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Jun 30, 2025
GrafTech Q2 2025 Earnings Report
GrafTech reported higher sales and production volumes in Q2 2025 but remained unprofitable due to low pricing.
Key Takeaways
GrafTech posted $131.8M in revenue in Q2 2025 with a net loss of $86.9M as competitive pricing pressures offset volume growth. Cost-cutting efforts reduced cash cost per MT by 13% year-over-year, while U.S. sales grew significantly.
Sales volume grew 12% year-over-year to 28.6K MT, highest since Q3 2022
U.S. sales volume surged 38% year-over-year, improving geographic mix
Cash cost of goods sold per MT dropped 13% to $3,754
Net loss widened to $86.9M due to lower average realized prices and a $43M tax expense
Revenue by Geographic Location
Forward Guidance
GrafTech reaffirmed its expectation of ~10% full-year sales volume growth and guided for a 7-9% year-over-year decline in cash costs per MT, with U.S. demand expected to improve modestly.
Positive Outlook
- Full-year sales volume expected to rise ~10%
- U.S. sales mix shift supports higher average selling prices
- Cash costs per MT expected to decline 7-9% year-over-year
- Long-term demand tailwind from electric arc furnace adoption
- Capital expenditures for 2025 expected to remain low at ~$40M
Challenges Ahead
- Pricing environment remains unsustainably low in most regions
- Adjusted EBITDA remained low at $3M despite volume growth
- Net cash used in operating activities was $53M in Q2
- Global steel industry demand expected to remain flat in most regions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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