Knife River Corporation's stock plummeted 6.01% during intraday trading on Tuesday, following the release of its first-quarter fiscal 2026 financial results.

The construction materials company reported a net loss of $79.2 million for the quarter, representing a 15% widening of its loss compared to the same period last year. This decline in profitability occurred despite a 16% increase in revenue to $410.1 million, which exceeded analyst expectations of $390.1 million. The adjusted EBITDA loss narrowed to $31.8 million, beating estimates, but investors appeared focused on the expanding bottom-line loss.

Knife River maintained its full-year 2026 guidance, projecting revenue between $3.3 billion and $3.5 billion and adjusted EBITDA of $520 million to $560 million. The company also reported a record backlog of $1.2 billion and completed three acquisitions during the quarter, which contributed to segment growth.