Exhibit 99.1

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Ascent Industries Reports First Quarter 2024 Results

Oak Brook, Illinois, May 8, 2024 – Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production of specialty chemicals and industrial tubular products, is reporting its results for the first quarter ended March 31, 2024.

First Quarter 2024 Summary1
(in millions, except per share and margin)Q1 2024Q1 2023Change
Net Sales$44.1$54.9(19.6)%
Gross Profit$2.5$1.572.4%
Gross Profit Margin5.7%2.7%300bps
Net (Loss)$(4.7)$(5.8)18.6%
Diluted (Loss) per Share$(0.47)$(0.57)17.5%
Adjusted EBITDA$(3.1)$(3.7)16.6%
Adjusted EBITDA Margin(7.1)%(6.8)%(30)bps
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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. On December 22, 2023, the Company closed on a transaction to sell substantially all of the assets of Specialty Pipe & Tube (“SPT”). As a result, financial results from Munhall & SPT have been categorized into discontinued operations.

Management Commentary
“The first quarter of 2024 marked a period of structural cost reduction and stabilization efforts across the enterprise,” said Ascent CEO Bryan Kitchen. “Without question, our initial efforts to optimize both cash and costs have helped drive year-over-year improvements across our consolidated gross margin and bottom line, while operating within the confines of our own free cash flow. Aggressive self-help has been at the core of our ability to overcome ongoing market headwinds that have resulted in a year-over-year decline in total net sales.”

“As promised, in just a short period of time we have made progress in laying the groundwork for driving profitable growth through the optimization of our product mix while recapitalizing our SG&A across both segments. These actions, coupled with a continued focus on driving efficiencies across all sites and functions, will create a more predictable, reliable, and profitable operating model moving forward. Momentum is building, and we expect continued improvements in our financial results throughout 2024. We are on the right track to create durable value for shareholders.”

First Quarter 2024 Financial Results
Net sales from continuing operations were $44.1 million compared to $54.9 million in the first quarter of 2023, primarily attributable to decreased end-market demand and de-stocking trends across both segments.

Gross profit from continuing operations improved to $2.5 million, or 5.7% of net sales, compared to $1.5 million, or 2.7% of net sales, in the first quarter of 2023. The increase was primarily attributable to improved strategic sourcing initiatives and cost improvements.

Net loss from continuing operations decreased to $4.7 million, or $(0.47) diluted loss per share, compared to net loss from continuing operations of $5.8 million, or $(0.57) diluted loss per share, in the first quarter of 2023. The decrease was primarily attributable to the aforementioned increases in gross profit and a year-over-year decrease in interest expense due to lower debt outstanding.


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Adjusted EBITDA improved to $(3.1) million compared to $(3.7) million in the first quarter of 2023, primarily driven by the aforementioned cost optimization efforts. Adjusted EBITDA margin was (7.1)% compared to (6.8)% in the prior year period, with the decline primarily a result of the aforementioned lower net sales base.

Segment Results
Ascent Chemicals – net sales in the first quarter of 2024 were $20.3 million compared to $23.7 million in the first quarter of 2023. Operating loss in the first quarter was $1.4 million compared to operating income of $1.4 million in the prior year period. Adjusted EBITDA in the first quarter was $(0.3) million compared to $2.5 million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was (1.4)% compared to 10.5% in the first quarter of 2023.

Ascent Tubular net sales from continuing operations in the first quarter of 2024 were $23.8 million compared to $31.1 million in the first quarter of 2023. Operating loss from continuing operations in the first quarter decreased to $1.5 million compared to operating loss from continuing operations of $3.3 million in the prior year period. Adjusted EBITDA from continuing operations in the first quarter was $(0.7) million compared to $(2.4) million in the prior year period. As a percentage of segment net sales, adjusted EBITDA was (3.0)% compared to (7.7)% in the first quarter of 2023.

Liquidity
As of March 31, 2024, the Company had no debt outstanding under its revolving credit facilities and had $63.6 million in availability under its revolving credit facility.

For the quarter ended March 31, 2024, the Company repurchased 16,330 shares at an average cost of $9.97 per share for approximately $0.2 million.

Conference Call
Ascent will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.

Ascent management will host the conference call, followed by a question-and-answer period.
Date: Wednesday, May 8, 2024
Time: 5:00 p.m. Eastern time
Live Call Registration Link: Here
Webcast Registration Link: Here

To access the call by phone, please register via the live call registration link above or here and you will be provided with dial-in instructions and details. 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 specialty chemicals and industrial tubular products. For more information about Ascent, please visit its website at www.ascentco.com.

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.

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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, 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, loss on extinguishment of debt, 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
Ryan Kavalauskas
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)
 March 31, 2024December 31, 2023
Assets 
Current assets: 
Cash and cash equivalents$1,299 $1,851 
Accounts receivable, net of allowance for credit losses of $792 and $463, respectively28,160 26,604 
Inventories51,197 52,306 
Prepaid expenses and other current assets4,146 4,879 
Assets held for sale1,792 2,912 
Current assets of discontinued operations46 861 
Total current assets86,640 89,413 
Property, plant and equipment, net28,648 29,755 
Right-of-use assets, operating leases, net27,431 27,784 
Intangible assets, net8,129 8,496 
Deferred income taxes7,366 5,808 
Deferred charges, net79 104 
Other non-current assets, net2,678 1,935 
Total assets$160,971 $163,295 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$20,549 $16,416 
Accrued expenses and other current liabilities4,824 5,108 
Current portion of note payable88 360 
Current portion of operating lease liabilities1,170 1,140 
Current portion of finance lease liabilities288 292 
Current liabilities of discontinued operations1,376 1,473 
Total current liabilities28,295 24,789 
Long-term portion of operating lease liabilities29,419 29,729 
Long-term portion of finance lease liabilities1,236 1,307 
Other long-term liabilities57 60 
Total non-current liabilities30,712 31,096 
Total liabilities$59,007 $55,885 
Commitments and contingencies
Shareholders' equity:
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,124,781 shares issued and outstanding, respectively$11,085 $11,085 
Capital in excess of par value47,097 47,333 
Retained earnings53,024 58,517 
 111,206 116,935 
Less: cost of common stock in treasury - 960,323 and 990,282 shares, respectively(9,242)(9,525)
Total shareholders' equity101,964 107,410 
Total liabilities and shareholders' equity$160,971 $163,295 
Note: The condensed consolidated balance sheets at December 31, 2023 have been derived from the audited consolidated financial statements at that date.
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Ascent Industries Co.
Condensed Consolidated Statements of Income (Loss) - Comparative Analysis (Unaudited)
($ in thousands, except per share data)
Three Months Ended
March 31,
20242023
Net sales
Tubular Products$23,814 $31,061 
Specialty Chemicals20,296 23,749 
All Other— 50 
44,110 54,860 
Operating (loss) income from continuing operations
Tubular Products(1,502)(3,293)
Specialty Chemicals(1,439)1,352 
All Other(162)(479)
Corporate
Unallocated corporate expenses(2,150)(3,704)
Acquisition costs and other— (259)
Total Corporate(2,150)(3,963)
Operating loss(5,253)(6,383)
Interest expense127 1,107 
Other, net(120)(95)
Loss from continuing operations before income taxes(5,260)(7,395)
Income tax benefit(1,166)(1,607)
Loss from continuing operations(4,094)(5,788)
(Loss) income from discontinued operations, net of tax(1,399)589 
Net loss$(5,493)$(5,199)
Net loss per common share from continuing operations
Basic$(0.41)$(0.57)
Diluted$(0.41)$(0.57)
Net (loss) income per common share from discontinued operations
Basic$(0.14)$0.06 
Diluted$(0.14)$0.06 
Net loss per common share
Basic$(0.54)$(0.51)
Diluted$(0.54)$(0.51)
Average shares outstanding
Basic10,094 10,148 
Diluted10,094 10,148 
Other data:
Adjusted EBITDA1
$(3,115)$(3,735)
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, 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, 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)
Three Months Ended March 31,
20242023
Operating activities  
Net loss$(5,493)$(5,199)
(Loss) income from discontinued operations, net of tax(1,399)589 
Net loss from continuing operations(4,094)(5,788)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation expense1,522 1,549 
Amortization expense367 376 
Amortization of debt issuance costs25 25 
Deferred income taxes(1,166)353 
Provision for (reduction of) losses on accounts receivable330 (57)
(Reduction of) provision for losses on inventories(73)791 
Loss on disposal of property, plant and equipment— 182 
Non-cash lease expense55 64 
Stock-based compensation expense209 319 
Changes in operating assets and liabilities:
Accounts receivable(1,885)(1,072)
Inventories1,182 9,492 
Other assets and liabilities(73)297 
Accounts payable4,022 6,827 
Accrued expenses(283)1,629 
Accrued income taxes78 (2,577)
Net cash provided by operating activities - continuing operations216 12,410 
Net cash provided by operating activities - discontinued operations47 980 
Net cash provided by operating activities263 13,390 
Investing activities  
Purchases of property, plant and equipment(305)(586)
Net cash used in investing activities - continuing operations(305)(586)
Net cash used in investing activities - discontinued operations— (238)
Net cash used in investing activities(305)(824)
Financing activities  
Borrowings from long-term debt50,950 67,488 
Payments on long-term debt(50,950)(80,384)
Payments on note payable(271)(289)
Principal payments on finance lease obligations(76)(74)
Repurchase of common stock(163)(327)
Net cash used in financing activities(510)(13,586)
Decrease in cash and cash equivalents(552)(1,020)
Less: Cash and cash equivalents of discontinued operations— 
Cash and cash equivalents, beginning of period1,851 1,440 
Cash and cash equivalents, end of period$1,299 $421 
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Ascent Industries Co.
Non-GAAP Financial Measures Reconciliation
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
($ in thousands)

Three Months Ended
March 31,
($ in thousands)20242023
Consolidated
Net loss from continuing operations$(4,094)$(5,788)
Adjustments:
Interest expense127 1,106 
Income taxes(1,166)(1,607)
Depreciation1,522 1,549 
Amortization367 376 
EBITDA(3,244)(4,364)
Acquisition costs and other12 261 
Stock-based compensation59 220 
Non-cash lease expense55 64 
Retention expense— 
Restructuring and severance costs— 84 
Adjusted EBITDA$(3,115)$(3,735)
% sales(7.1)%(6.8)%
Specialty Chemicals
Net (loss) income$(1,458)$1,342 
Adjustments:
Interest expense19 12 
Depreciation expense954 952 
Amortization expense169 158 
EBITDA(316)2,464 
Acquisition costs and other— 
Stock-based compensation
Non-cash lease expense19 24 
Specialty Chemicals Adjusted EBITDA$(290)$2,498 
% segment sales(1.4)%10.5 %
Tubular Products
Net loss from continuing operations$(1,502)$(3,293)
Adjustments:
Depreciation expense544 575 
Amortization expense198 218 
EBITDA(760)(2,500)
Acquisition costs and other12 — 
Stock-based compensation11 (20)
Non-cash lease expense25 31 
Restructuring and severance costs— 84 
Tubular Products Adjusted EBITDA$(712)$(2,405)
% segment sales(3.0)%(7.7)%
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