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Piedmont Lithium Achieves Record Q3 2023 Results with Strong Profit Margins

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Piedmont Lithium (Nasdaq: PLL; ASX: PLL) has announced a landmark quarter with inaugural revenue and profit following the start of lithium concentrate shipments. The company reported a revenue of $47.1 million from sales of 29,011 dmt of lithium concentrate and a gross profit of $23.8 million, indicating a robust gross margin of 50.4%. Net income stood at $22.9 million, with an adjusted figure of $16.9 million. Earnings per share were $1.19, and adjusted earnings per share were $0.88. The adjusted EBITDA reached $16.2 million, representing a 34.3% margin. As of September 30, 2023, cash and equivalents totaled $94.5 million, keeping the company on track to meet its full-year shipment guidance of approximately 56,500 dmt of lithium concentrate.

Operational Highlights

With the first customer shipments under the offtake agreement with North American Lithium, Piedmont has transitioned into a revenue-generating entity. The company confirms two additional shipments for Q4’23, aligning with the annual guidance. Despite a 45% drop in spot lithium prices affecting quarterly results, the company’s long-term contract commitments remain strong. Piedmont’s involvement in the U.S. electric vehicle supply chain is bolstered by the Inflation Reduction Act, with EV demand surging by 35% and global EV penetration hitting a record 18% in 2023.

Safety and Sustainability

Piedmont emphasizes safety and sustainability, with management undergoing intensive safety leadership training and the hiring of an additional safety professional in Tennessee. The company’s inaugural sustainability report, ‘Progressing with Purpose,’ outlines its commitment to responsible stewardship and sets the ESG strategy foundation.

Strategic Outlook

Piedmont Lithium is poised to become a leading North American lithium hydroxide producer by processing lithium concentrate from its diversified assets. The company’s strategic partnerships in Quebec and Ghana further solidify its role in supporting America’s energy independence and clean energy economy transition.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These include the potential of Piedmont’s mining projects, capital requirements, market prices of lithium, and regulatory challenges. The company cautions against undue reliance on these statements and undertakes no obligation to update them.

Non-GAAP Financial Measures

Adjusted net income, adjusted diluted EPS, EBITDA, and adjusted EBITDA are non-GAAP financial measures used to evaluate the company’s financial performance. Reconciliations of these measures to the most directly comparable GAAP financial measures are provided, underscoring their utility in assessing Piedmont’s ongoing operational efficiency.

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