Advanced Engineered Materials (AEM) H2 2025 earnings summary

Executive summary

• Achieved commercial-scale HPA production at Cap-Chat, Quebec, with 2,000 tpa capacity after a two-year capital works program and installation of a tunnel kiln.

• Completed an IPO, raising A$44.8 million pre-costs, and listed on the ASX with a market cap of A$312 million.

• Divested all mining interests, focusing exclusively on high-purity alumina (HPA) production and sales.

• Ramping up production and sales to utilize current capacity, with plans to expand to 3,000 tpa in 2026 and 6,000 tpa by 2029.

Financial highlights

• Revenue from HPA sales was $622,315 for 2025, up from $187,861 in 2024.

• Net loss for 2025 was $28.7 million, compared to a net profit of $49.0 million in 2024 (the prior year included a $63.1 million gain on consolidation from acquiring the remaining 40% of AEM Inc).

• Cash and cash equivalents at year-end were $39.8 million, up from $2.9 million in 2024.

• Total assets increased to $217.1 million from $172.2 million year-over-year.

• Equity rose to $188.9 million from $103.6 million year-over-year.

Outlook and guidance

• Targeting full utilization of 2,000 tpa capacity over the next two years, with expansion to 3,000 tpa in 2026 and 6,000 tpa by 2029.

• Strong double-digit demand growth forecast in HPA end-markets, including advanced ceramics, semiconductors, and batteries.

• Continued focus on customer qualification processes and expanding commercial relationships, especially in Asia.