Strong Pricing and Demand in Industrial Markets
Pricing for UAN averaged $336 per ton in Q3, up 65% over Q3 2024. Demand for AN for explosives is robust, particularly in the mining sector, with strong gold and copper prices boosting activity.
Significant Improvement in Adjusted EBITDA
Third quarter 2025 adjusted EBITDA increased to $40 million from $17 million in Q3 2024, driven by higher pricing and increased sales volumes.
Free Cash Flow Generation
After several quarters of heavy investment, the company is back to generating free cash flow, with approximately $20 million year-to-date and $36 million in the third quarter.
Healthy Ammonia Market
Tampa ammonia increased by $60 to $650 per metric ton for November, with a total increase of $260 per ton since June 2025.
Strategic Transition to Industrial Grade AN
Completed the transition from high-density AN for fertilizers to AN solution for explosives, optimizing sales mix and fulfilling 100% of contractual obligations.