Lovisagruvan (LOVI) Q1 2025 earnings summary

Executive summary

• Revenue from ore deliveries was 0.0 MSEK, unchanged from the same quarter last year, with no deliveries made during the period.

• Ore production increased by 24% year-over-year to 8,160 tons, raising the ore stockpile to 26,000 tons.

• Discussions on both inventory sales and long-term delivery contracts are ongoing, with planning for further tests.

Financial highlights

• Operating result before depreciation was -2.2 MSEK (compared to -0.4 MSEK last year); after depreciation, -4.1 MSEK (-2.4 MSEK).

• Result after financial items was -4.3 MSEK (-2.5 MSEK year-over-year); EPS was -0.86 SEK (-0.59 SEK).

• Cash flow from operations was -14.2 MSEK (-2.4 MSEK), mainly due to VAT effects; investments totaled 0.4 MSEK (1.3 MSEK).

• Cash at quarter-end was 0.1 MSEK, down from 11.2 MSEK at the start of the quarter.

Outlook and guidance

• Financial position improved at the start of 2025 due to a 2024 rights issue and trial deliveries, enabling loan repayments.

• Future prospects depend on the final assessment of the 2024 trial delivery; further trial deliveries and long-term contracts are possible.

• No industrial loans remain, only equipment installment credits (7.9 MSEK) and a credit line (3.9 MSEK), offset by ore inventory and project assets.

• The board was authorized in April 2025 to conduct both directed and rights issues.