SXCHIGH SIGNALFINANCIAL10-K

SXC experienced a substantial deterioration in cash position alongside significant debt increases and weakening operational cash generation.

The company's cash position declined meaningfully while total debt increased by 39%, indicating potential liquidity stress or major capital deployment. Combined with the 35% decline in operating cash flow, this suggests either significant operational headwinds or large strategic investments that investors should scrutinize closely.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

SXC's financial profile weakened notably during the period, with cash reserves declining substantially from $189.6M to $88.7M while debt increased to $685.5M. Revenue grew modestly by 10.3%, but this was overshadowed by operating cash flow falling 35% to $109.1M and SG&A expenses rising 39%. The combination of reduced cash generation, higher debt levels, and depleted cash reserves signals either significant operational challenges or major capital allocation decisions that materially altered the company's financial position.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-53.2%
$189.6M→$88.7M

Cash declined 53.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
+39.2%
$492.3M→$685.5M

Debt increased 39.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

SG&A Expense
P&L
+38.6%
$61.2M→$84.8M

SG&A up 38.6% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Operating Cash Flow
Cash Flow
-35.4%
$168.8M→$109.1M

Operating cash flow fell 35.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Liabilities
Balance Sheet
+21.6%
$957.2M→$1.2B

Liabilities increased 21.6% — monitor debt-to-equity ratio and interest coverage.

Inventory
Balance Sheet
+21.6%
$180.8M→$219.9M

Inventory built 21.6% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+15.4%
$96.6M→$111.5M

Receivables grew 15.4% — monitor days sales outstanding for collection efficiency.

Stockholders Equity
Balance Sheet
-12.2%
$680.2M→$597.3M

Equity decreased 12.2% — buybacks or losses reducing book value, monitor solvency ratios.

Revenue
P&L
+10.3%
$1.5B→$1.6B

Revenue growing 10.3% — solid top-line momentum, watch margins for quality of growth.

Dividends Paid
Cash Flow
+10.1%
$37.6M→$41.4M

Dividend payments increased 10.1% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
was approximately $ 721,117,091 , based upon the closing price on the New York Stock Exchange for such common equity on June 30, 2025.
In addition, our discussion of certain sustainability matters herein or elsewhere, including our website, are informed by various standards and frameworks and the interests of various stakeholders.
Such information may not be material for Securities and Exchange Commission ( SEC ) reporting purposes, even if we use material or other language.
Particularly in the sustainability context, materiality is subject to various definitions that differ from and are often broader than the definition under U.S.
We also own and operate an industrial services business that provides export and domestic material handling and/or mixing services to coke, coal, steel, power and other bulk customers, as well as mission-critical mill services to leading steel producers globally.
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REMOVED
was approximately $ 817,532,827 , based upon the closing price on the New York Stock Exchange for such common equity on June 28, 2024.
In addition, our discussion of certain environmental, social and governance ( ESG ) assessments and related issues in this or other disclosures, including on our corporate website, is informed by various ESG standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders.
As such, such information may not be, and should not be interpreted as necessarily being, material under the federal securities laws for Securities and Exchange Commission ( SEC ) reporting purposes.
Furthermore, much of this information is subject to assumptions, methodologies, or third-party information that is still evolving and subject to repeated change.
Our disclosures may change as a result of changes in frameworks, availability or quality of information, changes in business or government policy, or other factors, which may be out of our control.
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