Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $8 million for Q2 2025, a decline of $2.1 million compared to the prior year, primarily due to lower margins in the forged and cast engineered products segment [5][22] - Net sales for 2025 were $113.1 million, an increase of 2% compared to 2024, driven by higher sales of forged engineered products and favorable FX translation [21][22] - The net loss attributable to Ampco Pittsburgh for Q2 2025 was $7.3 million, or $0.36 per share, which includes $6.8 million related to the UK exit charge [24] Business Line Data and Key Metrics Changes - The Forged and Cast Engineered Products segment reported net sales of $77.9 million, a 3% increase compared to 2024, but adjusted EBITDA decreased by $1.5 million to $6.8 million [7][22] - The Air and Liquid Processing segment saw a 15% increase in adjusted EBITDA, reaching $3.9 million in Q2, with year-to-date adjusted EBITDA of $7.7 million, the highest in the segment's history [6][16] Market Data and Key Metrics Changes - Demand in North America and Europe for flat rolled products remains weak, with many U.S. customers postponing purchases due to tariff uncertainty [9][10] - The baseline tariff for U.S. imports from Sweden and Slovenia increased to 15%, impacting short-term expectations but not long-term fundamentals [10][12] Company Strategy and Development Direction - The company is winding down operations at its UK facility, expecting a minimum of $5 million improvement in operating income on an annualized basis once complete [6][21] - The company is focusing on reshoring opportunities in tool steel and distribution products, while maintaining pricing discipline and cost control measures [8][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the pause in customer orders was due to tariff clarity, but they expect improved order activity as uncertainties are resolved [30][46] - The long-term fundamentals remain strong, with expectations for growth in construction spending, automotive production, and can sheet demand at mid-single-digit rates over the next five years [11][12] Other Important Information - The company recorded $6.8 million in expenses related to the UK exit charge, impacting various expense line items on the consolidated P&L [21][24] - The company amended and extended its credit agreement, increasing available liquidity to support global working capital needs [25] Q&A Session Summary Question: Insights on the role market and potential demand - Management indicated that the second half of the year will see lighter shipments due to fewer days and holidays, but there has been a slight uptick in order activity from large customers [29][30] Question: Impact of UK facility closure on revenues - The closure is expected to reduce revenues by approximately $25 million to $30 million, with some offset from converting products [44]

Financial Data and Key Metrics Changes - The company reported a total service revenue of $40.9 million for Q1 2025, an 11% increase compared to Q1 2024 [6][7] - Adjusted EBITDA for Q1 2025 was $5.3 million, reflecting a 14% increase year-over-year [6][7] - The company ended the quarter with $30.8 million in unrestricted cash [6] Business Segment Data and Key Metrics Changes - The servicer and real estate segment generated service revenue of $32.9 million, a 13% increase from Q1 2024, with adjusted EBITDA of $12 million, up 15% [11] - The origination segment reported service revenue of $8 million, a 3% increase year-over-year, with adjusted EBITDA remaining flat at $500,000 [13] - The corporate segment's adjusted EBITDA loss increased by $900,000 to $7.2 million, primarily due to nonrecurring benefits in the previous year [15] Market Data and Key Metrics Changes - The mortgage delinquency rate was reported at 1.3% in March 2025, slightly higher than the historical low of 1.1% in May 2024 [15] - Foreclosure starts increased by 25% in Q1 2025 compared to the same period in 2024, although they were 18% lower than in 2019 [15][16] - The origination market faced challenges, with a 1% decrease in industry-wide origination volume compared to Q1 2024 [20] Company Strategy and Development Direction - The company aims to diversify its revenue base and ramp up business won while maintaining cost discipline [21] - Focus is on accelerating growth in certain businesses that are expected to benefit from favorable market conditions [21] - The company is positioned to benefit from potential increases in mortgage delinquencies and foreclosure activity [21] Management's Comments on Operating Environment and Future Outlook - Management noted that while the economy and consumers face pressure, this could lead to higher mortgage delinquencies and foreclosure starts, which the company is well-positioned to capitalize on [21] - The company expressed confidence in its first-quarter results and its ability to navigate the current economic landscape [21] Other Important Information - The company successfully closed a transaction that reduced long-term debt by over $60 million, significantly strengthening its balance sheet [10] - The annual cash interest cost on the new debt is estimated to be approximately $9.5 million, down from $13 million previously [10] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing satisfaction with the first-quarter performance [22][23]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 totaled $10,300,000, an increase of 47% compared to $7,000,000 for the same period in 2023 [11][12] - Gross margin reached 77.9% for Q4 2024, up from 69.1% in Q4 2023 [12] - Operating income for Q4 2024 was $2,500,000, an improvement of $1,500,000 year over year [12] - Net loss for Q4 2024 was $12,700,000, compared to net income of $18,200,000 in Q4 2023, primarily due to a change in the fair value of derivative liabilities [13] Business Line Data and Key Metrics Changes - Sold 135 ULTREMIST systems in Q4 2024, a 71% increase year over year [7] - Applicator sales in Q4 were $5,900,000, up 68% from Q4 2023 and 11% sequentially from Q3 2024 [8] Market Data and Key Metrics Changes - The company ended 2024 with 1,047 systems in the field, up from 647 at the end of 2023 [7] - Total current assets amounted to $18,400,000 as of 12/31/2024, compared to $9,800,000 as of 12/31/2023 [16] Company Strategy and Development Direction - The company is focusing on engaging larger and more sophisticated customers capable of purchasing large volumes of products [6] - A new Head of Sales was hired to reflect a shift towards a more consultative sales approach, aiming to build long-term partnerships with customers [21][22] Management's Comments on Operating Environment and Future Outlook - Management expects Q1 2025 revenue guidance of $8,400,000 to $9,000,000, representing 45% to 55% growth from Q1 2024 [17] - For the full year 2025, the company is guiding revenue of $48,000,000 to $50,000,000, indicating a 50% year-on-year growth rate [18] Other Important Information - The company successfully uplisted to NASDAQ on March 7, 2025, marking a significant milestone [10] - The company has implemented a stock option compensation plan for employees and Board of Directors for the first time in over six years [15] Q&A Session Summary Question: Changes with the new Head of Sales - The company expanded its sales team from two to nine and is adopting a deeper, consultative sales approach to build long-term partnerships [21][22] Question: Characterization of ULTREMIST placements - The placements included a mix of small orders and significant orders, with one customer ordering nearly 20 systems [29] Question: Managing larger customer orders to avoid lumpiness - The company aims to maintain a steady pace of smaller sales while being prepared for larger orders, focusing on getting systems in the field [30][32] Question: Advancing confirmatory studies for ULTREMIST - The company is looking to initiate additional studies to explore new use cases for ULTREMIST, with plans for prospective studies to validate promising past results [38][42]