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Segment Reporting | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Our Industrial Materials segment, our only operating and reportable segment, manufactures high-quality graphite electrodes essential to the production of EAF steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is a key raw material used in the production of graphite electrodes. We utilize the majority of the needle coke that we produce internally to manufacture our graphite electrodes, and, as a result, approximately 90% of our revenues from external customers are derived from the sale of graphite electrodes. Our chief operating decision maker is our Chief Executive Officer. The chief operating decision maker assesses performance for our Industrial Materials segment and decides how to allocate resources based on net income or losses, which are reported on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The chief operating decision maker uses net loss to evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Net sales | $ | 127,362 |  |  | $ | 131,840 |  |  | $ | 252,463 |  |  | $ | 243,679 |
Cash cost of goods sold(1) | 108,322 |  |  | 107,354 |  |  | 216,440 |  |  | 197,560 |
Other segment expenses | 16,941 |  |  | 22,531 |  |  | 43,656 |  |  | 43,090 |
Lower of cost or market inventory valuation adjustment | 2,521 |  |  | 1,893 |  |  | 7,779 |  |  | 4,676 |
Research and development | 1,539 |  |  | 1,348 |  |  | 2,982 |  |  | 3,227 |
Selling and administrative expenses | 12,616 |  |  | 13,267 |  |  | 26,844 |  |  | 27,889 |
Other expense (income), net | 534 |  |  | (2,426) |  |  | (11,514) |  |  | (1,979) |
Interest expense | 24,370 |  |  | 25,418 |  |  | 48,566 |  |  | 55,259 |
Interest income | (713) |  |  | (1,866) |  |  | (1,554) |  |  | (3,801) |
Income tax expense | 1,703 |  |  | 51,207 |  |  | 3,012 |  |  | 43,995 |
Net loss | $ | (40,471) |  |  | $ | (86,886) |  |  | $ | (83,748) |  |  | $ | (126,237) |
(1) Cash cost of goods sold is defined as cost of goods sold less depreciation and amortization and less cost of goods sold associated with the portion of our sales that consist of deliveries of by-products of the manufacturing processes, and is the significant expense the chief operating decision maker uses to evaluate segment expenses.

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