Piedmont Lithium (PLL) Q1 2025 earnings summary

Executive summary

• Q1 2025 shipments totaled 27,000 dmt of spodumene concentrate, generating $20.0 million in revenue at an average realized price of $741 per dmt; production was impacted by weather-related disruptions but mitigation actions and operational improvements are underway.

• NAL produced 43,261–43,621 dmt in Q1 2025, down 15% quarter-over-quarter due to weather, but achieved record lithium recovery of 69–72% and 80% mill utilization.

• Merger with Sayona Mining to form Elevra Lithium is progressing, with regulatory clearances received, integration planning underway, and closing expected mid-2025.

• Focus on cash preservation, operational discipline, and cost savings, including a $10 million annual operating spend reduction and 62% workforce reduction.

• Completed 2024 Cost Savings Plan and maintained liquidity through a $65.4 million cash balance at quarter-end.

Financial highlights

• Q1 2025 revenue was $20.0 million, down from $45.6 million in Q4 2024 but up from $13.4 million year-over-year; gross profit was $0.1 million with a 0.7% margin.

• Net loss was $15.6 million (EPS: $(0.71)), improved from $23.6 million year-over-year; adjusted net loss was $10.1 million (adjusted EPS: $(0.46)).

• Realized price per dmt was $741 (SC6 equivalent: $823); realized cost per dmt was $736.

• Cash and cash equivalents at March 31, 2025, totaled $65.4 million, with a fully utilized $25.0 million credit facility.

• Operating cash outflow was $19.2 million, mainly due to working capital timing and net loss.

Outlook and guidance

• FY2025 spodumene concentrate shipment guidance is 113,000–130,000 dmt; Q2 2025 shipment guidance is 8,000–20,000 dmt.

• CapEx guidance for 2025 is $4–6 million; joint venture/affiliate investments expected at $7–13 million.

• Cash balance at end of Q2 expected to be similar to Q1 ($65 million); credit facility and cash on hand expected to fund operations for the next 12 months.

• Production issues at NAL in Q1 not expected to impact full-year shipment targets.

• Payments to affiliates and capital expenditures expected to be reduced in 2025 compared to 2024.