PYX Resources (PYX) H1 2025 earnings summary

Executive summary

• Operations and exports were suspended in H1 2025 due to regulatory actions in Indonesia, halting all production and sales activities.

• The company faced increased royalties, weak global mineral sands pricing, and received significant tax assessments under legal challenge.

• Management prioritized cost control, cash preservation, and strategic mitigation to navigate the disruption.

Financial highlights

• Revenue dropped 97% year-over-year to $256,094 in H1 2025 from $8.83 million in H1 2024.

• Net loss after tax widened to $625,379 from $136,124 year-over-year.

• EBITDA was negative $520,560, compared to positive $22,824 in H1 2024.

• Cash balance at June 30, 2025 was $5.05 million, down 33% from $7.57 million a year earlier.

• Total assets decreased 11% year-over-year to $87.7 million.

Outlook and guidance

• Regulatory uncertainty persists, with RKAB licenses suspended for all zircon producers in Central Kalimantan.

• Indonesian authorities plan to resume RKAB issuance in 2026, suggesting continued operational suspension until then.

• Management is exploring strategic fundraising to ensure liquidity and support future growth.