NASDAQ$PLL
Piedmont Lithium Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Inaugural revenue and profit were recorded on commencement of lithium concentrate shipments.
Piedmont Lithium reported its Q3 2023 results, marking a transformational quarter with its first customer shipments from the North American Lithium joint-venture. The company achieved revenue of $47.1 million, a gross profit of $23.8 million, and a net income of $22.9 million. However, results were impacted by a 45% decline in spot lithium prices during the quarter.
- Revenue of $47.1 million was achieved on sales of 29,011 dry metric tons (dmt) of lithium concentrate.
- Gross profit reached $23.8 million, with a gross profit margin of 50.4%.
- Net income was reported at $22.9 million, and adjusted net income was $16.9 million.
- Cash and cash equivalents totaled $94.5 million as of September 30, 2023.
Headline financials
Revenue & EPS history
Piedmont Lithium · Revenue · Quarterly
$47.1M
Forward guidance
Piedmont Lithium anticipates shipping approximately 27,500 dmt of lithium concentrate in Q4 2023, confirming the full-year guidance of approximately 56,500 dmt for the start-up year, 2023. Capital expenditures are expected to be $18 million - $22 million. Investments in and advances to affiliates are projected to be $10 million - $14 million.
Tailwinds
- Confirmation of full-year shipment guidance of approximately 56,500 dmt of lithium concentrate.
- Expected shipments of approximately 27,500 dmt in Q4 2023.
- Focus on advancing projects with the assistance of federal government finance agencies and strategic partners.
- Commitment to minimizing dilution to existing shareholders.
- Strong global EV demand with unit sales growth and increasing battery pack capacity.
Headwinds
- Material impact from the 45% decline in spot lithium prices during the quarter.
- Initial shipments being made on the spot market due to the ramp up of long-term contracts.
- Benchmark spodumene concentrate price fell significantly during the quarter.
- Uncertainties related to Sayona Mining or Atlantic Lithium data and projections.
- Risks related to competition and ability to achieve profitability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports
-1.7%
Avg return
Earnings day
+0.2%
Avg return
5 days after
-12.9%
Avg return
30 days after
59%
10 / 17 earnings
Positive
+9.9%
Q3 2024
Best reaction
-26.7%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2025 | +2.5% | +10.7% | — | |
| Q1 2025 | +2.8% | -1.3% | -12.5% | |
| Q4 2025 | +3.7% | -6.1% | -13.0% | |
| Q3 2024 | +9.9% | -3.8% | -5.8% | |
| Q2 2024 | -7.3% | -12.2% | -25.2% | |
| Q1 2024 | +0.7% | +19.2% | -7.6% | |
| Q4 2023 | -13.9% | -5.0% | -13.6% | |
| Q3 2023 | +0.5% | — | — | |
| Q2 2023 | -3.8% | — | — | |
| Q1 2023 | +9.1% | — | — | |
| Q4 2022 | -3.6% | — | — | |
| Q3 2022 | +0.2% | — | — | |
| Q2 2022 | +3.6% | — | — | |
| Q1 2022 | -26.7% | — | — | |
| Q4 2021 | +1.1% | — | — | |
| Q1 2021 | -2.1% | — | — | |
| Q2 2021 | -4.6% | — | — | |
| Q2 2015 | — | — | — |
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