The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher on Thursday morning.
At the time of writing, the lithium miner's shares are up 1.5% to $2.03.
This follows the release of the company's half year results.
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Pilbara Minerals share price higher despite loss
- Revenue down 44% to $426 million
- Underlying EBITDA down 83% to $74 million
- Underlying loss after tax of $7 million
- Statutory loss after tax of $69 million
- No interim dividend
What happened during the half?
For the six months ended 31 December, Pilbara Minerals' revenue fell 44% to $426 million. This was driven by a 58% decrease in the average realised price, partly offset by a 37% increase in sales volume to 418.6kt.
Underlying EBITDA for the Pilgangoora operation declined 83% to $74 million for the half, reflecting the effects of lower pricing.
On the bottom line, the company recorded an underlying loss after tax of $7 million, down from a profit of $286 million in the prior corresponding period. Whereas on a statutory basis, its loss came in at $69 million. This reflects the performance of the underlying Pilgangoora Operation and the impacts of expenses and losses from investments in its new growth platforms.
As you might expect given the state of its financial performance, there will be no interim dividend for shareholders on this occasion.
Management commentary
Pilbara Minerals' CEO, Dale Henderson, was pleased with the company's operational performance during the half. He said:
PLS delivered a strong half year, achieving new production and sales records at our Pilgangoora Operation. These achievements were underpinned by well executed project delivery, with the P680 expansion being completed on time and on budget. In parallel, the P1000 expansion project advanced and achieved first ore on 31 January 2025. This project is now moving through its ramp‐up phase.
Henderson also spoke about how the company is responding to weak lithium prices and what it can do when there are improvements. He adds:
In line with our track record of prudent balance sheet management we implemented the P850 operating model in H1 FY25 which involved optimising our Pilgangoora Operation to the Pilgan plant together with reduced capital expenditure. A key outcome of this optimisation was placing the higher‐cost, lower‐ capacity Ngungaju plant into temporary care and maintenance in December 2024. Ngungaju can be restarted within approximately four months, reinforcing the Group's resilience and ability to adapt to market cycles
Outlook
Henderson doesn't believe the doom and gloom in the lithium industry will be around for long. He spoke very positively about the outlook for the battery making ingredient and the company. The CEO said:
Following a year of robust demand growth in 2024 with global investment in low-carbon energy transition worldwide exceeding US$2T, we remain highly optimistic about the long‐term outlook for the lithium market.
With a robust balance sheet supported by $1.2 billion in cash as at December 2024 and enhanced funding flexibility via our new revolving credit facility, PLS is well positioned for the future. Our strategy of measured, market‐aligned investment – underpinned by our strong Pilgangoora operations and solid balance sheet – positions us to continue driving sustainable growth and deliver long‐term shareholder value.
The Pilbara Minerals share price is down 40% over the past 12 months.
