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KPIsSections18
| Revenue — GREEN | $2.38B | +68.6% YoY |
|---|---|---|
| Gross margin — GREEN | 9.5% | |
| Net income — GREEN | -$100.3M | -1512.7% YoY |
| Net margin — GREEN | -4.2% | |
| Operating margin — RED | -1.4% |
Red flags2 red
Liquidity2
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Cash conversion (CFO/Rev) -2.7%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| Revenue | $2.38B | GREEN |
| Revenue (quarter) | $2.38B | GREEN |
| Gross Margin | 9.5% | GREEN |
| Operating Margin | -1.4% | RED |
| Net Margin | -4.2% | GREEN |
| Net Income | -$100.3M | GREEN |
| EPS (diluted) | $-0.52 | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Cash | $1.01B | GREEN |
| Broad Liquidity | $1.01B | GREEN |
| Current Ratio | 1.40 | GREEN |
| Total Assets | $11.27B | GREEN |
| Total Equity | $1.50B | GREEN |
| Debt/Equity | 3.51 | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Operating CF | -$64.4M | GREEN |
| Cash Conversion (CFO/Rev) | -0.03 | GREEN |
| SBC % Revenue | 0.5% | GREEN |
| Free Cash Flow | -$168.0M | GREEN |
Sections in this filing
Financial Statements (unaudited)
Item 1. Financial Statements DAUCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2026 2025 (in millions, except per share data) Net sales $ 2,378.9 $ 1,411.3 Cost of goods sold 2,153.5 1,237.4 Gross profit 225.4 173.9 Selling, general and administrative expenses 137.3 90.9 Amortization of intangible assets 22.9 20.6 Restructuring and acquisition-related costs 98.9 19.7 Operating income (loss) ( 33.7 ) 42.7 Interest expense ( 89.6 ) ( 42.9 ) Interest income 12.1 5.6 Other income (expense) Debt refinancing and redemption costs ( 3.0 ) ( 3.3 ) Gain on Business Combination Derivative (Note 6) 12.9 21.9 Income from equity-method affiliates 10.3 0.1 Other expense, net ( 28.6 ) ( 3.0 ) Income (loss) before income taxes ( 119.6 ) 21.1 Income tax expense (benefit) ( 19.6 ) 14.0 Net income (loss) $ ( 100.0 ) $ 7.1 Net income attributable to noncontrolling interests ( 0.3 ) — Net income (loss) attributable to Dauch $ ( 100.3 ) $ 7.1 Basic earnings (loss) per share $ ( 0.52 ) $ 0.06 Diluted earnings (loss) per share $ ( 0.52 ) $ 0.06 See accompanying notes to condensed consolidated financial statements. 2 DAUCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended March 31, 2026 2025 (in millions) Net income (loss) $ ( 100.0 ) $ 7.1 Other comprehensive income (loss) Defined benefit plans, net of tax (a) 0.4 ( 0.3 ) Foreign currency translation adjustments 13.4 23.3 Changes in hedges, net of tax (b) 6.6 2.2 Other comprehensive income 20.4 25.2 Comprehensive income (loss) $ ( 79.6 ) $ 32.3 Net income attributable to noncontrolling interests ( 0.3 ) — Comprehensive income (loss) attributable to Dauch $ ( 79.9 ) $ 32.3 (a) Amounts are net of tax of $ 0.1 million for the three months ended March 31, 2026 and $ 0.1 million for the three months ended March 31, 2025. (b) Amounts are net of tax of $( 1.8 ) million for the three months ended March 31, 2026 and $( 0.9 ) million for the three months ended March 31, 2025. See accompanying notes to condensed consolidated financial statements. 3 DAUCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2026 December 31, 2025 (Unaudited) Assets (in millions) Current assets Cash and cash equivalents $ 1,008.2 $ 708.9 Restricted cash (Note 5) — 1,496.6 Accounts receivable, net 1,535.1 733.0 Inventories, net 1,004.1 466.4 P