The following is a summary of the AMG Critical Materials N.V. (AMVMF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AMG Critical Materials N.V. reported a Q1 2024 revenue of $358 million, marking a 21% decrease due to a global decline in lithium and vanadium prices.

• The company achieved an adjusted EBITDA of $31 million, down from $118 million in Q1 2023. This major drop was notably due to plummeting metal prices, especially the 76% drop in lithium prices.

• For Q1 2024, AMG recorded a net loss of $16 million, a significant shift from the $56 million net income in Q1 2023.

• The significant drop in revenue from Lithium ($42 million) was due to a 76% decrease in lithium prices. On the other hand, AMG Vanadium reported a 15% reduction in revenue to $165 million due to lower vanadium and chrome metal sales prices.

• AMG finished Q1 2024 with a net debt of $381 million.

Business Progress:

• AMG is progressing well with its lithium expansion projects, with the Brazilian plant expansion from 90,000 tons to 130,000 tons set to reach full capacity in Q4.

• The first 20,000-ton module of AMG's lithium hydroxide refinery in Bitterfeld, Germany, remains on schedule.

• AMG is furthering its vanadium global satellite roasting strategy with the acquisition of TTI technology.

• Subsidiary NewMOX SAS has been established in France to cater to the nuclear fuel market.

• AMG Engineering, in Q1 2024, procured $82 million in new orders, signifying strong demand for remelting and turbine blade coating systems.

• With plans to become a low-cost, high-quality, and eco-conscious producer of its products, AMG aims to sustain strong cash flow and profitability, regardless of the cyclical low prices.

• AMG estimates the 2024 adjusted EBITDA to be approximately $130 million and anticipates achieving an EBITDA of $500 million or more in the next five years or sooner.

More details: AMG CRITICAL MATERIALS N.V. IR

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