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    Ascent Industries Co. Announces Fourth Quarter and Full Year 2025 Results

    3/3/26 4:05:00 PM ET
    $ACNT
    Steel/Iron Ore
    Industrials
    Get the next $ACNT alert in real time by email

    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 Summary1

    (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 Summary1

    (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

     
    1On 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.

    Liquidity

    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

    December 31,

     

    Year Ended

    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 EBITDA1

    $

    (1,146

    )

     

    $

    (555

    )

     

    $

    (571

    )

     

    $

    (4,695

    )

    1We 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

    December 31,

     

    Year Ended

    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/

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