0001493152-26-017832
SEC filingRevenue declined 9.1% to $538.5M amid lower global oil prices passed through to customers despite sales volume gains, while cost controls and working capital optimization narrowed losses and generated $4.0M free cash flow.
Gross profit decreased 16.8% to $4.5 million from $5.4 million, yielding a gross margin of 83.0%. The decline stemmed from the same oil price pass-through effect amid oversupply and softer demand, which notably reduced realized prices per ton even as volumes expanded.
Operating income improved to a loss of $2.4 million from $3.3 million, a 26.9% enhancement, driven by disciplined cost management. We prioritized loss reduction through rigorous group-wide cost-control measures implemented in 2025, with particular focus on selling and administrative expenses including travel and third-party service fees. These efforts underscore management's commitment to operational efficiency and profitability recovery, partially offsetting gross profit pressures.
Net income narrowed to a loss of $3.0 million from $3.9 million, a 22.8% improvement, with diluted EPS at -$0.11 versus -$0.14. This reflects the combined impact of revenue dynamics, cost discipline, and operational efficiencies.