AMG Critical Materials (AMG) Q4 2024 earnings summary

Executive summary

• Achieved full-year 2024 EBITDA of $168 million, the highest since 2018 outside of peak pricing years, despite a 65% drop in lithium and 23% drop in vanadium prices.

• AMG Technologies delivered record performance, with adjusted EBITDA of $68 million, more than double 2023, and a record $380 million in order intake.

• Completed expansion of Brazil lithium concentrate plant to 130,000 tons/year, maintaining low-cost position.

• Opened Europe’s first lithium hydroxide refinery in Germany and advanced Saudi Arabia JV project.

• Net loss attributable to shareholders was $33 million for 2024, compared to net income of $101 million in 2023.

Financial highlights

• Q4 2024 EBITDA was the highest quarterly result of the year at $58 million, up 19% year-over-year, despite weak lithium and vanadium prices.

• Full-year 2024 revenue was $1,440 million, down 11% year-over-year; Q4 revenue was $361 million, nearly flat versus Q4 2023.

• AMG ended 2024 with $468 million net debt, $294 million in unrestricted cash, and $494 million in total liquidity.

• Adjusted gross margin for 2024 was 17.9%, down from 26.5% in 2023.

• Net finance costs rose to $13 million in Q4 2024 from $2 million net finance income in Q4 2023, mainly due to FX effects.

Outlook and guidance

• Adjusted EBITDA outlook for 2025 raised from $130 million+ to at least $150 million.

• Five-year forecast update to be issued at the annual general meeting in May.

• CapEx expected at $75–$100 million for 2025, with all approved projects fully funded.

• No significant near-term debt maturities; refinancing of $200 million revolver expected in 2025.

• Stable headcount anticipated as expansion projects in Germany and Brazil near completion.