Financial Performance - Net sales decreased by 23% year-over-year to $709 million[16, 22, 24] - Gross profit decreased by 13% year-over-year to $111 million[12, 22] - Gross margin decreased by 190 bps year-over-year to 157%[16, 22, 24] - Adjusted EBITDA decreased by 496% year-over-year to $196 million, representing 28% of net sales[16, 22, 24] - Adjusted net income decreased by 88% year-over-year to $23 million[16, 22] - Free cash flow was negative $40 million[16, 22, 24] Product Category Performance - Specialty product net sales decreased by 5% to $479 million, representing approximately 70% of total net sales[24, 26] - Structural product net sales increased by 3% to $230 million[24, 29] - Specialty product gross profit was $90 million, representing approximately 81% of total gross profit[26] - Structural product gross profit was $21 million, representing approximately 19% of total gross profit[29] Balance Sheet and Liquidity - Cash and cash equivalents totaled $449 million at the end of Q1 2025[38] - Total available liquidity was $795 million at the end of Q1 2025[38] - Net debt was negative $75 million[38] - Net leverage ratio was negative 07x[16, 38]