Ferroglobe PLC (GSM) shares tumbled 11.14% in pre-market trading on Wednesday, following the release of its mixed second quarter 2025 financial results and the withdrawal of its guidance. The silicon and specialty metals producer reported a surge in revenue but saw declines in other key financial metrics.

According to the company's Q2 2025 report, Ferroglobe's revenue increased significantly from $307 million in Q1 to $387 million in Q2. However, this top-line growth was overshadowed by a sharp drop in adjusted EBITDA, which fell from $22 million to $5 million quarter-over-quarter. More concerning for investors was the swing in free cash flow, which turned negative from $48 million in Q1 to -$5 million in Q2.

Adding to the market's negative sentiment, Ferroglobe withdrew its guidance citing ongoing uncertainty and limited visibility in the current market environment. While the company remains optimistic about a potential market rebound in 2026, aided by EU safeguards and U.S. silicon metal trade cases, the lack of near-term clarity appears to have spooked investors. Despite these challenges, Ferroglobe emphasized its strong financial position and available liquidity as it navigates the current market downturn.