Ascent Industries Co

ascentco.com

What Do They Do?

Makes specialty chemical formulations and intermediates, including surfactants, defoamers and lubricating agents, and provides custom manufacturing services for industrial and consumer-product companies.

How Do They Make Money?

Customers pay for specialty chemical products, mainly through contracts to produce, ship and deliver them. Most are invoiced when the product ships; some custom jobs are billed as units are produced, and customers may pay before the work is complete.

revenue

Segment	Share	Revenue	How money arrives
Custom Manufacturing Mix	70%		Mix
Core Technology Sold outright	30%		Sold outright

Who Are Their Customers?

Manufacturers in markets such as energy, household and industrial products, personal care, coatings and agriculture use the chemicals as ingredients or process aids. Ascent sells through inside and outside sales representatives, working with customers on product development and qualification.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 35% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.1M.

Operating income, FY2025

−9% of revenue

▼ −35% (Loss) vs FY2024 (−$10.8M, −13%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$13.6M, −17%)

Free cash flow, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($13.6M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +38%; vs $18.7M in Q2 FY2025
Net income: ▼ −89%; vs $6.3M in Q2 FY2025

Custom Manufacturing share of revenue vs 76.5% in Q2 FY2025

Aug 4, 2026 Ascent reported second-quarter results and updated its outlook Management said an initiative remained on track for $3 million to $5 million in annualized gross profit improvement by the end of 2026.
May 6, 2026 Ascent acquired Midwest Graphic Sales and Sigma Coatings The company bought substantially all of their assets and certain liabilities for $14,000,000.

Shrinking. Revenue fell 78% in 4 years, from $334.7M in FY2021 to $74.9M in FY2025, about 31% a year.

Tubular businesses exited The older report describes pipe, tube and storage-tank businesses alongside specialty chemicals. The latest report describes Ascent as a specialty chemicals business, following sales of its stainless-steel tubing and pipe assets.

Revenue over time

Custom Manufacturing Core Technology

$100M$50M$0

FY2024 FY2025

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