$EAF

UCAR INTERNATIONAL INC

CIK:0000931148|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Statement of Comprehensive Income [Abstract]

Net sales

$ 127,362

$ 131,840

$ 252,463

$ 243,679

Cost of goods sold

125,263

129,885

260,096

240,650

Lower of cost or market inventory valuation adjustment

2,521

1,893

7,779

4,676

Gross (loss) profit

(422)

(15,412)

(1,647)

Research and development

1,539

1,348

2,982

3,227

Selling and administrative expenses

12,616

13,267

26,844

27,889

Operating loss

(14,577)

(14,553)

(45,238)

(32,763)

Other expense (income), net

534

(2,426)

(11,514)

(1,979)

Interest expense

24,370

25,418

48,566

55,259

Interest income

(713)

(1,866)

(1,554)

(3,801)

Loss before income taxes

(38,768)

(35,679)

(80,736)

(82,242)

Income tax expense

1,703

51,207

3,012

43,995

Net loss

$ (40,471)

$ (86,886)

$ (83,748)

$ (126,237)

Basic loss per common share:

Net loss per share (usd per share)

^[1]

$ (1.54)

$ (3.35)

$ (3.20)

$ (4.88)

Weighted average common shares outstanding (shares)

^[1]

26,254,657

25,918,456

26,173,246

25,878,066

Diluted loss per common share:

Net loss per share (usd per share)

^[1]

$ (1.54)

$ (3.35)

$ (3.20)

$ (4.88)

Weighted average common shares outstanding (shares)

^[1]

26,254,657

25,918,456

26,173,246

25,878,066

Other comprehensive (loss) income:

Foreign currency translation adjustments, net of tax

$ (1,203)

$ 21,981

$ (3,825)

$ 34,577

Foreign currency derivatives, net of tax

(259)

(32)

(665)

(82)

Other comprehensive (loss) income, net of tax

(1,462)

21,949

(4,490)

34,495

Comprehensive loss

$ (41,933)

$ (64,937)

$ (88,238)

$ (91,742)

[1]	All share and per share data for all periods presented have been retroactively adjusted to reflect the 1-for-10 reverse stock split which became effective on August 29, 2025.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow from operating activities:
Net loss	$ (83,748)	$ (126,237)
Adjustments to reconcile net loss to cash used in operations:
Depreciation and amortization	29,961	29,345
Deferred income tax expense	360	42,137
Non-cash stock-based compensation expense	2,917	2,422
Non-cash interest expense	3,896	3,896
Lower of cost or market inventory valuation adjustment	7,779	4,676
Gain (Loss) on Disposition of Other Assets	(12,277)	0
Changes in assets and liabilities:
Accounts receivable, net	(3,090)	6,591
Inventories	(20,183)	(25,654)
Prepaid and other current assets	(8,262)	(4,268)
Income taxes payable	(899)	(243)
Accounts payable and other accruals	5,405	(21,817)
Interest payable	125	3
Change in Tax Receivable Agreement	0	(5,824)
Other	(5,530)	9,551
Net cash used in operating activities	(83,546)	(85,422)
Cash flow from investing activities:
Capital expenditures	(19,009)	(14,190)
Proceeds from the sale of fixed assets	9,258	33
Net cash used in investing activities	(9,751)	(14,157)
Cash flow from financing activities:
Proceeds from Delayed Draw First Lien Term Loan due 2029	100,000	0
Proceeds from issuance of common stock, net of issuance costs	348	0
Payments for taxes related to net share settlement of equity awards	(339)	(213)
Principal payments under finance lease obligations	(70)	(51)
Net cash provided by (used in) financing activities	99,939	(264)
Net change in cash and cash equivalents	6,642	(99,843)
Effect of exchange rate changes on cash and cash equivalents	291	2,138
Cash and cash equivalents at beginning of period	138,427	256,248
Cash and cash equivalents at end of period	145,360	158,543
Net cash paid during the periods for:
Interest	44,545	45,052
Income taxes	3,217	2,070
Change in capital expenditures in accounts payable	$ (4,585)	$ (5,508)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 145,360	$ 138,427
Accounts receivable, net of allowance for doubtful accounts of $4,201 as of June 30, 2026 and $3,271 as of December 31, 2025	76,166	73,235
Inventories	237,264	224,692
Prepaid and other current assets	58,399	48,180
Total current assets	517,189	484,534
Property, plant and equipment	991,526	986,946
Less: accumulated depreciation	518,043	497,016
Net property, plant and equipment	473,483	489,930
Deferred income taxes	9,276	9,318
Other assets	43,008	45,007
Total assets	1,042,956	1,028,789
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Accounts payable	68,368	67,017
Accrued income and other taxes	9,142	8,047
Other accrued liabilities	47,595	53,127
Total current liabilities	125,105	128,191
Long-term debt	1,198,602	1,094,706
Other long-term obligations	39,533	40,388
Deferred income taxes	25,274	25,132
Commitments and contingencies - Note 8
Stockholders’ deficit:
Preferred stock, par value $0.01, 30,000,000 shares authorized, none issued	0	0
Common stock, par value $0.01, 300,000,000 shares authorized, 26,092,164 and 25,820,110 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2,584	2,582
Additional paid-in capital	762,217	759,710
Accumulated other comprehensive loss	(13,462)	(8,972)
Accumulated deficit	(1,096,897)	(1,012,948)
Total stockholders’ deficit	(345,558)	(259,628)
Total liabilities and stockholders’ deficit	$ 1,042,956	$ 1,028,789