Watch for pricing recovery in silicon metal and cost trends in H2 2026. The QoQ margin decline and negative free cash flow warrant caution, but the YoY improvement in net loss and revenue growth suggest a potential turnaround. Monitor next earnings for confirmation of management's H2 pricing outlook.
Price Chart
Executive Summary
Ferroglobe reported Q1 2026 sales of $347.7M, up 13.2% YoY and 5.6% QoQ, driven by stronger ferroalloy volumes from trade measures. However, adjusted EBITDA fell to $3.3M from $14.6M in Q4 2025 due to margin compression, and the company posted a net loss of $7.1M. Despite improving revenue, profitability weakened sequentially, and free cash flow was negative $16.4M.
Key Facts
- Q1 2026 sales $347.7M vs $307.2M Q1 2025 (+13.2%) and $329.4M Q4 2025 (+5.6%)
- Net loss attributable to parent $7.1M vs $66.5M Q1 2025 (improved 89.4%)
- Adjusted EBITDA $3.3M vs $14.6M Q4 2025 (down 77.1%) vs -$26.8M Q1 2025
- Adjusted diluted EPS $(0.07) vs $(0.06) Q4 2025 and $(0.20) Q1 2025
- Total cash $96.4M, net debt $54.6M (vs net debt $29.8M Q4 2025)
- Operating cash flow -$5.6M, free cash flow -$16.4M
Financial Impact
Quarterly sales grew ~$40M YoY, but adjusted EBITDA margin compressed to 1% from 4.4% QoQ; net loss narrowed by ~$59M YoY.
Risk Factors
- Continued margin compression from higher raw material and logistics costs
- Silicon metal pricing weakness and competitive imports
- Negative free cash flow and increasing net debt
- Uncertainty around Venezuelan restart and critical materials strategy
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-055715 |
| Document: 0001104659-26-055715-index-headers.html | 0001104659-26-055715 |
| Document: 0001104659-26-055715-index.html | 0001104659-26-055715 |
| Document: 0001104659-26-055715.txt | 0001104659-26-055715 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G/A | $3.99 | awaiting T+5 | — | $3.87 (−3.01%) |
Oct 20, 2026 6d ago | Press Release | $4.19 | awaiting T+5 | — | $3.87 (−7.64%) |
Oct 9, 2026 17d ago | SC 13G/A | $4.10 $4.20 | ▲ +2.44% | ▲ +3.93% | $3.87 (−5.61%) |
Aug 11, 2026 11w ago | Court Ruling | $4.45 $4.05 | ▼ −8.99% | ▼ −8.54% | $3.87 (−13.03%) |
Aug 4, 2026 11w ago | 6-K | $4.15 $4.45 | ▲ +7.23% | ▲ +6.88% | $3.87 (−6.75%) |
Aug 4, 2026 11w ago | Press Release | $4.15 $4.45 | ▲ +7.23% | ▲ +6.88% | $3.87 (−6.75%) |
Jun 18, 2026 18w ago | 6-K | $3.91 $3.42 | ▼ −12.53% | ▼ −10.87% | $3.87 (−1.02%) |
May 5, 2026 24w ago | 6-K | $4.73 $4.01 | ▼ −15.22% | ▼ −16.35% | $3.87 (−18.18%) |
May 5, 2026 24w ago | Press Release | $4.73 $4.01 | ▼ −15.22% | ▼ −16.35% | $3.87 (−18.18%) |
Mar 26, 2026 30w ago | 20-F | $4.28 $4.07 | ▲ +4.91% | ▲ +6.54% | $3.87 (+9.58%) |
US Market Status
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