2024 Q3 Form 10-Q Financial Statement

#000093114824000101 Filed on July 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $130.7M $137.3M
YoY Change -17.82% -25.99%
Cost Of Revenue $142.7M $133.4M
YoY Change -9.44% -15.18%
Gross Profit -$12.07M $3.976M
YoY Change -969.26% -85.97%
Gross Profit Margin -9.24% 2.9%
Selling, General & Admin $13.06M $5.098M
YoY Change -28.36% -72.52%
% of Gross Profit 128.22%
Research & Development $1.245M $1.447M
YoY Change -3.86% 20.99%
% of Gross Profit 36.39%
Depreciation & Amortization $17.93M $14.32M
YoY Change 5.49% -6.55%
% of Gross Profit 360.14%
Operating Expenses $14.31M $6.545M
YoY Change -26.74% -66.86%
Operating Profit -$26.28M -$2.679M
YoY Change 44.9% -131.16%
Interest Expense $16.50M $15.61M
YoY Change 4.99% 12.24%
% of Operating Profit
Other Income/Expense, Net $285.0K $1.091M
YoY Change -286.27% -339.78%
Pretax Income -$41.40M -$15.34M
YoY Change 25.97% 177.87%
Income Tax -$5.332M -$592.0K
% Of Pretax Income
Net Earnings -$36.07M -$14.75M
YoY Change 59.44% 87.9%
Net Earnings / Revenue -27.61% -10.74%
Basic Earnings Per Share -$0.14 -$0.06
Diluted Earnings Per Share -$0.14 -$0.06
COMMON SHARES
Basic Shares Outstanding 257.2M shares 257.2M shares
Diluted Shares Outstanding 257.7M shares 257.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.4M $120.7M
YoY Change -18.17% -8.65%
Cash & Equivalents $141.4M $120.7M
Short-Term Investments
Other Short-Term Assets $60.61M $62.45M
YoY Change -5.74% -0.8%
Inventory $266.5M $304.8M
Prepaid Expenses
Receivables $89.52M $95.04M
Other Receivables $0.00 $0.00
Total Short-Term Assets $558.0M $583.0M
YoY Change -21.78% -21.17%
LONG-TERM ASSETS
Property, Plant & Equipment $496.7M $495.6M
YoY Change -2.85% -5.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.72M $53.65M
YoY Change -19.33% -22.71%
Total Long-Term Assets $585.0M $580.0M
YoY Change -24.0% -26.22%
TOTAL ASSETS
Total Short-Term Assets $558.0M $583.0M
Total Long-Term Assets $585.0M $580.0M
Total Assets $1.143B $1.163B
YoY Change -22.93% -23.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.11M $61.01M
YoY Change 0.32% -21.47%
Accrued Expenses $89.99M $75.04M
YoY Change -17.44% -22.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $139.0K $132.0K
YoY Change 9.45% 1.54%
Total Short-Term Liabilities $147.2M $138.1M
YoY Change -13.03% -23.39%
LONG-TERM LIABILITIES
Long-Term Debt $929.3M $928.0M
YoY Change 0.53% 0.5%
Other Long-Term Liabilities $47.76M $52.72M
YoY Change -6.92% 6.97%
Total Long-Term Liabilities $977.1M $980.8M
YoY Change 0.14% 0.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.2M $138.1M
Total Long-Term Liabilities $977.1M $980.8M
Total Liabilities $1.124B $1.119B
YoY Change -1.8% -2.96%
SHAREHOLDERS EQUITY
Retained Earnings -$744.0M -$707.9M
YoY Change 67.2% 67.61%
Common Stock $2.572M $2.572M
YoY Change 0.16% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.998M $16.24M
YoY Change
Total Liabilities & Shareholders Equity $1.143B $1.163B
YoY Change -22.93% -23.77%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$36.07M -$14.75M
YoY Change 59.44% 87.9%
Depreciation, Depletion And Amortization $17.93M $14.32M
YoY Change 5.49% -6.55%
Cash From Operating Activities $23.71M -$36.86M
YoY Change -53.96% 308.41%
INVESTING ACTIVITIES
Capital Expenditures $4.027M $6.979M
YoY Change -52.62% -51.93%
Acquisitions
YoY Change
Other Investing Activities $20.00K $77.00K
YoY Change -36.89%
Cash From Investing Activities -$4.007M -$6.902M
YoY Change -52.86% -52.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.00K -19.00K
YoY Change -98.72% -100.1%
NET CHANGE
Cash From Operating Activities 23.71M -36.86M
Cash From Investing Activities -4.007M -6.902M
Cash From Financing Activities -23.00K -19.00K
Net Change In Cash 19.68M -43.78M
YoY Change -52.24% 1141.17%
FREE CASH FLOW
Cash From Operating Activities $23.71M -$36.86M
Capital Expenditures $4.027M $6.979M
Free Cash Flow $19.68M -$43.83M
YoY Change -54.23% 86.19%

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NetIncomeLoss
-45621000 usd
us-gaap Net Income Loss
NetIncomeLoss
-15220000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257772069 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257003691 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257587613 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256935763 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257772069 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257003691 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257587613 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
256935763 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1600000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1400000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2600000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2200000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
13100000 usd
CY2024Q2 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
5600000 usd
CY2023Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
4600000 usd
CY2024Q2 gti Production Capacity
ProductionCapacity
178000 capacity
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
130 employee
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.10
us-gaap Restructuring Charges
RestructuringCharges
3300000 usd
gti Rationalization Related Expenses
RationalizationRelatedExpenses
2700000 usd
CY2024Q2 gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
0 usd
CY2023Q2 gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
0 usd
gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
2202000 usd
gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
0 usd
CY2024Q2 gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
0 usd
CY2023Q2 gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
0 usd
gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
453000 usd
gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
0 usd
CY2024Q2 gti Rationalization Related Expenses
RationalizationRelatedExpenses
0 usd
CY2023Q2 gti Rationalization Related Expenses
RationalizationRelatedExpenses
0 usd
gti Rationalization Related Expenses
RationalizationRelatedExpenses
2655000 usd
gti Rationalization Related Expenses
RationalizationRelatedExpenses
0 usd
CY2024Q2 us-gaap Severance Costs1
SeveranceCosts1
35000 usd
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
0 usd
us-gaap Severance Costs1
SeveranceCosts1
2913000 usd
us-gaap Severance Costs1
SeveranceCosts1
0 usd
CY2024Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
75000 usd
CY2023Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 usd
us-gaap Other Restructuring Costs
OtherRestructuringCosts
342000 usd
us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 usd
CY2024Q2 us-gaap Restructuring Charges
RestructuringCharges
110000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
0 usd
us-gaap Restructuring Charges
RestructuringCharges
3255000 usd
us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2023Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 usd
CY2023Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 usd
gti Restructuring Charges Current
RestructuringChargesCurrent
2543000 usd
gti Restructuring Charges Noncurrent
RestructuringChargesNoncurrent
712000 usd
gti Payments For Restructuring Current
PaymentsForRestructuringCurrent
1049000 usd
gti Payments For Restructuring Noncurrent
PaymentsForRestructuringNoncurrent
0 usd
gti Restructuring Reserve Accrual Adjustment Current
RestructuringReserveAccrualAdjustmentCurrent
-74000 usd
gti Restructuring Reserve Accrual Adjustment Noncurrent
RestructuringReserveAccrualAdjustmentNoncurrent
42000 usd
CY2024Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1420000 usd
CY2024Q2 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
754000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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