Iofina plc

For the first half of 2026, Iofina reported revenue of $31.3 million versus $29.2 million in the first half of 2025, gross profit of $10.2 million versus $6.3 million, and EBITDA of $6.6 million versus $3.3 million. Average iodine pricing was essentially flat at $74.69 per kilo versus $74.27, so the revenue increase was driven mainly by volume, not price. Iodine production increased 29% year over year, or 88 metric tons, and average iodine production cost fell 15%. Cash generated from operations was $7.8 million, capex was $5.8 million, and period-end cash was $12.9 million, with net cash at $7.2 million. For the remainder of 2026, management said IO#12 should begin pushing water through the facility in the next few weeks, production should ramp shortly thereafter, and the company expects to exceed 1,000 metric tons of capacity once IO#12 is online.

Tom Becker framed the quarter as proof that Iofina is executing its growth plan, emphasizing four plants in four years and a broader “pathway to 2000” metric-ton target. He said the company is expanding into the Permian Basin with IO#12 and has already lined up the next growth step with IO#13 and IO#14 in Oklahoma. His tone was upbeat and confident, repeatedly highlighting strong demand, a healthy balance sheet, and rapid-payback plant economics.

Malcolm Lewin focused on the financial drivers behind the improved results: production up 29%, revenue up 7%, gross profit up to $10.2 million, EBITDA up to $6.6 million, and average production cost down 15%. He said favorable weather, higher output from IO#11, and lower chemical costs helped margins, though he noted chemical input costs have started to creep up again in the second half due to raw material and fuel inflation. He also highlighted $41.7 million of property, plant and equipment, $5.7 million of bank debt, $12.9 million of cash at period end, and the remaining IO#12 capex still to be paid, which he estimated at $3.5 million to $4 million.

On dividend timing, management said cash is being reinvested into new plants and other capex, and a maiden dividend would only become more relevant once the company is generating much more cash. On whether two new plants would strain sales capacity, Tom Becker said the sales team now believes the market can absorb the higher output, and management said 2025 revenue comparisons were helped by carryover sales from 2024. On IO#13 and IO#14, they said final tonnage details are still being worked out, while for IO#12 they blamed the delay mainly on tighter regulatory and inspection requirements in the Permian Basin. They also said the most likely new iodine-use growth area they see is refrigerant gases for electric vehicles, though not as a major driver in the next 18 to 24 months.