Tirupati Graphite (TGR) H2 2025 earnings summary

Executive summary

• Restored London Stock Exchange listing, recapitalised balance sheet, and recommenced Madagascar operations after a period of financial and operational distress.

• Shifted focus from stabilisation to optimisation and long-term growth, with a vertically integrated graphite materials strategy spanning mining, trading, and downstream products.

• Production at Vatomina increased 37% year-over-year but remained below capacity due to operational interruptions and optimisation efforts.

• Mozambique projects remain on hold due to regional insurgency, but feasibility study updates and site visits resumed post-year-end.

Financial highlights

• Revenue rose to £1.665m (2025: £1.575m), with annual production at 2,964Mt (2025: 2,169Mt) and sales at 2,706Mt (2025: 2,240Mt).

• Average selling price per tonne fell to £615 (2025: £703), reflecting global price pressures.

• Cost per tonne dropped to £779 (2025: £1,017), but gross loss persisted at £442k (2025: £703k) as costs exceeded sales price.

• Loss after tax was £5.941m (2025: £5.884m); cash at year-end was £0.277m.

• Debt reduced to £2.2m (2025: £5.0m) following debt-to-equity conversion and new fundraising.

Outlook and guidance

• Focus on executing Vatomina optimisation, improving operational performance, and progressing portfolio development.

• Portfolio Optimisation Review underway to ensure capital allocation maximises shareholder value.

• Intention to update feasibility studies for Mozambique projects and US anode facility.

• Additional funding required for growth; advanced discussions ongoing with potential financiers.