Quarterly ResultMay 15, 2026, 08:11 AM
ContextLogic Q1 Combined Revenue $32.4M; Net Income $17.0M
AI Summary
ContextLogic Holdings Inc. reported its first-quarter 2026 financial results, marking the first reporting period following the acquisition of US Salt on February 26, 2026. Combined non-GAAP revenue was $32.4 million, flat year-over-year, while combined non-GAAP net income significantly increased to $17.0 million, primarily due to a $41.9 million discrete tax benefit from the acquisition. Combined non-GAAP adjusted EBITDA decreased to $11.6 million, impacted by corporate costs and operational disruptions at the Watkins Glen facility, which have since been resolved.
Key Highlights
- ContextLogic completed the acquisition of US Salt on February 26, 2026.
- Combined non-GAAP revenue for Q1 2026 was $32.4 million, essentially flat compared to $32.3 million in Q1 2025.
- Combined non-GAAP net income for Q1 2026 was $17.0 million, an increase from $2.9 million in Q1 2025.
- Net income increase was driven by a $41.9 million discrete tax benefit related to the US Salt acquisition.
- Combined non-GAAP adjusted EBITDA was $11.6 million, a decrease of $0.9 million from $12.5 million in Q1 2025.
- Shipped volumes declined 7% to 102.4 thousand tons due to trucking disruptions and operational interruptions.
- Average selling price (ASP) grew 8%, driven by price increases and product mix shift.
- Free Cash Flow was ($20.6) million for Q1 2026, down from $1.3 million in Q1 2025, reflecting significant transaction expenses.
Price Impact
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