CENXHIGH SIGNALRISK10-K

Century Aluminum filed a comprehensive restatement Form 10-K after concluding that previously issued financial statements should no longer be relied upon, following SEC staff comments and internal review.

The restatement disclosure indicates material weaknesses in internal controls and suggests significant accounting irregularities that required correction of multiple years of financial statements. While management states the consolidation method changes did not impact net income attributable to stockholders, the fact that previously filed statements are no longer reliable creates uncertainty about historical financial reporting accuracy and raises concerns about management's financial controls and oversight.

Comparing 2026-03-03 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

The restated financials show mixed results with revenue growing modestly to $1.9B and operating income expanding meaningfully, but net income declined substantially from prior year levels. The company increased capital expenditures and saw higher accounts receivable, while reducing current liabilities and maintaining stronger stockholder equity. Despite operational improvements in revenue and gross margins, the dramatic decline in net income suggests significant one-time charges or other factors materially impacted bottom-line profitability.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-87.6%
$336.8M→$41.8M

Net income declined 87.6% — review whether driven by operations, interest costs, or non-recurring items.

Accounts Receivable
Balance Sheet
+45%
$75.8M→$109.9M

Receivables surged 45% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

SG&A Expense
P&L
+40.7%
$56.8M→$79.9M

SG&A up 40.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Gross Profit
P&L
+38.6%
$185.0M→$256.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+30.2%
$121.4M→$158.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+21.7%
$82.3M→$100.2M

Capex increased 21.7% — ongoing investment in capacity or infrastructure for future growth.

Revenue
P&L
+19.1%
$1.6B→$1.9B

Revenue growing 19.1% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+16%
$694.4M→$805.6M

Equity base grew 16% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
-11.5%
$591.5M→$523.6M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-03
PRIOR — 2025-03-03
ADDED
As of February 24, 2026, 98,974,047 shares of common stock of the registrant were issued and outstanding.
Exhibits and Financial Statement Schedules 118 Signatures 122 EXPLANATORY NOTE Century Aluminum Company is filing this comprehensive annual report on Form 10-K for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023 (the Comprehensive Form 10-K ).
Background and Effects of the Restatement As previously disclosed in the Company s Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC ) filed on March 2, 2026, the Audit Committee of the Board of Directors of the Company (the Audit Committee ), acting on the recommendation of management, and after discussion with Deloitte Touche LLP ( Deloitte ), the Company s independent registered public accounting firm, concluded that the Affected Financial Statements should likewise no longer be relied upon.
The need for restatement was identified in connection with comments received from the Staff of the Securities and Exchange Commission ( Commission ) and upon a review and assessment by management and our Audit Committee.
The change in consolidation method did not have any impact on our net income attributable to Century stockholders for the periods to be restated.
Internal Control Considerations For a description of the material weakness in internal control over financial reporting and actions to be taken to address the material weakness, see Item 9A, "Controls and Procedures" of this Form 10-K.
In addition, Deloitte has issued an adverse opinion on its report on the Company's internal control over financial reporting.
Items Restated in this Comprehensive Form 10-K This Comprehensive Form 10-K reflects changes to the Affected Financial Statements.
The restatement of the consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 is disclosed in Note 22.
Restatement of Previously Issued Financial Statements to the consolidated financial statements.
REMOVED
As of February 27, 2025, 92,293,344 shares of common stock of the registrant were issued and outstanding.
Holly smelter, including our expectations as to any restart of curtailed production at Mt.
ii PART I Throughout this Annual Report on Form 10-K, and unless expressly stated otherwise or as the context otherwise requires, "Century Aluminum Company," "Century Aluminum," "Century," the "Company," "we," "us," and "our" refer to Century Aluminum Company and its subsidiaries.
Our current annual production capacity is approximately 1,020,000 tonnes per year ("tpy"), of which approximately 308,000 tpy was curtailed as of December 31, 2024 .
We produced approximately 690,000 tonnes of primary aluminum in 2024.
The Jamalco refinery supplies a substantial amount of the alumina used for production of primary aluminum at our aluminum smelter in Grundartangi, Iceland.
We operate our business through one reportable segment, primary aluminum.
Additional information about our segment reporting and certain geographic information is available in Note 19.
Primary Aluminum Facilities Overview of Facilities We operate three U.S.
aluminum smelters, in Hawesville, Kentucky ("Hawesville"), currently curtailed, Robards, Kentucky ("Sebree") and Goose Creek, South Carolina ("Mt.
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