Q1 net loss widens 21% on below-the-line drags despite operating income tripling

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Operating income tripled to $16.2M from $5.1M, but net loss widened 21% to $35.8M ($0.50/share) as below-the-line items (non-operating/other -$14.2M, income tax -$3.1M, noncontrolling interest -$100k) offset operational gains.

  MD&A: Net Loss & Operating Profit verify on EDGAR →
• high

  Interest expense more than doubled to $18.5M from $8.2M, driven by the June 2025 issuance of $700M in 10.625% Senior Secured Notes due 2031, adding $10.3M in quarterly interest burden.

  MD&A: Interest Expense verify on EDGAR →
• high

  Operating cash flow swung from $33.3M source to $4.4M use, a $37.7M deterioration, primarily due to timing of the 2031 Notes interest payment.

  MD&A: Operating Cash Flow verify on EDGAR →