Net sales rose to $125.1 million, a 12 % increase from $112 million in the same quarter last year, and sales volume climbed 14 % to 28.1 thousand metric tons. The revenue beat the consensus estimate of $120.67 million, driven largely by stronger demand in the U.S. market, while global pricing pressures limited the upside.
The company posted a net loss of $43.3 million, or $1.66 per share, compared with a $39.3 million loss in Q1 2025. Adjusted EBITDA was negative $13.6 million, a decline from the negative $4.1 million reported in the prior year. The widening loss is attributable to a 5 % drop in the weighted‑average realized price to $3,900 per metric ton, which compressed margins despite a 11 % reduction in cash cost per ton to $3,807.
Cash cost per metric ton fell to $3,807, an 11 % year‑over‑year decline, but the sequential decline was 4 % to $3,848. The cost reduction reflects disciplined operating controls, yet the lower realized price has eroded profitability, leaving the company with a negative adjusted EBITDA.
Capacity utilization increased to 65 % from 60 % in Q4 2025, supporting the volume growth. Liquidity stood at $328.7 million, providing a cushion for continued operations and potential capital needs.
Management reaffirmed its 2026 guidance, projecting 5–10 % year‑over‑year sales volume growth and a low single‑digit decline in cash cost per metric ton. CEO Timothy Flanagan noted that price increases and trade cases are underway to address the overcapacity‑driven pricing environment, signaling confidence in volume expansion while acknowledging persistent margin pressure.
The adjusted loss per share of $2.05 was a miss against consensus estimates of –$1.08 to –$1.25, underscoring the impact of pricing headwinds on profitability even as revenue and volume improved.
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