Tronox recently released its latest 10-Q report. Tronox Holdings plc is a vertically integrated producer of titanium dioxide pigment and titanium-bearing mineral sands, with mining, beneficiation and smelting operations in Australia and South Africa and pigment facilities in the United States, Australia, Brazil, the U.K., France and Saudi Arabia. Its products include TiO2 pigment, ultrafine specialty TiO2, zircon, high-purity pig iron, monazite, feedstock and titanium tetrachloride, which are used in paints, coatings, plastics, paper and related industrial applications.
In Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Tronox said first-quarter 2026 revenue rose 3% year over year to $760 million from $738 million, led by higher TiO2 and zircon volumes and foreign exchange benefits. TiO2 sales increased 5% to $616 million, zircon sales climbed 29% to $89 million, and other products fell 35% to $55 million, mainly because of lower pig iron volume.
Gross profit fell to $44 million from $99 million a year earlier, and gross margin narrowed to 5.8% from 13.4%. Tronox attributed the decline to lower average selling prices, unfavorable currency effects, higher freight and production costs, and idle facility and lower-of-cost-or-market charges, partly offset by higher volumes and lower corporate costs.
The company reported a net loss of $104 million, compared with a net loss of $111 million in the prior-year quarter. Loss from operations improved to $41 million from $61 million, while interest expense rose to $53 million from $42 million because of higher outstanding long-term debt.
Adjusted EBITDA dropped to $62 million from $112 million, and adjusted EBITDA margin fell to 8.2% from 15.2%. EBITDA improved to $22 million from $5 million, but Tronox said the lower adjusted result reflected weaker pricing and margin pressure despite stronger sales volumes.
Restructuring and other charges were $14 million, down from $86 million a year earlier, and were tied to the Botlek and Fuzhou plant closures. Selling, general and administrative expenses eased to $71 million from $74 million, mainly on lower professional services costs.
At March 31, 2026, Tronox had $406 million of total available liquidity, including $126 million of cash and cash equivalents and $280 million available under revolving credit agreements. Total debt stood at $3.3 billion, and net debt to trailing-twelve-month adjusted EBITDA was 11.1x.
Working capital was $1.3 billion at both March 31, 2026 and December 31, 2025. Tronox also said it does not expect the Emirates Revolver, which was undrawn, to be renewed after its June 2026 expiration. Following these announcements, the company's shares moved -12.05%, and are now trading at a price of $8.90. For the full picture, make sure to review Tronox's 10-Q report.
