AMG Critical Materials (AMG) Q4 2025 earnings summary

Executive summary

• Achieved third highest adjusted EBITDA in company history for 2025, despite lithium and vanadium market weakness, and Q4 2025 revenue rose 24% year-over-year to $447 million, driven by strong Technologies and Vanadium segments.

• Strategic portfolio actions included sale of Graphite/Graphit Kropfmühl GmbH for $65 million, closure of Silicon operations, and investments in lithium and molybdenum recycling.

• Focused on capital-light, high-return projects and expanding critical materials portfolio, including new U.S. chrome facility and recycling initiatives.

• Disciplined portfolio management reduced headcount to 3,200 by year-end.

• Revenue for Q4 2025 rose to $446.6M, but quarterly net loss reached $46.4M compared to a profit of $10.5M year-over-year.

Financial highlights

• Q4 2025 adjusted EBITDA was $43 million, down 26% year-over-year, mainly due to prior year one-time allowances and lower segment profitability.

• Adjusted net income for Q4 2025 was $5.6 million after adding back derecognized tax loss carryforwards and silicon restructuring; adjusted net income reported elsewhere as -$48.3 million due to non-cash tax and closure costs.

• Q4 2025 cash from operating activities was $81 million, up from $64 million in Q4 2024.

• Ended 2025 with $509 million net debt, $289 million cash, and $484 million total liquidity.

• Full-year 2025 revenue was $1.71B, up from $1.44B in 2024, with a net loss of $14.3M, an improvement from a $25.8M loss in 2024.

Outlook and guidance

• 2026 adjusted EBITDA expected in the range of $210–240 million, with Q1 as the earnings trough and improvement from Q2 as higher pricing flows through.

• Capital expenditures for 2026 projected at $70–90 million, focused on vanadium and lithium growth investments.

• Positive free cash flow expected for 2026.