Piedmont Lithium (PLL) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $11.9M, down 10.4% year-over-year, as lithium prices fell despite a 44% increase in sales volume to 20,200 dmt of spodumene concentrate.

• Gross loss for Q2 2025 was $1.6M, with gross margin dropping to -13.8%.

• Net loss for Q2 2025 was $9.7M, a 27% improvement from Q2 2024, reflecting cost reductions and lower operating expenses.

• Cash and cash equivalents stood at $56.1M as of June 30, 2025.

• The Sayona Mining merger is expected to close in August 2025, with 97.86% of votes cast in favor but quorum not yet met.

Financial highlights

• Six-month revenue rose 19.6% year-over-year to $31.9M, driven by a 60% increase in sales volume, offset by a 25% drop in realized lithium prices.

• Six-month net loss narrowed to $25.4M from $36.9M year-over-year, aided by lower operating and restructuring expenses.

• Cash and cash equivalents decreased to $56.1M from $65.4M at March 31, 2025.

• Operating cash outflows for the six months were $21.3M, a $7.5M improvement year-over-year.

• Realized cost of sales was $668/dmt in Q2 2025, down from $736/dmt in Q1 2025 and $900/dmt in Q2 2024.

Outlook and guidance

• Full-year 2025 spodumene concentrate shipments are projected at 113,000–125,000 dmt.

• Planned 2025 capital expenditures are $3–5M, with $13–18M in investments and advances to affiliates, reflecting a substantial decrease from 2024.

• Management expects current cash and credit facility to fund operations for at least the next twelve months, but future funding may be needed depending on market conditions.

• Construction of Carolina Lithium is contingent on securing project financing, with strategic partnerships and government loans under evaluation.

• Focus remains on operational discipline at NAL and progressing approvals at Ewoyaa.