Inaugural Revenue and Profit Recorded on
Commencement of Lithium Concentrate Shipments
- Revenue of $47.1 million on sales of 29,011 dry metric tons
(dmt) of lithium concentrate.
- Gross profit of $23.8 million, reflecting a gross profit margin
of 50.4%.
- Net income of $22.9 million and adjusted net income(1) of $16.9
million.
- Diluted earnings per share of $1.19 and adjusted diluted
earnings per share(1) of $0.88.
- Adjusted EBITDA(1) of $16.2 million, reflecting an adjusted
EBITDA margin(1) of 34.3%.
- Cash and cash equivalents of $94.5 million at September 30,
2023.
- On track to deliver full-year shipment guidance of
approximately 56,500 dmt of lithium concentrate.
Piedmont Lithium (“Piedmont” or the “Company”) (Nasdaq: PLL;
ASX: PLL), a leading global supplier of lithium resources
critical to the U.S. electric vehicle supply chain, today announced
financial results for third quarter 2023.
“The third quarter was transformational for Piedmont as we made
our first customer shipments under our offtake agreement with our
joint-venture operation, North American Lithium(2). As a result,
Piedmont became a revenue-generating lithium company and recorded
adjusted net income of $17 million and adjusted earnings per share
of $0.88.
“NAL is the largest operating lithium mine in North America, and
production is ramping up well.
“While we are pleased with Piedmont’s operational and financial
performances, our results were materially impacted by the 45%
decline in spot lithium prices during the quarter. Virtually all of
our offtake tonnage will eventually be sold under long-term
contracts announced earlier this year, but initial shipments are
being made on the spot market. The benchmark spodumene concentrate
price fell from more than $3,500/dmt at the start of the quarter to
approximately $1,900/dmt today, directly impacting our quarterly
results as our spot shipments are settled at the spot price around
the time of customer receipt.
“Piedmont expects to have two shipments in the fourth quarter
and confirms our previous full year outlook of shipping
approximately 56,500 dmt of lithium concentrate.
“EV demand remains strong globally with unit sales growth of 35%
year to date and global EV penetration a record high of 18% in
2023. We continue to expect the U.S. electric vehicle market to
grow significantly, in part, due to the positive stimulus provided
by the Inflation Reduction Act. Further, with battery pack capacity
for all EV types increasing and energy storage systems becoming a
more substantial factor in the market, the total GWh of new battery
capacity deployed has grown by nearly 50% this year. We believe the
combination of growth in EV sales and total GWh deployed will drive
continued lithium demand growth.
“With NAL in production, we look forward to advancing the rest
of our projects, with the assistance of federal government finance
agencies and strategic partners where possible, and always with a
view to minimizing dilution to existing shareholders.”
Keith Phillips, Piedmont Lithium President and Chief Executive
Officer
___________________________________________________________
(1) See end of this release for
reconciliation of non-GAAP measures.
(2) North American Lithium (“NAL”).
Third Quarter 2023 Financial Highlights
All references to dry metric tons (“dmt”) in this release relate
to lithium (spodumene) concentrate.
Units
Q3’23
Q3’22
Sales
Concentrate shipped
dmt
29,011
—
Revenue
$ millions
47.1
—
Realized price (~5.3% Li2O)(1)
$/dmt
1,624
—
Realized cost of sales(2)
$/dmt
805
—
Profitability
Gross profit
$ millions
23.8
—
Gross profit margin
%
50.4
—
Net income(3)
$ millions
22.9
16.7
Adjusted net income(4)
$ millions
16.9
(8.9)
Adjusted diluted EPS(4)
$
0.88
(0.49)
Adjusted EBITDA(4)
$ millions
16.2
(9.3)
Adjusted EBITDA margin(4)
%
34.3
—
Cash
Cash and cash equivalents(5)
$ millions
94.5
117.6
___________________________________________________________
(1)
Realized price is the average estimated
price, net of certain distribution and other fees, for ~5.3% Li2O
grade, which includes referenced pricing data up to September 30,
2023, 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)
Realized cost of sales is the average cost
of sales including Piedmont’s offtake pricing agreement with Sayona
Quebec for the purchase of lithium concentrate at a market price
subject to a floor of $500 per metric ton and a ceiling of $900 per
metric ton, adjustments for product grade, freight, and
insurance.
(3)
Net income includes gain on dilution from equity method
investments, which is reported on a one-quarter lag, of $8.0
million and $29.4 million, for the three months ended September 30,
2023 and 2022, respectively.
(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.
Third Quarter 2023 and Recent Business Highlights
Piedmont Lithium
- Purchased 29,011 dmt from NAL in Q3’23.
- Shipped 29,011 dmt (~5.3% Li2O) in Q3’23 to two customers.
- Our first shipment included a $31.6 million provisional
prepayment received in Q3’23 based on indicative market pricing of
$3,350/dmt at the time of contract execution. With the recent
decline in lithium prices, current market pricing is now
approximately $1,900/dmt. We have accrued $7.8 million associated
with the final settlement, which will occur in Q1’24.
North American Lithium (Quebec, Canada)
- In Q3’23, NAL produced 31,486 dmt and shipped 48,211 dmt, of
which 29,011 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.
- NAL has substantially progressed ongoing capital improvement
projects, including a capacity increase for its tailings storage
facility and a new crushed-ore dome.
- Concentrate produced and shipped by NAL and concentrate shipped
by Piedmont:
Share
Units
Q3’23 YTD
Q3’23
Q2’23
North American Lithium
Concentrate produced
100%(1)
dmt
64,606
31,486
29,610
Concentrate shipped
100%(2)
dmt
48,211
48,211
—
Piedmont Lithium
Concentrate shipped
100%
dmt
29,011
29,011
—
___________________________________________________________
(1) Concentrate produced
represents 100% of NAL’s production.
(2) Concentrate shipped represents 100% of NAL’s shipments,
inclusive of shipments to Piedmont totaling 29,011 dmt in Q3’23.
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 25% ownership in Sayona
Quebec, which includes NAL, on a one-quarter lag.
Ewoyaa Project (Ghana)
- Piedmont exercised its option to acquire an initial 22.5%
equity interest, subject to Ghanaian governmental approval, in
Atlantic Lithium’s Ghanaian lithium portfolio, which includes
Ewoyaa.
- Piedmont expects to earn an additional 27.5% equity interest,
subject to funding the first $70.0 million of capital expenditures
for Ewoyaa, which would result in Piedmont and Atlantic Lithium
each owning 50% of the Ewoyaa project.
- In Q3’23, the Minerals Income Investment Fund of Ghana (“MIIF”)
entered into a non-binding agreement with Atlantic Lithium to
invest $27.9 million to acquire a 6% equity interest in Ewoyaa,
with the investment earmarked for Ewoyaa’s project development
costs, and to fund 6% of all future exploration and development
costs within Atlantic Lithium’s Ghanaian portfolio. These funds are
expected to equally reduce Piedmont and Atlantic Lithium’s capital
expenditure contribution to Ewoyaa.
- In Q4’23, Ghana’s Ministry of Lands and Natural Resources
granted a mining lease for Ewoyaa, subject to ratification by the
Ghanaian Parliament. The mining lease includes a 13% free-carried
interest in Ewoyaa for the Government of Ghana and a 10% royalty.
If both the mining lease is ratified and the agreement with MIIF is
executed, Piedmont and Atlantic Lithium would each own 40.5% equity
interest in Ewoyaa. Piedmont would continue to maintain a 50%
life-of-mine offtake right to future lithium concentrate production
from Atlantic Lithium Ghana under these agreements.
- Prior to starting construction, an approval by the
Environmental Protection Agency of Ghana will be required. Atlantic
Lithium expects the permitting process to be finalized in
H2’24.
Tennessee Lithium (Tennessee)
- In Q3’23, Piedmont received the final material permits required
to proceed with construction of the 30,000 metric ton per year
lithium hydroxide conversion facility.
- Piedmont exercised its option to purchase land for the plant
site and is working on closing with local economic
development.
- In Q3’23, Piedmont engaged advisors to support its funding
strategy for the construction of Tennessee Lithium. In consultation
with the U.S. Department of Energy (“DOE”), Piedmont has decided to
pursue an Advanced Technology Vehicle Manufacturing (“ATVM”) loan
with the DOE’s Loan Programs Office, rather than complete the
previously announced $141.7 million grant under the Bipartisan
Infrastructure Law. The ATVM loan, if awarded, would be expected to
cover a significantly larger share of the capital required for the
project, strengthening the opportunity for strategic parties to
partner with Piedmont on the project. Piedmont expects the DOE and
strategic funding processes to take several months to
complete.
- 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 agreed to acquire a large
industrial complex in close proximity to the Tennessee Lithium
plant site. These two acquisitions should result in significant net
economic benefits to the project.
Carolina Lithium (North Carolina)
- Piedmont continues to advance the state mining permit process.
In Q3’23, Piedmont submitted a partial draft response to the North
Carolina Department of Environment, Minerals and Land Resources’
most recent additional information request.
- Piedmont continues to engage with community stakeholders,
including the Gaston County Board of Commissioners, in advance of
anticipated rezoning efforts.
Exploration
- In Q4’23, Piedmont paid $1.5 million to acquire a 19.9% equity
interest in Vinland Lithium, which owns the Killick Lithium Project
in southern Newfoundland, Canada. Piedmont has the right to earn up
to a 62.5% equity interest through staged investments in Killick
Lithium. Piedmont will be entitled to 100% marketing rights and a
right of first refusal on 100% offtake rights to any lithium
concentrate produced on a life-of-mine basis from Killick Lithium
at competitive commercial rates.
- The Vinland investment is consistent with Piedmont’s strategy
to build a world-class spodumene resource base by investing in
projects with large-scale potential, in attractive jurisdictions,
and managed by strong exploration teams.
Fourth Quarter 2023 Outlook
Q4’23
FY 2023
Concentrate shipped (dmt)
~ 27,500
~ 56,500
Capital expenditures
$18 million — $22 million
$63 million — $67 million
Investments in and advances to
affiliates(1)
$10 million — $14 million
$46 million — $50 million
___________________________________________________________
(1)
Investments in and advances to affiliates
includes contributions to our equity method investees (Sayona
Quebec, Sayona Mining, and Atlantic Lithium) and advances to
affiliates for lithium projects, specifically Ewoyaa.
Piedmont expects to ship approximately 27,500 dmt in Q4’23,
confirming the full-year guidance of approximately 56,500 dmt for
the start-up year, 2023. The vast majority of forecasted capital
expenditures relate to Tennessee Lithium and Carolina Lithium.
Investments in and advances to affiliates reflect cash
contributions to our equity method investees (Atlantic Lithium,
Sayona Quebec and Sayona Mining) and advances to Atlantic Lithium
for the Ewoyaa Project.
Safety and Sustainability
Piedmont is strongly committed to building safety into the
foundation of all aspects of our company, operations, and culture.
During Q3’23, members of management participated in an intensive
safety leadership training program to help ensure a collaborative
and uniform commitment to safety across the organization,
particularly as we advance toward operations. Also in Q3’23,
Piedmont hired an additional safety professional in Tennessee to
manage operations of our recently acquired landfill, support the
corporate team, and prepare safety initiatives related to our
Tennessee Lithium project.
Piedmont issued its inaugural sustainability report, Progressing
with Purpose, in June 2023, which governs our ESG efforts as we
develop our operations and advance our equity interests. The report
affirms the Company’s commitment to being a responsible, respectful
steward of the planet, people, and the communities where Piedmont
plans to operate its wholly-owned projects, Tennessee Lithium and
Carolina Lithium. The aspirations reflected in the report are
intended to guide the Company’s ESG strategy and are centered on
the four pillars of planet, people, communities, and
governance.
Conference Call Information
Date:
Tuesday, November 7, 2023
Time:
8:30 am Eastern Standard Time
Dial-in (Toll Free):
1 (888) 510-2296
Dial-in (International):
1 (646) 960-0479
Conference ID:
4530245
Participant URL:
https://events.q4inc.com/attendee/951511499
Piedmont’s earnings presentation and supporting material are
available at:
https://piedmontlithium.com/investors/.
About Piedmont
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 North America. Our goal is to become one of
the largest lithium hydroxide producers in North America by
processing lithium concentrate produced from assets where we hold
an economic interest. Our projects include our Carolina Lithium and
Tennessee Lithium projects in the United States and partnerships in
Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic
Lithium (AIM: ALL; ASX: A11). These geographically diversified
operations will enable us to play a pivotal role in supporting
America’s move toward energy independence and the electrification
of transportation and energy storage.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of or as described in securities legislation in the
United States and Australia, including statements regarding
exploration, development, construction and production activities of
Sayona Mining, Atlantic Lithium, and Piedmont; current plans for
Piedmont’s mineral and chemical processing projects; Piedmont’s
potential acquisition of an ownership interest in Ewoyaa; and
strategy. Such forward-looking statements involve substantial and
known and unknown risks, uncertainties, and other risk factors,
many of which are beyond our control, and which may cause actual
timing of events, results, performance or achievements and other
factors to be materially different from the future timing of
events, results, performance, or achievements expressed or implied
by the forward-looking statements. Such risk factors include, among
others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may
be unable to commercially extract mineral deposits, (ii) that
Piedmont’s, Sayona Mining’s or Atlantic Lithium’s properties may
not contain expected reserves, (iii) risks and hazards inherent in
the mining business (including risks inherent in exploring,
developing, constructing and operating mining projects,
environmental hazards, industrial accidents, weather or
geologically related conditions), (iv) uncertainty about Piedmont’s
ability to obtain required capital to execute its business plan,
(v) Piedmont’s ability to hire and retain required personnel, (vi)
changes in the market prices of lithium and lithium products, (vii)
changes in technology or the development of substitute products,
(viii) the uncertainties inherent in exploratory, developmental and
production activities, including risks relating to permitting,
zoning and regulatory delays related to our projects as well as the
projects of our partners in Quebec and Ghana, (ix) uncertainties
inherent in the estimation of lithium resources, (x) risks related
to competition, (xi) risks related to the information, data and
projections related to Sayona Mining or Atlantic Lithium, (xii)
occurrences and outcomes of claims, litigation and regulatory
actions, investigations and proceedings, (xiii) risks regarding our
ability to achieve profitability, enter into and deliver product
under supply agreements on favorable terms, our ability to obtain
sufficient financing to develop and construct our projects, our
ability to comply with governmental regulations and our ability to
obtain necessary permits, and (xiv) other uncertainties and risk
factors set out in filings made from time to time with the U.S.
Securities and Exchange Commission (“SEC”) and the Australian
Securities Exchange, including Piedmont’s most recent filings with
the SEC. The forward-looking statements, projections and estimates
are given only as of the date of this press release and actual
events, results, performance and achievements could vary
significantly from the forward-looking statements, projections and
estimates presented in this press release. Readers are cautioned
not to put undue reliance on forward-looking statements. Piedmont
disclaims any intent or obligation to update publicly such
forward-looking statements, projections, and estimates, whether as
a result of new information, future events or otherwise.
Additionally, Piedmont, except as required by applicable law,
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of Piedmont, its
financial or operating results or its securities.
PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
amounts) (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue
$
47,127
$
—
$
47,127
$
—
Costs of sales
23,363
—
23,363
—
Gross profit
23,764
—
23,764
—
Exploration and mine development costs
471
434
1,668
1,485
Selling, general and administrative
expenses
11,185
7,160
31,793
20,200
Total operating expenses
11,656
7,594
33,461
21,685
Income (loss) from equity method
investments(1)
3,852
(2,003
)
(1,565
)
(6,547
)
Income (loss) from operations
15,960
(9,597
)
(11,262
)
(28,232
)
Interest income
1,031
373
2,959
373
Interest expense
(8
)
(21
)
(34
)
(97
)
Loss from foreign currency exchange
(22
)
(35
)
(88
)
(60
)
Gain on dilution of equity method
investments(1)
7,958
29,367
15,208
29,367
Total other income
8,959
29,684
18,045
29,583
Income before taxes
24,919
20,087
6,783
1,351
Income tax expense
2,028
3,422
3,170
3,422
Net income (loss)
$
22,891
$
16,665
$
3,613
$
(2,071
)
Earnings (loss) per share:
Basic
$
1.19
$
0.93
$
0.19
$
(0.12
)
Diluted
$
1.19
$
0.92
$
0.19
$
(0.12
)
Weighted-average shares
outstanding:
Basic
19,203
17,966
18,974
17,343
Diluted
19,239
18,081
19,011
17,343
___________________________________________________________
(1) Income (loss) from equity method
investments and Gain on dilution of equity method investments are
reported on a one-quarter lag.
PIEDMONT LITHIUM INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except per share
amounts) (Unaudited)
September 30,
2023
December 31,
2022
Assets
Cash and cash equivalents
$
94,495
$
99,247
Accounts receivable
23,281
—
Other current assets
4,374
2,612
Total current assets
122,150
101,859
Property, plant and mine development,
net
116,422
71,541
Other non-current assets
25,734
18,873
Equity method investments
133,044
95,648
Total assets
$
397,350
$
287,921
Liabilities and Stockholders’
Equity
Accounts payable and accrued expenses
$
34,607
$
12,862
Current portion of long-term debt
201
425
Other current liabilities
8,052
124
Total current liabilities
42,860
13,411
Long-term debt, net of current portion
44
163
Operating lease liabilities, net of
current portion
1,174
1,177
Deferred tax liabilities
5,221
2,881
Total liabilities
49,299
17,632
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.0001 par value, 100,000
shares authorized; 19,209 and 18,073 shares issued and outstanding
at September 30, 2023 and December 31, 2022, respectively
2
2
Additional paid-in capital
459,475
381,242
Accumulated deficit
(102,045
)
(105,658
)
Accumulated other comprehensive loss
(9,381
)
(5,297
)
Total stockholders’ equity
348,051
270,289
Total liabilities and stockholders’
equity
$
397,350
$
287,921
PIEDMONT LITHIUM INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands) (Unaudited)
Nine Months Ended
September 30,
2023
2022
Cash flows from operating
activities:
Net Income (loss)
$
3,613
$
(2,071
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation expense
7,378
2,643
Loss from equity method investments
1,565
6,547
Gain on dilution of equity method
investments
(15,208
)
(29,367
)
Deferred taxes
3,170
3,422
Depreciation
174
32
Noncash lease expense
169
72
Loss on sale of property, plant and mine
development
—
12
Unrealized loss on investment
27
54
Changes in operating assets and
liabilities:
Accounts receivable
(23,281
)
—
Other assets
(1,633
)
(959
)
Operating lease liabilities
(148
)
(69
)
Accounts payable
21,865
270
Accrued other current liabilities
7,712
(2,627
)
Net cash provided by (used in) operating
activities
5,403
(22,041
)
Cash flows from investing
activities:
Capital expenditures
(44,978
)
(21,892
)
Advances to affiliates
(6,828
)
(9,815
)
Investments in equity method
investments
(28,667
)
(14,087
)
Net cash used in investing activities
(80,473
)
(45,794
)
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
—
93
Principal payments on long-term debt
(344
)
(973
)
Payments to tax authorities for employee
share-based compensation
(422
)
—
Net cash provided by financing
activities
70,318
121,179
Net (decrease) increase in cash
(4,752
)
53,344
Cash and cash equivalents at beginning of
period
99,247
64,245
Cash and cash equivalents at end of
period
$
94,495
$
117,589
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 Piedmont
Lithium:
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 Income and Adjusted Diluted EPS
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
(in thousands, except per share
amounts)
Diluted EPS
Diluted EPS
Net income
$
22,891
$
1.19
$
3,613
$
0.19
Gain on dilution of equity method
investments(1)
(7,958
)
(0.41
)
(15,208
)
(0.80
)
Loss from foreign currency exchange(2)
22
—
88
—
Other costs(3)
152
0.01
441
0.02
Tax effect of adjustments(4)
1,794
0.09
3,447
0.19
Adjusted net income (loss)
$
16,901
$
0.88
$
(7,619
)
$
(0.40
)
______________________________________________________
(1)
Gain on dilution of equity method
investments represents a noncash gain recognized due to Piedmont
electing not to participate in Sayona Mining’s share issuances and
is reported on a one-quarter lag. These shares were issued at a
greater value than the carrying value of our ownership interest and
as a result our interest in Sayona Mining was diluted and
reduced.
(2)
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.
(3)
Other costs include severance costs, legal
and transactional costs associated with the DOE loan and grant
initiatives, and costs related to certain significant strategic
transactions.
(4)
No income tax impacts have been given to
any items that were recorded in jurisdictions with full valuation
allowances.
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
(in thousands, except per share
amounts)
Diluted EPS
Diluted EPS
Net income (loss)
$
16,665
$
0.92
$
(2,071
)
$
(0.12
)
Gain on dilution of equity method
investments(1)
(29,367
)
(1.62
)
(29,367
)
(1.69
)
Loss from foreign currency exchange(2)
35
—
60
—
Other costs(3)
296
0.02
541
0.03
Tax effect of adjustments(4)
3,422
0.19
3,422
0.20
Adjusted net loss
$
(8,949
)
$
(0.49
)
$
(27,415
)
$
(1.58
)
______________________________________________________
(1)
Gain on dilution of equity method
investments represents a noncash gain recognized due to Piedmont
electing not to participate in Sayona Mining’s share issuances and
is reported on a one-quarter lag. These shares were issued at a
greater value than the carrying value of our ownership interest and
as a result our interest in Sayona Mining was diluted and
reduced.
(2)
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.
(3)
Other costs include severance costs, legal
and transactional costs associated with the DOE loan and grant
initiatives, and costs related to certain significant strategic
transactions.
(4)
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
September 30,
Nine Months Ended
September 30,
(in thousands)
2023
2022
2023
2022
Net income (loss)
$
22,891
$
16,665
$
3,613
$
(2,071
)
Interest income, net
(1,023
)
(352
)
(2,925
)
(276
)
Income tax expense
2,028
3,422
3,170
3,422
Depreciation
68
21
174
32
EBITDA
23,964
19,756
4,032
1,107
Gain on dilution of equity method
investments(1)
(7,958
)
(29,367
)
(15,208
)
(29,367
)
Loss from foreign currency exchange(2)
22
35
88
60
Other costs(3)
152
296
441
541
Adjusted EBITDA
$
16,180
$
(9,280
)
$
(10,647
)
$
(27,659
)
Adjusted EBITDA margin(4)
34.3
%
—
(22.6
)%
$
—
______________________________________________________
(1)
Gain on dilution of equity method
investments represents a noncash gain recognized due to Piedmont
electing not to participate in Sayona Mining’s share issuances and
is reported on a one-quarter lag. These shares were issued at a
greater value than the carrying value of our ownership interest and
as a result our interest in Sayona Mining was diluted and
reduced.
(2)
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.
(3)
Other costs include severance costs, legal
and transactional costs associated with the DOE loan and grant
initiatives, and costs related to certain significant strategic
transactions.
(4)
Adjusted EBITDA margin is defined as
adjusted EBITDA divided by revenue.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107975846/en/
Erin Sanders SVP, Corporate Communications & Investor
Relations T: +1 704 575 2549 E: esanders@piedmontlithium.com
Christian Healy/ Jeff Siegel Media Inquiries E:
Christian@dlpr.com E: Jeff@dlpr.com
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