Piedmont Lithium Reports 150.8% Revenue Growth to $99.9M, Despite $64.8M Net Loss

Piedmont Lithium Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated revenue of $99.9 million, a substantial increase of 150.8% compared to $39.8 million in the previous year. This growth was primarily driven by a 169.5% rise in sales volume of spodumene concentrate, which reached approximately 116,700 dry metric tons (dmt) in 2024, up from 43,300 dmt in 2023. Despite the revenue increase, Piedmont recorded a net loss of $64.8 million, a 197.4% increase from the $21.8 million loss reported in 2023, largely due to rising costs and losses from equity method investments.

The company undertook a 2024 Cost Savings Plan in response to declining lithium prices, achieving $14 million in annual savings through workforce reductions and decreased operational expenditures. Piedmont reduced its workforce by 62% during the year, which contributed to a decrease in selling, general, and administrative expenses by 10.7% to $38.7 million. The restructuring efforts also included a shift in strategy, consolidating its Tennessee Lithium project into the Carolina Lithium project, which is expected to enhance production capacity to 60,000 metric tons of lithium hydroxide annually.

Operationally, Piedmont's North American Lithium (NAL) project achieved record production levels, producing 193,162 dmt of spodumene concentrate in 2024, a 96% increase from the previous year. The company holds a 25% equity interest in NAL through its partnership with Sayona Quebec, which has been instrumental in driving production and operational efficiencies. Additionally, Piedmont has made strategic investments in lithium assets in Quebec, Ghana, and Newfoundland, with ongoing projects such as the Ewoyaa project in Ghana, which is awaiting parliamentary ratification of its mining lease.

Looking ahead, Piedmont anticipates continued growth in demand for lithium products, particularly driven by the electric vehicle market. The company is positioned to capitalize on this demand through its integrated lithium production strategy and ongoing partnerships. The proposed merger with Sayona Mining, expected to close in mid-2025, is anticipated to further enhance Piedmont's market position and operational capabilities. The company remains focused on securing necessary permits and financing to advance its projects while navigating the current lithium market dynamics.