Piedmont Lithium Reports Q3 2024 Results
NAL Production & Safety Records; Strong Commercial Performance for Company
- NAL set new quarterly record for production (~52,100 dmt) and mill utilization (91%); lithium recovery steady (67%)
-
Piedmont had record shipments of approximately 31,500 dmt of spodumene concentrate and recorded revenue of$27.7 million in Q3’24 -
Piedmont achieved industry-leading price realizations in Q3’24 in difficult market environment -
Piedmont continued to improve operating costs and reduce capital expenditures and investments in Q3’24 -
Carolina Lithium positioned to benefit from the
U.S. Department of the Treasury’s 45X final rule guidance -
Ewoyaa Lithium Project received Ghanaian Mine Operating Permit andEPA Permit -
Piedmont recorded$64.4 million in cash and cash equivalents as ofSeptember 30, 2024 -
Piedmont entered into a non-dilutive$25 million working capital facility with a trading company partner
NAL, North America’s largest operating spodumene mine, continued to achieve quarterly production records in Q3’24 following the achievement of steady-state production in
Carolina Lithium remains the focus of the Company’s
1 The timing of shipments is subject to shipping logistics, port and weather conditions, and customer requirements. |
In Q3’24, our joint venture
“We are very pleased with the continued quarterly progress at NAL, with new records set in Q3 for production and mill utilization rates. Production in Q3 benefited from the investments made at NAL during prior quarters, particularly the recently completed crushed ore dome, the availability of which also drove an improvement in unit operating costs,” said
“The third quarter was a successful one for
“While lithium markets remain challenging, we have been successful in strengthening our financial position through reductions in operating costs, minimized spending on discretionary capital items, and the arrangement of low-cost working capital financing through a trading company partner,” added Phillips.
Third Quarter 2024 Financial Highlights
All references to dry metric tons (“dmt”) in this release relate to spodumene concentrate.
|
|
Units |
|
Q3’24 |
|
Q2’24 |
|
Q3’23 |
|||
Sales |
|
|
|
|
|
|
|
||||
|
Concentrate shipped |
dmt thousands |
|
31.5 |
|
|
14.0 |
|
|
29.0 |
|
|
Revenue |
$ millions |
|
27.7 |
|
|
13.2 |
|
|
47.1 |
|
|
Realized price(1) |
$/dmt |
|
878 |
|
|
945 |
|
|
1,624 |
|
|
Li2O content(2) |
% |
|
5.4 |
|
|
5.5 |
|
|
5.3 |
|
|
Realized cost of sales(3) |
$/dmt |
|
794 |
|
|
900 |
|
|
805 |
|
|
|
|
|
|
|
|
|
|
|||
Profitability |
|
|
|
|
|
|
|
||||
|
Gross profit |
$ millions |
|
2.7 |
|
|
0.6 |
|
|
23.8 |
|
|
Gross profit margin |
% |
|
9.6 |
|
|
4.7 |
|
|
50.4 |
|
|
Net (loss) income |
$ millions |
|
(16.7 |
) |
|
(13.3 |
) |
|
22.9 |
|
|
Diluted EPS |
$ |
|
(0.86 |
) |
|
(0.69 |
) |
|
1.19 |
|
|
Adjusted net (loss) income(4) |
$ millions |
|
(8.1 |
) |
|
(12.7 |
) |
|
16.9 |
|
|
Adjusted diluted EPS(4) |
$ |
|
(0.42 |
) |
|
(0.65 |
) |
|
0.88 |
|
|
Adjusted EBITDA(4) |
$ millions |
|
(8.7 |
) |
|
(13.2 |
) |
|
16.2 |
|
|
|
|
|
|
|
|
|
|
|||
Cash |
|
|
|
|
|
|
|
||||
|
Cash and cash equivalents(5) |
$ millions |
|
64.4 |
|
|
59.0 |
|
|
94.5 |
___________________________________________________________ |
||
(1) |
Realized price is the average estimated price, net of certain distribution and other fees, which includes reference pricing data up to the respective period end and is subject to final adjustment. The final adjusted price may be higher or lower than the estimated average realized price based on future price movements. |
|
(2) |
Weighted average Li2O content for shipments made during the respective period. |
|
(3) |
Realized cost of sales is the average cost of sales including Piedmont’s offtake pricing agreement with |
|
(4) |
See non-GAAP Financial Measures at the end of this release for a reconciliation of non-GAAP measures. |
|
(5) |
Cash and cash equivalents are reported as of the end of the period. |
Third Quarter and Recent Business Highlights
-
Shipped approximately 31,500 dmt (~5.4% Li2O) of spodumene concentrate from NAL to customers in Q3’24 and recognized
$27.7 million in revenue with a realized sales price of$878 per dmt. On an SC6 equivalent basis, our realized price per metric ton was$976 . -
In
July 2024 ,Piedmont streamlined itsU.S. lithium hydroxide production plans in favor of deploying capital and technical resources more efficiently by shifting our proposed Tennessee Lithium conversion capacity to Carolina Lithium. We plan to leverage theNorth Carolina project by adding a second lithium hydroxide production train as part of a phased development approach on a measured timeline subject to market conditions. -
In
September 2024 , we entered into a working capital facility with a trading company partner, whereby we may borrow up to$25.0 million based on the value of committed volumes of spodumene concentrate shipped within the following twelve months. Borrowings are credited against the outstanding balance at the time vessels complete loading, which provides additional borrowing availability. Interest is payable quarterly at the rate of SOFR plus 2.4%. -
During the second half of 2024, we expanded our 2024 Cost Savings Plan and further reduced our workforce by 32% in
October 2024 . We expect to record restructuring charges in Q4’24 of approximately$0.6 million , which consists of$0.5 million in cash severance and employee benefits and$0.1 million in non-cash stock compensation expense. As part of our 2024 Cost Savings Plan, we reduced our total workforce by 48% betweenFebruary 2024 andOctober 2024 . We expect to recognize$14 million in annual cost savings in 2024.
North American Lithium (
-
In Q3’24, NAL achieved record quarterly production of approximately 52,100 dmt and shipped approximately 49,000 dmt, of which approximately 31,500 dmt were sold to
Piedmont . - In Q3’24, production at NAL increased nearly 5% compared to the prior quarter, recovery rates held consistent at 67%, and mill utilization increased to 91%, up 10% from the previous quarter.
- During the third quarter of 2024, NAL operations benefited from the availability of the crushed ore dome, which was commissioned in Q2’24. Operations are expected to produce at steady-state for the remainder of 2024.
- In Q3’24, Sayona announced an increase to the mineral resources estimate at NAL including a significant increase to the mineral resources in the measured and indicated categories in accordance with JORC Code requirements.
-
In
September 2024 , NAL reported an incident-free safety performance record with no lost time injuries, no modified duty injuries, and no medical aid injuries. -
Concentrate produced and shipped by NAL and concentrate shipped by
Piedmont :
|
|
Share |
|
Units |
|
Q3’24 |
|
Q2’24 |
|
Q3’23 |
|
|
|
|
|
|
|
|
|
|
|
||
|
Concentrate shipped |
100% |
|
dmt thousands |
|
31.5 |
|
14.0 |
|
29.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Lithium |
|
|
|
|
|
|
|
|
|
||
|
Concentrate produced |
100%(1) |
|
dmt thousands |
|
52.1 |
|
49.7 |
|
31.5 |
|
|
Concentrate shipped |
100%(2) |
|
dmt thousands |
|
49.0 |
|
27.7 |
|
48.2 |
___________________________________________________________ |
||
(1) |
Concentrate produced represents 100% of NAL’s production. |
|
(2) |
Concentrate shipped represents 100% of NAL’s shipments, inclusive of shipments to |
|
Note: The table above reports quarterly and year-to-date information in accordance with Piedmont’s fiscal year reporting, which is on a calendar-year basis. Concentrate produced and concentrate shipped (above) are reported in the periods in which activities occurred. For financial statement purposes, |
-
In
July 2024 , the application to grant the Ewoyaa mining lease was submitted to the Ghanaian parliament to undergo the ratification process. The mining lease remains subject to parliamentary ratification as of the date of this Quarterly Report. We expect advances to for Ewoyaa to decrease in the coming months depending on the timing of mining lease ratification, permitting, and prevailing market conditions.Atlantic Lithium -
In
July 2024 ,Piedmont mandated a financial advisor to develop a funding strategy that includes an offtake-partner process to support our share of Ewoyaa construction capital and minimize dilution toPiedmont shareholders. -
In
September 2024 , Ghana’sEnvironmental Protections Agency granted an environmental permit to the Ewoyaa project. -
In
October 2024 , theMinerals Commission of Ghana issued a Mine Operating Permit in respect of the Ewoyaa project. The receipt of the permit marked an important milestone in achieving the regulatory approvals required to commence Project construction. The project, however, remains subject to ratification of the mining lease by the Ghanaian Parliament.
Carolina Lithium (
-
Piedmont continues to pursue an air permit application currently under review by North Carolina’sDivision of Air Quality , which would allow for up to 60,000 tons per year of lithium hydroxide production at Carolina Lithium. -
October 2024 , theU.S. Department of the Treasury issued final guidance for the Inflation Reduction Act’s rules regarding the manufacturing credit (45X) with the modifications intended to drive critical mineral processing in theU.S. The new guidance supports the application of the 10% manufacturing credit to direct and indirect material costs, which could materially improve the after-tax economics ofU.S. projects like Carolina Lithium.
Tennessee Lithium
-
In
July 2024 ,Piedmont converted the proposed Tennessee Lithium project plans to a second lithium hydroxide train as part of a phased development for Carolina Lithium. The combined conversion facilities should allowPiedmont to significantly increaseU.S. lithium hydroxide production capacity while deploying capital and technical resources more efficiently.
2024 Outlook
|
Units |
|
YTD’24 |
|
Q4’24 |
|
Full Year 2024 |
|
Shipments |
dmt thousands |
|
61 |
|
41 — 55 |
|
102 — 116 |
|
Capital expenditures |
$ millions |
|
11 |
|
0 — 1 |
|
11 — 12 |
|
Investments in and advances to affiliates |
$ millions |
|
25 |
|
2 — 4 |
|
27 — 29 |
Under our offtake agreement with Sayona Quebec,
We expect less than
Safety and Sustainability
Following the release in Q2’24 of Piedmont’s 2023 Sustainability Report, the Company continued policy development and training to support the long-term objective of establishing a robust safety and health management system. Employee engagement in safety events remained strong and identification and reporting of hazards, unsafe acts, conditions, and safety observations, and near misses continued to improve.
Q3 2024 Piedmont Lithium Earnings Call
Date: |
|
|
||||
Time: |
|
|
||||
Dial-in (Toll Free): |
|
1 (800) 715-9871 |
||||
Dial-in (Toll): |
|
1 (646) 307-1963 |
||||
Conference ID: |
|
2536693 |
||||
Participant URL: |
|
Piedmont’s earnings presentation and supporting material are available at: https://piedmontlithium.com/investors-overview.
About
Cautionary Note to U.S. Investors
Piedmont’s public disclosures are governed by the
The statements in the link below were prepared by, and made by, NAL. The following disclosures are not statements of
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of or as described in securities legislation in
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended S eptember 30, |
|
Nine Months Ended S eptember 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
|
$ |
27,663 |
|
|
$ |
47,127 |
|
|
$ |
54,291 |
|
|
$ |
47,127 |
|
Costs of sales |
|
|
25,010 |
|
|
|
23,363 |
|
|
|
50,321 |
|
|
|
23,363 |
|
Gross profit |
|
|
2,653 |
|
|
|
23,764 |
|
|
|
3,970 |
|
|
|
23,764 |
|
Exploration costs |
|
|
35 |
|
|
|
471 |
|
|
|
97 |
|
|
|
1,668 |
|
Selling, general and administrative expenses |
|
|
9,466 |
|
|
|
11,185 |
|
|
|
26,576 |
|
|
|
31,793 |
|
Total operating expenses |
|
|
9,501 |
|
|
|
11,656 |
|
|
|
26,673 |
|
|
|
33,461 |
|
(Loss) income from equity method investments |
|
|
(3,514 |
) |
|
|
3,852 |
|
|
|
(13,864 |
) |
|
|
(1,565 |
) |
Restructuring and impairment charges |
|
|
(4,563 |
) |
|
|
— |
|
|
|
(6,657 |
) |
|
|
— |
|
(Loss) income from operations |
|
|
(14,925 |
) |
|
|
15,960 |
|
|
|
(43,224 |
) |
|
|
(11,262 |
) |
Interest income |
|
|
806 |
|
|
|
1,031 |
|
|
|
2,286 |
|
|
|
2,959 |
|
Interest expense |
|
|
(169 |
) |
|
|
(8 |
) |
|
|
(467 |
) |
|
|
(34 |
) |
Gain (loss) on sale of equity method investments |
|
|
— |
|
|
|
7,958 |
|
|
|
(13,886 |
) |
|
|
15,208 |
|
Other loss |
|
|
(2,399 |
) |
|
|
(22 |
) |
|
|
(1,434 |
) |
|
|
(88 |
) |
Total other (expense) income |
|
|
(1,762 |
) |
|
|
8,959 |
|
|
|
(13,501 |
) |
|
|
18,045 |
|
(Loss) income before taxes |
|
|
(16,687 |
) |
|
|
24,919 |
|
|
|
(56,725 |
) |
|
|
6,783 |
|
Income tax expense (benefit) |
|
|
— |
|
|
|
2,028 |
|
|
|
(3,095 |
) |
|
|
3,170 |
|
Net (loss) income |
|
$ |
(16,687 |
) |
|
$ |
22,891 |
|
|
$ |
(53,630 |
) |
|
$ |
3,613 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.86 |
) |
|
$ |
1.19 |
|
|
$ |
(2.77 |
) |
|
$ |
0.19 |
|
Diluted |
|
$ |
(0.86 |
) |
|
$ |
1.19 |
|
|
$ |
(2.77 |
) |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
19,401 |
|
|
|
19,203 |
|
|
|
19,366 |
|
|
|
18,974 |
|
Diluted |
|
|
19,401 |
|
|
|
19,239 |
|
|
|
19,366 |
|
|
|
19,011 |
|
CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) |
||||||||
|
2 024 |
|
2 023 |
|||||
Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
64,358 |
|
|
$ |
71,730 |
|
|
Accounts receivable |
|
1,079 |
|
|
|
595 |
|
|
Other current assets |
|
8,217 |
|
|
|
3,829 |
|
|
Total current assets |
|
73,654 |
|
|
|
76,154 |
|
|
Property, plant and mine development, net |
|
134,510 |
|
|
|
127,086 |
|
|
Advances to affiliates |
|
39,208 |
|
|
|
28,189 |
|
|
Other non-current assets |
|
1,707 |
|
|
|
2,164 |
|
|
Equity method investments |
|
80,148 |
|
|
|
147,662 |
|
|
Total assets |
$ |
329,227 |
|
|
$ |
381,255 |
|
|
|
|
|
|
|||||
Liabilities and Stockholders’ Equity |
|
|
|
|||||
Accounts payable and accrued expenses |
$ |
6,532 |
|
|
$ |
11,580 |
|
|
Payables to affiliates |
|
287 |
|
|
|
174 |
|
|
Current debt obligations |
|
19,966 |
|
|
|
149 |
|
|
Deferred revenue |
|
6,866 |
|
|
|
— |
|
|
Other current liabilities |
|
3,375 |
|
|
|
29,463 |
|
|
Total current liabilities |
|
37,026 |
|
|
|
41,366 |
|
|
Long-term debt, net of current portion |
|
4,089 |
|
|
|
14 |
|
|
Operating lease liabilities, net of current portion |
|
908 |
|
|
|
1,091 |
|
|
Other non-current liabilities |
|
998 |
|
|
|
431 |
|
|
Deferred tax liabilities |
|
— |
|
|
|
6,023 |
|
|
Total liabilities |
|
43,021 |
|
|
|
48,925 |
|
|
|
|
|
|
|||||
Stockholders’ equity: |
|
|
|
|||||
Common stock; |
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
470,149 |
|
|
|
462,899 |
|
|
Accumulated deficit |
|
(180,474 |
) |
|
|
(126,844 |
) |
|
Accumulated other comprehensive loss |
|
(3,471 |
) |
|
|
(3,727 |
) |
|
Total stockholders’ equity |
|
286,206 |
|
|
|
332,330 |
|
|
Total liabilities and stockholders’ equity |
$ |
329,227 |
|
|
$ |
381,255 |
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
Nine Months Ended S eptember 30, |
|||||||
|
2024 |
|
2023 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net (loss) income |
$ |
(53,630 |
) |
|
$ |
3,613 |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|||||
Stock-based compensation expense |
|
6,869 |
|
|
|
7,378 |
|
|
Loss from equity method investments |
|
13,864 |
|
|
|
1,565 |
|
|
Loss (gain) on sale of equity method investments |
|
13,886 |
|
|
|
(15,208 |
) |
|
Loss on equity securities |
|
1,036 |
|
|
|
— |
|
|
Deferred taxes |
|
(6,246 |
) |
|
|
3,170 |
|
|
Depreciation and amortization |
|
221 |
|
|
|
174 |
|
|
Noncash lease expense |
|
280 |
|
|
|
169 |
|
|
Loss on sale of assets |
|
691 |
|
|
|
— |
|
|
Noncash impairment charges |
|
4,070 |
|
|
|
— |
|
|
Unrealized foreign currency translation (gains) losses |
|
(309 |
) |
|
|
27 |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(484 |
) |
|
|
(23,281 |
) |
|
Other assets |
|
2,675 |
|
|
|
(1,633 |
) |
|
Operating lease liabilities |
|
(208 |
) |
|
|
(148 |
) |
|
Other liabilities |
|
(25,372 |
) |
|
|
7,751 |
|
|
Payables to affiliates |
|
113 |
|
|
|
21,484 |
|
|
Deferred revenue |
|
6,866 |
|
|
|
— |
|
|
Accounts payable and accrued expenses |
|
(799 |
) |
|
|
342 |
|
|
Net cash (used in) provided by operating activities |
|
(36,477 |
) |
|
|
5,403 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(10,578 |
) |
|
|
(44,978 |
) |
|
Advances to affiliates |
|
(10,310 |
) |
|
|
(6,828 |
) |
|
Proceeds from sale of marketable securities |
|
45 |
|
|
|
— |
|
|
Proceeds from sale of shares in equity method investments |
|
49,103 |
|
|
|
— |
|
|
Additions to equity method investments |
|
(14,982 |
) |
|
|
(28,667 |
) |
|
Net cash provided by (used in) investing activities |
|
13,278 |
|
|
|
(80,473 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from issuances of common stock, net of issuance costs |
|
— |
|
|
|
71,084 |
|
|
Net proceeds from Credit Facility |
|
18,007 |
|
|
|
— |
|
|
Payments of debt obligations and insurance premiums financed |
|
(1,509 |
) |
|
|
(344 |
) |
|
Payments to tax authorities for employee stock-based compensation |
|
(671 |
) |
|
|
(422 |
) |
|
Net cash provided by financing activities |
|
15,827 |
|
|
|
70,318 |
|
|
Net decrease in cash |
|
(7,372 |
) |
|
|
(4,752 |
) |
|
Cash and cash equivalents at beginning of period |
|
71,730 |
|
|
|
99,247 |
|
|
Cash and cash equivalents at end of period |
$ |
64,358 |
|
|
$ |
94,495 |
|
|
Non-GAAP Financial Measures
The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses.
The following are non-GAAP financial measures for
Adjusted net (loss) income is defined as net (loss) income, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include acquisition costs and other fees, and shelf registration costs.
Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other costs we believe are not reflective of our ongoing operations and performance.
EBITDA is defined as net income (loss) before interest expenses, income tax expense, and depreciation.
Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring and impairment charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance.
Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA.
Adjusted Net (Loss) Income and Adjusted Diluted EPS |
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
(in thousands, except per share amounts) |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
||||||||||||
Net (loss) income |
|
$ |
(16,687 |
) |
|
$ |
(0.86 |
) |
|
$ |
(13,332 |
) |
|
$ |
(0.69 |
) |
|
$ |
22,891 |
|
|
$ |
1.19 |
|
Gain on sale of equity method investments(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,958 |
) |
|
|
(0.41 |
) |
Loss on sale of assets |
|
|
35 |
|
|
|
— |
|
|
|
656 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on equity securities(2) |
|
|
2,630 |
|
|
|
0.14 |
|
|
|
(210 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
(Gain) loss from foreign currency exchange(3) |
|
|
(266 |
) |
|
|
(0.01 |
) |
|
|
(158 |
) |
|
|
(0.01 |
) |
|
|
22 |
|
|
|
— |
|
Restructuring and impairment charges(4) |
|
|
4,563 |
|
|
|
0.24 |
|
|
|
314 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Other costs(5) |
|
|
1,592 |
|
|
|
0.08 |
|
|
|
81 |
|
|
|
— |
|
|
|
152 |
|
|
|
0.01 |
|
Tax effect of adjustments(6) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
1,794 |
|
|
|
0.09 |
|
Adjusted net (loss) income |
|
$ |
(8,133 |
) |
|
$ |
(0.42 |
) |
|
$ |
(12,651 |
) |
|
$ |
(0.65 |
) |
|
$ |
16,901 |
|
|
$ |
0.88 |
|
______________________________________________________ |
||
(1) |
Gain on sale of equity method investments in the three months ended |
|
(2) |
Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in |
|
(3) |
(Gain) loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. |
|
(4) |
Restructuring and impairment charges relates to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan and impairment charges for land, capitalized construction and development costs, and other fixed assets associated Tennessee Lithium. |
|
(5) |
Other costs include legal and transactional costs associated with the |
|
(6) |
No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. |
|
EBITDA and Adjusted EBITDA | ||||||||||||
|
Three Months Ended |
|||||||||||
(in thousands) |
|
|
|
|
|
|||||||
Net (loss) income |
$ |
(16,687 |
) |
|
$ |
(13,332 |
) |
|
$ |
22,891 |
|
|
Interest income, net |
|
(637 |
) |
|
|
(577 |
) |
|
|
(1,023 |
) |
|
Income tax (benefit) expense |
|
— |
|
|
|
(2 |
) |
|
|
2,028 |
|
|
Depreciation and amortization |
|
64 |
|
|
|
75 |
|
|
|
68 |
|
|
EBITDA |
|
(17,260 |
) |
|
|
(13,836 |
) |
|
|
23,964 |
|
|
Gain on sale of equity method investments(1) |
|
— |
|
|
|
— |
|
|
|
(7,958 |
) |
|
Loss on sale of assets |
|
35 |
|
|
|
656 |
|
|
|
— |
|
|
Loss (gain) on equity securities(2) |
|
2,630 |
|
|
|
(210 |
) |
|
|
— |
|
|
(Gain) loss from foreign currency exchange(3) |
|
(266 |
) |
|
|
(158 |
) |
|
|
22 |
|
|
Restructuring and impairment charges(4) |
|
4,563 |
|
|
|
314 |
|
|
|
— |
|
|
Other costs(5) |
|
1,592 |
|
|
|
81 |
|
|
|
152 |
|
|
Adjusted EBITDA |
$ |
(8,706 |
) |
|
$ |
(13,153 |
) |
|
$ |
16,180 |
|
______________________________________________________ |
||
(1) |
Gain on sale of equity method investments in the three months ended |
|
(2) |
Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in |
|
(3) |
(Gain) loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. |
|
(4) |
Restructuring and impairment charges relates to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan and impairment charges for land, capitalized construction and development costs, and other fixed assets associated with Tennessee Lithium. |
|
(5) |
Other costs include legal and transactional costs associated with the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112931330/en/
For further information:
SVP, Corporate Communications &
Investor Relations
T: +1 704 575 2549
E: esanders@piedmontlithium.com
Source: