Net Income

Decreased by 5% ($18M vs. $19M)

Net Income declined modestly in Q1 2026 compared to Q4 2024, suggesting slight operational headwinds or increased non-operating expenses relative to prior performance; the change may also reflect adjustments following earlier period dynamics affecting earnings. " "

Depreciation and Amortization

Increased by approximately 16% ($22M vs. $19M)

Depreciation and Amortization rose in Q1 2026, likely driven by additional capital spending and asset base expansion that started in previous periods, resulting in higher depreciation expense as more investments become operational. " "

Deferred Income Taxes

Reversal of $13M (from a $11M charge to a $2M benefit)

Deferred Income Taxes experienced a significant swing from an $11M charge in Q4 2024 to a $2M benefit in Q1 2026; this reversal may reflect changes in tax timing differences or one-time adjustments in tax positions that began evolving in prior periods. " "

Working Capital Dynamics (Trade Receivables & AP)

Net swing of $59M (Trade receivables: from –$1M to –$17M; Accounts payable: from –$30M to +$29M)

Working capital items shifted considerably—trade receivables deteriorated and accounts payable flipped from negative to positive figures compared to previous periods; such a net swing of $59M suggests adjustments in credit policies, collection efficiency, and payment timing that were influenced by operational and supply chain factors evident in past periods. " "

Net Cash Provided by Operating Activities

Shifted from an inflow of $2M to an outflow of $2M

Operating cash flow turned negative by $4M compared to the prior period’s modest inflow, reflecting lower net income combined with adverse movements in working capital elements that have been building up since previous quarters. " "

Investing Cash Outflows (Property Additions)

Increased from $33M to $60M

Investing outflows for property additions nearly doubled in Q1 2026, driven by incremental capital expenditure initiatives—specifically for supply chain optimization—that were initiated in prior periods and intensified in the current period. " "

Financing Activities

Improved from a net inflow of $28M to $49M

Financing activities strengthened with a $21M increase in net cash inflow, largely due to additional borrowings (e.g., a $50M credit facility drawdown) that offset earlier period trends and reshaped the company’s financing structure. " "

Cash and Cash Equivalents

Fell by roughly 32% (from $40M to $27M)

Overall liquidity declined significantly as the combined effects of lower operating cash flow, higher investing outlays, and despite stronger financing inflows resulted in a 32% drop in cash and cash equivalents, reflecting the cumulative impact of trends seen over prior periods now manifesting in Q1 2026. " "