Tronox Holdings plc (TROX), a leading producer of titanium dioxide, saw its shares plummet 5.96% in pre-market trading on Thursday, extending the previous day's losses following the release of its disappointing third-quarter 2025 financial results.

The company reported a significant earnings miss, with an adjusted loss per share of $0.46, far worse than the expected loss of $0.14. Revenue for the quarter came in at $699 million, falling short of analyst expectations of $768.8 million. Tronox's adjusted EBITDA also disappointed, reaching only $74 million compared to the expected $93.4 million, with an adjusted EBITDA margin of 10.6%.

CEO John Romano attributed the weak performance to "weaker than expected demand and aggressive inventory liquidation by competitors." These factors have significantly impacted Tronox's sales volumes and pricing power in the titanium dioxide market. The company's outlook remains cautious, with expectations of relatively flat revenue and adjusted EBITDA in the fourth quarter compared to Q3, suggesting that challenging market conditions may persist in the near term. Despite these headwinds, Tronox remains focused on its cost improvement program, aiming to achieve $60 million in savings by the end of 2025.