Monitor next quarter for recovery in shipped volumes and operational normalization at Watkins Glen. The US Salt acquisition provides a tangible asset base, but high leverage ($210M debt) and negative FCF require tracking. No forward guidance was provided.
Price Chart
Executive Summary
ContextLogic reported its first quarterly results following the completion of the US Salt acquisition on Feb 26, 2026. Combined non-GAAP revenue was $32.4M, essentially flat YoY, while adjusted EBITDA declined slightly to $11.6M from $12.5M. The company recorded a $41.9M discrete tax benefit, driving net income of $17.0M, but free cash flow was negative ($20.6M) due to transaction expenses.
Key Financial Metrics
Key Facts
- Completed $907.5M US Salt acquisition on Feb 26, 2026
- Combined Q1 revenue $32.4M, flat vs $32.3M YoY
- Adjusted EBITDA $11.6M vs $12.5M prior year
- Net income $17.0M includes $41.9M discrete tax benefit
- Free cash flow negative ($20.6M) due to transaction costs
- Volume shipped declined 7% due to winter storms and operational disruptions
- Long-term debt $209.8M post-acquisition
Financial Impact
Revenue run rate ~$130M annually; acquisition and transaction costs resulted in negative free cash flow of $20.6M in the quarter
Risk Factors
- Operational disruptions at Watkins Glen facility
- Volume decline of 7% may persist
- High leverage with $209.8M long-term debt
- $3.5M contingent loss accrual related to legal matter
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-225371 |
| Document: logc-20260515.htm | 0001193125-26-225371 |
| Document: 0001193125-26-225371-index-headers.html | 0001193125-26-225371 |
| Document: 0001193125-26-225371-index.html | 0001193125-26-225371 |
| Document: 0001193125-26-225371.txt | 0001193125-26-225371 |
| 8-K Data (Synthetic) | 0001193125-26-225371 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $15.25 | awaiting T+60 | — | $15.20 (−0.33%) |
Aug 5, 2026 11w ago | 8-K | $9.92 | awaiting T+60 | — | $15.20 (+53.23%) |
Jun 15, 2026 19w ago | Insider Cluster | $9.63 $14.01 | ▲ +45.48% | ▲ +44.22% | $15.20 (+57.84%) |
Jun 3, 2026 20w ago | 3 | $9.00 $12.62 | ▲ +40.22% | ▲ +37.72% | $15.20 (+68.89%) |
May 15, 2026 23w ago | 8-K | $8.63 $10.34 | ▲ +19.81% | ▲ +15.30% | $15.20 (+76.13%) |
Apr 3, 2026 29w ago | 3 | $8.13 $8.90 | ▲ +9.47% | ▼ −4.00% | $15.20 (+86.96%) |
Mar 5, 2026 33w ago | 8-K/A | $7.90 $9.05 | ▲ +14.56% | ▲ +1.78% | $15.20 (+92.41%) |
Mar 5, 2026 33w ago | 8-K | $7.90 $9.05 | ▲ +14.56% | ▲ +1.78% | $15.20 (+92.41%) |
Feb 26, 2026 34w ago | Insider Cluster | $8.09 $8.70 | ▲ +7.54% | ▼ −1.85% | $15.20 (+87.89%) |
US Market Status
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