Lovisagruvan (LOVI) Q2 2025 earnings summary

Executive summary

• New CEO appointed after six months as mining engineer, focusing on operational optimization and delivery agreements.

• No ore deliveries or revenues in Q2 2025 due to delayed sales negotiations and retroactive price/grade adjustments.

• Production reduced to 3.3 kton in Q2, with focus shifting to maintenance and planning for future deliveries.

Financial highlights

• Q2 2025 revenue was 0.0 MSEK, unchanged from Q2 2024; no ore deliveries occurred.

• Operating result before depreciation: -10.1 MSEK (Q2 2024: -1.5 MSEK); after depreciation: -11.9 MSEK (Q2 2024: -4.2 MSEK).

• Net result after financials: -12 MSEK (Q2 2024: -5 MSEK); EPS: -2.43 SEK (Q2 2024: -1.01 SEK).

• H1 2025 net result: -16.2 MSEK (H1 2024: -7.5 MSEK); EPS: -3.29 SEK (H1 2024: -1.53 SEK).

• Cash flow from operations H1 2025: -14.5 MSEK (H1 2024: -11.9 MSEK); cash at period end: 0.1 MSEK.

Outlook and guidance

• Focus for Q3 is on ore delivery, process optimization, and securing new sales agreements.

• New delivery contract signed post-Q2 for 9,000 tons with an option for 10,000 more, expected to improve liquidity.

• Board authorized to conduct both directed and rights issues to strengthen capital base.