Tronox(US:TROX)2025-11-06 13:30Financial Performance - Revenue for Q3 2025 was $699 million, a 13% decrease year-over-year and a 4% decrease quarter-over-quarter[3]. - Net loss attributable to Tronox was $99 million, or a loss of $0.63 per diluted share, compared to a net loss of $25 million, or a loss of $0.16 per diluted share in Q3 2024[12]. - Adjusted EBITDA was $74 million, representing a 48% decrease year-over-year, with an adjusted EBITDA margin of 10.6%[13]. - Net sales for Q3 2025 were $699 million, a decrease of 13.1% compared to $804 million in Q3 2024[28]. - Gross profit for Q3 2025 was $52 million, down from $128 million in Q3 2024, reflecting a gross margin of 7.4% compared to 15.9%[28]. - Adjusted net loss attributable to Tronox Holdings plc for Q3 2025 was $72 million, compared to $21 million in Q3 2024[29]. - Net loss for the nine months ended September 30, 2025, was $296 million, compared to a net loss of $24 million for the same period in 2024[36]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $279 million, down from $435 million in 2024, representing a decrease of approximately 36%[37]. - Net sales for the three months ended September 30, 2025, were $699 million, compared to $804 million in 2024, reflecting a decline of about 13%[37]. - Adjusted EBITDA as a percentage of net sales for the three months ended September 30, 2025, was 10.6%, down from 17.8% in 2024[37]. Revenue Breakdown - TiO2 revenue was $550 million, down 11% year-over-year, driven by an 8% decline in volumes and a 5% decline in average selling prices[9]. - Zircon revenue decreased 20% to $59 million, impacted by a 16% decrease in average selling prices and a 4% decline in sales volumes[10]. Cash Flow and Liquidity - Free cash flow for Q3 2025 was a use of $137 million, with expectations for positive free cash flow in Q4 2025 and 2026[17][19]. - Free cash flow for the nine months ended September 30, 2025, was $(334) million, compared to $(197) million for the six months ended June 30, 2025[43]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $345 million, contrasting with cash used in financing activities of $(97) million in 2024[36]. - Tronox raised $400 million in senior secured notes, increasing available liquidity to $664 million[16]. Capital Expenditures - Capital expenditures for the quarter were $80 million, focusing on key capital projects to sustain vertical integration[17]. - Capital expenditures for Q3 2025 were $80 million, down from $101 million in Q3 2024[28]. - Capital expenditures for the nine months ended September 30, 2025, were $273 million, compared to $253 million in 2024[36]. Debt and Assets - Long-term debt increased to $3,136 million as of September 30, 2025, compared to $2,759 million at the end of 2024[34]. - Total assets as of September 30, 2025, were $6,303 million, an increase from $6,038 million as of December 31, 2024[34]. - Net debt to trailing-twelve month Adjusted EBITDA ratio increased to 7.5x as of September 30, 2025, compared to 4.8x at the end of 2024[37]. Strategic Initiatives - The company is advancing its rare earth strategy, taking a 5% equity interest in Lion Rock Minerals to support resource development[18]. - The company reported a restructuring charge of $153 million for the nine months ended September 30, 2025, with no such charges reported in 2024[36]. - Tronox Holdings plc's restructuring and other charges amounted to $25 million in Q3 2025, with no such charges reported in Q3 2024[28].