Piedmont Lithium Reports Q1 2024 Results
Piedmont Lithium Inc. reported record quarterly production at North American Lithium (NAL), achieving 40,439 dry metric tons of spodumene concentrate in Q1’24 with strong lithium recoveries. The Carolina Lithium mining permit was received in May 2024, accelerating funding discussions. Revenue reached $13.4 million, cash stood at $71.4 million, and the outlook for 2024 includes doubling shipments and reducing investments by over 50% in H2’24 vs. H1’24.
Record quarterly production at NAL with strong lithium recoveries, exceeding plan and setting new records in safety performance.
Carolina Lithium mining permit received, facilitating funding discussions and positioning the project as a low-cost producer of lithium products.
Revenue of $13.4 million and cash and cash equivalents of $71.4 million as of March 31, 2024, with a positive outlook for doubling shipments in 2024 and reducing investments in H2’24.
Net loss of $23.6 million in Q1’24, with diluted EPS of -$1.22 and adjusted net loss of $11.9 million.
Realized cost of sales at $799 per dmt and adjusted EBITDA at -$12.4 million in Q1’24.
Sale of shares in Sayona Mining and Atlantic Lithium resulted in a taxable gain and notable reportable losses.
Insights
NAL Achieves Record Quarterly Production, Carolina Lithium Mining Permit Received
- Record quarterly production at NAL with recoveries exceeding target; full run-rate production on track for H2’24
-
Piedmont plans full-year customer shipments of approximately 126,000 dry metric tons (“dmt”), weighted to H2’24 - Carolina Lithium mining permit issued in May 2024, accelerating funding discussions
-
Revenue of
on sales of approximately 15,500 dmt of spodumene concentrate$13.4 million -
in cash as of March 31, 2024; working capital nearly doubled from 2023 year end$71.4 million -
2024 outlook for shipments to more than double and investments to decrease more than
50% in H2’24 vs. H1’24
Piedmont Lithium Inc. (“Piedmont,” the “Company,” "we," "our," or "us") (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the
North American Lithium (“NAL”), the largest producing spodumene operation in
In
“We are very pleased with developments during the first quarter, including the milestones attained in
First Quarter 2024 Financial Highlights
All references to dry metric tons (“dmt”) in this release relate to spodumene concentrate.
|
|
Units |
|
Q1’24 |
|
Q4’23 |
|
Q1’23 |
||||
Sales |
|
|
|
|
|
|
|
|||||
|
Concentrate shipped |
dmt thousands |
|
15.5 |
|
|
14.2 |
|
|
— |
|
|
|
Revenue |
$ millions |
|
13.4 |
|
|
(7.3 |
) |
|
— |
|
|
|
Realized price(1) |
$/dmt |
|
865 |
|
|
(513 |
) |
|
— |
|
|
|
Li2O content(2) |
% |
|
5.5 |
|
|
5.7 |
|
|
— |
|
|
|
Realized cost of sales(3) |
$/dmt |
|
799 |
|
|
756 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||
Profitability |
|
|
|
|
|
|
|
|||||
|
Gross profit |
$ millions |
|
0.7 |
|
|
(18.1 |
) |
|
— |
|
|
|
Gross profit margin |
% |
|
5.2 |
|
|
NM |
|
|
— |
|
|
|
Net loss |
$ millions |
|
(23.6 |
) |
|
(25.4 |
) |
|
(8.6 |
) |
|
|
Diluted EPS |
$ |
|
(1.22 |
) |
|
(1.32 |
) |
|
(0.47 |
) |
|
|
Adjusted net loss(4) |
$ millions |
|
(11.9 |
) |
|
(23.7 |
) |
|
(10.2 |
) |
|
|
Adjusted diluted EPS(4) |
$ |
|
(0.61 |
) |
|
(1.23 |
) |
|
(0.55 |
) |
|
|
Adjusted EBITDA(4) |
$ millions |
|
(12.4 |
) |
|
(24.4 |
) |
|
(12.0 |
) |
|
|
Adjusted EBITDA margin(4) |
% |
|
NM |
|
|
NM |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash |
|
|
|
|
|
|
|
|||||
|
Cash and cash equivalents(5) |
$ millions |
|
71.4 |
|
|
71.7 |
|
|
129.2 |
__________________________________ | |
(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 Sayona Quebec Inc. ("Sayona Quebec") for the purchase of spodumene concentrate at a market price subject to a floor of |
(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. |
NM - Not meaningful |
First Quarter and Recent Business Highlights
Piedmont Lithium
-
Shipped approximately 15,500 dmt (~
5.5% Li2O) of spodumene concentrate from NAL to customers in Q1’24. -
In Q1’24, we sold our entire holdings in Sayona Mining and a portion of our holdings in Atlantic Lithium Limited ("Atlantic Lithium") for net proceeds of
. The sale of our shares in Sayona Mining resulted in net proceeds of$49.1 million , a taxable gain of$41.4 million based on net proceeds less acquisition costs, and a reportable loss of$22 million driven by historical non-cash gains on dilution in Sayona Mining. The sale of our shares in Atlantic Lithium resulted in net proceeds of$17.2 million , a taxable gain of$7.7 million , and a reportable gain of$1.1 million . The sale of these shares had no impact on our joint ventures or offtake arrangements with either Sayona Quebec or Atlantic Lithium.$3.1 million -
In February 2024, we initiated a cost-savings plan designed to reduce operating expenses by
annually and defer 2024 capital spending to 2025. As part of this plan, we reduced our workforce by$10 million 28% and recorded in severance and severance-related costs, which includes$1.8 million of non-cash charges associated with accelerated stock compensation expense, in the first quarter of 2024. We expect to recognize the majority of our cost savings in 2024.$0.6 million - In March 2024, Ms. Dawne Hickton, an accomplished leader in the aerospace, energy, and metals industries, was appointed to Piedmont’s Board of Directors, further diversifying the Board’s executive, operational, and strategic guidance to the Company.
-
In Q1’24, the
U.S. District Court for the Eastern District ofNew York granted Piedmont’s motion to dismiss a securities class action lawsuit, originally filed in July 2021, againstPiedmont and two of its executives, which also resulted in the related derivative actions being dismissed.
North American Lithium (
-
In Q1’24, NAL achieved record quarterly production of approximately 40,400 dmt and shipped approximately 58,000 dmt, of which approximately 15,500 dmt were sold to
Piedmont . Quarterly production increased by18% compared to the prior quarter. Safety performance also improved as NAL achieved its lowest quarterly recordable incident rate since restarting operations in March 2023. -
In March 2024, operations at NAL achieved a record production month with 15,699 dmt of spodumene concentrate produced and three daily production records set between 710 dmt and 750 dmt. Lithium recoveries reached a record
69% , exceeding the ramp-up target of67% . - In April 2024, following a detailed operational review, the joint venture partners of NAL agreed to complete several ongoing capital project initiatives and continue operations with the goal of completing ramp-up activities to achieve steady-state production in 2024.
- In Q1’24, progress continued on two important capital improvement projects – a new crushed ore storage dome and a crushed ore re-feed system. These projects are expected to result in production increases and unit cost improvements. Commissioning is expected to conclude for both projects in May 2024.
-
Concentrate produced and shipped by NAL and concentrate shipped by
Piedmont :
|
|
Share |
|
Units |
|
Q1’24 |
|
Q4’23 |
|
Q3’23 |
|
Piedmont Lithium |
|
|
|
|
|
|
|
|
|
||
|
Concentrate shipped |
|
|
dmt thousands |
|
15.5 |
|
14.2 |
|
29.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Lithium |
|
|
|
|
|
|
|
|
|
||
|
Concentrate produced |
|
|
dmt thousands |
|
40.4 |
|
34.2 |
|
31.5 |
|
|
Concentrate shipped |
|
|
dmt thousands |
|
58.0 |
|
23.9 |
|
48.2 |
__________________________________ | |
(1) |
Concentrate produced represents |
(2) |
Concentrate shipped represents |
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 actually occurred. For financial statement purposes, |
Carolina Lithium (
-
In May 2024,
Piedmont received the finalized mining permit for the construction, operation, and reclamation of Carolina Lithium following the posting of a reclamation bond to the state of$1 million North Carolina . The North Carolina Department of Environmental Quality’s Division of Energy, Mineral, and Land Resources approved the mining permit application on April 12, 2024. -
Receipt of the state mining permit allows the Company to accelerate discussions with funding parties, including government loan agencies and strategic partners who could provide capital, offtake, and technical support. The Company’s goal is to put in place a strong funding plan that will maximize value for
Piedmont shareholders. -
Piedmont continues to engage with community stakeholders, including theGaston County Board of Commissioners.
Ewoyaa Project (
-
In January 2024, the Minerals Income Investment Fund, Ghana’s sovereign wealth fund, commenced its investment in Atlantic Lithium through its purchase of Atlantic Lithium’s common stock totaling
.$5 million - In February 2024, Mr. Patrick Brindle, Piedmont’s Executive Vice President and Chief Operating Officer, stepped down as a member of Atlantic Lithium’s board of directors due to our reduction in ownership of Atlantic Lithium.
Tennessee Lithium (
-
Tennessee Lithium remains a key part of our development pipeline as a permitted project.
Piedmont is evaluating the timeline of project development given the recent receipt of the state mining permit for Carolina Lithium. - In April 2024, the Company exited the purchase agreement for a nearby industrial complex and continues to negotiate a renewal of our option agreement for the planned project site.
2024 Outlook
|
Units |
|
H1’24 |
|
H2’24 |
|
Full Year 2024 |
|
Shipments |
dmt thousands |
|
37 — 39 |
|
84 — 88 |
|
126 |
|
Capital expenditures |
$ millions |
|
7 — 9 |
|
3 — 5 |
|
10 — 14 |
|
Investments in and advances to affiliates |
$ millions |
|
25 — 26 |
|
7 — 12 |
|
32— 38 |
NAL is forecasted to achieve full run-rate production in H2’24. Under our offtake agreement with Sayona Quebec,
The majority of forecasted capital expenditures relate to Carolina Lithium and Tennessee Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa project. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.
Safety and Sustainability
In Q1’24,
Additionally,
Q1 2024 Earnings Call
Date: |
|
Thursday, May 9, 2024 |
||
Time: |
|
8:30 a.m. Eastern Standard Time |
||
Dial-in (Toll Free): |
|
1 (800) 715-9871 |
||
Dial-in (Toll): |
|
1 (646) 307-1963 |
||
Conference ID: |
|
6860456 |
||
Participant URL: |
|
Piedmont’s earnings presentation and supporting material are available at: https://piedmontlithium.com/investors-overview/.
About
Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in
Cautionary Note to
Piedmont’ 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
PIEDMONT LITHIUM INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(In thousands, except per share amounts) (Unaudited) |
||||||||
|
Three Months Ended March 31, |
|||||||
|
2024 |
|
2023 |
|||||
Revenue |
$ |
13,401 |
|
$ |
— |
|
||
Costs of sales |
|
12,710 |
|
|
— |
|
||
Gross profit |
|
691 |
|
|
— |
|
||
Exploration costs |
|
53 |
|
|
757 |
|
||
Selling, general and administrative expenses |
|
9,874 |
|
|
8,621 |
|
||
Total operating expenses |
|
9,927 |
|
|
9,378 |
|
||
Loss from equity method investments |
|
(5,440 |
) |
|
(2,742 |
) |
||
Loss from operations |
|
(14,676 |
) |
|
(12,120 |
) |
||
Interest income |
|
827 |
|
|
763 |
|
||
Interest expense |
|
(222 |
) |
|
(15 |
) |
||
Gain on equity securities |
|
1,384 |
|
|
— |
|
||
Loss from foreign currency exchange |
|
(131 |
) |
|
(49 |
) |
||
(Loss) gain on sale of equity method investments |
|
(13,886 |
) |
|
3,275 |
|
||
Total other (loss) income |
|
(12,028 |
) |
|
3,974 |
|
||
Loss before income taxes |
|
(26,704 |
) |
|
(8,146 |
) |
||
Income tax (benefit) expense |
|
(3,093 |
) |
|
493 |
|
||
Net loss |
$ |
(23,611 |
) |
$ |
(8,639 |
) |
||
|
|
|
||||||
Basic and diluted: |
|
|
||||||
Loss per share |
$ |
(1.22 |
) |
$ |
(0.47 |
) |
||
Weighted-average shares outstanding |
|
19,326 |
|
|
18,524 |
|
PIEDMONT LITHIUM INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except per share amounts) (Unaudited) |
||||||||
|
March 31,
|
|
December 31,
|
|||||
Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
71,444 |
|
|
$ |
71,730 |
|
|
Accounts receivable |
|
4,247 |
|
|
|
595 |
|
|
Other current assets |
|
10,359 |
|
|
|
3,829 |
|
|
Total current assets |
|
86,050 |
|
|
|
76,154 |
|
|
Property, plant and mine development, net |
|
129,785 |
|
|
|
127,086 |
|
|
Advances to affiliates |
|
33,870 |
|
|
|
28,189 |
|
|
Other non-current assets |
|
2,029 |
|
|
|
2,164 |
|
|
Equity method investments |
|
83,469 |
|
|
|
147,662 |
|
|
Total assets |
|
335,203 |
|
|
|
381,255 |
|
|
|
|
|
|
|||||
Liabilities and Stockholders’ Equity |
|
|
|
|||||
Accounts payable and accrued expenses |
|
7,700 |
|
|
|
11,580 |
|
|
Payables to affiliates |
|
1,761 |
|
|
|
174 |
|
|
Current portion of long-term debt |
|
155 |
|
|
|
149 |
|
|
Other current liabilities |
|
9,194 |
|
|
|
29,463 |
|
|
Total current liabilities |
|
18,810 |
|
|
|
41,366 |
|
|
Long-term debt, net of current portion |
|
204 |
|
|
|
14 |
|
|
Operating lease liabilities, net of current portion |
|
1,007 |
|
|
|
1,091 |
|
|
Other non-current liabilities |
|
4,115 |
|
|
|
431 |
|
|
Deferred tax liabilities |
|
— |
|
|
|
6,023 |
|
|
Total liabilities |
|
24,136 |
|
|
|
48,925 |
|
|
|
|
|
||||||
Stockholders’ equity: |
|
|
|
|||||
Common stock; |
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
465,160 |
|
|
|
462,899 |
|
|
Accumulated deficit |
|
(150,455 |
) |
|
|
(126,844 |
) |
|
Accumulated other comprehensive loss |
|
(3,640 |
) |
|
|
(3,727 |
) |
|
Total stockholders’ equity |
|
311,067 |
|
|
|
332,330 |
|
|
Total liabilities and stockholders’ equity |
$ |
335,203 |
|
|
$ |
381,255 |
|
PIEDMONT LITHIUM INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) (Unaudited) |
||||||||
|
Three Months Ended March 31, |
|||||||
|
2024 |
|
2023 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(23,611 |
) |
|
$ |
(8,639 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|||||
Stock-based compensation expense |
|
2,067 |
|
|
|
1,125 |
|
|
Loss from equity method investments |
|
5,440 |
|
|
|
2,742 |
|
|
Loss (gain) on sale of equity method investments |
|
13,886 |
|
|
|
(3,275 |
) |
|
Gain on equity securities |
|
(1,384 |
) |
|
|
— |
|
|
Deferred taxes |
|
(6,246 |
) |
|
|
493 |
|
|
Depreciation and amortization |
|
81 |
|
|
|
45 |
|
|
Noncash lease expense |
|
401 |
|
|
|
35 |
|
|
Unrealized foreign currency translation losses |
|
128 |
|
|
|
8 |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(3,652 |
) |
|
|
— |
|
|
Other assets |
|
887 |
|
|
|
1,298 |
|
|
Operating lease liabilities |
|
(396 |
) |
|
|
(29 |
) |
|
Accounts payable |
|
54 |
|
|
|
(661 |
) |
|
Payables to affiliates |
|
1,587 |
|
|
|
— |
|
|
Accrued expenses and other liabilities |
|
(17,564 |
) |
|
|
(2,654 |
) |
|
Net cash used in operating activities |
|
(28,322 |
) |
|
|
(9,512 |
) |
|
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(5,428 |
) |
|
|
(18,519 |
) |
|
Advances to affiliates |
|
(4,977 |
) |
|
|
(868 |
) |
|
Proceeds from sale of marketable securities |
|
45 |
|
|
|
— |
|
|
Proceeds from sale of shares in equity method investments |
|
49,103 |
|
|
|
— |
|
|
Additions to equity method investments |
|
(10,048 |
) |
|
|
(12,091 |
) |
|
Net cash provided by (used in) investing activities |
|
28,695 |
|
|
|
(31,478 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from issuances of common stock, net of issuance costs |
|
— |
|
|
|
71,084 |
|
|
Principal payments on long-term debt |
|
(68 |
) |
|
|
(118 |
) |
|
Payments to tax authorities for employee stock-based compensation |
|
(591 |
) |
|
|
— |
|
|
Net cash (used in) provided by financing activities |
|
(659 |
) |
|
|
70,966 |
|
|
Net (decrease) increase in cash |
|
(286 |
) |
|
|
29,976 |
|
|
Cash and cash equivalents at beginning of period |
|
71,730 |
|
|
|
99,247 |
|
|
Cash and cash equivalents at end of period |
$ |
71,444 |
|
|
$ |
129,223 |
|
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 is defined as net loss, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss from equity securities, gain or loss from foreign currency exchange, severance and severance related costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include asset impairment, 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 from equity securities, gain or loss from foreign currency exchange, severance and severance related 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 from equity securities, gain or loss from foreign currency exchange, severance and severance related costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance.
Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue.
Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net loss, adjusted diluted EPS, EBITDA, and adjusted EBITDA.
Adjusted Net Loss and Adjusted Diluted EPS
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||||||||||||||
(in thousands, except per share amounts) |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
||||||||||||
Net loss |
|
$ |
(23,611 |
) |
|
$ |
(1.22 |
) |
|
$ |
(25,390 |
) |
|
$ |
(1.32 |
) |
|
$ |
(8,639 |
) |
|
$ |
(0.47 |
) |
Loss (gain) on sale of equity method investments(1) |
|
|
13,886 |
|
|
|
0.72 |
|
|
|
(1,767 |
) |
|
|
(0.09 |
) |
|
|
(3,275 |
) |
|
|
(0.17 |
) |
Impairment of equity method investment(2) |
|
|
— |
|
|
|
— |
|
|
|
2,242 |
|
|
|
0.12 |
|
|
|
— |
|
|
|
— |
|
Gain on equity securities(3) |
|
|
(1,384 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from foreign currency exchange(4) |
|
|
131 |
|
|
|
0.01 |
|
|
|
3 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
Severance and severance related costs(5) |
|
|
1,780 |
|
|
|
0.09 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other costs(6) |
|
|
431 |
|
|
|
0.02 |
|
|
|
1,359 |
|
|
|
0.07 |
|
|
|
65 |
|
|
|
— |
|
Tax effect of adjustments(7) |
|
|
(3,093 |
) |
|
|
(0.16 |
) |
|
|
(109 |
) |
|
|
(0.01 |
) |
|
|
1,600 |
|
|
|
0.09 |
|
Adjusted net loss |
|
$ |
(11,860 |
) |
|
$ |
(0.61 |
) |
|
$ |
(23,662 |
) |
|
$ |
(1.23 |
) |
|
$ |
(10,200 |
) |
|
$ |
(0.55 |
) |
__________________________________ | |
(1) |
Loss (gain) on sale of equity method investments in the three months ended March 31, 2024 represents the loss on sale of equity investments related to the sale of our entire holdings of Sayona Mining and partial sale of our holdings of Atlantic Lithium. Loss (gain) on sale of equity method investments in the three months ended December 31, 2023 and March 31, 2023, represents a noncash gain on dilution recognized primarily due to |
(2) |
Impairment of equity method investment represents the difference between carrying value and fair value of Sayona Mining as of December 31, 2023. |
(3) |
Gain on equity securities represents the realized and unrealized gain on our equity securities. |
(4) |
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. |
(5) |
Severance and severance related costs relate to our 2024 cost-savings plan. |
(6) |
Other costs include legal and transactional costs associated with the Department of Energy loan and grant initiatives, shelf registration costs, and costs related to certain significant strategic transactions. |
(7) |
No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. |
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
|
Three Months Ended |
|||||||||||
(in thousands) |
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|||||||
Net loss |
$ |
(23,611 |
) |
|
$ |
(25,390 |
) |
|
$ |
(8,639 |
) |
|
Interest income, net |
|
(605 |
) |
|
|
(895 |
) |
|
|
(748 |
) |
|
Income tax (benefit) expense |
|
(3,093 |
) |
|
|
(64 |
) |
|
|
493 |
|
|
Depreciation and amortization |
|
81 |
|
|
|
67 |
|
|
|
45 |
|
|
EBITDA |
|
(27,228 |
) |
|
|
(26,282 |
) |
|
|
(8,849 |
) |
|
Loss (gain) on sale of equity method investments(1) |
|
13,886 |
|
|
|
(1,767 |
) |
|
|
(3,275 |
) |
|
Gain on marketable securities(2) |
|
(1,384 |
) |
|
|
— |
|
|
|
— |
|
|
Impairment of equity method investment(3) |
|
— |
|
|
|
2,242 |
|
|
|
— |
|
|
Loss from foreign currency exchange(4) |
|
131 |
|
|
|
3 |
|
|
|
49 |
|
|
Severance and severance related costs(5) |
|
1,780 |
|
|
|
— |
|
|
|
— |
|
|
Other costs(6) |
|
431 |
|
|
|
1,359 |
|
|
|
65 |
|
|
Adjusted EBITDA |
$ |
(12,384 |
) |
|
$ |
(24,445 |
) |
|
$ |
(12,010 |
) |
|
Adjusted EBITDA margin(7) |
|
NM |
|
|
|
NM |
|
|
|
NM |
|
__________________________________ | |
(1) |
Loss (gain) on sale of equity method investments in the three months ended March 31, 2024 represents the loss on sale of equity investments related to the sale of our entire holdings of Sayona Mining and partial sale of our holdings of Atlantic Lithium. Loss (gain) on sale of equity method investments in the three months ended December 31, 2023 and March 31, 2023 represents a noncash gain on dilution recognized primarily due to |
(2) |
Gain on equity securities represents the realized and unrealized gain on our equity securities. |
(3) |
Impairment of equity method investment represents the difference between carrying value and fair value of Sayona Mining as of December 31, 2023. |
(4) |
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. |
(5) |
Severance and severance related costs relate to our 2024 cost-savings plan. |
(6) |
Other costs include severance costs, legal and transactional costs associated with the Department of Energy loan and grant initiatives, shelf registration costs, and costs related to certain significant strategic transactions. |
(7) |
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. |
NM - Not meaningful |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509771167/en/
Erin Sanders
SVP, Corporate Communications & Investor Relations
+1 704 575 2549
esanders@piedmontlithium.com
Source: Piedmont Lithium Inc.
FAQ
What was Piedmont Lithium's revenue in Q1’24?
Piedmont Lithium reported revenue of $13.4 million in Q1’24.
What was the record quarterly production achieved at NAL in Q1’24?
NAL achieved record quarterly production of 40,439 dry metric tons of spodumene concentrate in Q1’24.
How much cash did Piedmont have as of March 31, 2024?
Piedmont had $71.4 million in cash and cash equivalents as of March 31, 2024.
What is the outlook for Piedmont's shipments in 2024?
Piedmont expects shipments to more than double in 2024 and investments to decrease by over 50% in H2’24 vs. H1’24.
When did Piedmont receive the mining permit for Carolina Lithium?
Piedmont received the mining permit for Carolina Lithium in May 2024.