and Sustainable & Adhesive Solutions (SAS). The financial statements are presented on a continuing operations basis, with the Engineered Papers business sold in November 2023 as a discontinued operation - Mativ Holdings, Inc. is a global leader in specialty materials, providing innovative solutions across diversified end-markets like filtration, healthcare, and sustainable packaging[29] - The Company has two reportable segments: Filtration & Advanced Materials (FAM) and Sustainable & Adhesive Solutions (SAS)[31] - The Company adopted ASU 2023-07 (Segment Reporting) retrospectively for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025[37] - ASU 2023-09 (Income Taxes) is effective for fiscal years beginning after December 15, 2024, and ASU 2024-03 (Expense Disaggregation Disclosures) is effective for annual periods beginning after December 15, 2026; the Company is evaluating their impacts[38][39] Note 2. Revenue Recognition The Company recognizes revenue when control of a product is transferred to the customer, typically upon shipment. Sales are attributed across various geographic locations and product categories, with the U.S. being the largest market. The Company also engages in accounts receivable sales programs - Revenue is recognized when control of a product is transferred to the customer, generally upon shipment from the Company's manufacturing facilities[40] Net Sales by Geographic Location (in millions): | Region | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | United States | $294.7 | $294.0 | $569.9 | $562.3 | | Europe | $139.4 | $139.6 | $265.2 | $280.7 | | Asia-Pacific | $48.8 | $52.9 | $96.3 | $105.9 | | Americas (excluding U.S.) | $26.9 | $25.7 | $50.7 | $53.2 | | Other foreign countries | $15.6 | $11.6 | $2