SCHAUMBURG, Ill.--(BUSINESS WIRE)--March 03, 2026--
Ascent Industries Co. (Nasdaq: ACNT) ("Ascent" or the "Company"), a specialty chemicals platform delivering differentiated, performance-driven chemical solutions, is reporting its results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Summary(1)
(in millions, except per share and margin) Q4 2025 Q4 2024 Change ------------------------------------------- ------- ------- --------- Net Sales $18.8 $18.1 3.9% ------------------------------------------- ------- ------- --------- Gross Profit $3.4 $3.5 (2.9)% ------------------------------------------- ------- ------- --------- Gross Profit Margin 18.3% 19.2% -90bps ------------------------------------------- ------- ------- --------- Net Income (Loss) $(1.0) $0.2 (600.0)% ------------------------------------------- ------- ------- --------- Diluted Income (Loss) per Share $(0.11) $0.01 (1200.0)% ------------------------------------------- ------- ------- --------- Adjusted EBITDA $(1.1) $(0.6) -$0.5M ------------------------------------------- ------- ------- --------- Adjusted EBITDA Margin (6.1)% (3.1)% -304bps ------------------------------------------- ------- ------- ---------
Full Year 2025 Summary(1)
(in millions, except per share and margin) 2025 2024 Change
------------------------------------------- ------- ------- --------
Net Sales $74.9 $80.8 (7.3)%
------------------------------------------- ------- ------- --------
Gross Profit $17.2 $10.7 61.0%
------------------------------------------- ------- ------- --------
Gross Profit Margin 23.0% 13.2% 972bps
------------------------------------------- ------- ------- --------
Net Loss $(5.6) $(12.6) (54.6)%
------------------------------------------- ------- ------- --------
Diluted Loss per Share $(0.58) $(1.24) (53.2)%
------------------------------------------- ------- ------- --------
Adjusted EBITDA $(0.6) $(4.7) +4.1M
------------------------------------------- ------- ------- --------
Adjusted EBITDA Margin (0.8)% (5.8)% 5,051bps
------------------------------------------- ------- ------- --------
(1) On April 4, 2025, the Company closed on a transaction to sell
substantially all of the assets of Bristol Metals, LLC ("BRISMET"). On June
30, 2025, the Company closed on a transaction to sell substantially all of the
assets of American Stainless Tubing, Inc ("ASTI"). As a result, financial
results from BRISMET and ASTI have been categorized into discontinued
operations.
Management Commentary
"Fourth quarter results reflected normal seasonal softness, compounded by continued market softness across several end markets," said Bryan Kitchen, President and Chief Executive Officer of Ascent Industries Co. "Despite that environment, the progress delivered across the full year underscores the strengthening earnings profile of the business."
"Full-year results reflected a strong step forward, with gross profit increasing 61%, gross margin expanding by nearly 1,000 basis points, and Adjusted EBITDA improving by more than $4 million year over year, achieved while executing two divestitures and an asset carve-out associated with the Tubular segment."
Kitchen added, "We are entering 2026 with a clean, focused, specialty chemicals platform. The actions taken over the past year are translating into higher-quality earnings and increasing operating leverage, positioning the Company to accelerate profitable growth as market conditions evolve."
Fourth Quarter 2025 Financial Results
Net sales from continuing operations were $18.8 million compared to $18.1 million in the fourth quarter of 2024. The increase was a result of higher volume partially offset by decreases in average selling prices.
Gross profit from continuing operations decreased 2.9% to $3.4 million, or 18.3% of net sales, compared to $3.5 million, or 19.2% of net sales, in the fourth quarter of 2024. The decrease was primarily driven by increases in material and fulfillment costs.
Net loss from continuing operations increased to ($1.0) million, or ($0.11) diluted loss per share compared to net income from continuing operations of $0.2 million, or $0.01 diluted earnings per share, in the fourth quarter of 2024.
Adjusted EBITDA from continuing operations decreased to a loss of ($1.1) million in the fourth quarter of 2025, with adjusted EBITDA margin decreasing to (6.1)% compared to (3.4)% in the prior year period. The decrease was primarily driven by the aforementioned decrease in gross profit and by strategic investments in selling, general and administrative expenses.
Full Year 2025 Financial Results
Net sales from continuing operations were $74.9 million compared to $80.8 million in 2024. The decline was a result of lower volume partially offset by increased average selling prices.
Gross profit from continuing operations increased 61.0% to $17.2 million, or 23.0% of net sales, compared to $10.7 million, or 13.2% of net sales in 2024. The increase was primarily driven by continued cost management, strategic sourcing enhancements and product line optimization.
Net loss from continuing operations decreased to ($5.6) million, or ($0.58) diluted loss per share compared to a net loss from continuing operations of ($12.6) million, or ($1.24) diluted loss per share in 2024.
Adjusted EBITDA from continuing operations increased to ($0.6) million with adjusted EBITDA margin increasing to (0.8)% compared to Adjusted EBITDA of ($4.7) million and Adjusted EBITDA margin of (5.8)% in the prior year period. The increase was primarily driven by the aforementioned increase in gross profit partially offset by investments in selling, general and administrative expenses.
As of December 31, 2025, the Company had $57.6 million in cash and cash equivalents, no debt outstanding under its revolving credit facilities and had $11.4 million in availability under its revolving credit facility.
For the quarter ended December 31, 2025, the Company repurchased 19,749 shares at an average cost of $13.23 per share for approximately $0.3 million. For the year ended December 31, 2025, the Company repurchased 745,524 shares at an average cost of $12.26 per share for approximately $9.2 million.
Conference Call
Ascent will hold a conference call today at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and year ended December 31, 2025.
Ascent management will host the conference call, followed by a question-and-answer period.
Date: Tuesday, March 3, 2026
Time: 5:00 p.m. Eastern time
Live Call Registration Link: Here
Webcast Registration Link: Here
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Investor Relations at 1-630-884-9181.
The conference call will also be broadcast live and available for replay via the webcast registration link above. The webcast will be archived for one year in the investor relations section of the Company's website at www.ascentco.com.
About Ascent Industries Co.
Ascent Industries Co. (Nasdaq: ACNT) is a specialty chemicals platform delivering differentiated, performance-driven chemical solutions. For more information about Ascent, please visit its website at www.ascentco.com.
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate, " "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements and to review the risks as set forth in more detail in Ascent Industries Co.'s Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC or on our website. Ascent Industries Co. assumes no obligation to update any forward-looking information included in this release.
Non-GAAP Financial Information
Financial statement information included in this earnings release includes non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.
We define "EBITDA" as earnings before interest, income taxes, depreciation and amortization. We define "Adjusted EBITDA" as EBITDA further adjusted for the impact of non-cash and other items we do not consider in our evaluation of ongoing performance. These items include: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, shelf registration costs, loss on extinguishment of debt, retention costs and restructuring and severance costs from net income. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.
Ascent Industries Co.
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
December 31, 2025 December 31, 2024
------------------- ---------------------
Assets
Current assets:
Cash and cash equivalents $ 57,606 $ 16,098
Accounts receivable, net of
allowance for credit
losses of $1,004 and $202,
respectively 10,040 12,232
Advances and other
receivables 5,389 52
Inventories 8,742 5,727
Prepaid expenses and other
current assets 1,243 1,122
Current assets of
discontinued operations -- 47,841
-------------- --------------
Total current assets 83,020 83,072
Property, plant and
equipment, net 15,762 17,589
Right-of-use assets,
operating leases, net 9,368 28,140
Intangible assets, net 2,833 3,445
Deferred charges, net 401 309
Other non-current assets,
net 553 512
Long-term assets of
discontinued operations -- 14,183
-------------- --------------
Total assets $ 111,937 $ 147,250
============== ==============
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable $ 5,490 $ 6,836
Accrued expenses and other
current liabilities 5,389 3,598
Current portion of note
payable 433 369
Current portion of
operating lease
liabilities 712 1,495
Current portion of finance
lease liabilities 331 293
Current liabilities of
discontinued operations -- 9,756
-------------- --------------
Total current
liabilities 12,355 22,347
Long-term portion of
operating lease
liabilities 11,496 29,972
Long-term portion of
finance lease liabilities 808 1,015
Deferred income taxes 241 320
Other long-term liabilities 45 51
-------------- --------------
Total non-current
liabilities 12,590 31,358
-------------- --------------
Total liabilities $ 24,945 $ 53,705
-------------- --------------
Commitments and contingencies
Shareholders' equity:
Common stock, par value $1
per share; 24,000,000
shares authorized;
9,400,898 and 10,072,590
shares outstanding as of
December 31, 2025 and
2024, respectively $ 11,085 $ 11,085
Capital in excess of par
value 48,276 47,339
Retained earnings 45,786 44,919
-------------- --------------
105,147 103,343
Less: cost of common stock
in treasury - 1,684,205
and 1,012,513 shares,
respectively (18,155) (9,798)
-------------- --------------
Total shareholders'
equity 86,992 93,545
-------------- --------------
Total liabilities and
shareholders' equity $ 111,937 $ 147,250
============== ==============
Note: The condensed consolidated balance sheets at December 31, 2024 have
been derived from the audited consolidated financial statements at that
date.
Ascent Industries Co.
Condensed Consolidated Statements of Income (Loss)
($ in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------ ---------------------
2025 2024 2025 2024
------ ------ ------ -------
Net sales $18,759 $18,122 $74,942 $ 80,763
Cost of sales 15,320 14,636 57,730 70,071
------ ------ ------ -------
Gross profit 3,439 3,486 17,212 10,692
Selling,
general and
administrative 6,525 5,381 24,093 20,899
Research and
development 71 -- 71 --
Acquisition
costs and
other 65 609 731 662
Asset
impairments -- -- 1,622 --
Gain on lease
modification (1,733) -- (2,278) (67)
------ ------ ------ -------
Operating loss
from continuing
operations (1,489) (2,504) (7,027) (10,802)
Other expense
(income)
Interest
(income)
expense, net (365) 94 (712) 417
Other, net (171) (145) (753) (448)
------ ------ ------ -------
Loss from
continuing
operations before
income taxes (953) (2,453) (5,562) (10,771)
Income tax
expense
(benefit) 54 (2,608) 22 1,806
------ ------ ------ -------
Income (loss) from
continuing
operations (1,007) 155 (5,584) (12,577)
Income (loss) from
discontinued
operations, net
of tax (32) (1,182) 6,451 (1,021)
------ ------ ------ -------
Net income (loss) $(1,039) $(1,027) $ 867 $(13,598)
====== ====== ====== =======
Net income (loss)
per common share
from continuing
operations:
Basic $ (0.11) $ 0.02 $ (0.58) $ (1.24)
Diluted $ (0.11) $ 0.01 $ (0.58) $ (1.24)
Net income (loss)
per common share
from discontinued
operations:
Basic $ -- $ (0.12) $ 0.67 $ (0.11)
Diluted $ -- $ (0.11) $ 0.67 $ (0.11)
Net income (loss)
per common share:
Basic $ (0.11) $ (0.10) $ 0.09 $ (1.35)
Diluted $ (0.11) $ (0.10) $ 0.09 $ (1.35)
Weighted average
shares
outstanding:
Basic 9,377 10,090 9,643 10,106
Diluted 9,377 10,338 9,643 10,106
Adjusted EBITDA(1) $(1,146) $ (555) $ (571) $ (4,695)
(1) We define "EBITDA" as earnings before interest, income
taxes, depreciation and amortization. We define "Adjusted
EBITDA" as EBITDA further adjusted for the impact of non-cash
and other items we do not consider in our evaluation of
ongoing performance. These items include: goodwill
impairment, asset impairment, gain on lease modification,
stock-based compensation, non-cash lease cost, acquisition
costs and other fees, shelf registration costs, loss on
extinguishment of debt, retention costs and restructuring and
severance costs from net income. We caution investors that
amounts presented in accordance with our definitions of
EBITDA and Adjusted EBITDA may not be comparable to similar
measures disclosed by other companies because not all
companies calculate EBITDA and Adjusted EBITDA in the same
manner. We present EBITDA and Adjusted EBITDA because we
consider them to be important supplemental measures of our
performance and investors' understanding of our performance
is enhanced by including these non-GAAP financial measures as
a reasonable basis for comparing our ongoing results of
operations.
Ascent Industries Co.
Consolidated Statements of Cash Flows
($ in thousands)
Year Ended December 31,
-----------------------------
2025 2024
--------- ---------
Cash flows from operating activities:
Net income (loss) $ 867 $ (13,598)
Income (loss) from discontinued
operations, net of tax 6,451 (1,021)
--------- ---------
Net loss from continuing operations (5,584) (12,577)
Adjustments to reconcile net income
(loss) to net cash (used in) provided by
operating activities:
Depreciation expense 3,574 3,884
Amortization expense 612 695
Amortization of debt issuance costs 258 105
Asset impairments 1,622 --
Deferred income taxes 22 1,806
Loss on disposal of property, plant
and equipment 1 289
(Reduction of) provision for losses on
accounts receivable (569) 51
Non-cash lease expense 128 111
Gain on lease modification (2,278) (67)
Stock-based compensation expense 1,302 760
Changes in operating assets and
liabilities:
Accounts receivable and advances (2,576) 2,762
Inventories (3,015) 5,039
Other assets and liabilities (521) (160)
Accounts payable (1,565) (3,246)
Accrued expenses 1,469 40
Accrued income taxes (149) 1,485
--------- ---------
Net cash (used in) provided by operating
activities - continuing operations (7,269) 977
Net cash provided by operating activities
- discontinued operations 6,750 13,704
--------- ---------
Net cash (used in) provided by operating
activities (519) 14,681
--------- ---------
Cash flows from investing activities:
Purchases of property, plant and
equipment (1,544) (1,120)
--------- ---------
Net cash used in investing activities -
continuing operations (1,544) (1,120)
Net cash provided by investing activities
- discontinued operations 52,525 2,025
--------- ---------
Net cash provided by investing activities 50,981 905
--------- ---------
Cash flows from financing activities:
Borrowings from credit facilities 137,075 197,898
Proceeds from note payable 1,085 914
Proceeds from exercise of stock
options 415 --
Payments on credit facilities (137,075) (197,898)
Payments on note payable (1,021) (906)
Principal payments on finance lease
obligations (287) (289)
Repurchase of common stock (9,137) (1,037)
--------- ---------
Net cash used in financing activities -
continuing operations (8,945) (1,318)
Net cash used in financing activities -
discontinued operations (19) (11)
--------- ---------
Net cash used in financing activities (8,964) (1,329)
--------- ---------
Increase in cash and cash equivalents 41,498 14,257
Cash and cash equivalents of
discontinued operations -- 10
Cash and cash equivalents, beginning of
period 16,108 1,841
--------- ---------
Cash and cash equivalents, end of period $ 57,606 $ 16,108
========= =========
Ascent Industries Co.
Non-GAAP Financial Measures Reconciliation
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
($ in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------------------ -------------------------
2025 2024 2025 2024
------ ------ ------ -------
Consolidated
Net income (loss)
from continuing
operations $(1,007) $ 155 $(5,584) $(12,577)
Adjustments:
Interest
(income)
expense, net (365) 94 (712) 417
Income taxes 54 (2,608) 22 1,806
Depreciation 851 961 3,576 3,884
Amortization 153 174 611 695
------ ------ ------ -------
EBITDA (314) (1,224) (2,087) (5,775)
Acquisition
costs and
other 65 609 731 662
Asset
impairments -- -- 1,622 --
Gain on lease
modification (1,733) -- (2,278) (67)
Stock-based
compensation 752 45 1,070 193
Non-cash lease
expense 43 15 128 112
Retention
expense -- -- -- 3
Restructuring
and severance
costs 41 -- 243 177
------ ------ ------ -------
Adjusted EBITDA $(1,146) $ (555) $ (571) $ (4,695)
====== ====== ====== =======
% sales (6.1)% (3.1)% (0.8)% (5.8)%
Specialty
Chemicals
Net income (loss) $ (676) $ 1,775 $ 3,700 $ 1,093
Adjustments:
Interest
expense, net 14 17 52 75
Depreciation 810 946 3,481 3,809
Amortization 153 174 611 695
------ ------ ------ -------
EBITDA 301 2,912 7,844 5,672
Acquisition
costs and
other -- 477 93 477
Stock-based
compensation 123 -- 126 7
Non-cash lease
expense 15 9 45 66
Restructuring
and severance
costs 14 -- 14 110
------ ------ ------ -------
Specialty
Chemicals
Adjusted EBITDA $ 453 $ 3,398 $ 8,122 $ 6,332
====== ====== ====== =======
% segment
sales 2.4% 18.7% 10.8% 7.8%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303410552/en/
CONTACT: Investor Relations
1-630-884-9181
investorrelations@ascentco.com
(END) Dow Jones Newswires
March 03, 2026 16:05 ET (21:05 GMT)