Total Revenue

–13% (from $904.0M in Q1 2024 to $784.8M in Q1 2025)

Lower overall sales volumes in key geographical regions (notably Europe and Asia-Pacific) and segment-specific declines (e.g., in Latex Binders) outweighed gains in Engineered Materials and Polymer/Plastics Solutions, resulting in a significant revenue contraction. " "

Engineered Materials

+46% (from $189.2M in Q1 2024 to $277.3M in Q1 2025)

The segment experienced strong performance likely driven by improved product mix, normalized market dynamics, and possibly lower input cost impacts that helped boost margins compared to the previous quarter. " "

Latex Binders

–13% (from $241.5M in Q1 2024 to $209.3M in Q1 2025)

The decline reflects significant volume reductions in key applications, which were only partially mitigated by pricing increases stemming from raw material cost pass-through effects. " "

Polymer/Plastics Solutions

+12% (from $265.7M in Q1 2024 to $298.2M in Q1 2025)

Modest growth in this segment was achieved through beneficial pricing actions and an improved product mix that offset declines in some volume metrics, suggesting strategic adjustments relative to prior performance. " "

U.S. Revenue

+5% (from $226.4M in Q1 2024 to $235.6M in Q1 2025)

A steady demand and effective pricing strategies in the domestic market contributed to a modest increase, reflecting stable performance relative to the previous period. " "

European Revenue

–20% (from $462.5M in Q1 2024 to $371.7M in Q1 2025)

The substantial decline was mainly driven by weaker market conditions and significant volume losses in Europe, adversely impacting multiple segments. " "

Asia-Pacific Revenue

–19% (from $184.1M in Q1 2024 to $149.2M in Q1 2025)

The drop reflects weaker regional demand (likely tied to tariff issues and sector-specific underperformance in Polystyrene and Latex Binders), leading to a notable revenue decrease. " "

Rest of World

–9% (from $31.0M in Q1 2024 to $28.3M in Q1 2025)

Smaller regions experienced lower volumes and market challenges, resulting in a moderate decline in revenue compared to the previous quarter. " "

Operating Income

From a loss of $3.3M in Q1 2024 to a loss of $29.0M in Q1 2025

Despite a slight improvement in gross profit (increasing from $60.6M to $63.8M), an increase in SG&A expenses (notably from $20.9M in debt refinancing costs), lower equity earnings, and other cost pressures significantly worsened the operating loss. " "

Adjusted EBITDA

Q2 2025

Midpoint of $70 million " "

Expected to be between $55 million and $70 million "

lowered

Free Cash Flow

Q2 2025

no prior guidance

Approximately breakeven " "

no prior guidance

Free Cash Flow

2H 2025

no prior guidance

positive " "

no prior guidance

Full-Year Guidance

FY 2025

no prior guidance

Withdrawn "

no prior guidance

Consumer Electronics

Emphasized strong volume growth (61% in Q4 2024), high recycled-content products, and seasonal improvements in Q2/Q3 2024 " " "

Q1 2025 continued strong performance with 43% YoY growth, supported by sustainability initiatives and a significant presence in Asia Pacific despite some challenges " " "

Consistently positive – Growth remains robust, though a slightly lower YoY percentage in Q1 2025 suggests normalization amid regional challenges.

Engineered Materials

Reported healthy momentum with normalization of MMA dynamics in Q2/Q3 and strong EBITDA margins in Q4 2024 " " "

Q1 2025 outlook highlights cost reductions and strategic focus to drive adjusted EBITDA improvements in Q2 2025 "

Steady with cost focus – The segment remains a key high-margin driver with an evolving emphasis on cost improvements.

Licensing and Technology Partnerships

Q4 2024 detailed a strategic polycarbonate license with Deepak Nitrite; no discussion in Q2/Q3 2024 " "

Q1 2025 expanded on licensing with Deepak Chem Tech, reporting $26 million in licensing income plus additional collections and hints at future deals in recycling and polycarbonate technology " " " "

Emerging and deepening – Licensing has gained prominence as a growth avenue, with increased revenue recognition and strategic global expansion.

Cost Reduction, Operational Efficiency, and Restructuring Initiatives

Consistently discussed from Q2 through Q4 with focus on SG&A reductions, fixed cost cuts, exiting unprofitable operations, and organizational restructuring " " " " "

In Q1 2025, restructuring actions and cost savings remain central, contributing to improved adjusted EBITDA and operational efficiency across segments " " "

Sustained transformation – Ongoing initiatives demonstrate continuous improvement and alignment with higher-value segments.

Free Cash Flow, Liquidity, and Debt/Refinancing Risks

Q2 showed negative FCF with expectations for later improvement; Q3 reported minor negative FCF with seasonal headwinds; Q4 highlighted strong liquidity and refinanced debt maturity extension " " " "

Q1 2025 experienced a significant negative free cash flow (-$119 million) driven by seasonal working capital and refinancing outflows, though positive signals are pointed to for Q2 and later in the year " " " "

Cautiously managed – Liquidity management remains a focus as seasonal and refinancing pressures cause volatility despite efforts to preserve cash.

Commodity and Raw Material Pricing Volatility

In Q2, Q3, and Q4, falling styrene prices induced notable negative timing impacts, affecting EBITDA and working capital trends " " " " " "

No specific commentary in Q1 2025, indicating the topic received less emphasis relative to prior calls [No direct Q1 mention]

Diminished focus – Earlier volatility impacts are not being reiterated in Q1, possibly suggesting a temporary resolution or lower prioritization.

Tariff and Trade Uncertainty

Q4 discussed limited impact on imports/exports and uncertainty in end market demand; Q2 and Q3 had little or no mention "

Q1 2025 provided a detailed discussion on the uncertain demand environment from tariffs affecting China and automotive, while also noting potential upsides in local markets "

Resurfaced concerns – Greater detail in Q1 points to renewed emphasis on trade uncertainty shaping demand across regions.

Americas Styrenics Performance and Asset Monetization Challenges

Q2 noted challenges from lower styrene prices and outages; Q3 recounted outages with an optimistic Q4 outlook; Q4 mentioned unfavorable timing impacts and delays in monetization " " " " "

Q1 2025 reported timing issues and operational turnaround impacts leading to negative EBITDA, with ongoing challenges in asset monetization and delays pending a favorable valuation environment " "

Persistent challenges – Performance issues and monetization delays continue, although improvements are anticipated in subsequent quarters.

Operational Disruptions, Seasonal Headwinds, and Pricing Pressures

Q2 detailed unplanned outages and pricing pressures (e.g. $10 million unfavorable timing from falling styrene prices); Q3 reported outages and expectations of seasonal slowdown; Q4 highlighted seasonality and negative timing yet noted pass‐through pricing benefits " " " " " "

Q1 2025 noted managed disruptions (e.g. resolved polystyrene outage, minor accelerated turnaround) and significant seasonal working capital effects; pricing pressures from benzene declines and tariffs were evident " " "

Cautious with seasonal dynamics – Despite resolving some disruptions, ongoing seasonal headwinds and pricing challenges continue to influence quarterly performance.

Innovative Battery Technology Applications

Q2 highlighted technical advancements in anode binders for EV and NCM batteries; Q3 reported a 7% volume increase in battery and case applications in the latex binders segment " "

Q1 2025 reiterated investments in latex binders for lithium-ion batteries, underscoring global footprint advantages and expanding qualifications in grid storage and mobility markets "

High growth potential – Consistent positive sentiment and technical innovation make this an emerging area with significant long-term impact.