Ferroglobe PLC reports first-quarter losses, reduced sales, positive cash flow, increased dividends, and share repurchases amidst market challenges.
Quiver AI Summary
Ferroglobe PLC reported its financial results for the first quarter of 2025, highlighting a net loss of $66.5 million and an adjusted EBITDA of $(26.8) million, significantly down from the previous quarter. Despite challenging market conditions leading to a 16.4% decline in quarterly sales to $307.2 million, the company generated $5.1 million in free cash flow. Ferroglobe increased its cash dividend by 8% to $0.014 per share and repurchased 720,008 shares during the quarter. Positive developments include a favorable decision in the U.S. ferrosilicon case and anticipation of an EU safeguard decision that could benefit the company in the second half of the year. Chief Executive Officer Dr. Marco Levi expressed optimism for future quarters, citing expectations for improved demand and market recovery as critical factors for better performance ahead.
Potential Positives
- Generated $5.1 million of free cash flow despite a challenging market environment.
- Increased quarterly cash dividend to $0.014 per share, up 8% over the prior quarter, demonstrating commitment to return capital to shareholders.
- Successfully repurchased 720,008 shares during the first quarter, indicating confidence in the company's value and ongoing strategy to enhance shareholder value.
- Favorable final decision in the U.S. ferrosilicon case positions the company well for future growth and stability in trade relations.
Potential Negatives
- Significant net loss attributable to the parent of $(66.5) million, which is a 136.3% increase compared to the previous quarter.
- Adjusted EBITDA declined sharply to $(26.8) million, down 372.2% from the prior quarter, indicating severe operational challenges.
- Sales decreased by 16.4% quarter-over-quarter and 21.6% year-over-year, primarily due to lower sales volumes and pricing across key product categories, suggesting a weakening market position.
FAQ
What were Ferroglobe's financial results for Q1 2025?
Ferroglobe reported a net loss of $(66.5) million and adjusted EBITDA of $(26.8) million for Q1 2025.
How much free cash flow did Ferroglobe generate in Q1 2025?
Ferroglobe generated $5.1 million of free cash flow during the first quarter of 2025.
What is the current dividend per share for Ferroglobe?
The quarterly cash dividend is currently $0.014 per share, an 8% increase from the prior quarter.
How many shares did Ferroglobe repurchase in Q1 2025?
Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share during the first quarter.
What is Ferroglobe's outlook for the upcoming quarters?
The company anticipates significant improvement, believing they are near the market trough and expect increasing demand.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GSM Hedge Fund Activity
We have seen 56 institutional investors add shares of $GSM stock to their portfolio, and 80 decrease their positions in their most recent quarter.
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- DONALD SMITH & CO., INC. added 5,326,051 shares (+852.2%) to their portfolio in Q4 2024, for an estimated $20,238,993
- BANK OF MONTREAL /CAN/ removed 2,523,619 shares (-72.4%) from their portfolio in Q4 2024, for an estimated $9,589,752
- CENTERBOOK PARTNERS LP added 2,200,908 shares (+inf%) to their portfolio in Q4 2024, for an estimated $8,363,450
- OLD WEST INVESTMENT MANAGEMENT, LLC removed 1,593,194 shares (-42.4%) from their portfolio in Q4 2024, for an estimated $6,054,137
- LLOYD HARBOR CAPITAL MANAGEMENT, LLC added 1,475,000 shares (+inf%) to their portfolio in Q4 2024, for an estimated $5,605,000
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Full Release
First Quarter Highlights
Reported adjusted EBITDA of $(26.8) million
Generated $5.1 million of free cash flow
Favorable final decision in the U.S. ferrosilicon case with preliminary EU safeguard decision expected by June
New trade case filed by U.S. silicon metal producers on April 24
Increased quarterly cash dividend to $0.014 per share in March, up 8% over the prior quarter
Repurchased 720,008 shares during the first quarter
LONDON, May 07, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the first quarter of 2025.
Financial Highlights
% | % | ||||||||||||||||||||
($ in millions, except EPS) | Q1 2025 | Q4 2024 | Q/Q | Q1 2024 | Y/Y | ||||||||||||||||
Sales | $ | 307.2 | $ | 367.5 | (16.4 | )% | $ | 391.9 | (21.6 | )% | |||||||||||
Net (loss) income attributable to the parent | $ | (66.5 | ) | $ | (28.1 | ) | (136.3 | )% | $ | (2.0 | ) | (3184.7 | )% | ||||||||
Adj. EBITDA | $ | (26.8 | ) | $ | 9.8 | (372.2 | )% | $ | 25.8 | (203.9 | )% | ||||||||||
Adjusted diluted EPS | $ | (0.20 | ) | $ | 0.03 | (849.2 | )% | $ | (0.00 | ) | (4872.9 | )% | |||||||||
Operating cash flow | $ | 19.4 | $ | 32.1 | (39.6 | )% | $ | 198.0 | (90.2 | )% | |||||||||||
Capital expenditures 1 | $ | 14.3 | $ | 17.9 | (20.3 | )% | $ | 18.2 | (21.5 | )% | |||||||||||
Free cash flow 2 | $ | 5.1 | $ | 14.1 | 64.2 | % | $ | 179.8 | (97.2 | )% | |||||||||||
(1) Cash outflows for capital expenditures
(2) Free cash flow is calculated as operating cash flow less capital expenditures
Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Our first quarter adjusted EBITDA was negative, in line with our budget, reflecting the uncertain market environment. We anticipate significant improvement from the second quarter forward. Despite the soft quarter, Ferroglobe again generated positive free cash flow. We used this cash to pay increased dividends and repurchase shares, while maintaining a strong balance sheet with no net debt.
“One of the reasons for our optimistic outlook for the coming quarters is driven by our belief that we are at or near the market trough. This, combined with supportive trade actions in the U.S., including various trade measures, such as the final ferrosilicon determination, a newly filed petition by the U.S. silicon metal producers against unfair competition by imports, positions us well there. In the EU, expected safeguard measures covering all our main products should begin to benefit us in the second half. We expect improving demand to translate into higher revenues. We believe that once these uncertainties are resolved, local producers like Ferroglobe will be well-positioned to take advantage of these opportunities and regain market share,” concluded Dr. Levi.
Consolidated Sales
In the first quarter of 2025, Ferroglobe reported sales of $307.2 million, a decrease of 16.4% over the prior quarter and a decrease of 21.6% from the comparable prior year period. This decrease compared to the prior quarter was primarily attributable to lower sales volumes in silicon metal and manganese-based alloys and lower pricing in all our portfolio products, partially offset by higher volumes sold in silicon-based alloys. Sales of silicon metal and manganese-based alloys declined by $56.7 million and $4.0 million, respectively, while silicon-based alloys increased by $5.8 million, compared with the prior quarter.
Product Category Highlights
Silicon Metal
($,000) | Q1 2025 | Q4 2024 | % Q/Q | Q1 2024 | % Y/Y | |||||||||||||
Shipments in metric tons: | 36,308 | 49,797 | (27.1 | )% | 53,183 | (31.7 | )% | |||||||||||
Average selling price ($/MT): | 2,881 | 3,240 | (11.1 | )% | 3,155 | (8.7 | )% | |||||||||||
Silicon Metal Revenue | 104,603 | 161,342 | (35.2 | )% | 167,792 | (37.7 | )% | |||||||||||
Silicon Metal Adj.EBITDA | (15,447 | ) | 16,849 | (191.7 | )% | 16,071 | (196.1 | )% | ||||||||||
Silicon Metal Adj.EBITDA Margin | (14.8 | )% | 10.4 | % | 9.6 | % | ||||||||||||
Silicon metal revenue in the first quarter was $104.6 million, a decrease of 35.2% over the prior quarter. The average selling price decreased by 11.1%, and shipments decreased by 27.1% due to lower volumes, mainly in EMEA, compared to the prior quarter. Adjusted EBITDA for silicon metal decreased to $(15.4) million for the first quarter, compared with $16.8 million for the prior quarter. In addition to lower prices, adjusted EBITDA margin further decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and higher energy costs.
Silicon-Based Alloys
($,000) | Q1 2025 | Q4 2024 | % Q/Q | Q1 2024 | % Y/Y | |||||||||||||
Shipments in metric tons: | 42,864 | 39,417 | 8.7 | % | 51,171 | (16.2 | )% | |||||||||||
Average selling price ($/MT): | 2,120 | 2,159 | (1.8 | )% | 2,188 | (3.1 | )% | |||||||||||
Silicon-based Alloys Revenue | 90,872 | 85,101 | 6.8 | % | 111,962 | (18.8 | )% | |||||||||||
Silicon-based Alloys Adj.EBITDA | 2,414 | 3,093 | (22.0 | )% | 14,412 | (83.3 | )% | |||||||||||
Silicon-based Alloys Adj.EBITDA Margin | 2.7 | % | 3.6 | % | 12.9 | % | ||||||||||||
Silicon-based alloy revenue in the first quarter was $90.9 million, an increase of 6.8% over the prior quarter. The average selling price decreased by 1.8% and shipments increased by 8.7% compared to the prior quarter. Volumes increased due to higher demand in the US. Adjusted EBITDA for silicon-based alloys decreased to $2.4 million for the first quarter of 2025, a decrease of 22.0% compared with $3.1 million for the prior quarter. The adjusted EBITDA margin decrease was primarily driven by decline in prices.
Manganese-Based Alloys
($,000) | Q1 2025 | Q4 2024 | % Q/Q | Q1 2024 | % Y/Y | |||||||||||||
Shipments in metric tons: | 67,229 | 67,712 | (0.7 | )% | 62,320 | 7.9 | % | |||||||||||
Average selling price ($/MT): | 1,108 | 1,159 | (4.4 | )% | 1,066 | 3.9 | % | |||||||||||
Manganese-based Alloys Revenue | 74,490 | 78,478 | (5.1 | )% | 66,433 | 12.1 | % | |||||||||||
Manganese-based Alloys Adj.EBITDA | (5,574 | ) | 7,091 | (178.6 | )% | 5,520 | (201.0 | )% | ||||||||||
Manganese-based Alloys Adj.EBITDA Margin | (7.5 | )% | 9.0 | % | 8.3 | % | ||||||||||||
Manganese-based alloy revenue in the first quarter was $74.5 million, a decrease of 5.1% over the prior quarter. The average selling price decreased by 4.4% and shipments were essentially flat compared to the prior quarter. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $(5.6) million for the first quarter, compared with $7.1 million in the prior quarter. Adjusted EBITDA margin decreased mainly due to higher energy costs and idling in France.
Raw materials and energy consumption for production
Raw materials and energy consumption for production was $238.3 million in the first quarter of 2025 compared to $250.8 million in the prior quarter, a decrease of 5.0%. As a percentage of sales, raw materials and energy consumption for production was 77.6% in the first quarter of 2025, compared to 68.2% in the fourth quarter. The increase in costs as percentage of sales was driven by lower pricing and higher energy costs.
Net (Loss) Income Attributable to the Parent
In the first quarter of 2025, net loss attributable to the parent was $(66.5) million, or $(0.36) per diluted share, compared to a net loss attributable to the parent of $(28.1) million, or $(0.15) per diluted share in the prior quarter. This decrease is primarily attributable to reduced prices across our product portfolio and shipments of our main products. The Company reported adjusted diluted earnings per share of $(0.20) for the first quarter, compared with adjusted earnings per share of $0.03 per share in the prior quarter.
Adjusted EBITDA
Adjusted EBITDA was $(26.8) million for the first quarter of 2025 compared to $9.8 million for the prior quarter. The decrease was mainly driven by lower pricing and higher energy costs.
Total Cash, Adjusted Gross Debt and Working Capital
% | ||||||||||||||||||||||||
($ in millions) | March 31, 2025 | December 31, 2024 | $ | % | March 31, 2024 | $ | Y/Y | |||||||||||||||||
Total Cash 1 | $ | 129.6 | $ | 133.3 | (3.7 | ) | (2.8 | )% | $ | 159.8 | (30.2 | ) | (18.9 | )% | ||||||||||
Adjusted Gross Debt 2 | $ | 110.4 | $ | 94.4 | 16.0 | 16.9 | % | $ | 80.8 | 29.6 | 36.6 | % | ||||||||||||
Net Cash | $ | 19.2 | $ | 38.9 | (19.7 | ) | (50.6 | )% | $ | 79.0 | (59.8 | ) | 75.7 | % | ||||||||||
Total Working Capital 3 | $ | 435.7 | $ | 460.8 | (25.1 | ) | (5.5 | )% | $ | 487.5 | (51.8 | ) | (10.6 | )% | ||||||||||
(1) Total cash is comprised of restricted cash and cash and cash equivalents
(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16
(3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables
Total cash was $129.6 million as of March 31, 2025, down $3.7 million from $133.3 million as of December 31, 2024. Adjusted gross debt increased by $16.0 million to $110.4 million, resulting in net cash of $19.2 million as of March 31, 2025.
During the first quarter cash flows from operating activities were $19.4 million and net cash used in investing activities was $23.0 million. Cash used in financing activities was $2.8 million as a result of lease payments of $3.1 million, dividend payments of $2.6 million and interest payments of $4.5 million. Share repurchases of $2.7 million and repayment of other financing liabilities of $22.7 million were partially offset by net cash proceeds from promissory notes of $4.0 million and financing facilities in the US and South Africa of $30.3 million.
Total working capital was $435.7 million as of March 31, 2025, down from $460.8 million on December 31, 2024. The $25.1 million decrease in working capital balance during the quarter was due to a $32.3 million decrease in inventories and an increase in trade and other payables by $17.7 million, offset by an $11.7 million increase in trade receivables and $13.2 million increase in other receivables.
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We continued to make robust progress in reducing our working capital during the first quarter, achieving approximately 50% of our full-year target. Looking ahead, we expect a modest increase in working capital over the next two quarters as production ramps up in France, followed by a meaningful reduction in the fourth quarter. Our balance sheet remains strong and we generated free cash flow in the first quarter, while also returning capital to shareholders through $2.6 million in dividends and $2.7 million in share repurchases.”
Capital Returns
During the first quarter, Ferroglobe repurchased 720,008 shares at an average price of $3.75 per share and paid a quarterly cash dividend of $0.014 per share on March 26, 2025. Our next cash dividend of $0.014 per share will be paid on June 26, 2025, to shareholders of record as of June 18, 2025.
Conference Call
Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on May 8, 2025. The call may also be accessed via an audio webcast.
To join via phone:
Conference call participants should pre-register using this link
https://register-conf.media-server.com/register/BIa09c86627bc54bbfa844f3e0cffca9e2
Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.
To join via webcast:
A simultaneous audio webcast, and replay will be accessible here:
https://edge.media-server.com/mmc/p/7rutmin8
About Ferroglobe
Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.
All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.
Non-IFRS Measures
This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.
INVESTOR CONTACT:
Alex Rotonen, CFA
Vice President, Investor Relations
Email:
investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email:
corporate.comms@ferroglobe.com
Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts) | |||||||||||||
For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | |||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||
Sales | $ | 307,179 | $ | 367,505 | $ | 391,854 | |||||||
Raw materials and energy consumption for production | (238,341 | ) | (250,763 | ) | (259,289 | ) | |||||||
Other operating income | 9,072 | 18,892 | 10,836 | ||||||||||
Staff costs | (70,450 | ) | (70,241 | ) | (70,519 | ) | |||||||
Other operating expense | (47,290 | ) | (52,289 | ) | (52,348 | ) | |||||||
Depreciation and amortization | (17,520 | ) | (19,020 | ) | (18,669 | ) | |||||||
Impairment gain (loss) | 268 | (43,052 | ) | — | |||||||||
Other gain (loss) | 1,405 | (571 | ) | 696 | |||||||||
Operating (loss) profit | (55,677 | ) | (49,539 | ) | 2,561 | ||||||||
Finance income | 873 | 3,533 | 2,297 | ||||||||||
Finance costs | (4,555 | ) | (3,089 | ) | (9,966 | ) | |||||||
Exchange differences | (6,914 | ) | 15,167 | 1,383 | |||||||||
Loss before tax | (66,273 | ) | (33,928 | ) | (3,725 | ) | |||||||
Income tax (expense) benefit | (625 | ) | 4,376 | 1,155 | |||||||||
Total loss for the period | (66,898 | ) | (29,552 | ) | (2,570 | ) | |||||||
Loss attributable to the parent | $ | (66,482 | ) | $ | (28,134 | ) | $ | (2,024 | ) | ||||
Loss attributable to non-controlling interest | (416 | ) | (1,418 | ) | (546 | ) | |||||||
EBITDA | $ | (45,071 | ) | $ | (15,352 | ) | $ | 22,613 | |||||
Adjusted EBITDA | $ | (26,803 | ) | $ | 9,845 | $ | 25,803 | ||||||
Weighted average number of shares outstanding | |||||||||||||
Basic and diluted | 187,008 | 188,072 | 187,927 | ||||||||||
Loss per ordinary share | |||||||||||||
Basic and diluted | $ | (0.36 | ) | $ | (0.15 | ) | $ | (0.01 | ) | ||||
Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) | ||||||||||
As of March 31, | As of December 31, | As of March 31, | ||||||||
2025 | 2024 | 2024 | ||||||||
ASSETS | ||||||||||
Non-current assets | ||||||||||
Goodwill | $ | 14,219 | $ | 14,219 | $ | 29,702 | ||||
Intangible assets | 178,583 | 103,095 | 193,592 | |||||||
Property, plant and equipment | 495,285 | 487,196 | 500,940 | |||||||
Other financial assets | 25,375 | 19,744 | 13,944 | |||||||
Deferred tax assets | 7,997 | 6,580 | 10,636 | |||||||
Receivables from related parties | 1,622 | 1,558 | 1,622 | |||||||
Other non-current assets | 23,019 | 22,451 | 21,770 | |||||||
Total non-current assets | 746,100 | 654,843 | 772,206 | |||||||
Current assets | ||||||||||
Inventories | 314,843 | 347,139 | 361,602 | |||||||
Trade receivables | 200,526 | 188,816 | 214,127 | |||||||
Other receivables | 96,308 | 83,103 | 89,815 | |||||||
Receivables from related parties | — | — | 2,712 | |||||||
Current income tax assets | 5,191 | 7,692 | 10,740 | |||||||
Other financial assets | 8,564 | 5,569 | 2 | |||||||
Other current assets | 39,385 | 52,014 | 27,894 | |||||||
Restricted cash and cash equivalents | 300 | 298 | 298 | |||||||
Cash and cash equivalents | 129,281 | 132,973 | 159,470 | |||||||
Total current assets | 794,398 | 817,604 | 866,660 | |||||||
Total assets | $ | 1,540,498 | $ | 1,472,447 | $ | 1,638,866 | ||||
EQUITY AND LIABILITIES | ||||||||||
Equity | $ | 780,568 | $ | 834,245 | $ | 843,702 | ||||
Non-current liabilities | ||||||||||
Deferred income | 71,764 | 8,014 | 77,185 | |||||||
Provisions | 26,390 | 24,384 | 22,102 | |||||||
Provision for pensions | 28,383 | 27,618 | 29,293 | |||||||
Bank borrowings | 32,299 | 13,911 | 14,643 | |||||||
Lease liabilities | 59,766 | 56,585 | 54,361 | |||||||
Debt instruments | — | — | — | |||||||
Other financial liabilities | 29,487 | 25,688 | 68,186 | |||||||
Other non-current liabilities | 14,279 | 13,759 | 1,760 | |||||||
Deferred tax liabilities | 18,834 | 19,629 | 30,253 | |||||||
Total non-current liabilities | 281,202 | 189,588 | 297,783 | |||||||
Current liabilities | ||||||||||
Provisions | 91,416 | 83,132 | 127,533 | |||||||
Provision for pensions | 168 | 168 | 165 | |||||||
Bank borrowings | 56,214 | 43,251 | 42,762 | |||||||
Lease liabilities | 12,572 | 12,867 | 12,297 | |||||||
Debt instruments | 14,311 | 10,135 | — | |||||||
Other financial liabilities | 27,168 | 48,117 | 15,190 | |||||||
Payables to related parties | 3,074 | 2,664 | 3,527 | |||||||
Trade and other payables | 176,017 | 158,251 | 178,038 | |||||||
Current income tax liabilities | 10,337 | 10,623 | 6,262 | |||||||
Other current liabilities | 87,451 | 79,406 | 111,607 | |||||||
Total current liabilities | 478,728 | 448,614 | 497,381 | |||||||
Total equity and liabilities | $ | 1,540,498 | $ | 1,472,447 | $ | 1,638,866 | ||||
Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of U.S. dollars) | |||||||||||||
For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | |||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||
Cash flows from operating activities: | |||||||||||||
(Loss) for the period | $ | (66,898 | ) | $ | (29,552 | ) | $ | (2,570 | ) | ||||
Adjustments to reconcile net (loss) to net cash provided by operating activities: | |||||||||||||
Income tax expense (benefit) | 625 | (4,376 | ) | (1,155 | ) | ||||||||
Depreciation and amortization | 17,520 | 19,020 | 18,669 | ||||||||||
Finance income | (873 | ) | (3,533 | ) | (2,297 | ) | |||||||
Finance costs | 4,555 | 3,089 | 9,966 | ||||||||||
Exchange differences | 6,914 | (15,167 | ) | (1,383 | ) | ||||||||
Impairment (gain) loss | (268 | ) | 43,052 | — | |||||||||
Share-based compensation | 1,296 | 1,587 | 928 | ||||||||||
Other (gain) loss | (1,405 | ) | 571 | (696 | ) | ||||||||
Changes in operating assets and liabilities | |||||||||||||
Decrease in inventories | 28,357 | 23,146 | 19,011 | ||||||||||
(Increase) decrease in trade receivables | (7,206 | ) | 31,756 | 2,404 | |||||||||
Increase in other receivables | (9,573 | ) | (12,885 | ) | (2,084 | ) | |||||||
Decrease (increase) in energy receivable | 25,165 | (5,735 | ) | 161,855 | |||||||||
Increase (decrease) in trade payables | 13,186 | (19,039 | ) | (1,925 | ) | ||||||||
Other changes in operating assets and liabilities | 7,537 | 4,936 | (7,259 | ) | |||||||||
Income taxes received (paid) | 440 | (4,776 | ) | 4,580 | |||||||||
Net cash provided by operating activities: | 19,372 | 32,094 | 198,044 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Interest and finance income received | 872 | 692 | 741 | ||||||||||
Payments due to investments: | |||||||||||||
Intangible assets | (557 | ) | (855 | ) | (584 | ) | |||||||
Property, plant and equipment | (13,750 | ) | (17,090 | ) | (17,641 | ) | |||||||
Other financial assets | (11,119 | ) | — | — | |||||||||
Disposals: | |||||||||||||
Property, plant and equipment | 1,559 | — | — | ||||||||||
Receipt of asset-related government grant | — | 12,453 | — | ||||||||||
Net cash used in investing activities | (22,995 | ) | (4,800 | ) | (17,484 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Dividends paid | (2,613 | ) | (2,436 | ) | (2,438 | ) | |||||||
Payment for debt and equity issuance costs | (95 | ) | (6 | ) | — | ||||||||
Repayment of debt instruments | (10,361 | ) | — | (147,624 | ) | ||||||||
Proceeds from debt issuance | 14,380 | 10,255 | — | ||||||||||
Increase (decrease) in bank borrowings: | |||||||||||||
Borrowings | 106,033 | 122,809 | 94,611 | ||||||||||
Payments | (77,176 | ) | (137,650 | ) | (83,012 | ) | |||||||
Payments for lease liabilities | (3,098 | ) | (4,511 | ) | (2,973 | ) | |||||||
(Payments) proceeds from other financing liabilities | (22,651 | ) | 6,054 | — | |||||||||
Other payments from financing activities | — | (411 | ) | (192 | ) | ||||||||
Payments to acquire own shares | (2,703 | ) | (1,936 | ) | — | ||||||||
Interest paid | (4,531 | ) | (2,029 | ) | (14,634 | ) | |||||||
Net cash used in financing activities | (2,815 | ) | (9,861 | ) | (156,262 | ) | |||||||
Total net (decrease) increase in cash and cash equivalents | (6,438 | ) | 17,433 | 24,298 | |||||||||
Beginning balance of cash and cash equivalents | 133,271 | 120,810 | 137,649 | ||||||||||
Foreign exchange gains (losses) on cash and cash equivalents | 2,748 | (4,972 | ) | (2,179 | ) | ||||||||
Ending balance of cash and cash equivalents | $ | 129,581 | $ | 133,271 | $ | 159,768 | |||||||
Restricted cash and cash equivalents | 300 | 298 | 298 | ||||||||||
Cash and cash equivalents | 129,281 | 132,973 | 159,470 | ||||||||||
Ending balance of restricted cash and cash and cash equivalents | $ | 129,581 | $ | 133,271 | $ | 159,768 | |||||||
Adjusted EBITDA ($,000):
For the Three Months Ended March 31, 2025 | For the Three Months Ended December 31, 2024 | For the Three Months Ended March 31, 2024 | |||||||||||
Loss attributable to the parent | $ | (66,482 | ) | $ | (28,134 | ) | $ | (2,024 | ) | ||||
Loss attributable to non-controlling interest | (416 | ) | (1,418 | ) | (546 | ) | |||||||
Income tax expense (benefit) | 625 | (4,376 | ) | (1,155 | ) | ||||||||
Finance income | (873 | ) | (3,533 | ) | (2,297 | ) | |||||||
Finance costs | 4,555 | 3,089 | 9,966 | ||||||||||
Depreciation and amortization charges | 17,520 | 19,020 | 18,669 | ||||||||||
EBITDA | (45,071 | ) | (15,352 | ) | 22,613 | ||||||||
Exchange differences | 6,914 | (15,167 | ) | (1,383 | ) | ||||||||
Impairment (gain) loss | (268 | ) | 43,052 | — | |||||||||
Restructuring and termination costs | — | (2,693 | ) | — | |||||||||
New strategy implementation | 682 | 1,629 | 1,361 | ||||||||||
Subactivity | — | 1,457 | 942 | ||||||||||
PPA Energy | 2,768 | (3,081 | ) | 2,270 | |||||||||
Fines inventory adjustment | 8,172 | — | — | ||||||||||
Adjusted EBITDA | $ | (26,803 | ) | $ | 9,845 | $ | 25,803 | ||||||
Adjusted profit attributable to Ferroglobe ($,000):
For the Three Months Ended March 31, 2025 | For the Three Months Ended December 31, 2024 | For the Three Months Ended March 31, 2024 | |||||||||||
Loss attributable to the parent | $ | (66,482 | ) | $ | (28,134 | ) | $ | (2,024 | ) | ||||
Tax rate adjustment | 21,481 | 6,301 | 17 | ||||||||||
Impairment (gain) loss | (184 | ) | 28,671 | — | |||||||||
Restructuring and termination costs | — | (1,846 | ) | — | |||||||||
New strategy implementation | 467 | 1,116 | 933 | ||||||||||
Subactivity | — | 998 | 646 | ||||||||||
PPA Energy | 1,897 | (2,111 | ) | 1,556 | |||||||||
Fines inventory adjustment | 5,600 | — | — | ||||||||||
Adjusted (loss) profit attributable to the parent | $ | (37,220 | ) | $ | 4,996 | $ | 1,168 | ||||||
Adjusted diluted profit per share:
For the Three Months Ended March 31, 2025 | For the Three Months Ended December 31, 2024 | For the Three Months Ended March 31, 2024 | |||||||||||
Diluted (loss) per ordinary share | $ | (0.36 | ) | $ | (0.15 | ) | $ | (0.01 | ) | ||||
Tax rate adjustment | 0.11 | 0.03 | 0.00 | ||||||||||
Impairment (gain) loss | (0.00 | ) | 0.15 | — | |||||||||
Restructuring and termination costs | — | (0.01 | ) | — | |||||||||
New strategy implementation | 0.00 | 0.01 | 0.00 | ||||||||||
Subactivity | — | 0.01 | 0.00 | ||||||||||
PPA Energy | 0.01 | (0.01 | ) | 0.01 | |||||||||
Fines inventory adjustment | 0.03 | — | — | ||||||||||
Adjusted diluted (loss) profit per ordinary share | $ | (0.20 | ) | $ | 0.03 | $ | (0.00 | ) | |||||
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