PERTH: Pilbara Minerals Ltd. (ASX: PLS) reported a statutory loss of A$196 million for the fiscal year ended June 30, 2025, as lithium prices fell sharply, eroding margins despite record production and sales volumes.
Revenue dropped 39% to A$769 million, driven by a 43% decline in the average realised price of spodumene concentrate, the company said in its full-year results released Monday. Sales volumes rose 7% to 760,100 dry metric tonnes, while production increased 4% to 754,600 tonnes.
Underlying EBITDA plunged 83% to A$97 million, reflecting pricing pressure and higher depreciation costs linked to the company’s expanded asset base. Pilbara Minerals also cited construction costs for its Mid-Stream Demonstration Plant and non-cash impacts from its investment in the POSCO Pilbara Lithium Solution joint venture.
Despite the downturn, CEO Dale Henderson said the company remains well-positioned for long-term growth. “FY25 marked a transformational year for PLS,” Henderson said. “We completed major capital investments, expanded our portfolio with the Colina Project in Brazil, and embedded cost efficiencies through our P850 operating model.”
The company ended the year with A$1 billion in cash and total liquidity of A$1.6 billion, supported by a newly established revolving credit facility. Pilbara Minerals did not declare a final dividend, citing its capital management framework and focus on balance sheet strength.
Looking ahead to FY26, the company plans to intensify cost-reduction efforts and pursue further operational efficiencies, while maintaining flexibility to respond to market conditions.