凯撒铝业 2026年季度报告

FORM 10-Q 94-3030279(I.R.S. Employer Identification No.) Title of each classCommon stock, par value $0.01 per share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of April 20, 2026, there were 16,340,606 shares of common stock of the registrant outstanding. TABLE OF CONTENTS PART IIItem 1. Legal Proceedings31Item 1A. Risk Factors31Item 2. Unregistered Sales of Equity Securities and Use of Proceeds31Item 3. Defaults Upon Senior Securities31Item 4. Mine Safety Disclosures31Item 5. Other Information31Item 6. Exhibits32SIGNATURES33 The accompanying notes to interim consolidated financial statements are an integral part of these statements. 1. Basis of Presentation and Recent Accounting Pronouncements This Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year endedDecember 31, 2025. Unless the context otherwise requires, references in these notes to interim consolidated financial statements - Principles of Consolidation and Basis of Presentation.The accompanying unaudited consolidated financial statementsinclude the accounts of our wholly owned subsidiaries and are prepared in accordance with GAAP and the rules and regulations ofthe SEC applicable for interim periods and, therefore, do not include all information and footnotes required by GAAP for completefinancial statements. In management’s opinion, all adjustments (which include normal recurring adjustments) considered necessaryfor a fair presentation have been included. We have reclassified certain items in prior periods to conform to current classifications. Use of Estimates in the Preparation of Financial Statements.The preparation of financial statements in accordance withGAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure ofcontingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of Adoption of New Accounting Pronouncements Accounting for Internal-Use Software.In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASUNo.2025-06(“ASU 2025-06”),Intangibles-Goodwill and Other-Internal-Use Software(Subtopic 350-40):TargetedImprovements to the Accounting for Internal-Use Software, which removes all references to software development stages so thatthe guidance is neutral to different software development methods. We early adopted ASU 2025-06 as of January 1, 2026 using the Accounting Pronouncements Issued But Not Yet Adopted DisclosureImprovements.In October 2023,the FASB issued ASU No.2023-06(“ASU 2023-06”),CodificationAmendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The guidance amends GAAP to reflectupdates and simplifications to certain disclosure requirements referred to the FASB by the SEC. The amendments in ASU 2023-06will become effective on the date which the SEC’s removal of the related disclosure becomes effective. If by June 30, 2027, theSEC does not remove the related disclosure, the pending amendment will be removed from ASC 2023-06 and it will not be Disaggregation of Income Statement Expenses.In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”),Disaggregation of Income Statement Expenses. The guidance requires additional, disaggregated disclosure about certain incomestatement expense line items. The amendments in ASU 2024-03 are effective for annual reporting periods beginning afterDecember 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and is Hedge Accounting Improvements.In November 2025, the FASB issued ASU No. 2025-09 (“ASU 2025-09”), Derivatives andHedging (Topic 815): Hedge Accounting Improvements. The guidance introduces