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PL

Piedmont Lithium Inc. (PLL)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue was $11.9M, shipments were ~20.2k dmt, and diluted EPS was $(0.44); gross profit was $(1.6)M as lithium prices remained pressured, despite record NAL recoveries and utilization .
  • Operationally, NAL delivered record production of 58,533 dmt, 93% mill utilization, and 73% recovery; unit operating costs improved to A$1,232 (US$791) per dmt, down 10% q/q, supporting better underlying efficiency .
  • Guidance: FY25 shipments maintained at 113–125k dmt; Q3 shipments guided to 23–27k dmt; capex held to $3–5M for FY25, with Q3 at $0–1M; investments/advances to affiliates guided to $13–18M for FY25 .
  • Strategic catalyst: proposed merger with Sayona Mining advanced—Piedmont adjourned the Special Meeting to Aug 11 to reach quorum, with 97.86% of votes cast in favor; Sayona shareholders approved at 97.34% .
  • S&P Global consensus estimates were unavailable via our system for PLL; comparisons to Wall Street estimates are therefore not provided in this recap (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

  • Record operational performance at NAL: “NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales” .
  • Cost discipline: Unit operating costs improved to A$1,232 (US$791) per dmt, down 10% q/q, reflecting efficiency gains with higher throughput .
  • Shipment outlook reaffirmed: FY25 shipments of ~113–125k dmt, with Q3 planned 23–27k dmt, aligned to offtake rights and production plans .

What Went Wrong

  • Pricing headwinds: Realized price declined to $587/dmt (SC6-equivalent $668), compressing gross margin to (13.8)%, despite efficiency improvements .
  • Top-line and margin pressure: Revenue declined q/q and y/y to $11.9M, and gross profit turned negative $(1.6)M amid lower prices and cost-of-sales dynamics .
  • Continued net losses: Net loss improved to $(9.7)M vs Q1 but remains sizable; adjusted EBITDA loss narrowed to $(7.7)M, still negative .

Financial Results

Core Financials vs Prior Year and Prior Quarter

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD Millions)$13.227 $20.0 $11.857
Diluted EPS ($)$(0.69) $(0.71) $(0.44)
Adjusted Diluted EPS ($)$(0.65) $(0.46) $(0.35)
Gross Profit ($USD Millions)$0.626 $0.1 $(1.632)
Gross Profit Margin (%)4.7% 0.7% (13.8)%
Net Loss ($USD Millions)$(13.332) $(15.631) $(9.738)
Adjusted EBITDA ($USD Millions)$(13.153) $(10.140) $(7.681)
Cash and Cash Equivalents ($USD Millions)$59.0 $65.4 $56.074

Shipping, Pricing, and Cost KPIs

KPIQ2 2024Q1 2025Q2 2025
Concentrate Shipped (Piedmont, dmt thousands)14.0 27.0 20.2
Realized Price ($/dmt)$945 $741 $587
SC6-Equivalent Realized Price ($/t)——$668
Realized Cost of Sales ($/dmt)$900 $736 $668
Weighted Avg Li2O Content (%)5.5% 5.4% 5.3%

NAL Operating Metrics

MetricQ2 2024Q1 2025Q2 2025
NAL Concentrate Produced (dmt thousands)49.7 43.3 58.5
NAL Concentrate Shipped (dmt thousands)27.7 27.0 67.0
NAL Mill Utilization (%)——93%
NAL Lithium Recovery (%)——73%
NAL Unit Operating Cost (US$/dmt sold)——$791

Note: Q4 2024 reference values for NAL were 90% mill utilization and 68% recovery in that period context .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Shipments (dmt thousands)Q3 2025N/A23–27 N/A
Shipments (dmt thousands)Q4 2025N/A43–50 N/A
Shipments (dmt thousands)FY 2025N/A113–125 N/A
Capital Expenditures ($M)Q3 2025N/A0–1 N/A
Capital Expenditures ($M)Q4 2025N/A0–2 N/A
Capital Expenditures ($M)FY 2025N/A3–5 N/A
Investments & Advances to Affiliates ($M)Q3 2025N/A3–5 N/A
Investments & Advances to Affiliates ($M)Q4 2025N/A3–6 N/A
Investments & Advances to Affiliates ($M)FY 2025N/A13–18 Increased vs prior commentary (qualitative)

Note: Prior numeric guidance values were not available within our document set; company notes increased full-year cash contributions to affiliates given market conditions .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q4 2024)Previous Mentions (Q-1: Q1 2025)Current Period (Q2 2025)Trend
NAL Operational PerformanceProduced 50.9k dmt; 90% mill utilization; 68% recovery Final 2024 drilling results; expansion potential; updated MRE planned Record 58.5k dmt; 93% utilization; 73% recovery; shipments 67k dmt Improving operations
Lithium Price/MacroMarket described as challenging —Continued price pressure; realized price $587/dmt Continued pressure
Supply Chain/Logistics——Exploring commingling shipments to cut transport costs, improve profitability Emerging focus
Regulatory/Legal (Ewoyaa)—Ghana cabinet negotiating revised Mining Lease terms; leadership changes at Atlantic Lithium Mining lease terms under negotiation; approvals pending In progress
U.S. Permitting (Carolina Lithium)——Air permit application (up to 60k tpa LiOH) and stormwater permit progressing Advancing
Merger with SayonaDefinitive agreement signed Nov 2024 Regulatory approvals (ICA/HSR/CFIUS), reverse split/ADS mechanics outlined Piedmont adjourned shareholder meeting to Aug 11 to reach quorum; 97.86% votes cast in favor; Sayona approved at 97.34% Advancing, timing sensitive

Management Commentary

  • “NAL continued to demonstrate strong operational performance in the second quarter amidst a challenging lithium market. NAL achieved record lithium recovery and mill utilization rates, resulting in record quarterly production and sales…” — Keith Phillips, President & CEO .
  • “We are pleased to announce that we have received the necessary regulatory approvals for the [Sayona] Transaction… Elevra Lithium will be exceptionally well-positioned…” — Keith Phillips .
  • “Combined business to be renamed Elevra Lithium post-closing… Board nominees named with four members from each standalone business selected.” — Company update on merger governance .

Q&A Highlights

The Q2 2025 earnings call transcript was not available in our document set; Q&A themes and any guidance clarifications could not be directly extracted.

Estimates Context

S&P Global consensus estimates for PLL were unavailable via our system at this time; therefore, we do not present comparisons versus Wall Street consensus in this recap. Actuals reported above reflect company filings .

Key Takeaways for Investors

  • Operational momentum at NAL is the key offset to pricing pressure: record recoveries/utilization and improved unit costs narrowed adjusted EBITDA losses q/q .
  • Shipment guidance remains intact for FY25 at 113–125k dmt; near-term Q3 guide is 23–27k dmt—watch execution versus logistics and commingling initiatives to enhance margins .
  • Margin trajectory hinges on realized pricing vs cost curve: Q2 gross margin (13.8)% underscores sensitivity to market prices despite efficiency gains; any price stabilization would leverage improved operations .
  • Merger timing is a catalyst: with Sayona shareholder approval secured and Piedmont needing quorum, closing progress could simplify NAL ownership economics and unlock strategic synergies (name change to Elevra Lithium) .
  • Permitting and regulatory milestones at Carolina Lithium and Ewoyaa are medium-term thesis drivers—continued progress could expand optionality and valuation support .
  • Balance sheet remains adequate near-term with $56.1M cash; disciplined capex ($3–5M FY25) and controlled affiliate investments ($13–18M FY25) focus capital on highest-impact milestones .
  • Near-term trading: watch updates on the Special Meeting outcome, Q3 shipment execution, and any lithium price inflection; mid-term, merger integration and permitting progress are the narrative drivers for re-rating .