Iondrive (ION) H2 2024 earnings summary

Executive summary

• Achieved significant progress in battery recycling technology, focusing on Deep Eutectic Solvent (DES) process, with strong validation from large-scale trials and independent verification.

• Completed acquisition of londrive Technologies Pty Ltd, securing exclusive licenses for three battery technologies from the University of Adelaide.

• Board renewal and leadership changes, including new CEO and directors with expertise in renewable energy and finance.

• Raised $2 million in June 2024 to fund PFS completion, industry collaborations, and pilot plant planning.

Financial highlights

• Net loss after tax of $6,119,130 for FY2024, an improvement from $8,044,850 loss in FY2023.

• No dividends declared or recommended for the year.

• Cash and cash equivalents at year-end: $2,759,282.

• Total assets: $4,994,309; total equity: $4,036,080.

• Operating cash outflow: $3,447,079; net investing cash inflow: $1,383,567; net financing cash inflow: $623,764.

Outlook and guidance

• Pre-Feasibility Study (PFS) for DES technology on track for October 2024 completion.

• Planning underway for pilot plant in FY2025, with European market as a key focus.

• Ongoing industry collaborations and benchmarking studies to optimize process economics.