Piedmont Lithium Inc. reported a net loss of $25.4 million for the six months ended June 30, 2025, a significant improvement compared to a net loss of $36.9 million during the same period in 2024. Revenue for the first half of 2025 increased by 19.6% to $31.9 million, driven by a 60% rise in sales volume of spodumene concentrate, which reached approximately 47,200 dry metric tons (dmt). However, this growth was partially offset by a decline in realized prices, which fell to $675 per dmt from $903 per dmt in the prior year, reflecting ongoing challenges in the lithium market.
The company's cost of sales also rose, totaling $33.4 million for the first half of 2025, up from $25.3 million in 2024. This increase was attributed to higher production costs and the impact of market conditions on pricing. Piedmont's gross loss for the period was $1.5 million, compared to a gross profit of $1.3 million in the previous year, resulting in a gross profit margin decline to -4.7% from 4.9%. The company has implemented a 2024 Cost Savings Plan aimed at reducing operating expenses, which has led to a 22.9% decrease in selling, general, and administrative expenses to $13.2 million.
Operationally, Piedmont has made strategic adjustments, including a shift in its U.S. lithium hydroxide production strategy. The company plans to consolidate its Tennessee Lithium project into the Carolina Lithium project, which is expected to enhance efficiency and reduce capital expenditures. As of June 30, 2025, Piedmont had cash and cash equivalents of $56.1 million and a fully utilized $25 million credit facility, which it secured to support its working capital needs.
Looking ahead, Piedmont is focused on advancing its merger with Sayona Mining, which is expected to close in August 2025, subject to shareholder approvals. The merger aims to create a more robust entity in the lithium market, with plans to rename the combined business Elevra Lithium Limited. The company anticipates that the merger will enhance its competitive position and provide additional resources for project development. Piedmont's long-term success will depend on its ability to secure funding, navigate market conditions, and achieve operational efficiencies across its lithium projects.
About Piedmont Lithium Inc.
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