Titan SA: First Half 2025 Results
US real GDP growth is expected to remain subdued throughout 2025 due to ongoing challenges such as trade policy uncertainty, elevated tariffs and the short-term effects of higher interest rates. Corporate investment is projected to increase, with capital expenditures driven by reshoring efforts, AI/data-center infrastructure development and non-residential construction. Residential investment is anticipated to continue weighing on construction activity, with housing starts forecasted to decline in 2025 and building permits remaining low; commercial construction spending is expected to see modest growth in institutional and industrial sectors. Despite current challenges around financing and affordability, demand could rise once these constraints begin to ease. Continued focus on strategic investments is intended to support the Group's North American long-term growth plans.
Greece's economy is expected to show solid growth for the remainder of 2025, with real GDP forecasted to rise well above the euro-area average. Investment activity remains a key growth driver, supported by disbursement of EU RRF funds, which continue to fuel public infrastructure, energy and construction-related projects. Private consumption is also set to remain firm, underpinned by steady wage growth, continued employment expansion and recent minimum wage increases. Construction activity is therefore poised to remain resilient, supported by public infrastructure and private-sector developments while the execution of major infrastructure projects should pick up as the year progresses with an attendant pick-up in residential activity next year.
Titan markets in Southeast Europe are projected to grow by about 3.2% in 2025 and 3.5% in 2026, driven by strong domestic demand, recovering external trade, and increased public investment in infrastructure and construction. Construction and tourism are expected to fuel economic growth in Albania, while remittances will continue to stimulate investment in Kosovo. North Macedonia is planning a new wind-farm project that will enhance its energy infrastructure and Serbia and North Macedonia are making steady progress on key transport initiatives, including the Budapest–Belgrade–Skopje corridor. Bulgaria's economy should benefit from low unemployment and additional EU-funded infrastructure developments. Investment and construction are driving short-term growth, with infrastructure, residential, and cross-border transport projects increasing demand. However, risks like global trade uncertainty, political instability, and delays in EU fund absorption may hinder timely execution of investment plans.
Egypt's economy is expected to maintain a recovery trajectory through the remainder of 2025, as reforms deepen and external support continues. While inflation remains elevated, it is gradually declining, and fiscal tightening is likely to persist. The construction sector is poised for robust growth supported by public‑private investment in infrastructure, urban and industrial developments with private investment accounting for more than half of total investment. To meet the increased demand, Titan is expanding its grinding and storage capacity in the country aiming to enhance export efficiency and broaden the scope of export markets. Economic growth in Türkiye is anticipated to moderate through the remainder of 2025, reflecting the tighter monetary and fiscal policies implemented since mid‑2023. The Group remains committed to a long-term presence in the country, with its recent divestment aligned with a broader strategy to optimize its portfolio.
Amid an evolving macroeconomic environment, Titan remains firmly anchored in its Strategy 2026, continuing to combine operational discipline, market diversification and customer‑centric innovation to drive profitable growth. We are cautiously optimistic, anticipating better annual performance thanks to steady volumes, targeted pricing and greater efficiency across regions. Our continued investments in low‑carbon solutions, digitalization and bolt-on acquisitions enhance our resilience and reinforce supply‑chain strength. With solid financial positioning, we remain confident in delivering on our financial commitments while embedding long-term stakeholder value and delivering predictable performance through uncertainty.
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Safety and Sustainability The Company continued policy development and training to support the long-term objective of establishing a robust safety and health management system. Employee engagement in safety events remained strong and identification and reporting of hazards, unsafe acts, conditions, and safety observations, and near misses continued to improve. About Piedmont Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium project in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). 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NAL's original announcements can be found here: Forward-Looking Statements This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont's mineral and chemical processing projects; Piedmont's potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance, or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont's, Sayona Mining's, or Atlantic Lithium's properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing, and operating mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), (iv) uncertainty about Piedmont's ability to obtain required capital to execute its business plan, (v) Piedmont's ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental, and production activities, including risks relating to permitting, zoning, and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data, and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation, and regulatory actions, investigations, and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations, and our ability to obtain necessary permits, (xiv) risks related to the completion of our proposed merger with Sayona Mining and related capital raises, and (xv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission ('SEC') and the Australian Securities Exchange, including Piedmont's most recent filings with the SEC. The forward-looking statements, projections, and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections, and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities. PIEDMONT LITHIUM INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited) June 30, 2025 2024 Assets Cash and cash equivalents $ 56,074 $ 87,840 Accounts receivable 4,100 5,613 Other current assets 5,155 9,186 Total current assets 65,329 102,639 Property, plant and mine development, net 135,722 134,544 Advances to affiliates 41,990 39,548 Other non-current assets 1,392 1,519 Equity method investments 74,113 71,635 Total assets $ 318,546 $ 349,885 Liabilities and Stockholders' Equity Accounts payable $ 1,144 $ 5,239 Accrued expenses 2,670 4,313 Payables to affiliates 5,131 6,719 Current debt obligations 26,337 26,472 Other current liabilities 833 3,363 Total current liabilities 36,115 46,106 Long-term debt, net of current portion 2,959 3,652 Operating lease liabilities, net of current portion 769 863 Other non-current liabilities 1,054 1,017 Total liabilities 40,897 51,638 Stockholders' equity: Common stock; $0.0001 par value, 100,000,000 shares authorized; 21,946,069 and 21,825,465 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2 2 Additional paid-in capital 499,226 497,878 Accumulated deficit (216,974 ) (191,605 ) Accumulated other comprehensive loss (4,605 ) (8,028 ) Total stockholders' equity 277,649 298,247 Total liabilities and stockholders' equity $ 318,546 $ 349,885 Expand PIEDMONT LITHIUM INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, Cash flows from operating activities: 2025 2024 Net loss $ (25,369 ) $ (36,943 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 1,873 4,640 Loss from equity method investments 6,074 10,350 Loss on sale of equity method investments — 13,886 Loss (gain) on equity securities 3,944 (1,594 ) Deferred taxes — (6,246 ) Depreciation and amortization 119 156 Noncash lease expense 85 532 Loss on sale of assets 212 656 Unrealized foreign currency translation gains (318 ) (36 ) Changes in assets and liabilities: Accounts receivable 1,513 (12,725 ) Other assets 268 1,950 Operating lease liabilities (82 ) (472 ) Accounts payable (3,948 ) (25 ) Payables to affiliates (1,588 ) (93 ) Deferred revenue — 24,347 Other liabilities and accrued expenses (4,111 ) (27,164 ) Net cash used in operating activities (21,328 ) (28,781 ) Cash flows from investing activities: Capital expenditures (1,646 ) (8,622 ) Advances to affiliates (2,310 ) (8,226 ) Proceeds from sale of marketable securities — 45 Proceeds from sale of shares in equity method investments — 49,103 Additions to equity method investments (5,129 ) (14,966 ) Net cash (used in) provided by investing activities (9,085 ) 17,334 Cash flows from financing activities: Proceeds from Credit Facility 14,116 — Settlements of Credit Facility (14,116 ) — Payments of debt obligations and insurance premiums financed (828 ) (651 ) Payments to tax authorities for employee stock-based compensation (525 ) (654 ) Net cash used in financing activities (1,353 ) (1,305 ) Net decrease in cash (31,766 ) (12,752 ) Cash and cash equivalents at beginning of period 87,840 71,730 Cash and cash equivalents at end of period $ 56,074 $ 58,978 Expand Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. The following are non-GAAP financial measures for Piedmont: Adjusted net (loss) income is defined as net (loss) income, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include acquisition costs and other fees, and shelf registration costs. Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other costs we believe are not reflective of our ongoing operations and performance. EBITDA is defined as net income (loss) before interest expenses, income tax expense, and depreciation. Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss on sale of assets, gain or loss from equity securities, gain or loss from foreign currency exchange, restructuring charges including severance and severance related costs and exit costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net (loss) income, adjusted diluted EPS, EBITDA, and adjusted EBITDA. ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) Loss from foreign currency exchange primarily relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. (5) No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances. Expand EBITDA and Adjusted EBITDA Three Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net loss $ (9,738 ) $ (15,631 ) $ (13,332 ) Interest income, net (5 ) (139 ) (577 ) Income tax benefit — — (2 ) Depreciation and amortization 56 — 75 EBITDA (9,687 ) (15,707 ) (13,836 ) Loss on sale of assets 132 80 656 Loss (gain) on equity securities (1) 304 3,640 (210 ) Loss from foreign currency exchange (2) (290 ) 195 (158 ) Restructuring charges (3) 401 283 314 Other costs (4) 1,459 1,369 81 Adjusted EBITDA $ (7,681 ) $ (10,140 ) $ (13,153 ) Expand ______________________________________________________ (1) Loss (gain) on equity securities represents realized and unrealized gains on our equity security holdings in Atlantic Lithium and Ricca Resources. (2) Loss from foreign currency exchange primarily relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars. (3) Restructuring charges relate to severance and reorganization related costs and exit costs related to our 2024 Cost Savings Plan. (4) Other costs include legal and transactional costs related to certain strategic transactions and shelf registration costs. Expand
