Nouveau Monde Graphite (NMG) Q2 2024 earnings summary

Executive summary

• Reported a net loss of $43.3 million for the six months ended June 30, 2024, compared to a net loss of $23.9 million for the same period in 2023.

• Completed a $67.9 million private placement with GM and Panasonic in February 2024 and a $40.3 million equity transaction with Mitsui and Pallinghurst in May 2024.

• Acquired the Lac Guéret property for $18.6 million in shares, expensed as exploration and evaluation.

Financial highlights

• Cash and cash equivalents increased to $73.9 million as of June 30, 2024, from $36.3 million at December 31, 2023.

• Total assets rose to $161.6 million from $123.9 million at year-end 2023.

• Net loss for Q2 2024 was $11.1 million, compared to net income of $1.3 million in Q2 2023.

• Operating loss for the six months was $51.8 million, up from $26.9 million year-over-year.

• Cash used in operating activities was $23.5 million for the six months, compared to $20.0 million in the prior year.

Outlook and guidance

• Management indicates material uncertainties about the company's ability to continue as a going concern without additional funding.

• Ongoing evaluation of strategic financing options, including debt, equity, partnerships, and project finance.