Piedmont Lithium Inc.

Piedmont shipped approximately 27,000 dry metric tons in Q1 and recognized $20 million in revenue, versus 55,700 dry metric tons and $45.6 million in revenue in Q4. GAAP net loss was $15.6 million, or $0.71 per share, and adjusted net loss was $10.1 million, or $0.46 per adjusted share; the call also noted $3.6 million of unrealized loss on Atlantic Lithium equity securities, $1.4 million of Sayona merger transaction costs, and $300,000 of restructuring charges. Realized price was $741 per metric ton, or $823 per metric ton on an SC6 equivalent basis. Cash ended Q1 at $65.4 million, down from $87.8 million at the start of 2025. For Q2 2025, shipments are expected to be 8,000 to 20,000 dry metric tons, and full-year shipments are still expected to be 113,000 to 130,000 dry metric tons. Full-year CapEx guidance was reduced to $4 million to $6 million, and joint venture investments and advances are now expected to be $7 million to $13 million for 2025.

Keith Phillips emphasized that management is focused on what it can control amid a volatile lithium market: operating execution, commercial discipline, and capital discipline. He said demand fundamentals remain strong over the long term, with EV adoption and grid storage still supporting the lithium outlook, even as current prices pressure greenfield development. He also framed North American supply as strategically important for IRA-compliant, local sourcing and said tariffs could increase the value of domestic projects like Carolina Lithium.

Michael White said Q1 revenue was $20 million on shipments of about 27,000 dry metric tons, and explained the decline from Q4 as expected and tied to customer timing. He highlighted a $15.6 million GAAP net loss, $10.1 million adjusted net loss, and $65.4 million of cash at quarter-end, with operating cash flow negative $19 million due to working capital timing and net loss. He also noted that joint venture cash outflows and CapEx were about $2 million in aggregate, and that the company expects Q2 cash to remain roughly similar to Q1 because near-term cash swings are being driven by timing of spodumene concentrate sales. Guidance-wise, he lowered full-year CapEx to $4 million to $6 million and reiterated full-year shipments of 113,000 to 130,000 dry metric tons.

In Q&A, an analyst asked whether tariffs would directly affect North America or mainly create ripple effects in global trade flows. Keith Phillips said the main long-term point is that North American projects should benefit, while near-term tariffs would matter more for shipments into the U.S.; he added that the tariff burden falls on customers, not Piedmont. The analyst also asked whether the recent executive-order focus on critical minerals had changed local reception to Carolina Lithium; Phillips said the effect was neutral so far, though federal rhetoric is positive, and reiterated that permitting progress—not project funding—is the current focus given weak spodumene prices.