PYX Resources (PYX) H2 2024 earnings summary

Executive summary

• Achieved a 46% year-over-year increase in total sales volume to 16,560 tonnes, driven by new export licenses for ilmenite and rutile.

• Revenue declined 59% year-over-year to $9.3 million due to lower mineral sands prices and product mix shift.

• EBITDA loss improved by $4.6 million year-over-year, ending at a loss of $5.5 million.

• Finished the year with $5.0 million in cash and no debt, despite operational challenges in the second half.

• Recognized with the Gold ESG Excellence Award by the Zircon Industry Association for sustainability efforts.

Financial highlights

• Sales revenue dropped 59% year-over-year to $9.3 million, reflecting a 72% decrease in average price per tonne.

• EBITDA loss of $5.5 million, a 45% improvement from the prior year.

• Net loss after tax reduced by 48% year-over-year to $5.4 million.

• Cash position decreased 36% year-over-year to $5.0 million.

• Total inventory reduced by 97% year-over-year to 6 days.

Outlook and guidance

• Long-term demand for zircon and titanium dioxide expected to remain robust, driven by clean energy transition.

• Company remains optimistic about industry prospects but is monitoring economic and geopolitical risks.

• Focus on operational improvement, cost reduction, and sustainable value creation for shareholders.