Q1 2026 results reveal mixed fortunes amid cost cuts and market pressures

The latest financial results for Q1 2026 show mixed performance across key business segments. While some areas faced challenges from oversupply and weak demand, others benefited from cost cuts and higher-value sales. The company also secured additional funding to strengthen its cash position. EBITDA from continuing operations fell to negative $3.8 million for the quarter. This decline was partly offset by a one-off utility tax refund in the Moses Lake segment, which provided temporary relief.

The Butte segment saw improved profitability, with EBITDA rising both quarter-on-quarter and year-on-year. However, revenues in the same area dipped slightly compared to previous periods. Lower input costs, particularly seasonal ones, helped reduce expenses and support margins. Gas sales showed a shift toward higher-value products, improving the overall sales mix. But demand for silicon gas remained uneven, with performance varying across different market segments. Oversupply in commoditised markets continued to push prices down, creating unfavourable conditions in certain regions. To bolster liquidity, the company finalised a $10 million short-term loan from Anchor AS. By the end of the quarter, the cash balance stood at $5.2 million.

The quarter’s results highlight both ongoing pressures and selective improvements. Cost reductions and higher-value gas sales provided some support, while oversupply and weak demand weighed on profitability. The new loan adds financial flexibility as the company navigates market challenges.