Financial Analysis

Commitments and Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, labor disputes and other legal proceedings, including with respect to environmental and human exposure or other personal injury matters, arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters and proceedings, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Additionally, we are involved in the following legal proceedings. Brazil Clause IV Pending litigation in Brazil has been brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Companies in Brazil have settled claims arising out of these provisions and, in May 2015, the litigation was remanded by the Brazilian Supreme Court in favor of the employees union. After denying an interim appeal by the Bahia region employers on June 26, 2019, the Brazilian Supreme Court finally ruled in favor of the employees union on September 26, 2019. The employers union has determined not to seek annulment of such decision. Separately, on October 1, 2015, a related action was filed by current and former employe …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table provides information about disaggregated revenue by type of product and contract: (in thousands) 2025 2024 2023 Graphite electrodes $ 460,638 $ 493,644 $ 592,008 By-products and other 43,496 45,138 28,492 Total Revenues $ 504,134 $ 538,782 $ 620,500

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Stock-Based Compensation The Companys Omnibus Equity Incentive Plan permits the granting of options and other stock-based awards (including RSUs, deferred restricted stock units (DRSUs), PSUs and DSUs). As of December 31, 2025, the aggregate number of shares authorized under the plan since its initial adoption was 1.5 million. Shares issued upon vesting or exercise are new share issuances. Upon the vesting or payment of stock awards, an employee may elect receipt of the full share amount and either pay the resulting taxes or have the Company withhold shares to cover the tax obligation up to minimum statutory rates. At December 31, 2025, 44 thousand common stock shares were available for future issuance. Stock-based compensation expense was $5.0 million, $6.0 million and $4.4 million in 2025, 2024 and 2023, respectively. A majority of the expense, $3.9 million in 2025, $5.3 million in 2024 and $4.0 million in 2023, was classified as selling and administrative expenses in the Consolidated Statement of Operations, with the remaining expenses classified as cost of goods sold. The Company derives a tax deduction measured by the excess of the market value over the grant price at the date stock-based compensation awards are exercised or vest. The Company recognized tax expense of $0.2 million, $0.3 million and $0.2 million in 2025, 2024 and 2023, respectively, relating to the issuance of common stock for the exercise/vesting of equity awards. Stock Options. Non-qualified stock optio …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Intangible Assets and Goodwill Intangible Assets The following table summarizes intangible assets with determinable useful lives by major category which are included in ""Other assets"" on our Consolidated Balance Sheets: December 31, 2025 December 31, 2024 (in thousands) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Trade names $ 22,500 $ (18,986) $ 3,514 $ 22,500 $ (18,226) $ 4,274 Technology 55,300 (50,969) 4,331 55,300 (48,613) 6,687 Customer relationships 64,500 (45,295) 19,205 64,500 (41,063) 23,437 $ 142,300 $ (115,250) $ 27,050 $ 142,300 $ (107,902) $ 34,398 Amortization expense of intangible assets was $7.3 million, $8.0 million and $9.2 million in 2025, 2024 and 2023, respectively. Estimated annual amortization expense for the next five years will approximate $6.7 million in 2026, $6.1 million in 2027, $5.5 million in 2028, $4.9 million in 2029 and $2.9 million in 2030. Goodwill In 2023, the Company performed a quantitative assessment of the fair value of the reporting unit, using a combination of the income approach and the market approach (Level 3 in the fair value hierarchy) from a market participants perspective for its annual goodwill impairment testing. The valuation of the Graphite Electrode reporting unit was performed with cash flows that were adjusted to present this reporting unit as purchasing petroleum needle coke entirely from third parties at anticipated market prices. The income approach was based on discounted projected debt-f …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Loss before income taxes was derived from the following sources: (in thousands) 2025 2024 2023 U.S. $ (88,252) $ (79,339) $ (111,821) Foreign (82,190) (73,929) (161,943) Loss before income taxes $ (170,442) $ (153,268) $ (273,764) Income tax expense (benefit) consisted of the following: (in thousands) 2025 2024 2023 Current Federal $ $ $ (1,268) State and local 273 153 1,139 Foreign 6,328 5,378 9,738 Total current tax expense 6,601 5,531 9,609 Deferred Federal 29,571 (17,535) (12,200) State and local 5,203 (395) (443) Foreign 8,018 (9,704) (15,480) Total deferred tax expense (benefit) 42,792 (27,634) (28,123) Income tax expense (benefit) $ 49,393 $ (22,103) $ (18,514) With the adoption of ASU 2023-09, a reconciliation of income taxes for 2025 at the U.S. statutory rate to income tax expense follows: (dollars in thousands) 2025 Amount % Loss before income taxes $ (170,442) U.S. federal tax at statutory rate $ (35,793) 21.0 % State and local income taxes, net of federal income tax effect Change in valuation allowance 4,481 (2.7) % Other 883 (0.5) % Foreign tax effects: Switzerland: Statutory tax rate difference between U.S. and Switzerland 6,223 (3.7) % Changes in valuation allowance 20,274 (11.9) % Investment impairment in subsidiaries (1,905) 1.1 % Other 50 % Other foreign jurisdictions 7,933 (4.6) % Change in valuation allowance 47,232 (27.7) % Other permanent items 15 % Effective tax rate $ 49,393 (29.0) % Prior to the adoption of ASU 2023-09, a reconciliation …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain transportation and mobile manufacturing equipment such as railcars and forklifts, as well as real estate. The components of lease expense are as follows: (in thousands) 2025 2024 2023 Operating lease cost $ 3,387 $ 3,966 $ 4,896 Finance lease cost: Amortization of lease assets 120 91 39 Interest on lease liabilities 28 27 13 Short-term lease cost 104 130 123 Variable lease cost 976 335 743 Total lease cost $ 4,615 $ 4,549 $ 5,814 Supplemental cash-flow and other information related to leases is as follows: (in thousands) 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows - payments on operating leases $ (2,115) $ (2,815) $ (3,919) Operating cash outflows - interest payments on finance leases (28) (27) (13) Financing cash outflows - payments on finance lease obligations (111) (82) (36) Right-of-use assets obtained in exchange for operating lease obligations 4,775 2,621 Right-of-use assets obtained in exchange for finance lease obligations 86 130 291 Supplemental balance sheet information related to leases is as follows: December 31, (dollars in thousands) 2025 2024 Location Operating Leases Operating lease right-of-use assets Other assets $ 4,392 $ 6,261 Current operating lease liabilities Other accrued liabilities 1,719 2,050 Non-current operating lease liabilities Other long-term obligations 2,697 4,077 Total operating lease liabilities $ 4,416 $ 6,127 Finance Leases Property, plant …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Debt and Liquidity The following table presents our long-term debt: (in thousands) December 31, 2025 December 31, 2024 Initial First Lien Term Loans due 2029 $ 175,000 $ 175,000 Existing 4.625% Senior Notes due 2028 1,755 1,755 New 4.625% Second Lien Notes due 2029 498,245 498,245 Existing 9.875% Senior Notes due 2028 3,833 3,833 New 9.875% Second Lien Notes due 2029 446,167 446,167 Unamortized debt discount and issuance costs (30,294) (38,085) Total long-term debt $ 1,094,706 $ 1,086,915 On December 23, 2024 (the Settlement Date), the Company consummated offers by GrafTech Finance Inc. (GrafTech Finance) and GrafTech Global Enterprises Inc. (GrafTech Global and, together with GrafTech Finance, the Issuers), each a subsidiary of the Company, to exchange (each an Exchange Offer and, together, the Exchange Offers) any and all of (i) GrafTech Finances 4.625% senior secured notes due 2028 (the Existing 4.625% Notes) and (ii) GrafTech Globals 9.875% senior secured notes due 2028 (the Existing 9.875% Notes and, together with the Existing 4.625% Notes, the Existing Notes), for new 4.625% second lien notes due 2029 (the New 4.625% Notes) and new 9.875% second lien notes due 2029, respectively (the New 9.875% Notes). The Company and the Issuers also consummated the solicitation of consents (with respect to each series of Existing Notes, a Consent Solicitation and, collectively, the Consent Solicitations), on the terms and subject to the conditions set forth in a confidential exchange …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. We adopted this ASU on a prospective basis for this Annual Report, as presented in Note 13, Income Taxes. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . Under this ASU, a public entity would be required to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. This ASU …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Retirement Plans and Post-Employment Benefits Retirement Plans On February 26, 1991, we formed our own retirement plan covering substantially all our U.S. employees. Under our plan, covered employees earned benefit payments based primarily on their service credits and wages subsequent to February 26, 1991. Prior to that date, substantially all our U.S. employees were participants in the U.S. retirement plan of Union Carbide Corporation (Union Carbide). While service credit was frozen, covered employees continued to earn benefits under the Union Carbide plan based on their final average wages through February 26, 1991, adjusted for salary increases (not to exceed six percent per annum) through January 26, 1995, the date Union Carbide ceased to own a minimum 50% of the equity of GTI. The Union Carbide plan is responsible for paying retirement and death benefits earned as of February 26, 1991. Effective January 1, 2002, we established a defined contribution plan for U.S. employees. Certain employees had the option to remain in our defined benefit plan for an additional period of up to five years. Employees not covered by this option had their benefits under our defined benefit plan frozen as of December 31, 2001, and began participating in the defined contribution plan. Effective March 31, 2003, we curtailed our qualified benefit plan and the benefits were frozen as of that date for the U.S. employees who had the option to remain in our defined benefit plan. We also closed our …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by type of product and contract: (in thousands) 2025 2024 2023 Graphite electrodes $ 460,638 $ 493,644 $ 592,008 By-products and other 43,496 45,138 28,492 Total Revenues $ 504,134 $ 538,782 $ 620,500 In the first quarter of 2025, the Company updated its presentation of disaggregated revenue to align with how management evaluates its commercial and financial performance. Due to the immaterial amount of remaining take or pay contracts with initial terms of three to five years (LTAs), we no longer show these revenues as a separate line item. Contract Balances Substantially all the Company's receivables relate to contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. Payment terms on invoices primarily range from 30 to 90 days depending on the customary business practices of the jurisdictions in which we do business. The Company did not have any contract asset balances as of December 31, 2025 or 2024. Deferred revenue is included in Other accrued liabilities on the Consolidated Balance Sheets. We did not have any deferred revenue as of December 31, 2025 and our deferred revenue balance was $11.2 million as of December 31, 2024. The decrease in deferred revenue was driven by revenue recognized during 2025, upon final resolution of a customer contingency. The amount of revenue recognized in 2 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting Our Industrial Materials segment, our only operating and reportable segment, manufactures high-quality graphite electrodes essential to the production of EAF steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is a key raw material used in the production of graphite electrodes. We utilize the majority of the needle coke that we produce internally to manufacture our graphite electrodes and as a result approximately 91% of our revenues from external customers are derived from the sale of graphite electrodes. For the year ended December 31, 2025, one customer accounted for approximately 11% of the Companys consolidated net sales. No single customer accounted for 10% or more of the Company's net sales in 2024 or 2023. The accounting policies of our Industrial Materials segment are the same as those described in Note 1, Business and Summary of Significant Accounting Policies. Our chief operating decision maker is our chief executive officer. The chief operating decision maker assesses performance for our Industrial Materials segment and decides how to allocate resources based on net loss, which is also reported on the Consolidated Statements of Operations and Comprehensive Loss as consolidated net loss. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The chief operating decision maker uses net loss to evaluate growth trends, establis …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' (Deficit) Equity The following information should be read in conjunction with the Consolidated Statement of Stockholders (Deficit) Equity. Common Stock Repurchases On July 31, 2019, the Company announced that its Board of Directors approved the repurchase of up to $100.0 million of its common stock in open market purchases, including under Rule 10b5-1 and/or Rule 10b-18 plans. On November 4, 2021, the Company announced that its Board of Directors approved the repurchase of an additional $150.0 million of its common stock under this program. The stock repurchase program does not have an expiration date. The Company did not repurchase any of its common stock in each of the last three years. The amount and timing of repurchases are subject to a variety of factors including liquidity, stock price, applicable legal requirements, other business objectives and market conditions. As of December 31, 2025 , approximately $99.0 million remained available for stock repurchases under this authorization. Accumulated other comprehensive loss The balance in our AOCL is set forth in the following table: (in thousands) December 31, 2025 December 31, 2024 Foreign currency translation adjustments, net of tax $ (8,996) $ (43,573) Foreign currency derivatives, net of tax 24 214 Total AOCL $ (8,972) $ (43,359) …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, labor disputes and other legal proceedings, including with respect to environmental and human exposure or other personal injury matters, arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters and proceedings, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Additionally, we are involved in the following legal proceedings: Brazil Clause IV Pending litigation in Brazil has been brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Companies in Brazil have settled claims arising out of these provisions and, in May 2015, the litigation was remanded by the Brazilian Supreme Court in favor of the employees union. After denying an interim appeal by the Bahia region employers on June 26, 2019, the Brazilian Supreme Court finally ruled in favor of the employees union on September 26, 2019. The employers union has determined not to seek annulment of such decision. Separately, on October 1, 2015, a related action was filed by current and former employe …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table provides information about disaggregated revenue by type of product: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2026 2025 2026 2025 Graphite Electrodes $ 118,898 $ 119,440 $ 227,137 $ 220,702 By-products and other 8,464 12,400 25,326 22,977 Total Revenues $ 127,362 $ 131,840 $ 252,463 $ 243,679

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Stock-Based Compensation The Human Resources and Compensation Committee of our Board of Directors granted 27,711 deferred share units (DSUs) and 55,866 deferred RSUs (DRSUs) to our non-employee directors in the first six months of 2026 under our Omnibus Equity Incentive Plan. No equity grants were made to our employees in the first six months of 2026 under Omnibus Equity Incentive Plan. We measure the fair value of grants of DSUs and DRSUs based on the closing market price of a share of our common stock on the date of the grant (or if the market is not open for trading on such date, the immediately preceding day on which the market is open for trading). The weighted average fair value per share was $6.32 for DSUs and $8.95 for DRSUs granted to non-employee directors during the six months ended June 30, 2026. During the first six months of 2026, the Company issued an aggregate of 250,000 of common stock purchase warrants to a consultant pursuant to an agreement with respect to consulting services. The warrants were measured at their fair value on the grant date, resulting in stock-based compensation expense of $0.7 million, which was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations. In the three months ended June 30, 2026 and 2025, we recognized $1.4 million and $1.8 million, respectively, of stock-based compensation expense. The majority of the expense, $1.2 million and $1.6 million, respectively, was recorded in selling an …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Intangible Assets The following table summarizes intangible assets with determinable useful lives by major category, which are included in Other assets on our Condensed Consolidated Balance Sheets: June 30, 2026 December 31, 2025 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names $ 22,500 $ (19,329) $ 3,171 $ 22,500 $ (18,986) $ 3,514 Technology 55,300 (51,988) 3,312 55,300 (50,969) 4,331 Customer relationships 64,500 (47,402) 17,098 64,500 (45,295) 19,205 Total $ 142,300 $ (118,719) $ 23,581 $ 142,300 $ (115,250) $ 27,050 Amortization expense for intangible assets was $1.8 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively, and $3.5 million and $3.8 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense is expected to be approximately $3.2 million for the remainder of 2026, $6.1 million in 2027, $5.5 million in 2028, $4.9 million in 2029, $2.9 million in 2030 and $0.3 million in 2031. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes We compute and apply to ordinary income or loss an estimated annual effective tax rate on a quarterly basis based on current and forecasted business levels and activities, including the mix of domestic and foreign results and enacted tax laws. The estimated annual effective tax rate is updated quarterly based on actual results and updated operating forecasts. Ordinary income or loss refers to income or loss before income taxes excluding significant, unusual or infrequently occurring items. The tax effect of an unusual or infrequently occurring item is recorded in the interim period in which it occurs as a discrete item of tax. The following table summarizes the income tax benefit: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2026 2025 2026 2025 Income tax expense $ 1,703 $ 51,207 $ 3,012 $ 43,995 Loss before income taxes (38,768) (35,679) (80,736) (82,242) Effective tax rate 4.4 % 143.5 % 3.7 % 53.5 % The effective tax rate for the second quarter and first six months of 2026 was different than the U.S. statutory tax rate of 21% primarily due to no tax benefit being recorded on U.S. and Switzerland losses with a valuation allowance and the mix of foreign earnings. The effective tax rate for the second quarter and first six months of 2025 was different from the U.S. statutory rate of 21% primarily due to the recording of a valuation allowance against the Companys previously realizable U.S. and Switzerland deferred tax assets of $34.2 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Liquidity The following table presents our long-term debt: (Dollars in thousands) June 30, 2026 December 31, 2025 Initial First Lien Term Loans due 2029 $ 175,000 $ 175,000 Delayed Draw First Lien Term Loans due 2029 100,000 Existing 4.625% Senior Notes due 2028 1,755 1,755 New 4.625% Second Lien Notes due 2029 498,245 498,245 Existing 9.875% Senior Notes due 2028 3,833 3,833 New 9.875% Second Lien Notes due 2029 446,167 446,167 Unamortized debt discount and issuance costs (26,398) (30,294) Total long-term debt $ 1,198,602 $ 1,094,706 The fair value of our debt was approximately $912.4 million and $946.6 million as of June 30, 2026 and December 31, 2025, respectively. The fair values were determined using Level 1 quoted market prices for the same or similar debt instruments. Initial First Lien Term Loan Facility; Delayed Draw First Lien Term Loan Facility In the second quarter of 2026, the Company drew the remaining $100.0 million available under its Delayed Draw First Lien Term Loan Facility. Following this draw, the delayed draw commitment was fully utilized and no additional amounts remain available for borrowing under the delayed draw portion of the Delayed Draw First Lien Term Loan facility. The proceeds from the borrowing were used for general corporate purposes, including working capital requirements. The borrowing bears interest and is subject to the same terms, covenants, maturity date, and repayment provisions as the Initial First Lien Term Loans, as set fo …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Standards Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . Under this ASU, a public entity would be required to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. This ASU allows for early adoption and requires either prospective adoption to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently assessing the impact of this ASU on its financial statements and disclosures, but does not expect it to be material. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) . The standard establishes a comprehensive framework for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The guidance is intended to reduce diversity in practice by providi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by type of product: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2026 2025 2026 2025 Graphite Electrodes $ 118,898 $ 119,440 $ 227,137 $ 220,702 By-products and other 8,464 12,400 25,326 22,977 Total Revenues $ 127,362 $ 131,840 $ 252,463 $ 243,679 Contract Balances Substantially all of the Companys receivables relate to contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. Payment terms on invoices range from 10 to 90 days. We did not have any contract asset balances as of June 30, 2026 or December 31, 2025. Deferred revenue is recorded for consideration received from customers in advance of satisfaction of the related performance obligations. We did not have any deferred revenue as of June 30, 2026 or December 31, 2025. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting Our Industrial Materials segment, our only operating and reportable segment, manufactures high-quality graphite electrodes essential to the production of EAF steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is a key raw material used in the production of graphite electrodes. We utilize the majority of the needle coke that we produce internally to manufacture our graphite electrodes, and, as a result, approximately 90% of our revenues from external customers are derived from the sale of graphite electrodes. Our chief operating decision maker is our Chief Executive Officer. The chief operating decision maker assesses performance for our Industrial Materials segment and decides how to allocate resources based on net income or losses, which are reported on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The chief operating decision maker uses net loss to evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. The following table presents selected financial information with respect to the Companys single operating segment for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2026 2025 2026 2025 Net sales $ 127,362 $ 131,840 $ 252,463 $ 243,679 Cash cost of goods sold (1) 108,322 107,354 216,440 197,560 Other segmen …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing