Piedmont Lithium Inc

Latest Results (14.08.2024):

Revenue Growth

Piedmont Lithium Inc. reported a significant increase in revenue for the first quarter of 2024. The company achieved sales of $13.4 million, a notable improvement compared to the previous quarter's negative revenue of $7.3 million. This positive shift is attributed to the successful shipment of approximately 15,500 dry metric tons (dmt) of spodumene concentrate.

Gross Profit

In Q1 2024, Piedmont Lithium Inc. recorded a gross profit of $0.7 million, reversing the negative gross profit of $18.1 million reported in Q4 2023. The gross profit margin for the quarter stood at 5.2%, indicating a significant improvement in the company's cost management and operational efficiency.

Net Loss

Piedmont Lithium Inc. reported a net loss of $23.6 million for the first quarter of 2024, which is a slight improvement from the $25.4 million net loss in the previous quarter. The diluted earnings per share (EPS) for Q1 2024 was $(1.22), compared to $(1.32) in Q4 2023, reflecting a marginal reduction in losses per share.

Adjusted EBITDA

The company's adjusted EBITDA for Q1 2024 was a loss of $12.4 million, showing a slight improvement from the $24.4 million loss in Q4 2023. The adjusted EBITDA margin was not meaningful (NM) for both quarters, indicating ongoing challenges in achieving positive earnings before interest, taxes, depreciation, and amortization.

Cash Position

As of the end of the first quarter of 2024, Piedmont Lithium Inc. maintained a strong cash position with $71.4 million in cash and cash equivalents. This is relatively stable compared to the $71.7 million reported at the end of Q4 2023, ensuring the company has sufficient liquidity to support its ongoing operations and strategic initiatives.