Q1 2025 Financial Performance - GAAP Sales for Q1 2025 were $162 million[8] - Adjusted EBITDA for Q1 2025 was $39 million[8] - Adjusted EBITDA Margin for Q1 2025 was 20%, including a proportionate 50% share of sales from the Zeolyst Joint Venture[8, 9] - Adjusted Free Cash Flow was $(13) million[8] Segment Performance - Ecoservices sales increased by 1.1% to $143.1 million, driven by pass-through of higher sulfur costs, offset by lower sales volume due to planned turnaround activity[6, 21] - Advanced Materials & Catalysts sales increased by 1.1% to $19.1 million, with higher sales of niche custom catalysts largely offset by lower sales of polyethylene catalysts and supports[6, 23] - Zeolyst Joint Venture sales increased by 60.4% to $37.7 million, reflecting sales timing for hydrocracking and specialty catalysts[6, 23] Outlook and Guidance - The company assumes a full-year 2025 tariff direct impact to Adjusted EBITDA of approximately $2 million - $3 million, but is maintaining its full year 2025 Adjusted EBITDA guidance[12] - The company revised its 2025 sales outlook to $785 million - $845 million, excluding the Zeolyst Joint Venture[33] - The company is maintaining its Adjusted EBITDA guidance for 2025 at $238 million - $258 million[33]