Atome (ATOM) H2 2024 earnings summary

Executive summary

• Achieved major milestones in 2024, including completion of FEED for the Villeta Project, securing a 30-year free trade zone, and signing long-term offtake with Yara International.

• Entered advanced financing and equity discussions for the $600+ million Villeta project, with Hy24 as anchor investor and a $465 million EPC contract signed.

• Launched ATOME POWER division to diversify income streams and signed a framework agreement with Costa Rica's national power company.

• Focused on closing Villeta financing and construction start in H2 2025, with production targeted for end of 2028.

Financial highlights

• Total comprehensive loss for 2024 was $7.3 million, compared to $6.6 million in 2023, reflecting ongoing development investment.

• Administrative expenses decreased to $6.95 million from $7.27 million year-over-year.

• Cash and cash equivalents at year-end were $0.2 million, down from $0.6 million in 2023.

• Raised $6.3 million in 2024 through share placings, with $3.7 million received in cash and $3.0 million settled in kind.

• Intangible assets increased to $6.0 million, mainly due to capitalised FEED costs for Villeta.

Outlook and guidance

• Final Investment Decision (FID) for Villeta targeted for H2 2025, with construction to follow.

• Cash generative production expected in 2028, with Villeta as the flagship project.

• Further funding required to reach project financing and operational milestones.