Exhibit 99.1

ascentlogo.jpg

Ascent Industries Reports Fourth Quarter and Full Year 2024 Results
Ascent Finishes the Year with Strong Earnings Growth, a Healthy Cash Balance, Debt Free, and Nearly
$15 Million of Free Cash Flow Generated in 2024

Schaumburg, Illinois, March 4, 2025 – 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 fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Summary1
(in millions, except per share and margin)Q4 2024Q4 2023Change
Net Sales$40.7$41.2(1.3)%
Gross Profit$7.3$(2.1)438.4%
Gross Profit Margin17.9%(5.2%)2310bps
Net Income (Loss) $0.1$(7.5)101.1%
Diluted Earnings (Loss) per Share$0.01$(0.73)101.4%
Adjusted EBITDA$2.6$(5.9)143.2%
Adjusted EBITDA Margin6.3%(14.4)%2070bps
Full Year 2024 Summary1
(in millions, except per share and margin)20242023Change
Net Sales$177.9$193.2(7.9)%
Gross Profit$22.1$1.51349.3%
Gross Profit Margin12.4%0.8%1160 bps
Net (Loss)$(11.2)$(34.2)67.1%
Diluted (Loss) per share$(1.11)$(3.37)67.1%
Adjusted EBITDA$4.0$(15.9)125.2%
Adjusted EBITDA Margin2.3%(8.2)%1050 bps
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1On 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 SPT have been categorized into discontinued operations.

Management Commentary
“We closed out the year generating strong earnings growth and our fourth consecutive quarter of adjusted EBITDA margin expansion, primarily driven by the strategic self-improvement initiatives we implemented at the beginning of the year,” said Ascent CEO Bryan Kitchen. “As we expected, sales volume and overall demand in the fourth quarter remained muted across both segments. However, through aggressive cost management, product line optimization, and better operational efficiencies, we were still able to expand our gross margin on a lower sales base and deliver an improved bottom line.

“Overall, we’re proud of the transformation efforts we’ve implemented and executed throughout 2024. Through the intentional recapitalization of our SG&A combined with stabilizing the operations of both segments, we have established a stronger foundation to build off in 2025. We are entering the new year with positive momentum on our side as we are seeing more favorable post-election market dynamics and a growing pipeline of opportunities that we believe can deliver organic growth in the coming quarters. We believe we remain on track towards our goal of delivering a more predictable, reliable, and profitable business model that creates durable value for our shareholders.”

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Fourth Quarter 2024 Financial Results
Net sales from continuing operations were $40.7 million compared to $41.2 million in the fourth quarter of 2023. The slight decline was a result of lower volume with higher pricing within the specialty chemicals segment, along with higher volume but lower pricing within the tubular products segment.

Gross profit from continuing operations increased 438% to $7.3 million, or 17.9% of net sales, compared to $(2.1) million, or (5.2)% of net sales, in the fourth quarter of 2023. The increase was primarily driven by continued cost management, improved strategic sourcing, and product line optimization.

Net income from continuing operations improved to $0.1 million, or $0.01 diluted earnings per share, compared to a net loss from continuing operations of $7.5 million, or $0.73 diluted loss per share, in the fourth quarter of 2023.

Adjusted EBITDA increased significantly to $2.6 million compared to $(5.9) million in the fourth quarter of 2023, with adjusted EBITDA margin increasing to 6.3% compared to (14.4)% in the prior year period. The improvement was primarily driven by the aforementioned cost and product mix optimization initiatives.

Full Year 2024 Financial Results
Net sales from continuing operations were $177.9 million compared to $193.2 million in 2023. The decrease was primarily attributable to soft demand dynamics throughout much of the year across both segments.

Gross profit from continuing operations improved significantly to $22.1 million, or 12.4% of net sales, compared to $1.5 million or 0.8% of net sales in 2023. The increase in gross profit was primarily driven by cost reduction measures for labor and materials combined with product line optimization, which the Company implemented throughout 2024.

Net loss from continuing operations was $11.2 million, or $1.11 diluted loss per share, compared to a net loss from continuing operations of $34.2 million, or $3.37 diluted loss per share, in 2023. During the year, the Company recorded a $6.2 million non-cash, one-time tax charge related to a valuation allowance against the Company’s deferred tax assets.

Adjusted EBITDA increased significantly to $4.0 million compared to $(15.9) million in 2023. Adjusted EBITDA as a percentage of net sales was 2.3% compared to (8.2)% in the prior year. The increase is primarily attributable to continued gains in operational efficiencies and the aforementioned cost and product mix optimization initiatives.

Segment Results
Ascent Chemicalsnet sales in the fourth quarter of 2024 were $18.1 million compared to $18.5 million in the fourth quarter of 2023. Operating income in the fourth quarter improved significantly to $1.8 million compared to an operating loss of $1.6 million in the prior year period. Adjusted EBITDA in the fourth quarter increased significantly to $3.4 million compared to $(0.4) million in the prior year period. As a percentage of segment net sales, adjusted EBITDA increased significantly to 18.7% compared to (2.3)% in the fourth quarter of 2023.

Net sales in 2024 were $80.8 million compared to $83.6 million in 2023. Operating income in 2024 increased significantly to $1.1 million compared to an operating loss of $12.6 million in the prior year. Adjusted EBITDA in 2024 increased 85% to $6.3 million compared to $3.4 million in the prior year. As a percentage of segment net sales, adjusted EBITDA increased 370 basis points to 7.8% compared to 4.1% in 2023.

Ascent Tubularnet sales from continuing operations in the fourth quarter of 2024 were $22.5 million compared to $22.8 million in the fourth quarter of 2023. Operating income from continuing operations in the fourth quarter increased significantly to $1.6 million compared to an operating loss from continuing operations of $4.0 million in the prior year period. Adjusted EBITDA from continuing operations in the fourth quarter increased significantly to $2.3 million compared to $(3.1) million in the prior year period. As a percentage of segment net sales, adjusted EBITDA increased significantly to 10.2% compared to (13.7)% in the fourth quarter of 2023.

Net sales from continuing operations in 2024 were $97.1 million compared to $109.5 million in 2023. Operating income from continuing operations in 2024 increased significantly to $2.6 million compared to an operating loss of $11.2 million in the prior year. Adjusted EBITDA from continuing operations in 2024 increased significantly to $5.7 million compared to $(7.8) million in the prior year. As a percentage of segment net sales, adjusted EBITDA increased significantly to 5.8% compared to (7.1)% in 2023.
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Liquidity
As of December 31, 2024, the Company had $16.1 million in cash and cash equivalents, no debt outstanding under its revolving credit facilities and had $47.4 million in availability under its revolving credit facility.

For the year ended December 31, 2024, the Company repurchased 101,263 shares at an average cost of $10.21 per share for approximately $1.0 million.

Conference Call
Ascent will hold a conference call today at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2024.

Ascent management will host the conference call, followed by a question-and-answer period.

Date: Tuesday, March 4, 2025
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 via the webcast registration link above 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.

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, shelf registration costs, loss on extinguishment of debt, retention costs and restructuring & severance costs from net income.
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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)
    
 December 31, 2024December 31, 2023
Assets 
Current assets: 
Cash and cash equivalents$16,108 $1,851 
Accounts receivable, net of allowance for credit losses of $345 and $463, respectively23,880 26,604 
Inventories40,962 52,306 
Prepaid expenses and other current assets2,075 4,879 
Assets held for sale— 2,912 
Current assets of discontinued operations46 861 
Total current assets83,071 89,413 
Property, plant and equipment, net25,462 29,755 
Right-of-use assets, operating leases, net28,225 27,784 
Intangible assets, net7,009 8,496 
Deferred income taxes— 5,808 
Deferred charges, net309 104 
Other non-current assets, net3,174 1,935 
Total assets$147,250 $163,295 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$13,072 $16,416 
Accrued expenses and other current liabilities5,042 5,046 
Deferred revenue1,360 62 
Current portion of note payable369 360 
Current portion of operating lease liabilities1,513 1,140 
Current portion of finance lease liabilities334 292 
Current liabilities of discontinued operations590 1,473 
Total current liabilities22,280 24,789 
Long-term portion of operating lease liabilities30,039 29,729 
Long-term portion of finance lease liabilities1,015 1,307 
Deferred income taxes320 — 
Other long-term liabilities51 60 
Total non-current liabilities31,425 31,096 
Total liabilities$53,705 $55,885 
Commitments and contingencies
Shareholders' equity:
Common stock, par value $1 per share; 24,000,000 shares authorized; 11,085,103 and 10,072,590 shares issued and outstanding, respectively$11,085 $11,085 
Capital in excess of par value47,339 47,333 
Retained earnings44,919 58,517 
 103,343 116,935 
Less: cost of common stock in treasury - 1,012,513 and 990,282 shares, respectively(9,798)(9,525)
Total shareholders' equity93,545 107,410 
Total liabilities and shareholders' equity$147,250 $163,295 
Note: The condensed consolidated balance sheets at December 31, 2024 have been derived from the audited consolidated financial statements at that date.
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Ascent Industries Co.
Condensed Consolidated Statements of Income (Loss) - Comparative Analysis (Unaudited)
($ in thousands, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024202320242023
Net sales
Tubular Products$22,549 $22,765 $97,108 $109,513 
Specialty Chemicals18,122 18,451 80,764 83,616 
All Other— — — 50 
40,671 41,216 177,872 193,179 
Operating income (loss) from continuing operations
Tubular Products1,610 (3,995)2,650 (11,210)
Specialty Chemicals1,791 (1,623)1,166 (12,558)
All Other(49)(116)(427)(801)
Corporate
Unallocated corporate expenses(3,297)(2,704)(8,367)(12,018)
Acquisition costs and other(132)(569)(185)(843)
Gain on lease modification— — 67 — 
Total Corporate(3,429)(3,273)(8,485)(12,861)
Operating loss(77)(9,007)(5,096)(37,430)
Interest expense, net95 1,021 418 4,238 
Other, net(145)(249)(448)(593)
Loss from continuing operations before income taxes(27)(9,779)(5,066)(41,075)
Income tax (benefit) provision(111)(2,244)6,159 (6,924)
Income (loss) from continuing operations84 (7,535)(11,225)(34,151)
(Loss) income from discontinued operations, net of tax(1,111)18,674 (2,373)7,522 
Net (loss) income$(1,027)$11,139 $(13,598)$(26,629)
Net income (loss) per common share from continuing operations
Basic$0.01 $(0.75)$(1.11)$(3.37)
Diluted$0.01 $(0.73)$(1.11)$(3.37)
Net (loss) income per common share from discontinued operations
Basic$(0.11)$1.85 $(0.23)$0.74 
Diluted$(0.11)$1.80 $(0.23)$0.74 
Net (loss) income per common share
Basic$(0.10)$1.10 $(1.34)$(2.63)
Diluted$(0.10)$1.07 $(1.34)$(2.63)
Average shares outstanding
Basic10,090 10,107 10,106 10,140 
Diluted10,337 10,374 10,106 10,140 
Other data:
Adjusted EBITDA1
$2,567 $(5,941)$4,013 $(15,934)
1The term Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense, income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, retention costs and restructuring & severance costs from net income. For a reconciliation of this non-GAAP measure to the most comparable GAAP equivalent, refer to the Reconciliation of Net Income (Loss) to Adjusted EBITDA.
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Ascent Industries Co.
Consolidated Statements of Cash Flows
($ in thousands)
Year Ended December 31,
20242023
Operating activities 
Net loss$(13,598)$(26,629)
(Loss) income from discontinued operations, net of tax(2,373)7,522 
Net loss from continuing operations(11,225)(34,151)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation expense5,936 6,161 
Amortization expense1,488 1,505 
Amortization of debt issuance costs105 99 
Goodwill impairment— 11,389 
Deferred income taxes6,159 (6,924)
Reduction of losses on accounts receivable(118)(180)
Loss on disposal of property, plant and equipment517 246 
Non-cash lease expense198 242 
Stock-based compensation expense767 1,023 
Changes in operating assets and liabilities:
Accounts receivable2,842 6,778 
Inventories11,344 15,563 
Other assets and liabilities1,187 515 
Accounts payable(3,612)1,650 
Accrued expenses(66)(401)
Accrued income taxes1,485 3,129 
Net cash provided by operating activities - continuing operations17,007 6,644 
Net cash (used in) provided by operating activities - discontinued operations(2,326)16,434 
Net cash provided by operating activities14,681 23,078 
Investing activities  
Purchases of property, plant and equipment(1,892)(2,885)
Net cash used in investing activities - continuing operations(1,892)(2,885)
Net cash provided by investing activities - discontinued operations2,797 53,386 
Net cash provided by investing activities905 50,501 
Financing activities  
Borrowings from credit facilities197,898 256,606 
Proceeds from note payable914 900 
Payments on credit facilities(197,898)(328,155)
Payments on note payable(906)(928)
Principal payments on finance lease obligations(300)(305)
Repurchase of common stock(1,037)(1,287)
Net cash used in financing activities(1,329)(73,169)
Increase in cash and cash equivalents14,257 410 
Cash and cash equivalents, beginning of period1,851 1,441 
Cash and cash equivalents, end of period$16,108 $1,851 
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Ascent Industries Co.
Non-GAAP Financial Measures Reconciliation
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
($ in thousands)

Three Months Ended
December 31,
Year Ended
December 31,
($ in thousands)2024202320242023
Consolidated
Net income (loss) from continuing operations$84 $(7,535)$(11,225)$(34,151)
Adjustments:
Interest expense, net95 1,021 418 4,238 
Income taxes(111)(2,244)6,159 (6,924)
Depreciation1,447 1,527 5,936 6,161 
Amortization372 376 1,487 1,505 
EBITDA1,887 (6,855)2,775 (29,171)
Acquisition costs and other608 579 692 856 
Goodwill impairment— — — 11,389 
Gain on lease modification— — (67)— 
Stock-based compensation45 224 204 594 
Non-cash lease expense27 52 198 242 
Retention expense— 20 26 
Restructuring and severance costs— 39 208 130 
Adjusted EBITDA$2,567 $(5,941)$4,013 $(15,934)
% sales6.3 %(14.4)%2.3 %(8.2)%
Specialty Chemicals
Net income (loss)$1,775 $(1,644)$1,093 $(12,619)
Adjustments:
Interest expense17 22 75 74 
Depreciation expense946 948 3,809 3,798 
Amortization expense174 158 695 634 
EBITDA2,912 (516)5,672 (8,113)
Acquisition costs and other477 10 477 12 
Goodwill impairment— — — 11,389 
Stock-based compensation— 21 
Non-cash lease expense19 66 88 
Restructuring and severance costs— 40 110 40 
Specialty Chemicals Adjusted EBITDA$3,398 $(426)$6,332 $3,424 
% segment sales18.7 %(2.3)%7.8 %4.1 %
Tubular Products
Net income (loss) from continuing operations$1,609 $(3,995)$2,649 $(11,210)
Adjustments:
Interest expense— — 
Depreciation expense485 557 2,052 2,274 
Amortization expense198 217 792 871 
EBITDA2,293 (3,221)5,494 (8,065)
Acquisition costs and other— — 30 — 
Stock-based compensation— 74 10 58 
Non-cash lease expense13 25 88 118 
Retention expense— 
Restructuring and severance costs— — 30 84 
Tubular Products Adjusted EBITDA$2,306 $(3,114)$5,652 $(7,797)
% segment sales10.2 %(13.7)%5.8 %(7.1)%
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