Ecovyst Inc.

ecovyst.com

What Do They Do?

Recycles sulfuric acid and treats chemical waste for North American refineries and industrial customers; sells virgin sulfuric acid for mining, water treatment and industry, and activates catalysts for refining and petrochemical companies.

How Do They Make Money?

Refiners and industrial customers buy regenerated and virgin sulfuric acid and related products; most contracts cover goods transferred under the order’s shipping terms, with payment at or shortly after the sale.

revenue

Segment	Share	How money arrives
Regeneration and treatment services Sold outright	50% FY2022: 42%	Sold outright
Industrial, mining & automotive Sold outright	45% FY2022: 40%	Sold outright
Other	4.8%

Who Are Their Customers?

North American refineries buy regenerated acid and treatment services; mining, water-treatment and industrial users buy virgin acid and derivatives. Customers place orders through purchase orders or master service agreements.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 13% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $71.1M in FY2025, but brought in more cash than it spent: $69.9M of free cash flow.

Operating income, FY2025

9% of revenue

▼ −24% vs FY2024 ($85.1M, 14%)

Net income, FY2025

−10% of revenue

▲ +969% (Loss) vs FY2024 (−$6.7M, −1%)

Free cash flow, FY2025

10% of revenue

▼ −26% vs FY2024 ($94.3M, 16%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +42%; vs $176.1M in Q2 FY2025
Net income: ▲ +31%; vs $6M in Q2 FY2025

Aug 24, 2026 Laurie Bergman became CFO as Michael Feehan departed Bergman took over as CFO, and Feehan is expected to leave after assisting with the transition.
Aug 5, 2026 Completed Calabrian acquisition and raised full-year Adjusted EBITDA guidance The company bought a sulfur dioxide and related derivatives business and raised its full-year Adjusted EBITDA outlook to $195 million to $207 million.

Growing. Revenue grew 18% in 4 years, from $611.2M in FY2021 to $723.5M in FY2025, about 4% a year.

A narrower portfolio The older report described global specialty catalysts, including silica and zeolite technologies; the latest centers on sulfuric acid, treatment, and catalyst activation after the sale of Advanced Materials & Catalysts.

Revenue over time

Regeneration and treatment services Industrial, mining & automotive Other Clean fuels, emission control & other Polyethylene, polymers & engineered plastics

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Chemtrade, Nexpera, and Veolia

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