ATI Inc. (ATI) shares tumbled 6.62% in pre-market trading on Thursday following the release of its second-quarter 2025 financial results. Despite beating earnings estimates, the company's revenue fell short of expectations, leading to the sharp decline.

ATI reported Q2 revenue of $1,140.4 million, missing the IBES estimate of $1,152 million. However, the company's adjusted earnings per share (EPS) came in at $0.74, surpassing the estimated $0.72. ATI's net income rose to $100.7 million, or $0.70 per share, up from $81.9 million, or $0.58 per share, in the same period last year. The adjusted EBITDA for the quarter stood at $207.7 million, representing 18.2% of sales and marking a 14% increase year-over-year.

In a separate announcement, ATI revealed an extension and expansion of its long-term titanium supply agreement with Boeing. This development, which positions ATI to serve Boeing's third-party subsidiaries, would typically be seen as positive news. However, the revenue miss appears to have overshadowed this announcement and the overall strong earnings report, resulting in the pre-market plunge. Investors will be closely watching how ATI addresses the revenue shortfall and whether it can maintain its positive outlook for the remainder of 2025 and into 2026.