8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 26, 2025

LSB INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-7677	73-1015226
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
3503 NW 63rd Street, Suite 500, Oklahoma City, Oklahoma		73116
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (405) 235-4546

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $.10	LXU	New York Stock Exchange
Preferred Stock Purchase Rights	N/A	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2025, LSB Industries, Inc. (the “Company”) issued a press release to report its financial results for the fourth quarter and full year ended December 31, 2024. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As previously announced, on February 27, 2025, at 10:00 a.m. (Eastern time) / 9:00 a.m. (Central time), the Company will hold a conference call broadcast live over the Internet to discuss the financial results of the fourth quarter and full year ended December 31, 2024.

The information contained in Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchanged Act”), or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference to this Item 2.02 in such filing.

Item 9.01 Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release issued by LSB Industries, Inc. dated February 26, 2025, titled “LSB Industries, Inc. Reports Operating Results for the 2024 Fourth Quarter and Full Year and Provides Product Sales Volume Outlook for 2025”(furnished pursuant to Item 2.02).
104	Cover Page Interactive Data File (embedded within the XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 26, 2025

LSB INDUSTRIES, INC.
By:	/s/ Cheryl A. Maguire
Name:	Cheryl A. Maguire
Title:	Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

LSB INDUSTRIES, INC. REPORTS OPERATING RESULTS FOR THE 2024 FOURTH QUARTER AND FULL YEAR AND PROVIDES PRODUCT SALES VOLUME OUTLOOK FOR 2025

OKLAHOMA CITY, Oklahoma—February 26, 2025—LSB Industries, Inc. (NYSE: LXU) (“LSB,” “we,” “us,” “our,” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Results and Recent Highlights

•Net sales of $134.9 million compared to $132.6 million in the fourth quarter of 2023

•Net loss of $9.1 million compared to a net loss of $5.3 million in the fourth quarter of 2023; the fourth quarter 2024 net loss included approximately $17.1 million of turnaround costs and approximately $3.1 million of one-time non-cash charges related to the write-down of assets

•Diluted EPS of $(0.13) compared to $(0.07) for the fourth quarter of 2023; the fourth quarter 2024 diluted EPS included approximately $(0.20) per share of turnaround costs and one-time non-cash charges

•Adjusted EBITDA(1) of $37.6 million compared to $25.1 million in the fourth quarter of 2023

Full Year 2024 Results and Highlights

•Net sales of $522.4 million compared to $593.7 million in the full year 2023

•Net loss of $19.4 million compared to net income of $27.9 million in the full year 2023; the 2024 net loss included approximately $37.8 million of turnaround costs and approximately $11.7 million of one-time non-cash charges related to the write-down of assets

•Diluted EPS of $(0.27) compared to $0.37 for the full year 2023; the 2024 diluted EPS included approximately $(0.50) per share of turnaround costs and one-time non-cash charges

•Adjusted EBITDA(1) of $129.5 million compared to $132.7 million in the full year 2023

•Repurchased $96.6 million in principal amount of Senior Secured Notes for approximately $92.2 million in 2024 which reduced our total debt by 17% compared to the end of 2023

•Repurchased approximately 1.5 million shares of common stock for approximately $12.1 million in 2024

•Total cash, cash equivalents and short-term investments of approximately $184.2 million and total debt of $485.3 million as of December 31, 2024

•Total Recordable Injury Rate of 0.90 (“TRIR”) for the full year 2024; Cherokee and Baytown operations both had a TRIR of zero for the full year 2024

(1) Adjusted EBITDA and EBITDA are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Reconciliations” and the reconciliations at the end of this release for additional information concerning these and other non-GAAP financial measures.

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“Our fourth quarter was marked by progress on several fronts," stated Mark Behrman, LSB Industries' Chairman & Chief Executive Officer. "Our adjusted EBITDA for the fourth quarter of 2024 improved versus the fourth quarter of last year due, in part, to improved production and sales volumes of nitric acid and AN despite having a plant turnaround in the fourth quarter of 2024. Stronger ammonia prices and lower natural gas costs also contributed to the year-over-year improvement. Notably, nitrogen fertilizer prices are currently above levels at the same point last year. We believe this more favorable pricing environment reflects balanced channel inventories, strong global urea demand and improving corn futures prices. We’re seeing several positive indicators that point towards a robust Spring.”

“Our Pryor facility achieved a monthly record for urea and UAN production in December. This record is a direct result of the turnaround and urea capacity expansion project that we completed during the third quarter. Additionally, we completed a turnaround of the ammonia plant at our Cherokee facility during the fourth quarter and did so injury-free. In fact our Cherokee and Baytown facilities had zero recordable incidents for full-year 2024. This outstanding achievement is consistent with our ‘Goal Zero’ - zero recordable incidents - for our entire organization.”

“Our balance sheet continues to provide us with the financial flexibility to invest in the growth of our business. Following the investments we made in our Pryor and Cherokee facilities in 2024, we have a planned ammonia turnaround at our El Dorado facility scheduled for the third quarter of 2025. We expect these extensive maintenance and upgrade activities to continue to lead to higher reliability in our manufacturing plants resulting in increased production volumes and incremental growth in EBITDA(1).”

“We continue to make progress with our two energy transition projects. We are targeting startup of low carbon ammonium nitrate solution production at our El Dorado facility in the second half of 2026. Obtaining the EPA’s approval of the Class VI permit application submitted by our partner, Lapis Carbon Solutions, remains our primary gating item. In May 2024, we announced our first off-take customer for low carbon ammonium nitrate solution to be produced at our El Dorado facility. We began shipping product to the customer under this agreement in early 2025 and look forward to transitioning from conventional ANS to a low carbon product next year.”

“With respect to our Houston Ship Channel Project, we are currently involved in conversations with potential customers to get a sense of the pricing levels for low carbon ammonia that could lead to high volume, long-term off-take arrangements. The outcome of these conversations is a key factor in determining the timing of our next step in the project development process, which would be a full FEED(2) study. Our goal is to begin a FEED during the first half of this year and complete the study by mid-2026, paving the way for us to move forward with our final investment decision, and ultimately, plant construction.”

Mr. Behrman concluded, “We begin 2025 better positioned for profitable growth than at any time in our Company’s history. We are well capitalized and the investments we are making to improve the reliability, efficiency and output of our facilities are already bearing fruit. We expect to see incremental improvement from these activities each quarter with the full impact of these investments flowing through our financial results by the end of 2026. We continue to pursue longer term growth opportunities with our low carbon product strategy, with a focus on minimizing risk and maximizing returns. We are highly enthusiastic about our prospects for generating increased value for shareholders in the years to come.”

(1) Adjusted EBITDA and EBITDA are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Reconciliations” and the reconciliations at the end of this release for additional information concerning these and other non-GAAP financial measures

(2) Front End Engineering Design

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Market Outlook

•Our industrial business remains consistent, reflecting:

▪Stable demand for nitric acid supported by the strength of the U.S. economy and resilient consumer spending

▪Demand for ammonium nitrate (AN) for use in explosives bolstered by U.S. production and supportive pricing of metals, including copper for data centers and electric vehicles as well as gold

▪Demand for AN is also benefiting from quarrying/aggregate production for infrastructure upgrade and expansion

•Our ammonia market is healthy and pricing remains strong driven by:

▪Well balanced distribution channel inventories heading into Spring planting season

▪Higher natural gas feedstock costs for European ammonia producers resulting from cold temperatures and supply disruptions

▪Ongoing disruptions in the Suez Canal from the Middle East conflict limiting ammonia imports into Europe from the Middle East

▪Delayed startup of new production capacity in the U.S. Gulf

▪Economic stimulus measures in China could increase demand for industrial ammonia for use in polyurethane, caprolactam and acrylonitrile production returning to pre-COVID levels

•UAN pricing has strengthened due to:

▪Updraft from strong urea market resulting from robust global demand

▪Limited imports from international suppliers relative to past years

▪Potential pent-up demand at retailer and producer level could lead to favorable order volumes and pricing throughout the first half of 2025

•Corn futures prices showing upward momentum:

▪USDA's recent outlook for U.S. corn indicates smaller supplies and a decline in ending stocks

▪Production challenges in international growing regions potentially supportive of U.S. corn prices as evidenced by Spring corn futures price of approximately $5.00 per bushel currently

Low Carbon Ammonia Projects Summary

•Houston Ship Channel Blue Ammonia project with INPEX, Air Liquide and Vopak Exolum Houston

▪Proposed 1.1 million metric ton per year blue ammonia plant utilizing blue hydrogen provided by a joint venture between Air Liquide/INPEX (JV)

▪Preliminary Front End Engineering Design (Pre-FEED) study completed in Q4’24

▪FEED study expected during 2025; final investment decision expected in 2026

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•El Dorado Carbon Capture and Sequestration (CCS) Project with Lapis Energy

▪Would capture and sequester between 400,000 and 500,000 metric tons of CO2 per year, which would reduce our Scope 1 emissions by 25%, yielding between 305,000 and 380,000 metric tons per year of low carbon ammonia

▪Awaiting EPA approval of Class VI permit application to commence construction

▪Focused on beginning operations in the second half of 2026

•MOU with Amogy to Develop Ammonia as a Marine Fuel

▪Collaborating on the evaluation and development of pilot program that would combine our low carbon ammonia and Amogy's ammonia-to-power engine solution

▪Amogy successfully completed test of tugboat retrofitted with power unit using ammonia as a fuel during Q3’24

Fourth Quarter Results Overview

	For the Three Months Ended December 31,
	2024		2023		% Change
Product Sales ($ in Thousands)	(In Thousands)
AN & Nitric Acid	$	57,620	$	47,959		20	%
Urea ammonium nitrate (UAN)		30,132		36,621		(18	)%
Ammonia		40,194		36,731		9	%
Other		6,960		11,302		(38	)%
Total net sales	$	134,906	$	132,613

Comparison of Fourth Quarter of 2024 to 2023:

•Net sales increased during the fourth quarter of 2024 due to higher sales volumes of AN and nitric acid and higher pricing for ammonia, partially offset by lower UAN and ammonia sales volumes largely resulting from the turnaround at the Cherokee facility, along with lower UAN pricing. We incurred an operating loss for the fourth quarter of 2024, compared to operating income for the fourth quarter of 2023, and a net loss for the fourth quarter of 2024 that was greater than the net loss in the fourth quarter of 2023, in each case due to Cherokee facility turnaround expenses along with non-cash asset write-downs primarily related to assets taken out of service during the fourth quarter of 2024. Adjusted EBITDA increased during the quarter, driven by the factors that benefited net sales in addition to lower natural gas costs.

The following tables provide key sales metrics for our products:

	For the Three Months Ended December 31,
Key Product Volumes (short tons sold)	2024		2023		% Change
AN & Nitric Acid		150,054		124,697		20	%
Urea ammonium nitrate (UAN)		114,875		125,966		(9	)%
Ammonia		85,678		95,447		(10	)%
		350,607		346,110		1	%

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Average Selling Prices (price per short ton) (A)
AN & Nitric Acid	$	308	$	322	(4	)%
Urea ammonium nitrate (UAN)	$	221	$	253	(13	)%
Ammonia	$	449	$	368	22	%

(A) Average selling prices represent “net back” prices which are calculated as sales less freight expenses divided by product sales volume in tons. Please see the discussion below under the heading “Ammonia, AN, Nitric Acid, UAN Sales Price Reconciliation” and the reconciliations at the end of this release for additional information concerning this financial measure.

	For the Three Months Ended December 31,
Average Benchmark Prices (price per ton)	2024		2023		% Change
Tampa Ammonia Benchmark	$	564	$	599		(6	)%
NOLA UAN	$	230	$	256		(10	)%

	Three Months Ended December 31,
	2024		2023		% Change
Input Costs
Average natural gas cost/MMBtu in cost of materials and other	$	2.45	$	3.75		(35	)%
Average natural gas cost/MMBtu used in production	$	2.79	$	3.99		(30	)%

Volume Outlook*

Estimated ammonia production and product sales volumes for the full year 2025 are as follows:

Products	2025E	2024A
Ammonia Production (tons):	790,000 - 820,000	757,000
Sales Volume (tons):
AN & Nitric Acid	590,000 - 620,000	554,000
Urea Ammonium Nitrate (UAN)	620,000 - 650,000	483,000
Ammonia	250,000 - 280,000	321,000

*2025 ammonia production and product sales volumes forecast reflects a turnaround at our El Dorado facility versus turnarounds at both our Pryor and Cherokee facilities in 2024

Conference Call

LSB’s management will host a conference call on Thursday, February 27, 2025 at 10:00 am ET / 9:00 am CT to discuss fourth quarter and full year 2024 results and recent corporate developments. Participating in the call will be Chairman & Chief Executive Officer, Mark Behrman, Executive Vice President & Chief Financial Officer, Cheryl Maguire and Executive Vice President & Chief Commercial Officer, Damien Renwick. Interested parties may participate in the call by dialing (877) 407-6176 / (201) 689-8451. Please call in 10 minutes before the conference is scheduled to begin and ask for the LSB conference call.

A webcast of the call, along with a slide presentation that coincides with management’s prepared remarks, will be available in the Investors section of LSB’s website, at www.lsbindustries.com. The webcast can be found under Events & Presentations. If you are unable to listen to the live call, the conference call webcast will be archived on LSB’s website.

LSB Industries, Inc.

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LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, is committed to playing a leadership role in the energy transition through the production of low and no carbon products that build, feed and power the world. The LSB team is dedicated to building a culture of excellence in customer experiences as we currently deliver essential products across the agricultural, industrial, and mining end markets and, in the future, the energy markets. The company manufactures ammonia and ammonia-related products at facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma and operates a facility for a global chemical company in Baytown, Texas. Additional information about LSB can be found on our website at www.lsbindustries.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, include, but are not limited to, statements regarding: our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources and liquidity; trends, opportunities and risks affecting our business, industry and financial results; our ability to successfully leverage our existing business platform and portfolio of assets to produce low carbon products and execute our strategy to become a leader in the energy transition in the chemical industry; the availability of raw materials; production volumes at our production facilities; and the anticipated cost and timing of our capital projects, including turnarounds. Forward-looking statements can generally be identified by words or phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “will,” “may,” “plan,” “potential,” “should,” “would,” and similar words or phrases, as well as by discussions of strategy, plans or intentions. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties relate to, but are not limited to, business and market disruptions; market conditions and price volatility for our products and feedstocks; global and regional economic downturns that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; increased competitive pressures; our ability to fund the working capital and expansion of our businesses; recruiting and retaining skilled and qualified personnel; our ability to obtain necessary raw materials and purchased components; material increases in cost of raw materials; obtaining and maintaining necessary permits; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

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Company Contact:

Cheryl Maguire, Executive Vice President & CFO

(405) 510-3524

Fred Buonocore, CFA, Vice President of Investor Relations

(405) 510-3550

fbuonocore@lsbindustries.com

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LSB Industries, Inc.

Consolidated Statements of Operations

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(In Thousands, Except Per Share Amounts)
Net sales	$	134,906		$	132,613		$	522,400		$	593,709
Cost of sales		128,857			120,604			474,603			507,449
Gross profit		6,049			12,009			47,797			86,260
Selling, general and administrative expense		9,884			8,765			41,767			36,580
Other expense (income), net		2,910			(1	)		11,535			(2,097	)
Operating (loss) income		(6,745	)		3,245			(5,505	)		51,777
Interest expense, net		8,223			9,923			34,452			41,136
Gain on extinguishments of debt		—			—			(3,013	)		(8,644	)
Non-operating income, net		(1,764	)		(3,682	)		(10,907	)		(14,611	)
(Loss) income before (benefit) provision for income taxes		(13,204	)		(2,996	)		(26,037	)		33,896
(Benefit) provision for income taxes		(4,055	)		2,351			(6,684	)		5,973
Net (loss) income	$	(9,149	)	$	(5,347	)	$	(19,353	)	$	27,923
(Loss) income per common share
Basic:
Net (loss) income	$	(0.13	)	$	(0.07	)	$	(0.27	)	$	0.37
Diluted:
Net (loss) income	$	(0.13	)	$	(0.07	)	$	(0.27	)	$	0.37

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LSB Industries, Inc.

Consolidated Balance Sheets

	December 31,
	2024			2023
	(In Thousands)
Assets
Current assets:
Cash and cash equivalents	$	20,230		$	98,500
Restricted cash		—			2,532
Short-term investments		163,971			207,434
Accounts receivable		39,083			40,749
Allowance for doubtful accounts		(323	)		(364	)
Accounts receivable, net		38,760			40,385
Inventories:
Finished goods		22,382			26,329
Raw materials		2,519			1,799
Total inventories		24,901			28,128
Supplies, prepaid items and other:
Prepaid insurance		14,345			14,846
Precious metals		11,596			12,094
Supplies		31,995			30,486
Other		3,916			2,337
Total supplies, prepaid items and other		61,852			59,763
Total current assets		309,714			436,742
Property, plant and equipment, net		847,570			835,298
Other assets:
Operating lease assets		28,727			24,852
Intangible and other assets, net		1,177			1,292
Total other assets		29,904			26,144
Total assets	$	1,187,188		$	1,298,184

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LSB Industries, Inc.

Consolidated Balance Sheets (continued)

	December 31,
	2024		2023
	(In Thousands)
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	83,498	$	68,323
Short-term financing		12,146		13,398
Accrued and other liabilities		30,874		30,961
Current portion of long-term debt		9,116		5,847
Total current liabilities		135,634		118,529
Long-term debt, net		476,163		575,874
Noncurrent operating lease liabilities		21,387		16,074
Other noncurrent accrued liabilities		456		523
Deferred income taxes		61,908		68,853
Commitments and contingencies
Stockholders' equity:
Common stock, $.10 par value per share; 150 million shares    authorized, 91.2 million shares issued		9,117		9,117
Capital in excess of par value		504,578		501,026
Retained earnings		207,662		227,015
Total stockholders’ equity		721,357		737,158
Less treasury stock, at cost:
Common stock, 19.5 million shares (18.1 million shares at    December 31, 2023)		229,717		218,827
Total stockholders' equity		491,640		518,331
Total liabilities and stockholders’ equity	$	1,187,188	$	1,298,184

Non-GAAP Reconciliations

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To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures in this press release and on the related teleconference call.

EBITDA and Adjusted EBITDA Reconciliation

Management uses EBITDA and adjusted EBITDA as supplemental measures to review and assess the performance of our core business operations and for planning purposes. EBITDA is defined as net income (loss) plus interest expense and interest income, net, less gain on extinguishment of debt, plus depreciation and amortization (D&A) (which includes D&A of property, plant and equipment and amortization of intangible and other assets), plus provision (benefit) for income taxes. Adjusted EBITDA is reported to show the impact of non-cash stock-based compensation, one time/non-cash or non-operating items-such as, one-time income or fees, loss (gain) on sale of a business and/or other property and equipment, certain fair market value (FMV) adjustments, and consulting costs associated with reliability and purchasing initiatives (Initiatives). We historically have performed turnaround activities on an annual basis; however, we have moved towards extending turnarounds to a two or three-year cycle. Rather than being capitalized and amortized over the period of benefit, our accounting policy is to recognize the costs as incurred. Given these turnarounds are essentially investments that provide benefits over multiple years, they are not reflective of our operating performance in a given year.

We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. In addition, we believe that certain investors consider adjusted EBITDA as more meaningful to further assess our performance. We believe that the inclusion of supplementary adjustments to EBITDA is appropriate to provide additional information to investors about certain items.

EBITDA and adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA and adjusted EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to EBITDA and adjusted EBITDA for the periods indicated.

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Non-GAAP Reconciliations (continued)

LSB Consolidated ($ In Thousands)	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net (loss) income	$	(9,149	)	$	(5,347	)	$	(19,353	)	$	27,923
Plus:
Interest expense and interest income, net		6,106			6,237			23,087			26,500
Gain on extinguishment of debt		—			—			(3,013	)		(8,644	)
Depreciation and amortization		21,853			18,667			74,478			68,922
(Benefit) provision for income taxes		(4,055	)		2,351			(6,684	)		5,973
EBITDA	$	14,755		$	21,908		$	68,515		$	120,674
Stock-based compensation		1,565			1,389			6,607			5,353
Legal Fees & Settlements - Specific Matters		545			119			3,536			594
Loss on write down of assets		3,122			977			11,703			3,613
Turnaround costs		17,143			734			37,781			2,430
Growth Initiatives		436						1,378
Adjusted EBITDA	$	37,566		$	25,127		$	129,520		$	132,664

Ammonia, AN, Nitric Acid, UAN Sales Price Reconciliation

The following table provides a reconciliation of total identified net sales as reported under GAAP in our consolidated financial statements reconciled to netback sales which is calculated as net sales less freight and other non-netback costs. We believe this provides a relevant industry comparison among our peer group.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
	(In Thousands)				(In Thousands)
Ammonia, AN, Nitric Acid, UAN net sales	$	127,946	$	121,311	$	488,575	$	542,605
Less freight and other		17,839		14,137		63,047		55,009
Ammonia, AN, Nitric Acid, UAN netback sales	$	110,107	$	107,174	$	425,528	$	487,596

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Document Type	8-K
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Document Period End Date	Feb. 26, 2025
Entity Registrant Name	LSB INDUSTRIES, INC.
Entity Central Index Key	0000060714
Entity File Number	1-7677
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	73-1015226
Entity Address, Address Line One	3503 NW 63rd Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73116
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Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Security 12b Title	Common Stock, Par Value $.10
Trading Symbol	LXU
Security Exchange Name	NYSE
Preferred Stock [Member]
Document Information [Line Items]
Security 12b Title	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE