Nouveau Monde Graphite (NMG) Q2 2025 earnings summary

Executive summary

• Advanced engineering and procurement for Phase-2 Matawinie Mine and Bécancour Battery Material Plant, aiming for final investment decision (FID) and construction launch.

• Engaged with anchor customers and potential lenders to secure project financing; over US$1 billion in debt financing interest received.

• Ended the period with $73.5 million in cash and cash equivalents.

• Facing material uncertainties regarding going concern due to insufficient liquidity for planned expenditures without additional funding.

Financial highlights

• Net loss of $21.0 million for Q2 2025, up from $11.1 million in Q2 2024; basic and diluted loss per share of $0.14 (Q2 2024: $0.10).

• Net loss for the six months ended June 30, 2025, was $33.5 million, compared to $43.3 million in the prior year period.

• Total assets decreased to $174.8 million from $204.1 million at year-end 2024, mainly due to cash outflows.

• Cash outflows from operating activities were $25.3 million for the six months, with a monthly cash burn rate of ~$5.2 million.

• No new financing in 2025; prior financing completed in December 2024.

Outlook and guidance

• Progressing toward FID for both major projects, contingent on securing financing and finalizing offtake agreements.

• Additional significant financing required to bring projects to commercial production; management actively pursuing multiple funding avenues.

• Anticipates continued negative cash flows from operations until commercial production is achieved.