Mastermyne Group (MYE) Q1 2025 TU earnings summary

Executive summary

• FY25 Q1 revenue was $62.5 million, down from $76.0 million (excluding PYBAR) in FY24 Q4, mainly due to lower Wilson Mining volumes and suspension of Grosvenor Mine project.

• EBITDA for the quarter was $3.6 million, compared to $12.6 million in FY24 Q4, reflecting the PYBAR divestment and lower activity levels.

• Net cash increased to $25.8 million from $21.7 million in the previous quarter, supported by positive operating cashflow and final PYBAR sale settlement.

• Workforce adjustments followed the Grosvenor mine fire, with 140 roles lost but 61 redeployed; Moranbah North mine staffing remains stable.

• Mastermyne secured preferred contractor status for a $15 million, 3-year contract at Peabody's Centurion Mine and is finalizing a $15 million annual extension at Narrabri Mine.

Financial highlights

• Revenue of $62.5 million was $48.4 million below the prior quarter, mainly due to PYBAR divestment and lower Wilson Mining demand.

• EBITDA of $3.6 million, down from $12.6 million in FY24 Q4.

• Net cash inflow for Q1 was $4.5 million, up from $4.1 million in FY24 Q4.

• Cash inflows from operating activities were $3.9 million, slightly higher than $3.5 million in the previous quarter.

• Cash and cash equivalents at quarter end were $30.5 million.

Outlook and guidance

• Mastermyne expects to retain and potentially grow its work scope at Moranbah North and Grosvenor mines beyond FY25 Q3.

• Opportunity pipeline remains strong, with several near-term contracts under discussion, supported by robust coal sector demand.

• Discussions are ongoing for a contract extension at Aquila mine, though manning levels are set to reduce.