Australian Vanadium (AVL) H2 2025 earnings summary

Executive summary

• Advanced vertically integrated strategy, progressing the Australian Vanadium Project toward construction readiness and expanding downstream vanadium flow battery (VFB) activities.

• Achieved first deployment of AVL-manufactured electrolyte in an operating VFB and deepened downstream capabilities through Project Lumina.

• Maintained a strong safety record with zero recordable injuries and no regulatory reportable incidents.

• Secured key government approvals and continued to access Federal grant funding.

Financial highlights

• Net loss after tax of $11.9 million for FY2025, an improvement from $15.2 million in FY2024.

• Cash and cash equivalents at 30 June 2025 were $11.5 million, down from $36.4 million in the prior year.

• Cash outflows from operating activities were $13.5 million; investing activities outflows were $11 million.

• Net working capital (excluding grant liability) was $5.4 million at year-end.

Outlook and guidance

• Focus on completing the Optimised Feasibility Study (OFS) and advancing final approvals for the Australian Vanadium Project.

• Project Lumina to be progressed to a construction-ready, modular VFB BESS product.

• Continued pursuit of funding options, including debt, equity, and government grants, to support project advancement.

• Ongoing product qualification with international VFB manufacturers and pursuit of near-term supply opportunities.