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Sep 30, 2025
GrafTech Q3 2025 Earnings Report
GrafTech reported a smaller net loss in Q3 2025 as sales volumes improved and production costs declined.
Key Takeaways
GrafTech delivered stronger Q3 results driven by higher sales volume, especially in the U.S., and reduced cash costs per metric ton. While challenges in pricing remain, the company generated positive adjusted EBITDA and free cash flow.
Revenue rose to $144M, up 10% YoY due to increased sales volume and a one-time deferred revenue recognition.
Net loss improved to $28M, compared to $36M in Q3 2024.
Cash cost of goods sold per MT fell 10% YoY to $3,795.
Adjusted EBITDA reached $13M, aided by operational improvements and a non-cash benefit.
Revenue by Geographic Location
Forward Guidance
GrafTech expects full-year 2025 sales volumes to rise 8-10% YoY, with continued cost optimizations and regional focus expected to drive performance despite pricing pressures.
Positive Outlook
- Full-year sales volume guidance increased to 8–10% YoY growth.
- Cost reduction guidance improved to 10% YoY decline in cash COGS per MT.
- U.S. market strength expected to support higher pricing.
- Liquidity remains strong at $384M total, including $177M in cash.
- Well-positioned for long-term growth via EAF steel transition and EV market demand.
Challenges Ahead
- Graphite electrode pricing remains unsustainably low.
- Competitive pressure continues across all core regions.
- European steel industry still challenged despite trade protections.
- Revenue growth in Q3 was partially driven by a one-time $11M deferred revenue recognition.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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