Friedman Industries’ QQ3 2025 results show a weaker top line and pressured margins set against a backdrop of cyclical steel demand. Revenue declined to 94.07 million, down 11.9% QoQ and 18.9% YoY, while gross profit of 8.09 million produced a modest 8.6% gross margin. The quarter delivered an operating loss of 1.19 million and a net loss of 1.15 million (EPS -0.17), reflecting a combination of lower volumes, ongoing cost structure, and cyclicality in Steel processing. Notably, cash flow from operations was positive at 2.70 million, supporting a free cash flow of 1.55 million, but the company ended the quarter with modest cash of 1.23 million as cash usage was concentrated in financing activity and working capital dynamics. The balance sheet remains solid on a per-share basis with a strong equity base (stockholders’ equity of 127.33 million) and a conservative debt footprint (long-term debt 35.30 million; net debt 34.22 million), yet profitability remains the primary overhang while liquidity remains adequate (current ratio 3.53). The results underline Friedman’s exposure to cyclical steel markets and the need for ongoing discipline in cost and working capital to support earnings resilience through the cycle.