[quote alias=nine_inch_nerd id=15497529 date=202411061830]
AMG Reports Stable Results in Weak Markets
AMG Critical Materials N.V.November 06, 2024 12:16 ET
| Source: AMG Critical Materials N.V.
Amsterdam, 6 November 2024 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports third quarter 2024 revenue of $356 million, a 3% decrease versus the third quarter of 2023. AMG achieved an adjusted EBITDA of $40 million, supported by an exceptionally strong performance by the AMG Technologies segment showing an increase of 112% compared to the same period in 2023.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “EBITDA continued on a steady growth trend in the third quarter of 2024, during which we achieved $40 million of EBITDA. AMG Technologies delivered a strong performance compared to the third quarter last year with excellent results in a growing market. AMG Engineering secured $131 million in order intake and had a record high order backlog as of September 30, 2024 of $367 million. This result continues to demonstrate the earnings power of our diversified portfolio despite the challenging market conditions and depressed price levels in both AMG Lithium and AMG Vanadium.
In terms of our growth projects, our major lithium capital expenditures are substantially complete. Our Brazilian mine expansion is ramping up and on September 18, 2024, AMG hosted the grand opening of Europe’s first lithium hydroxide refinery in Bitterfeld, Germany. The refinery has finalized construction and has transitioned to commissioning, ramp-up and customer qualification. Both projects strengthen our low-cost position in the lithium market. AMG is approaching the end of a period of significant capital intensity that positions us for strong profitability as market prices improve.
I am also pleased to report that we have significant liquidity. With $272 million in cash on hand and $200 million available under our revolving credit facility, AMG has a total liquidity of $472 million.”
Lithium
Our lithium concentrate plant expansion from 90,000 tons to 130,000 tons per year is ramping up and we expect to produce at full 130,000-ton annualized capacity by the end of the fourth quarter of 2024.
On September 18, 2024 in Bitterfeld, Germany, AMG hosted the grand opening of Europe’s first lithium hydroxide refinery.
Vanadium
Construction of the vanadium electrolyte plant at AMG Titanium in Nuremberg, Germany is complete, and we are producing qualification batches for our customers.
SARBV’s “Supercenter” phase 1 project in Saudi Arabia is beginning detailed engineering and permitting. Several licenses and permits have already been obtained, including the Industrial Investment License from the Ministry of Industrial and Mineral Resources.
Technologies
AMG Engineering achieved $367 million in order backlog as of September 30, 2024, the highest in AMG’s history. Order intake of $131 million during the third quarter of 2024 was 63% higher than the same period in 2023, driven largely by strong orders of remelting furnaces.
AMG LIVA’s first third-party commercial Hybrid Energy Storage System, integrating Lithium-Ion and Vanadium Redox Flow batteries with AI-driven efficiency, is now operational at Wipotec GmbH, enhancing the facility's power system.
Financial Highlights
AMG’s liquidity as of September 30, 2024 was $472 million, with $272 million of unrestricted cash and $200 million of revolving credit availability.
EBITDA continued on a steady growth trend in the third quarter of 2024, during which AMG achieved $40 million of EBITDA despite significant declines in lithium and vanadium prices.
[/quote
Valt mij niet tegen !