Exhibit 99.1

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Ascent Industries Reports Third Quarter 2023 Results

Oak Brook, Illinois, November 8, 2023 – Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals, is reporting its results for the third quarter ended September 30, 2023.

Third Quarter 2023 Summary - Continuing Operations1
(in millions, except per share and margin)Q3 2023Q3 2022Change
Net Sales$56.1$78.2-28.3%
Gross Profit$6.0$14.1-57.3%
Gross Profit Margin10.7%18.0%-730bps
Net Income (Loss)$(12.8)$3.1-511.2%
Diluted Earnings (Loss) per Share$(1.26)$0.30-520.0%
Adjusted EBITDA$0.9$8.2-88.5%
Adjusted EBITDA Margin1.7%10.5%-880bps
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1On June 2, 2023, the Board of Directors of Ascent made the decision to permanently cease operations at the Company’s welded pipe and tube facility located in Munhall, PA (“Munhall”) effective on August 31, 2023. As a result, financial results from Munhall have been categorized into discontinued operations.

Management Commentary
“After a challenging first half of the year, we were pleased to begin seeing signs of improvement within our operations during the third quarter,” said Chris Hutter, president and CEO of Ascent. “Challenging macro-economic volatility continues to play a factor in overall end market demand, which impacted sales volumes in both our segments during the quarter. Despite this, our sales teams remained diligent in their efforts to uncover demand, and we believe we are building a healthier backlog across the board. We were also proud to appoint Bryan Kitchen as the new president of Ascent Chemicals. In the few weeks that Bryan has been onboard, he has already made significant contributions to our chemicals segment, and we look forward to the success we believe he will bring.

“While there is still much work to be done to return to acceptable levels of profitability, we do believe that we have turned the corner operationally and are continuing to make progress stabilizing the business. We remain determined to hit our long-term strategic goals and believe the operational moves we made in 2023 were necessary to achieve those goals. Although broader economic uncertainty continues to hamper sales volumes in both our segments, we believe that we have the right leadership in place to capitalize on our market position heading into 2024.”

Third Quarter 2023 Financial Results
Net sales from continuing operations were $56.1 million compared to $78.2 million in the prior year period. The decrease is primarily due to continued lower overall sales volumes and lower average selling prices within both the tubular products and specialty chemicals segments.

Gross profit from continuing operations was $6.0 million, or 10.7% of net sales, compared to $14.1 million, or 18.0% of net sales, in the third quarter of 2022. The decrease is primarily attributable to the decline in net sales in addition to lower product margin.

Net loss from continuing operations was $12.8 million, or $(1.26) diluted loss per share, compared to net income from continuing operations of $3.1 million, or $0.30 diluted earnings per share, in the third quarter of 2022. The decrease is primarily attributable to the $11.4 million goodwill impairment within the specialty chemicals segment, along with the aforementioned decline in gross profit.

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Adjusted EBITDA was $0.9 million compared to $8.2 million in the third quarter of 2022. Adjusted EBITDA margin was 1.7% compared to 10.5% in the prior year period. The decrease is primarily attributable to the Company’s aforementioned decline in net sales.

Segment Results
Ascent Tubular – net sales from continuing operations in the third quarter of 2023 were $36.1 million compared to $50.6 million in the third quarter of 2022. Operating income from continuing operations in the third quarter was $1.7 million compared to operating income from continuing operations of $7.6 million in the prior year period. Adjusted EBITDA from continuing operations in the third quarter was $2.6 million compared to $8.9 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was 7.3% compared to 17.6% in the third quarter of 2022.

Ascent Chemicals – net sales in the third quarter of 2023 were $20.1 million compared to $27.3 million in the third quarter of 2022. Operating loss in the third quarter was $(11.5) million compared to operating income of $1.1 million in the prior year period. Adjusted EBITDA in the third quarter was $1.0 million compared to $2.7 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was 5.2% compared to 10.0% in the third quarter of 2022.

Liquidity
As of September 30, 2023, total debt was $53.0 million under the Company’s revolving credit facility, compared to $71.5 million in debt at December 31, 2022. As of September 30, 2023, the Company had $41.8 million of remaining available borrowing capacity under its revolving credit facility, compared to $37.6 million at December 31, 2022.

During the third quarter of 2023, the Company repurchased 44,799 shares at an average cost of $8.87 per share for approximately $0.4 million, bringing total year-to-date repurchases for 2023 to 95,955 shares. The Company currently has 584,024 shares remaining under its share repurchase authorization.

Conference Call
Ascent will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the third quarter ended September 30, 2023.

Ascent management will host the conference call, followed by a question-and-answer period.
Date: Wednesday, November 8, 2023
Time: 5:00 p.m. Eastern time
Live Call Registration Link: Here
Webcast Registration Link: Here

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.

The conference call will also be broadcast live and available for replay here. The webcast will be archived for one year in the investor relations section of the Company’s website at www.ascentco.com.

About Ascent Industries Co.
Ascent Industries Co. (Nasdaq: ACNT) is a company that engages in a number of diverse business activities including the production of stainless steel, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Ascent, please visit its web site at www.ascentco.com.

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Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements and to review the risks as set forth in more detail in Ascent Industries Co.’s Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC or on our website. Ascent Industries Co. assumes no obligation to update any forward-looking information included in this release.

Non-GAAP Financial Information
Financial statement information included in this earnings release includes non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.
Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income.

Management believes that these non-GAAP measures are useful because they are key measures used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions as well as allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Company Contact
Bill Steckel
Chief Financial Officer
1-630-884-9181
Investor Relations
Cody Slach and Cody Cree
Gateway Group, Inc.
1-949-574-3860
ACNT@gateway-grp.com
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Ascent Industries Co.
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
    
(Unaudited)
 September 30, 2023December 31, 2022
Assets 
Current assets: 
Cash and cash equivalents$730 $1,440 
Accounts receivable, net of allowance for credit losses of $1,105 and $762, respectively32,910 37,062 
Inventories83,044 85,572 
Prepaid expenses and other current assets8,775 7,802 
Assets held for sale8,956 380 
Current assets of discontinued operations620 38,120 
Total current assets135,035 170,376 
Property, plant and equipment, net31,981 37,045 
Right-of-use assets, operating leases, net28,170 29,198 
Goodwill— 11,389 
Intangible assets, net8,872 10,001 
Deferred income taxes9,217 1,353 
Deferred charges, net128 203 
Other non-current assets, net1,782 1,861 
Long-term assets of discontinued operations6 7,617 
Total assets$215,191 $269,043 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$25,758 $19,623 
Accrued expenses and other current liabilities5,608 6,039 
Current portion of note payable630 387 
Current portion of long-term debt2,464 2,464 
Current portion of operating lease liabilities1,132 1,029 
Current portion of finance lease liabilities296 280 
Current liabilities of discontinued operations970 3,656 
Total current liabilities36,858 33,478 
Long-term debt50,543 69,085 
Long-term portion of operating lease liabilities30,051 30,911 
Long-term portion of finance lease liabilities1,378 1,242 
Other long-term liabilities59 68 
Total non-current liabilities82,031 101,306 
Total liabilities$118,889 $134,784 
Commitments and contingencies
Shareholders' equity:
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,120,281 shares issued and outstanding, respectively$11,085 $11,085 
Capital in excess of par value47,189 47,021 
Retained earnings47,379 85,146 
 105,653 143,252 
Less: cost of common stock in treasury - 964,822 and 924,504 shares, respectively(9,351)(8,993)
Total shareholders' equity96,302 134,259 
Total liabilities and shareholders' equity$215,191 $269,043 
Note: The condensed consolidated balance sheets at December 31, 2022 have been derived from the audited consolidated financial statements at that date.
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Ascent Industries Co.
Condensed Consolidated Statements of Income (Loss) - Comparative Analysis (Unaudited)
($ in thousands, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net sales
Tubular Products$36,061 $50,606 $118,983 $162,059 
Specialty Chemicals20,052 27,328 65,164 84,070 
All Other— 287 50 401 
56,113 78,221 184,197 246,530 
Operating income (loss) from continuing operations
Tubular Products1,705 7,640 3,264 34,761 
Specialty Chemicals(11,481)1,097 (10,935)6,111 
All Other(132)(13)(684)(330)
Corporate
Unallocated corporate expenses(2,859)(3,890)(9,314)(10,241)
Acquisition costs and other— (149)(274)(837)
Total Corporate(2,859)(4,039)(9,588)(11,078)
Operating income (loss)(12,767)4,685 (17,943)29,464 
Interest expense1,063 827 3,217 1,637 
Other, net(97)(118)(344)(176)
Income (loss) from continuing operations before income taxes(13,733)3,976 (20,816)28,003 
Income tax provision (benefit)(964)871 (2,350)4,069 
Income (loss) from continuing operations(12,769)3,105 (18,466)23,934 
Loss from discontinued operations, net of tax(5,163)(2,481)(19,301)(1,993)
Net income (loss)$(17,932)$624 $(37,767)$21,941 
Net income (loss) per common share from continuing operations
Basic$(1.26)$0.30 $(1.82)$2.34 
Diluted$(1.26)$0.30 $(1.82)$2.30 
Net loss per common share from discontinued operations
Basic$(0.51)$(0.24)$(1.90)$(0.19)
Diluted$(0.51)$(0.24)$(1.90)$(0.19)
Net income (loss) per common share
Basic$(1.77)$0.06 $(3.72)$2.14 
Diluted$(1.77)$0.06 $(3.72)$2.11 
Average shares outstanding
Basic10,135 10,253 10,151 10,235 
Diluted10,135 10,465 10,151 10,407 
Other data:
Adjusted EBITDA1
$944 $8,214 $778 $38,894 
1The term Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense (including change in fair value of interest rate swap), income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, proxy contest costs and recoveries, loss on extinguishment of debt, earn-out adjustments, realized and unrealized (gains) and losses on investments in equity securities and other investments, retention costs and restructuring & severance costs from net income. For a reconciliation of this non-GAAP measure to the most comparable GAAP equivalent, refer to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.
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Ascent Industries Co.
Consolidated Statements of Cash Flows (Unaudited)
($ in thousands)
Nine Months Ended September 30,
20232022
Operating activities  
Net income (loss)$(37,767)$21,941 
Loss from discontinued operations, net of tax(19,301)(1,993)
Net income (loss) from continuing operations(18,466)23,934 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation expense4,833 4,950 
Amortization expense1,128 2,440 
Amortization of debt issuance costs75 75 
Goodwill impairment11,389 — 
Deferred income taxes(7,864)(1,227)
Payments of earn-out liabilities in excess of acquisition date fair value
— (372)
Provision for losses on accounts receivable2,199 608 
Provision for losses on inventories343 1,372 
Loss on disposal of property, plant and equipment182 31 
Non-cash lease expense205 322 
Issuance of treasury stock for director fees— 364 
Stock-based compensation expense718 951 
Changes in operating assets and liabilities: 
Accounts receivable3,809 (6,210)
Inventories526 (30,252)
Other assets and liabilities323 (515)
Accounts payable5,934 10,154 
Accrued expenses(430)(1,508)
Accrued income taxes(772)555 
Net cash provided by operating activities - continuing operations4,132 5,672 
Net cash provided by (used in) operating activities - discontinued operations17,395 (4,679)
Net cash provided by operating activities21,527 993 
Investing activities  
Purchases of property, plant and equipment(2,660)(2,875)
Proceeds from disposal of property, plant and equipment— 5 
Net cash used in investing activities - continuing operations(2,660)(2,870)
Net cash used in investing activities - discontinued operations(145)(592)
Net cash used in investing activities(2,805)(3,462)
Financing activities  
Borrowings from long-term debt201,588 352,513 
Proceeds from note payable900 967 
Proceeds from the exercise of stock options— 175 
Payments on long-term debt(220,130)(350,311)
Payments on note payable(657)(387)
Principal payments on finance lease obligations(231)(193)
Payments on earn-out liabilities— (484)
Repurchase of common stock(903)(492)
Net cash provided by (used in) financing activities - continuing operations(19,433)1,788 
Net cash used in financing activities - discontinued operations— (808)
Net cash used in financing activities(19,433)980 
Decrease in cash and cash equivalents(711)(1,489)
Less: Cash and cash equivalents of discontinued operations1 4 
Cash and cash equivalents, beginning of period1,440 2,017 
Cash and cash equivalents, end of period$730 $532 
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Ascent Industries Co.
Non-GAAP Financial Measures Reconciliation
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
($ in thousands)

Three Months Ended
September 30,		Nine Months Ended
September 30,
($ in thousands)2023202220232022
Consolidated
Net income (loss) from continuing operations$(12,769)$3,105 $(18,466)$23,934 
Adjustments:
Interest expense1,063 827 3,217 1,637 
Income taxes(964)871 (2,350)4,069 
Depreciation1,590 1,748 4,833 4,950 
Amortization376 1,098 1,129 2,440 
EBITDA(10,704)7,649 (11,637)37,030 
Acquisition costs and other42 149 323 836 
Goodwill impairment11,389 — 11,389 — 
Gain on lease modification— — — (2)
Stock-based compensation142 307 389 697 
Non-cash lease expense69 109 205 323 
Retention expense6 — 6 — 
Restructuring and severance costs— — 103 10 
Adjusted EBITDA$944 $8,214 $778 $38,894 
% sales1.7 %10.5 %0.4 %15.8 %
Tubular Products
Net income from continuing operations$1,705 $7,640 $3,265 $34,760 
Adjustments:
Depreciation expense626 637 1,916 2,000 
Amortization expense217 576 653 1,728 
EBITDA2,548 8,853 5,834 38,488 
Acquisition costs and other42 — 46 — 
Stock-based compensation11 34 2 53 
Non-cash lease expense36 — 109 (1)
Restructuring and severance costs— — 97 — 
Tubular Products Adjusted EBITDA$2,637 $8,887 $6,088 $38,540 
% segment sales7.3 %17.6 %5.1 %23.8 %
Specialty Chemicals
Net income (loss)$(11,498)$1,088 $(10,974)$6,083 
Adjustments:
Interest expense21 9 52 28 
Depreciation expense942 1,097 2,850 2,897 
Amortization expense159 520 475 712 
EBITDA(10,376)2,714 (7,597)9,720 
Acquisition costs and other— — 2 — 
Goodwill impairment11,389 — 11,389 — 
Stock-based compensation3 12 (13)29 
Non-cash lease expense23 — 69 1 
Specialty Chemicals Adjusted EBITDA$1,039 $2,726 $3,850 $9,750 
% segment sales5.2 %10.0 %5.9 %11.6 %
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