Piedmont Lithium Reports Q4 & Full Year 2023 Results
- Strong full-year revenue of $39.8 million with 43.2 thousand dmt sales of spodumene concentrate.
- Gross profit of $5.7 million in 2023, impacted by the downturn in lithium prices.
- Focus on ramping up production at NAL with improvements expected in 2024.
- Shift towards multi-year customer contracts to reduce sales volatility.
- Cash and cash equivalents of $71.7 million as of December 31, 2023.
- Net proceeds of approximately $49.1 million from asset sales in Q1'24.
- Adversely impacted financial results due to sharp downturn in lithium prices.
- Challenges in achieving profitability in 2023.
- Risk of market volatility affecting revenue and gross profit.
- Potential delays in production ramp-up at NAL.
Insights
The recent financial disclosure by Piedmont Lithium Inc. presents a mixed picture for investors, with several key takeaways. Firstly, the reported full-year revenue of $39.8 million and a gross profit of $5.7 million indicate that the company has successfully transitioned from development to production, a significant milestone for any resource company. However, the reported net loss of $21.8 million underscores the challenges faced in the lithium market, notably the downturn in lithium prices.
From a financial perspective, the strategic decision to shift towards multi-year contracts and away from spot sales could stabilize revenue streams and protect against price volatility. The balance sheet reinforcement, with $71.7 million in cash and cash equivalents and proceeds from asset sales, suggests a strong liquidity position, enabling the company to navigate current market conditions and continue funding its growth projects.
Piedmont Lithium's operational update indicates a positive trajectory in production capabilities, with record levels of production reported in December. This ramp-up aligns with the increasing demand for lithium, driven by the electric vehicle (EV) market. The focus on multi-year contracts may also reflect an industry trend where suppliers and EV manufacturers seek to secure long-term supply chains amidst a volatile commodity market.
The mention of regulatory advancements in Ghana and North Carolina is also significant, as it suggests potential diversification of production sources and geographical expansion, which could mitigate operational risks and tap into new markets. The strategic positioning in America's 'Battery Belt' is particularly noteworthy, given the U.S. government's push for domestic supply chain security in critical minerals.
The dismissal of a securities class action lawsuit against Piedmont and two of its executives removes a potential legal overhang and may restore investor confidence. Additionally, the progress in permitting and regulatory approvals, especially the mining lease granted for the Ewoyaa project in Ghana, subject to parliamentary ratification and the ongoing state mining permit process in North Carolina, are critical legal milestones for the company's future operations and growth. These developments are essential for stakeholders to monitor, as they can significantly impact the company's operational timelines and legal risk profile.
NAL Operations Ramping, Growth Projects Progressing, and Balance Sheet Reinforced
-
$39.8 million -
$5.7 million - Ramp up continues at NAL with further improvements in production and costs expected in 2024
- 2024 shipments expected to shift toward multi-year customer contracts; de-emphasizing volatile spot sales
-
Permitting and regulatory approvals advancing in
Ghana andNorth Carolina -
$71.7 million -
Net proceeds of approximately
$49.1 million
“2023 was a pivotal year for
“We are pleased with the production ramp-up and prospects for long-term operations at NAL; however, our 2023 financial results were adversely impacted by the sharp downturn in lithium prices that occurred during the year and into 2024. We plan to shift our offtake volumes towards our multi-year customer contracts and reduce shipment volumes under spot sales agreements. We expect this strategy to result in less volatility and higher average realized prices.
“While NAL is a current focus given its status as a producing asset, we believe Piedmont is well-positioned for the long-term with growth opportunities across our project portfolio. In
“We continue to make advances towards our mining permit in
“Lithium has been a cyclical business for the past decade with trough markets in pricing generally followed by new record highs. As we navigate the current market, which seems to be in the throes of ‘peak pessimism,’ we’re bolstering our balance sheet by monetizing non-core assets, deferring capital spending, and employing cost savings plans designed to reduce our corporate overhead. Our goal is to protect shareholder value in this downturn, while remaining strategically positioned for the lithium market recovery that we believe is a matter of time.”
Keith Phillips, Piedmont Lithium President and Chief Executive Officer
Fourth Quarter and Full Year 2023 Financial Highlights
All references to dry metric tons (“dmt”) in this release relate to spodumene concentrate.
|
|
Units |
|
2023 |
|
Q4’23 |
|
Q3’23 |
|||
Sales |
|
|
|
|
|
|
|
|
|||
|
Concentrate shipped |
dmt thousands |
|
43.2 |
|
|
14.2 |
|
|
29.0 |
|
|
Revenue |
$ millions |
|
39.8 |
|
|
(7.3 |
) |
|
47.1 |
|
|
Realized price (~ |
$/dmt |
|
920 |
|
|
(513 |
) |
|
1,624 |
|
|
Realized cost of sales(2) |
$/dmt |
|
789 |
|
|
756 |
|
|
805 |
|
|
|
|
|
|
|
|
|
|
|
||
Profitability |
|
|
|
|
|
|
|
|
|||
|
Gross profit |
$ millions |
|
5.7 |
|
|
(18.1 |
) |
|
23.8 |
|
|
Gross profit margin |
% |
|
14.3 |
|
|
NM |
|
|
50.4 |
|
|
Net income (loss)(3) |
$ millions |
|
(21.8 |
) |
|
(25.4 |
) |
|
22.9 |
|
|
Adjusted net income (loss)(4) |
$ millions |
|
(31.3 |
) |
|
(23.7 |
) |
|
16.9 |
|
|
Adjusted diluted EPS(4) |
$ |
|
(1.64 |
) |
|
(1.23 |
) |
|
0.88 |
|
|
Adjusted EBITDA(4) |
$ millions |
|
(35.1 |
) |
|
(24.4 |
) |
|
16.2 |
|
|
Adjusted EBITDA margin(4) |
% |
|
(88.1 |
) |
|
NM |
|
|
34.3 |
|
|
|
|
|
|
|
|
|
|
|
||
Cash |
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents(5) |
$ millions |
|
71.7 |
|
|
71.7 |
|
|
94.5 |
|
| ____________________________________ | ||
| (1) |
Realized price is the average estimated price, net of certain distribution and other fees, for ~ |
|
| (2) |
Realized cost of sales is the average cost of sales including Piedmont’s offtake pricing agreement with Sayona Quebec for the purchase of spodumene concentrate at a market price subject to a floor of |
|
| (3) |
Net income (loss) includes gain (loss) on dilution from equity method investments, which is reported on a one-quarter lag, of |
|
| (4) | See end of this release for reconciliation of non-GAAP measures. |
|
| (5) | Cash and cash equivalents are reported as of the end of the period. |
|
NM - Not meaningful |
||
Fourth Quarter and Recent Business Highlights
Piedmont Lithium
-
Purchased 14.2 thousand dmt (~
5.7% % Li2O) from NAL in Q4’23 and shipped to customers. - A shipment totaling 13.1 thousand dmt was delayed from Q4’23 to mid-January 2024 due to inclement weather and port congestion.
-
$29.2 million -
We had
$71.7 million $49.1 million -
In February 2024, we initiated a cost-savings plan to reduce operating expenses by
$10 million 27% , mainly within our corporate office staff. We will record approximately$1 million -
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.
North American Lithium (
-
In Q4’23, NAL produced 34.2 thousand dmt and shipped 23.9 thousand dmt, of which 14.2 thousand dmt were sold to
Piedmont . - In October 2023, Sayona Mining provided a forecast for the one-year period July 1, 2023 through June 30, 2024 projecting production of 140,000 to 160,000 dmt and shipments of 160,000 to 180,000 dmt.
- In November 2023, Sayona released initial drill results from the 2023 drill campaign at NAL, identifying multiple thick, high-grade, spodumene-bearing pegmatites. Additional assays and drill results are pending, and Sayona Quebec expects to publish a mineral resource update in 2024, which may upgrade the classification of current mineral resources and offer the possibility to convert mineral resources to additional mineral reserves.
-
In December 2023, operations at NAL achieved records in concentrate production (13.9 thousand dmt), mill availability (
80% ), and global lithium recovery (66% ). - In Q4’23, NAL substantially progressed ongoing capital improvement projects, including a capacity increase for its tailings storage facility and a new crushed-ore dome. In particular, the crushed ore dome will enable the operations at NAL to achieve better mechanical availability and process stability. Both production and cash operating costs at NAL are expected to improve upon completion of these projects in mid-2024.
-
Concentrate produced and shipped by NAL and concentrate shipped by
Piedmont :
|
|
Share |
|
Units |
|
FY23 |
|
Q4’23 |
|
Q3’23 |
||||
North American Lithium |
|
|
|
|
|
|
|
|
|
|||||
|
Concentrate produced |
|
|
dmt thousands |
|
98.8 |
|
34.2 |
|
31.5 |
||||
|
Concentrate shipped |
|
|
dmt thousands |
|
72.1 |
|
23.9 |
|
48.2 |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Piedmont Lithium |
|
|
|
|
|
|
|
|
|
|||||
|
Concentrate shipped |
|
|
dmt thousands |
|
43.2 |
|
14.2 |
|
29.0 |
||||
| ______________________________ | ||
| (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, Piedmont reports income (loss) from its |
Ewoyaa Project (
-
In Q4’23, Ghana’s Ministry of Lands and Natural Resources granted a mining lease for the Ewoyaa project. The lease remains subject to ratification by the Ghanaian Parliament. The mining lease includes a
13% free-carried interest in Ewoyaa for the Government ofGhana and a10% royalty. -
In January 2024, the Minerals Income Investment Fund, Ghana’s sovereign wealth fund, commenced its funding of Atlantic Lithium with a
$5 million - In February 2024, 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.
Carolina Lithium (
- Piedmont continues to advance the state mining permit process. In January 2024, Piedmont submitted a response to additional information request (“ADI”) #3 to North Carolina’s Department of Environmental Quality Division of Energy, Minerals, and Land Resources (“DEMLR”). Subsequently, DEMLR provided an ADI #4, which consisted of two further questions. We note that the questions posed by DEMLR are straightforward in nature and the number of questions in ADI #4 is substantially reduced from prior information requests. We are encouraged by this most recent round of questions and look forward to concluding the state mine permitting process in due course.
-
Piedmont continues to engage with community stakeholders, including the
Gaston County Board of Commissioners, in advance of anticipated rezoning efforts.
Tennessee Lithium (
- In Q4’23, Piedmont purchased a tailings storage facility adjacent to the Tennessee Lithium plant site for the placement of inert tailings to be produced as part of the alkaline pressure leach process.
- Also in Q4’23, Piedmont negotiated a purchase agreement to acquire a large industrial complex in close proximity to the Tennessee Lithium plant site.
- In 2024, Piedmont will continue to assess funding strategies for Tennessee Lithium, which has already received the final material permits required to proceed with construction of the 30,000 metric ton per year lithium hydroxide conversion facility.
Exploration and Development
-
In October 2023, we paid
$1.5 million 19.9% equity interest in Vinland Lithium, a Canadian-based entity jointly owned with Sokoman Minerals and Benton Resources. Vinland Lithium owns the Killick Lithium Project, a large exploration property prospective for lithium located in southernNewfoundland, Canada . -
We have entered into an earn-in agreement with Vinland Lithium to acquire up to a
62.5% equity interest in Killick Lithium through staged-investments. As part of our investment, we entered into a marketing agreement with Killick Lithium for100% marketing rights and right of first refusal to purchase100% of all lithium products produced by Killick Lithium on a life-of-mine basis at competitive commercial rates.
2024 Outlook
|
|
|
2024 |
Capital expenditures |
|
|
|
Investments in and advances to affiliates |
|
|
|
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.
Piedmont expects funding for Ewoyaa to be minimal in 2024 and is evaluating a range of options that would be non-dilutive to Piedmont Lithium shareholders to fund its share of project capital. We expect a final investment decision for Ewoyaa to be made by 2025.
Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of
Safety and Sustainability
Piedmont continues to build safety as a foundational pillar of its business and to further development of policies and procedures to enhance the Company’s safety and environmental management systems. Engagement in identifying hazards also improved with increased reporting that enabled proactive strategies for addressing unsafe conditions.
Additionally, Piedmont performed a materiality assessment in Q4’23 with key shareholders to identify, categorize, and prioritize material environmental, social, and governance matters. The Company expects to use the results of the assessment to further develop and guide the organization’s sustainability strategy as we advance toward operations at Carolina Lithium and Tennessee Lithium.
Conference Call Information
Date: |
|
Thursday, February 22, 2024 |
Time: |
|
4:30 pm 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
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) |
||||||||||||||||
|
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue |
|
$ |
(7,310 |
) |
|
$ |
— |
|
|
$ |
39,817 |
|
|
$ |
— |
|
Costs of sales |
|
|
10,775 |
|
|
|
— |
|
|
|
34,138 |
|
|
|
— |
|
Gross profit |
|
|
(18,085 |
) |
|
|
— |
|
|
|
5,679 |
|
|
|
— |
|
Exploration costs |
|
|
261 |
|
|
|
454 |
|
|
|
1,929 |
|
|
|
1,939 |
|
Selling, general and administrative expenses |
|
|
11,526 |
|
|
|
9,250 |
|
|
|
43,319 |
|
|
|
29,449 |
|
Total operating expenses |
|
|
11,787 |
|
|
|
9,704 |
|
|
|
45,248 |
|
|
|
31,388 |
|
Income (loss) from equity method investments |
|
|
1,759 |
|
|
|
(1,804 |
) |
|
|
194 |
|
|
|
(8,352 |
) |
Loss from operations |
|
|
(28,113 |
) |
|
|
(11,508 |
) |
|
|
(39,375 |
) |
|
|
(39,740 |
) |
Interest income |
|
|
900 |
|
|
|
780 |
|
|
|
3,859 |
|
|
|
1,153 |
|
Interest expense |
|
|
(5 |
) |
|
|
(18 |
) |
|
|
(39 |
) |
|
|
(116 |
) |
Loss from foreign currency exchange |
|
|
(3 |
) |
|
|
(28 |
) |
|
|
(91 |
) |
|
|
(88 |
) |
Gain (loss) on dilution of equity method investments |
|
|
1,767 |
|
|
|
(412 |
) |
|
|
16,975 |
|
|
|
28,955 |
|
Total other income |
|
|
2,659 |
|
|
|
322 |
|
|
|
20,704 |
|
|
|
29,904 |
|
Loss before income taxes |
|
|
(25,454 |
) |
|
|
(11,186 |
) |
|
|
(18,671 |
) |
|
|
(9,836 |
) |
Income tax expense (benefit) |
|
|
(64 |
) |
|
|
(282 |
) |
|
|
3,106 |
|
|
|
3,139 |
|
Net loss |
|
$ |
(25,390 |
) |
|
$ |
(10,904 |
) |
|
$ |
(21,777 |
) |
|
$ |
(12,975 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted: |
|
|
|
|
|
|
|
|
||||||||
Loss per share |
|
$ |
(1.32 |
) |
|
$ |
(0.61 |
) |
|
$ |
(1.14 |
) |
|
$ |
(0.74 |
) |
Weighted-average shares outstanding |
|
|
19,209 |
|
|
|
17,966 |
|
|
|
19,033 |
|
|
|
17,518 |
|
PIEDMONT LITHIUM INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) |
|||||||
|
December 31,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
71,730 |
|
|
$ |
99,247 |
|
Accounts receivable |
|
595 |
|
|
|
— |
|
Other current assets |
|
3,829 |
|
|
|
2,612 |
|
Total current assets |
|
76,154 |
|
|
|
101,859 |
|
Property, plant and mine development, net |
|
127,086 |
|
|
|
71,541 |
|
Other non-current assets |
|
30,353 |
|
|
|
18,873 |
|
Equity method investments |
|
147,662 |
|
|
|
95,648 |
|
Total assets |
|
381,255 |
|
|
|
287,921 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Accounts payable and accrued expenses |
|
11,754 |
|
|
|
12,862 |
|
Current portion of long-term debt |
|
149 |
|
|
|
425 |
|
Other current liabilities |
|
29,463 |
|
|
|
124 |
|
Total current liabilities |
|
41,366 |
|
|
|
13,411 |
|
Long-term debt, net of current portion |
|
14 |
|
|
|
163 |
|
Operating lease liabilities, net of current portion |
|
1,091 |
|
|
|
1,177 |
|
Other non-current liabilities |
|
431 |
|
|
|
— |
|
Deferred tax liabilities |
|
6,023 |
|
|
|
2,881 |
|
Total liabilities |
|
48,925 |
|
|
|
17,632 |
|
Commitments and contingencies (Note 15) |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock; |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
462,899 |
|
|
|
381,242 |
|
Accumulated deficit |
|
(126,844 |
) |
|
|
(105,658 |
) |
Accumulated other comprehensive loss |
|
(3,727 |
) |
|
|
(5,297 |
) |
Total stockholders’ equity |
|
332,330 |
|
|
|
270,289 |
|
Total liabilities and stockholders’ equity |
$ |
381,255 |
|
|
$ |
287,921 |
|
PIEDMONT LITHIUM INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|||||||
|
Years Ended December 31, |
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(21,777 |
) |
|
$ |
(12,975 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Stock-based compensation expense |
|
9,516 |
|
|
|
3,490 |
|
Loss from equity method investments |
|
(194 |
) |
|
|
8,352 |
|
Gain on dilution of equity method investments |
|
(16,975 |
) |
|
|
(28,955 |
) |
Deferred taxes |
|
3,106 |
|
|
|
3,139 |
|
Depreciation and amortization |
|
272 |
|
|
|
74 |
|
Noncash lease expense |
|
245 |
|
|
|
106 |
|
Loss on sale of property, plant and mine development |
|
— |
|
|
|
12 |
|
Unrealized loss on investment |
|
— |
|
|
|
30 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(595 |
) |
|
|
— |
|
Other assets |
|
(1,021 |
) |
|
|
(201 |
) |
Operating lease liabilities |
|
(220 |
) |
|
|
(97 |
) |
Accounts payable |
|
(1,281 |
) |
|
|
1,413 |
|
Accrued expenses and other current liabilities |
|
30,494 |
|
|
|
(837 |
) |
Net cash provided by (used in) operating activities |
|
1,570 |
|
|
|
(26,449 |
) |
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(56,723 |
) |
|
|
(25,732 |
) |
Advances to affiliates |
|
(9,361 |
) |
|
|
(13,006 |
) |
Investments in equity method investments |
|
(33,239 |
) |
|
|
(21,062 |
) |
Net cash used in investing activities |
|
(99,323 |
) |
|
|
(59,800 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuances of common stock, net of issuance costs |
|
71,084 |
|
|
|
122,059 |
|
Proceeds from exercise of stock options |
|
— |
|
|
|
279 |
|
Principal payments on long-term debt |
|
(426 |
) |
|
|
(1,087 |
) |
Payments to tax authorities for employee stock-based compensation |
|
(422 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
70,236 |
|
|
|
121,251 |
|
Net (decrease) increase in cash |
|
(27,517 |
) |
|
|
35,002 |
|
Cash and cash equivalents at beginning of period |
|
99,247 |
|
|
|
64,245 |
|
Cash and cash equivalents at end of period |
$ |
71,730 |
|
|
$ |
99,247 |
|
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. However, we present these measures in this press release because we believe these non-GAAP financial measures provide useful means of evaluating and understanding how our management evaluates our financial condition and results of operations.
The following are non-GAAP financial measures for
Adjusted net income (loss) is defined as net income (loss) plus or minus the gain or loss from gain on dilution of equity method investments, gain or loss from foreign currency exchange, and certain other adjustments we believe are not reflective of our ongoing operations and performance.
Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS before gain on dilution of equity method investments, gain or loss from foreign currency exchange, and certain other costs we believe are not reflective of our ongoing operations and performance. Any references to adjusted EPS are to adjusted diluted EPS.
EBITDA is defined as net income before interest expenses, income tax expense, and depreciation.
Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss from gain on dilution of equity method investments, gain or loss from foreign currency exchange, 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 income (loss), adjusted diluted EPS, EBITDA, and adjusted EBITDA.
Adjusted Net Loss and Adjusted Diluted EPS
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(in thousands, except per share amounts) |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
||||||||
Net loss |
|
$ |
(25,390 |
) |
|
$ |
(1.32 |
) |
|
$ |
(10,904 |
) |
|
$ |
(0.61 |
) |
(Gain) loss on dilution of equity method investments(1) |
|
|
(1,767 |
) |
|
|
(0.09 |
) |
|
|
412 |
|
|
|
0.02 |
|
Impairment of equity method investment(2) |
|
|
2,242 |
|
|
|
0.12 |
|
|
|
— |
|
|
|
— |
|
Loss from foreign currency exchange(3) |
|
|
3 |
|
|
|
— |
|
|
|
28 |
|
|
|
— |
|
Other costs(4) |
|
|
1,359 |
|
|
|
0.07 |
|
|
|
283 |
|
|
|
0.02 |
|
Tax effect of adjustments(5) |
|
|
(109 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
Adjusted net loss |
|
$ |
(23,662 |
) |
|
$ |
(1.23 |
) |
|
$ |
(10,181 |
) |
|
$ |
(0.57 |
) |
| _____________________________________ | ||
| (1) |
Gain on dilution of equity method investments in the three months ended December 31, 2023 represents a noncash gain recognized primarily due to |
|
| (2) |
Impairment of equity method investment represents the difference between the carrying value, which includes |
|
| (3) | 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) | Other costs include legal and transactional costs associated with the Department of Energy loan and grant initiatives and costs related to certain significant strategic transactions. |
|
| (5) | No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. |
|
|
|
Year Ended
|
|
Year Ended
|
||||||||||||
(in thousands, except per share amounts) |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
||||||||
Net loss |
|
$ |
(21,777 |
) |
|
$ |
(1.14 |
) |
|
$ |
(12,975 |
) |
|
$ |
(0.74 |
) |
Gain on dilution of equity method investments(1) |
|
|
(16,975 |
) |
|
|
(0.89 |
) |
|
|
(28,955 |
) |
|
|
(1.65 |
) |
Impairment of equity method investment(2) |
|
|
2,242 |
|
|
|
0.12 |
|
|
|
— |
|
|
|
— |
|
Loss from foreign currency exchange(3) |
|
|
91 |
|
|
|
— |
|
|
|
88 |
|
|
|
0.01 |
|
Other costs(4) |
|
|
1,800 |
|
|
|
0.09 |
|
|
|
824 |
|
|
|
0.05 |
|
Tax effect of adjustments(5) |
|
|
3,340 |
|
|
|
0.18 |
|
|
|
3,422 |
|
|
|
0.20 |
|
Adjusted net loss |
|
$ |
(31,279 |
) |
|
$ |
(1.64 |
) |
|
$ |
(37,596 |
) |
|
$ |
(2.15 |
) |
| ___________________________ | ||
| (1) |
Gain on dilution of equity method investments represents a noncash gain recognized due primarily to |
|
| (2) |
Impairment of equity method investment represents the difference between the carrying value, which includes |
|
| (3) | 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) | Other costs include severance costs, legal and transactional costs associated with the Department of Energy loan and grant initiatives and costs related to certain significant strategic transactions. |
|
| (5) | 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
|
|
Years Ended
|
||||||||||||
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net loss |
$ |
(25,390 |
) |
|
$ |
(10,904 |
) |
|
$ |
(21,777 |
) |
|
$ |
(12,975 |
) |
Interest income, net |
|
(895 |
) |
|
|
(762 |
) |
|
|
(3,820 |
) |
|
|
(1,037 |
) |
Income tax expense (benefit) |
|
(64 |
) |
|
|
(282 |
) |
|
|
3,106 |
|
|
|
3,139 |
|
Depreciation and amortization |
|
67 |
|
|
|
42 |
|
|
|
241 |
|
|
|
74 |
|
EBITDA |
|
(26,282 |
) |
|
|
(11,906 |
) |
|
|
(22,250 |
) |
|
|
(10,799 |
) |
(Gain) loss on dilution of equity method investments(1) |
|
(1,767 |
) |
|
|
412 |
|
|
|
(16,975 |
) |
|
|
(28,955 |
) |
Impairment of equity method investment(2) |
|
2,242 |
|
|
|
— |
|
|
|
2,242 |
|
|
|
— |
|
Loss from foreign currency exchange(3) |
|
3 |
|
|
|
28 |
|
|
|
91 |
|
|
|
88 |
|
Other Costs(4) |
|
1,359 |
|
|
|
283 |
|
|
|
1,800 |
|
|
|
824 |
|
Adjusted EBITDA |
$ |
(24,445 |
) |
|
$ |
(11,183 |
) |
|
$ |
(35,092 |
) |
|
$ |
(38,842 |
) |
Adjusted EBITDA margin(5) |
|
NM |
|
|
|
|
|
NM |
|
|
|
||||
| ____________________________________ | ||
| (1) |
Gain on dilution of equity method investments in the three months ended December 31, 2023 represents a noncash gain recognized primarily due to |
|
| (2) |
Impairment of equity method investment represents the difference between the carrying value, which includes |
|
| (3) | 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) | Other costs include severance costs, legal and transactional costs associated with the Department of Energy loan and grant initiatives and costs related to certain significant strategic transactions. |
|
| (5) | 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/20240222169339/en/
Erin Sanders
SVP, Corporate Communications &
Investor Relations
T: +1 704 575 2549
E: esanders@piedmontlithium.com
Source: Piedmont Lithium Inc.
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