Elevra Lithium (ELV) H2 2025 earnings summary

Executive summary

• Achieved record production and sales at North American Lithium (NAL), with concentrate production up 31% and sales up 32% year-over-year.

• Revenue rose 11% to $223M, driven by higher sales volumes despite a 16% drop in average realised selling price due to weaker lithium markets.

• Underlying EBITDA loss widened to $67M, impacted by high-cost inventory flush-out and a $271M impairment on NAL assets due to lower long-term lithium price forecasts.

• Merger with Piedmont Lithium approved, creating Elevra Lithium Limited, with completion and $69M capital raise to follow; new board to be constituted post-merger.

• Significant progress at Moblan, with a 30% increase in resources and 39% increase in reserves, positioning it as a key long-term asset.

Financial highlights

• Revenue: $223M, up 11% year-over-year; concentrate sales volume up 32%.

• Underlying EBITDA loss: $67M, compared to $54M loss prior year.

• Loss from operations: $384M, including $271M non-cash impairment and $13M merger costs; consolidated loss after tax was $382M.

• Cash balance: $72M at June 2025, down 20% from prior year, with no secured debt.

• Operating cash outflows reduced by 76% to $15M, aided by customer prepayments.

Outlook and guidance

• Focus for FY26 is on completing the Elevra Lithium merger, progressing NAL expansion studies, and advancing the growth pipeline.

• FY26 guidance to be provided post-merger, after new board review.

• Scoping study underway for NAL expansion; significant resource upgrades at NAL and Moblan.