AMG Critical Materials (AMG) Q4 2024 earnings summary

Executive summary

• Full-year 2024 adjusted EBITDA was $168 million, the highest since 2018 except for peak years, despite a 52% drop from 2023 due to lower lithium and vanadium prices.

• AMG Technologies delivered record adjusted EBITDA of $68 million in 2024, more than double 2023, with $380 million in new orders and a $374 million backlog.

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

• 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 adjusted EBITDA was $58 million, the highest quarterly result of the year, despite weak lithium and vanadium prices.

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

• Liquidity at year-end 2024 was $494 million, including $294 million in cash and $200 million in revolving credit.

• Net debt increased to $468 million at year-end, up 45% from 2023.

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

Outlook and guidance

• 2025 adjusted EBITDA outlook raised to at least $150 million, up from previous guidance of $130 million.

• Capital expenditures for 2025 projected at $75–100 million, signaling end of high capital intensity.

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

• 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.