Cleveland-Cliffs Narrows Q1 Loss to $229M, Posts $95M Adjusted EBITDA
Cleveland-Cliffs reported a Q1 GAAP net loss of $229 million ($0.42 per share), narrowed from $486 million ($1.01) a year ago, with adjusted EBITDA of $95 million despite an $80 million energy price headwind and revenue rising to $4.9 billion. The company shipped 4.1 million net tons in Q1 and reaffirmed its 2026 steel shipment guidance at 16.5–17.0 million net tons, driving a 2.16% pre-market share gain.
1. Q1 Financial Results
Cleveland-Cliffs reported a GAAP net loss of $229 million, or $0.42 per diluted share, compared to a net loss of $486 million, or $1.01 per diluted share, in the year-ago period. Adjusted net loss improved to $0.40 per share, while consolidated revenue increased to $4.9 billion from $4.6 billion.
2. Adjusted EBITDA and Energy Impact
Adjusted EBITDA for the quarter was $95 million, despite an $80 million negative one-time impact from a cold-weather driven energy price spike. This contrasts with an adjusted EBITDA loss of $179 million in the prior-year quarter.
3. Shipments and Guidance
Steel shipments totaled 4.1 million net tons in Q1. The company reaffirmed its full-year 2026 steel shipment guidance at approximately 16.5–17.0 million net tons.
4. Market Reaction
Shares of Cleveland-Cliffs rose 2.16% to $10.16 in pre-market trading, reflecting positive investor response to the narrower loss, positive EBITDA and maintained shipment guidance.