Friedman Industries reported a challenging QQ2 2025, characterized by a meaningful drop in revenue and persistent negative profitability, yet delivering meaningful operating cash flow driven by working capital dynamics. Revenue for Q2 2025 was 106.76 million, down 18.35% year over year and 6.80% quarter over quarter, while gross profit totaled 3.93 million for a minimal gross margin of 3.68%. The company posted a net loss of 0.68 million and an EPS of -0.097, with EBITDA of 0.79 million. The quarterly result reflects continued pressure from a cyclical steel environment and pricing pressure across the Coil and Tubular segments, which contributed to the negative operating and net income despite a positive cash flow from operations of 10.78 million and free cash flow of 9.94 million. Balance sheet metrics show a modest liquidity cushion (current ratio about 4.07) but a relatively high debt load (total debt 38.69 million; net debt 36.21 million) that underscores leverage risk in a cyclical cycle. Management commentary on the quarter (as captured in the transcript data) is not available in the provided materials, limiting quotes for qualitative framing; nonetheless, the cash flow dynamics suggest emphasis on working capital discipline and potential debt reduction going forward. The current environment implies limited near-term profitability upside without improved steel pricing, better product mix, or meaningful cost reductions, but cash generation remains a potential lever to deleverage and fund strategic initiatives.