Core Insights - Ferroglobe PLC reported a significant decline in financial performance for Q1 2025, with a net loss of $66.5 million, compared to a loss of $28.1 million in Q4 2024, indicating a 136.3% increase in losses [3][11][12] - The company anticipates a market recovery, citing supportive trade actions in the U.S. and expected safeguard measures in the EU, which could lead to improved demand and revenue in the upcoming quarters [4][5] Financial Highlights - Sales for Q1 2025 were $307.2 million, down 16.4% from Q4 2024 and down 21.6% year-over-year [3][5] - Adjusted EBITDA was $(26.8) million, a decrease of 372.2% from the previous quarter and a decline of 203.9% year-over-year [3][12] - The adjusted diluted EPS was $(0.20), compared to $0.03 in Q4 2024, marking an 849.2% decrease [3][11] Product Category Performance - **Silicon Metal**: Revenue decreased by 35.2% to $104.6 million, with shipments down 27.1% and average selling prices down 11.1% [7][8] - **Silicon-Based Alloys**: Revenue increased by 6.8% to $90.9 million, with shipments up 8.7%, although adjusted EBITDA decreased by 22.0% [8][9] - **Manganese-Based Alloys**: Revenue decreased by 5.1% to $74.5 million, with shipments flat and adjusted EBITDA dropping to $(5.6) million [9][10] Cash Flow and Capital Management - Operating cash flow was $19.4 million, down 39.6% from Q4 2024, while free cash flow was $5.1 million, a 64.2% increase from the previous quarter [3][14] - The company repurchased 720,008 shares at an average price of $3.75 per share and increased the quarterly cash dividend to $0.014 per share, up 8% from the prior quarter [6][17] Balance Sheet Overview - Total cash as of March 31, 2025, was $129.6 million, down from $133.3 million at the end of 2024 [13] - Adjusted gross debt increased to $110.4 million, resulting in net cash of $19.2 million [13][15] - Total working capital decreased to $435.7 million, down from $460.8 million at the end of 2024 [15][16]