International Battery Metals (IBAT) Q1 2027 earnings summary

Executive summary

• Advanced commercial positioning of modular direct lithium extraction (DLE/MDLE) technology, with ongoing field deployment and customer engagement in the US, Middle East, South America, and Argentina.

• Leadership transition to Garrett Galloway as Interim CEO, with continuity in technical and operational teams and no negative impact on execution or partner confidence.

• Continued engagement with resource owners and prospective customers for brine testing and DLE plant deployment.

• Focused on environmentally responsible lithium recovery from brine, targeting deployment in the US and Middle East.

• Ongoing R&D for next-generation MDLE plant, with estimated $0.5M for instrumentation and $0.25M for construction/testing.

Financial highlights

• Revenue increased to $120,000 from $7,000 year-over-year, driven by brine testing services.

• Operating costs (excluding depreciation) decreased to $400,000 from $600,000 year-over-year.

• SG&A expenses fell to $1.8 million from $2.3 million year-over-year.

• Operating loss narrowed to $2.9 million from $3.6 million year-over-year.

• Net loss of $28,000 or $0.00 per share, compared to net income of $1.7 million or $0.01 per share last year.

Outlook and guidance

• Sufficient cash and working capital to fund operations for at least the next 12 months, supported by recent private placements.

• Additional capital required for plant customization, deployment, and potential pilot plant construction, with estimated costs between $2M and $12M depending on requirements.

• Focus remains on signing DLE technology provider deals and advancing commercial deployment in key global lithium regions.

• No guidance provided for commercial sales or licensing revenue.

• Strategic focus on integrating DLE technology into broader lithium production flowsheets and expanding customer base.