- **Q1 2025 Key Metrics**: $322M revenue, $25M adj. EBITDA (15% margin), +$33M unlevered free cash flow. 
- **Tariff-Driven Growth**: 53M lifetime wheels quoted YTD (+100% YoY), 6x more 2025-2026 production starts. 
- **Crisis Response**: Lost 33% of 2025 revenue but secured $70M liquidity and in talks for debt-for-equity recapitalization. 
- **Financial Risk**: Suspended 2025 guidance due to covenant compliance uncertainty; net debt $462M.

**【CEO Business Update】**
- **Q1 2025 Performance**: Delivered value-added sales growth despite macro challenges, driven by leading product portfolio and cost reduction efforts. 
- **Tariff Tailwinds**: North America and Europe OEMs accelerating localization due to 100%+ tariffs on Chinese imports (US) and 50%+ on Moroccan imports (Europe). 
- **Unprecedented Opportunity**: Quoted on 53M lifetime wheels YTD (+100% vs. 2024), with 6x more 2025-2026 production starts than last year. 
- **Crisis Management**: Lost 33% of 2025 revenue due to sudden customer contract shifts, but secured $70M incremental term loans and in talks for debt-for-equity recapitalization to deleverage. 

**【CFO Financial Review】**
- **Top Line**: Q1 2025 net sales $322M (-$3M YoY), adj. EBITDA $25M (15% margin vs. 18% YoY). 
- **Key Drivers**: Lower production volumes (-$3M), metal costs (-$2M), partially offset by pricing (+$2M). 
- **Cash Flow**: Operating cash +$24M (vs. +$4M YoY), unlevered free cash +$33M (vs. +$8M YoY). 
- **Debt Position**: Net debt $462M (-$18M QoQ), with $54M cash on hand. 
- **Guidance**: Suspended 2025 full-year outlook due to covenant compliance uncertainty and macro volatility. 

**【Liquidity & Capital Structure】**
- Secured $70M term loan commitment; negotiating covenant relief and debt-for-equity exchange to reduce leverage. 
- 2024 refinancing reduced debt by $117M, extending maturities to 2028. 
- Current term loan maturity: $520M due 2028; revolving credit facility unused at $60M.

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