The Chemours Company (“Chemours”, or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. The Company’s principal products include refrigerants, titanium dioxide (“TiO2”) pigment and industrial fluoropolymer resins. Chemours manages and reports its operating results through its three principal reportable segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. The Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. The Titanium Technologies segment is a leading, global provider of TiO2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, durability, efficiency and protection across a variety of applications. The Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. The Other Non-Reportable Segment includes the Performance Chemicals and Intermediates business.

Unless the context otherwise requires, references herein to “The Chemours Company”, “Chemours”, “the Company”, “our Company”, “we”, “us”, and “our” refer to The Chemours Company and its consolidated subsidiaries. References herein to “EID” refer to EIDP, Inc., formerly known as EID, which is Chemours’ former parent company and is now a subsidiary of Corteva. References herein to "DuPont" refer to DuPont de Nemours, Inc.

The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair statement of the Company’s results for interim periods have been included. The notes that follow are an integral part of the Company’s interim consolidated financial statements. The Company’s results for interim periods should not be considered indicative of its results for a full year, and the year-end consolidated balance sheet does not include all of the disclosures required by GAAP. As such, these interim consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Revision of Previously Issued Consolidated Financial Statements and Interim Unaudited Condensed Consolidated Financial Statements

As previously disclosed in the Company’s Form 10-K for the year ended December 31, 2024, certain prior period amounts on the consolidated statements of income were revised to correct for immaterial errors that the Company identified during the financial close process for the fourth quarter of 2024 impacting previously issued financial statements beginning as of January 1, 2022, and subsequent quarterly reporting periods through September 30, 2024. Specifically, the Company identified errors related to the income statement presentation of byproduct revenue sales, which were incorrectly accounted for as a contra cost of goods sold as well as the income statement presentation of certain ore sales associated with the Company's Kuan Yin, Taiwan facility, which were incorrectly accounted for on a net basis within other income, net. The Company assessed the materiality of these errors on prior period consolidated financial statements in accordance with the Securities and Exchange Commission ("SEC") Staff Accounting Bulletin No. 99, "Materiality", codified in ASC 250, Accounting Changes and Error Corrections ("ASC 250"). Based on this assessment, management concluded that the error corrections were not material to any previously presented interim or annual financial statements. However, in order to correctly present these amounts management determined it was appropriate to revise all previously issued and impacted financial statements.

During the financial close process for the first quarter of 2025, the Company identified additional immaterial errors related primarily to the timing of cost of goods sold recognition, including U.S. rail freight and certain raw material inventory. These errors impact previously issued financial statements beginning as of January 1, 2023, and subsequent quarterly and annual reporting periods through December 31, 2024. The Company assessed the materiality of these errors, as well as all other previously identified immaterial errors which impact previously issued financial statements beginning as of January 1, 2023, and subsequent quarterly and annual reporting periods through December 31, 2024. This includes the previously disclosed error related to the timing of insurance proceeds recognition within selling, general and administrative expenses and certain other immaterial errors which also primarily impact the timing of cost of goods sold recognition. The Company assessed the materiality of these errors on current and prior period consolidated financial statements in accordance with ASC 250. Based on this assessment, management concluded that the amounts are not material to any previously presented interim or annual financial statements. However, the aggregate impact of all adjustments would be material to results for the three months ended March 31, 2025 and as such, in order to correctly present these amounts management determined it was appropriate to revise all previously issued and impacted financial statements.

The following tables present the effect of these revisions for each of the applicable periods and impacted financial statements. The Company intends to correct these financial statements through revisions in subsequently filed quarterly and annual reports on Form 10-Q and Form 10-K where applicable. Individual quarters may not sum to year-to-date amounts due to rounding. The Company has also revised impacted amounts within the accompanying notes to the unaudited condensed consolidated financial statements, as applicable.

Revised Consolidated Statements of Operations


		Year ended December 31, 2023
		As reported			Adjustments				As revised
Cost of goods sold	$		4,772	$		4		$		4,776
Gross profit	$		1,306	$		(4	)	$		1,302
Selling, general and administrative expense	$		1,290	$		(4	)	$		1,286
Total other operating expenses	$		1,551	$		(4	)	$		1,547


		Three months ended March 31, 2024
		As reported			Adjustments				As revised
Net sales	$		1,350	$		12		$		1,362
Cost of goods sold	$		1,064	$		14		$		1,078
Gross profit	$		286	$		(2	)	$		284
Selling, general and administrative expense	$		142	$		(5	)	$		137
Total other operating expenses	$		174	$		(5	)	$		169
Income (loss) before income taxes	$		67	$		3		$		70
Provision for (benefit from) income taxes	$		15	$		1		$		16
Net income (loss)	$		52	$		2		$		54
Net income (loss) attributable to Chemours	$		52	$		2		$		54
Per share data
Basic earnings (loss) per share of common stock	$		0.35	$		0.01		$		0.36
Diluted earnings (loss) per share of common stock	$		0.34	$		0.02		$		0.36


		Three months ended June 30, 2024
		As reported			Adjustments				As revised
Net sales	$		1,538	$		16		$		1,554
Cost of goods sold	$		1,232	$		14		$		1,246
Gross profit	$		306	$		2		$		308
Selling, general and administrative expense	$		139	$		15		$		154
Total other operating expenses	$		168	$		15		$		183
Income (loss) before income taxes	$		82	$		(13	)	$		69
Provision for (benefit from) income taxes	$		12	$		(3	)	$		9
Net income (loss)	$		70	$		(10	)	$		60
Net income (loss) attributable to Chemours	$		70	$		(10	)	$		60
Per share data
Basic earnings (loss) per share of common stock	$		0.47	$		(0.07	)	$		0.40
Diluted earnings (loss) per share of common stock	$		0.46	$		(0.07	)	$		0.39


		Six months ended June 30, 2024
		As reported			Adjustments				As revised
Net sales	$		2,887	$		28		$		2,915
Cost of goods sold	$		2,294	$		29		$		2,323
Gross profit	$		593	$		(1	)	$		592
Selling, general and administrative expense	$		281	$		11		$		292
Total other operating expenses	$		341	$		11		$		352
Other income, net	$		2	$		1		$		3
Income (loss) before income taxes	$		149	$		(11	)	$		138
Provision for (benefit from) income taxes	$		28	$		(3	)	$		25
Net income (loss)	$		121	$		(8	)	$		113
Net income (loss) attributable to Chemours	$		121	$		(8	)	$		113
Per share data
Basic earnings (loss) per share of common stock	$		0.81	$		(0.05	)	$		0.76
Diluted earnings (loss) per share of common stock	$		0.81	$		(0.06	)	$		0.75


		Three months ended September 30, 2024
		As reported				Adjustments				As revised
Net sales	$		1,501		$		7		$		1,508
Cost of goods sold	$		1,215		$		7		$		1,222
Gross profit	$		286		$		—		$		286
Selling, general and administrative expense	$		135		$		2		$		137
Total other operating expenses	$		265		$		2		$		267
Interest expense	$		(69	)	$		1		$		(68	)
Other income, net	$		7		$		(1	)	$		6
Income (loss) before income taxes	$		(30	)	$		(2	)	$		(32	)
Provision for (benefit from) income taxes	$		(3	)	$		3		$		—
Net income (loss)	$		(27	)	$		(5	)	$		(32	)
Net income (loss) attributable to Chemours	$		(27	)	$		(5	)	$		(32	)
Per share data
Basic earnings (loss) per share of common stock	$		(0.18	)	$		(0.04	)	$		(0.22	)
Diluted earnings (loss) per share of common stock	$		(0.18	)	$		(0.04	)	$		(0.22	)


		Nine months ended September 30, 2024
		As reported				Adjustments				As revised
Net sales	$		4,388		$		35		$		4,423
Cost of goods sold	$		3,510		$		36		$		3,546
Gross profit	$		878		$		(1	)	$		877
Selling, general and administrative expense	$		416		$		12		$		428
Total other operating expenses	$		607		$		12		$		619
Interest expense	$		(197	)	$		1		$		(196	)
Income (loss) before income taxes	$		118		$		(12	)	$		106
Provision for (benefit from) income taxes	$		24		$		1		$		25
Net income (loss)	$		94		$		(13	)	$		81
Net income (loss) attributable to Chemours	$		94		$		(13	)	$		81
Per share data
Basic earnings (loss) per share of common stock	$		0.63		$		(0.09	)	$		0.54
Diluted earnings (loss) per share of common stock	$		0.63		$		(0.09	)	$		0.54


		Year ended December 31, 2024
		As reported				Adjustments				As revised
Cost of goods sold	$		4,631		$		9		$		4,640
Gross profit	$		1,151		$		(9	)	$		1,142
Selling, general and administrative expense	$		585		$		13		$		598
Total other operating expenses	$		810		$		13		$		823
Interest expense	$		(264	)	$		1		$		(263	)
Income (loss) before income taxes	$		127		$		(21	)	$		106
Provision for (benefit from) income taxes	$		41		$		(5	)	$		36
Net income (loss)	$		86		$		(16	)	$		70
Net income (loss) attributable to Chemours	$		86		$		(16	)	$		70
Per share data
Basic earnings (loss) per share of common stock	$		0.58		$		(0.11	)	$		0.47
Diluted earnings (loss) per share of common stock	$		0.57		$		(0.10	)	$		0.47

Revised Consolidated Statements of Comprehensive (Loss) Income


		Three months ended March 31, 2024
		As reported			Adjustments			As revised
Net income	$		52	$		2	$		54
Comprehensive income	$		52	$		2	$		54
Comprehensive income attributable to Chemours	$		52	$		2	$		54


		Three months ended June 30, 2024
		As reported				Adjustments				As revised
Net income	$		70		$		(10	)	$		60
Comprehensive loss	$		(3	)	$		(10	)	$		(13	)
Comprehensive loss attributable to Chemours	$		(3	)	$		(10	)	$		(13	)


		Six months ended June 30, 2024
		As reported			Adjustments				As revised
Net income	$		121	$		(8	)	$		113
Comprehensive income	$		48	$		(8	)	$		40
Comprehensive income attributable to Chemours	$		48	$		(8	)	$		40


		Three months ended September 30, 2024
		As reported				Adjustments				As revised
Net loss	$		(27	)	$		(5	)	$		(32	)
Comprehensive loss	$		(33	)	$		(5	)	$		(38	)
Comprehensive loss attributable to Chemours	$		(33	)	$		(5	)	$		(38	)


		Nine months ended September 30, 2024
		As reported			Adjustments				As revised
Net income	$		94	$		(13	)	$		81
Comprehensive income	$		15	$		(13	)	$		2
Comprehensive income attributable to Chemours	$		15	$		(13	)	$		2


		Year ended December 31, 2024
		As reported				Adjustments				As revised
Net income	$		86		$		(16	)	$		70
Comprehensive loss	$		(7	)	$		(16	)	$		(23	)
Comprehensive loss attributable to Chemours	$		(7	)	$		(16	)	$		(23	)

Revised Consolidated Balance Sheets


		December 31, 2023
		As reported				Adjustments				As revised
Accounts and notes receivable, net	$		610		$		12		$		622
Inventories	$		1,352		$		(3	)	$		1,349
Total current assets	$		3,835		$		9		$		3,844
Accumulated depreciation	$		(6,196	)	$		(9	)	$		(6,205	)
Property, plant and equipment, net	$		3,216		$		(9	)	$		3,207
Other assets	$		677		$		2		$		679
Total assets	$		8,251		$		2		$		8,253
Long-term debt, net	$		3,987		$		2		$		3,989
Other liabilities	$		328		$		1		$		329
Total liabilities	$		7,512		$		3		$		7,515
Retained earnings	$		1,782		$		(1	)	$		1,781
Total Chemours stockholders' equity	$		737		$		(1	)	$		736
Total equity	$		739		$		(1	)	$		738
Total liabilities and equity	$		8,251		$		2		$		8,253


		March 31, 2024
		As reported				Adjustments				As revised
Accounts and notes receivable, net	$		792		$		21		$		813
Inventories	$		1,391		$		(8	)	$		1,383
Total current assets	$		3,597		$		13		$		3,610
Accumulated depreciation	$		(6,260	)	$		(9	)	$		(6,269	)
Property, plant and equipment, net	$		3,209		$		(9	)	$		3,200
Other assets	$		650		$		1		$		651
Total assets	$		7,978		$		5		$		7,983
Accounts payable	$		963		$		1		$		964
Total current liabilities	$		2,231		$		1		$		2,232
Long-term debt, net	$		3,968		$		2		$		3,970
Other liabilities	$		331		$		1		$		332
Total liabilities	$		7,224		$		4		$		7,228
Retained earnings	$		1,797		$		1		$		1,798
Total Chemours stockholders' equity	$		752		$		1		$		753
Total equity	$		754		$		1		$		755
Total liabilities and equity	$		7,978		$		5		$		7,983


		June 30, 2024
		As reported				Adjustments				As revised
Accounts and notes receivable, net	$		896		$		10		$		906
Inventories	$		1,368		$		(9	)	$		1,359
Total current assets	$		2,937		$		1		$		2,938
Accumulated depreciation	$		(6,283	)	$		(8	)	$		(6,291	)
Property, plant and equipment, net	$		3,157		$		(8	)	$		3,149
Other assets	$		630		$		4		$		634
Total assets	$		7,249		$		(3	)	$		7,246
Accounts payable	$		938		$		3		$		941
Total current liabilities	$		1,557		$		3		$		1,560
Long-term debt, net	$		3,951		$		2		$		3,953
Other liabilities	$		327		$		1		$		328
Total liabilities	$		6,524		$		6		$		6,530
Retained earnings	$		1,828		$		(9	)	$		1,819
Total Chemours stockholders' equity	$		723		$		(9	)	$		714
Total equity	$		725		$		(9	)	$		716
Total liabilities and equity	$		7,249		$		(3	)	$		7,246


		September 30, 2024
		As reported				Adjustments				As revised
Inventories	$		1,438		$		(4	)	$		1,434
Total current assets	$		3,080		$		(4	)	$		3,076
Accumulated depreciation	$		(6,372	)	$		(3	)	$		(6,375	)
Property, plant and equipment, net	$		3,173		$		(3	)	$		3,170
Other assets	$		667		$		1		$		668
Total assets	$		7,463		$		(6	)	$		7,457
Accounts payable	$		1,069		$		9		$		1,078
Total current liabilities	$		1,777		$		9		$		1,786
Operating lease liabilities	$		196		$		(2	)	$		194
Other liabilities	$		354		$		1		$		355
Total liabilities	$		6,804		$		8		$		6,812
Retained earnings	$		1,763		$		(14	)	$		1,749
Total Chemours stockholders' equity	$		657		$		(14	)	$		643
Total equity	$		659		$		(14	)	$		645
Total liabilities and equity	$		7,463		$		(6	)	$		7,457


		December 31, 2024
		As reported			Adjustments				As revised
Inventories	$		1,472	$		(9	)	$		1,463
Total current assets	$		3,026	$		(9	)	$		3,017
Other assets	$		797	$		7		$		804
Total assets	$		7,515	$		(2	)	$		7,513
Accounts payable	$		1,142	$		14		$		1,156
Total current liabilities	$		1,803	$		14		$		1,817
Other liabilities	$		368	$		1		$		369
Total liabilities	$		6,910	$		15		$		6,925
Retained earnings	$		1,718	$		(17	)	$		1,701
Total Chemours stockholders' equity	$		604	$		(17	)	$		587
Total equity	$		605	$		(17	)	$		588
Total liabilities and equity	$		7,515	$		(2	)	$		7,513

Revised Consolidated Statements of Stockholders' Equity


		Year ended December 31, 2023
		As reported			Adjustments				As revised
Retained earnings at 1/1/2023	$		2,170	$		(1	)	$		2,169
Retained earnings at 12/31/2023	$		1,782	$		(1	)	$		1,781


		Three months ended March 31, 2024
		As reported			Adjustments				As revised
Retained earnings at 1/1/2024	$		1,782	$		(1	)	$		1,781
Net income	$		52	$		2		$		54
Retained earnings at 3/31/2024	$		1,797	$		1		$		1,798


		Three months ended June 30, 2024
		As reported			Adjustments				As revised
Retained earnings at 4/1/2024	$		1,797	$		1		$		1,798
Net income	$		70	$		(10	)	$		60
Retained earnings at 6/30/2024	$		1,828	$		(9	)	$		1,819


		Six months ended June 30, 2024
		As reported			Adjustments				As revised
Retained earnings at 1/1/2024	$		1,782	$		(1	)	$		1,781
Net income	$		121	$		(8	)	$		113
Retained earnings at 6/30/2024	$		1,828	$		(9	)	$		1,819


		Three months ended September 30, 2024
		As reported				Adjustments				As revised
Retained earnings at 7/1/2024	$		1,828		$		(9	)	$		1,819
Net loss	$		(27	)	$		(5	)	$		(32	)
Retained earnings at 9/30/2024	$		1,763		$		(14	)	$		1,749


		Nine months ended September 30, 2024
		As reported			Adjustments				As revised
Retained earnings at 1/1/2024	$		1,782	$		(1	)	$		1,781
Net income	$		94	$		(13	)	$		81
Retained earnings at 9/30/2024	$		1,763	$		(14	)	$		1,749


		Year ended December 31, 2024
		As reported			Adjustments				As revised
Retained earnings at 1/1/2024	$		1,782	$		(1	)	$		1,781
Net income	$		86	$		(16	)	$		70
Retained earnings at 12/31/2024	$		1,718	$		(17	)	$		1,701

Revised Consolidated Statements of Cash Flows


		Year ended December 31, 2023
		As reported				Adjustments				As revised
Cash flows from operating activities:
Depreciation and amortization	$		307		$		2		$		309
Decrease (increase) in operating assets:
Accounts and notes receivable, net	$		(10	)	$		(4	)	$		(14	)
Inventories and other current operating assets	$		58		$		3		$		61
(Decrease) increase in operating liabilities:
Accounts payable	$		(72	)	$		(2	)	$		(74	)
Other non-current operating liabilities	$		2		$		1		$		3
Cash provided by (used for) operating activities	$		556		$		—		$		556


		Three Months Ended March 31, 2024
		As reported				Adjustments				As revised
Net income	$		52		$		2		$		54
Cash flows from operating activities:
Deferred tax (benefit) provision	$		(1	)	$		1		$		—
Decrease (increase) in operating assets:
Accounts and notes receivable, net	$		(177	)	$		(9	)	$		(186	)
Inventories and other current operating assets	$		(34	)	$		5		$		(29	)
(Decrease) increase in operating liabilities:
Accounts payable	$		(157	)	$		1		$		(156	)
Cash provided by (used for) operating activities	$		(290	)	$		—		$		(290	)


		Six Months Ended June 30, 2024
		As reported				Adjustments				As revised
Net income	$		121		$		(8	)	$		113
Cash flows from operating activities:
Deferred tax (benefit) provision	$		(12	)	$		(3	)	$		(15	)
Decrease (increase) in operating assets:
Accounts and notes receivable, net	$		(289	)	$		2		$		(287	)
Inventories and other current operating assets	$		(15	)	$		6		$		(9	)
(Decrease) increase in operating liabilities:
Accounts payable	$		(178	)	$		3		$		(175	)
Cash provided by (used for) operating activities	$		(910	)	$		—		$		(910	)


		Nine Months Ended September 30, 2024
		As reported				Adjustments				As revised
Net income	$		94		$		(13	)	$		81
Cash flows from operating activities:
Depreciation and amortization	$		223		$		(5	)	$		218
Deferred tax (benefit) provision	$		(34	)	$		1		$		(33	)
Other operating charges and credits, net	$		(9	)	$		(3	)	$		(12	)
Decrease (increase) in operating assets:
Accounts and notes receivable, net	$		(348	)	$		12		$		(336	)
Inventories and other current operating assets	$		(91	)	$		1		$		(90	)
(Decrease) increase in operating liabilities:
Accounts payable	$		(95	)	$		9		$		(86	)
Other non-current operating liabilities	$		4		$		(2	)	$		2
Cash provided by (used for) operating activities	$		(771	)	$		—		$		(771	)


		Year Ended December 31, 2024
		As reported				Adjustments				As revised
Net income	$		86		$		(16	)	$		70
Cash flows from operating activities:
Depreciation and amortization	$		301		$		(9	)	$		292
Deferred tax (benefit) provision	$		(27	)	$		(5	)	$		(32	)
Decrease (increase) in operating assets:
Accounts and notes receivable, net	$		(152	)	$		13		$		(139	)
Inventories and other current operating assets	$		(146	)	$		6		$		(140	)
(Decrease) increase in operating liabilities:
Accounts payable	$		(9	)	$		13		$		4
Other non-current operating liabilities	$		13		$		(2	)	$		11
Cash provided by (used for) operating activities	$		(633	)	$		—		$		(633	)