SXCHIGH SIGNALFINANCIAL10-K

SXC experienced a dramatic financial deterioration with a $140M swing from profitability to significant losses, coupled with a substantial cash burn and debt increase.

The company swung from $95.9M net income to -$44.2M loss while operating cash flow declined 35%, indicating severe operational challenges. The simultaneous 53% cash depletion and 39% debt increase suggests potential liquidity stress and increased financial risk for investors.

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

SXC experienced a dramatic financial deterioration across all key metrics, with the company swinging from $95.9M net income to -$44.2M losses while operating income turned negative at -$44.4M. The balance sheet weakened significantly as cash declined 53% to $88.7M while debt surged 39% to $685.5M, creating a concerning liquidity profile. Combined with a 35% decline in operating cash flow and rising SG&A expenses, the overall picture signals serious operational challenges and increased financial distress that warrants immediate investor attention.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-146.1%
$95.9M→-$44.2M

Net income declined 146.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-129.2%
$151.9M→-$44.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

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.

Gross Profit
P&L
-20.1%
$49.3M→$39.4M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

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

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

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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