Stock Performance
Q4 2025 Results
Net sales declined 13% year over year. They reached $116.5 million. Lower prices offset stable volumes. Specifically, sales volume hit 27.1 thousand metric tons (MT). GrafTech reported a net loss of $65.1 million, or $2.50 per share. This compares to a $49.5 million loss, or $1.92 per share, last year. Adjusted EBITDA turned negative at $21.9 million, versus negative $6.9 million in Q4 2024. Additionally, adjusted free cash flow reached negative $39.3 million. Operating cash outflow totaled $20.9 million. Finally, weighted-average realized price fell 9% to about $4,000 per MT.
Full-Year 2025 Performance
Full-year net sales decreased 6% to $504.1 million. This follows $538.8 million in 2024. Net loss widened to $219.8 million, or $8.45 per share. In contrast, the prior year saw a $131.2 million loss, or $5.09 per share. Adjusted EBITDA went negative at $9.1 million, compared with positive $1.6 million in 2024. Operating cash outflow hit $81.6 million. Adjusted free cash flow stood at negative $114.5 million. However, despite pricing pressure, full-year sales volume rose 6% to 109.2 thousand MT.
Margins and Balance Sheet
Cash cost of goods sold per MT declined 2% in Q4. For the full year, it dropped 11%. Cost-reduction initiatives drove these gains. GrafTech ended 2025 with $340 million in liquidity. Meanwhile, gross debt reached $1.125 billion. Net debt neared $987 million.
Operations and Outlook
Full-year production volume hit 112.3 thousand MT. Capacity utilization stood at 63%. Looking ahead, the company expects 5%–10% sales-volume growth in 2026. However, management warns that aggressive competitor pricing and industry overcapacity still pressure margins.