Evion Group (EVG) Q3 2025 TU earnings summary

Executive summary

• Achieved first revenue from India JV with 120 tonnes of expandable graphite shipped, generating A$615k (Evion 50% share).

• Maniry Graphite Project in Madagascar advanced with final community approval and ongoing permitting.

• Raised $2.0 million via Rights Issue and Shortfall Placement to fund JV expansion and Maniry permitting.

• Cash balance at quarter end was $1.79 million, providing a runway for near-term milestones.

Financial highlights

• JV shipment of 120 tonnes generated A$615k in revenue; balance of 386-tonne order in stock and invoicing underway.

• Cash and cash equivalents at quarter end: $1.798 million.

• Net cash used in operating activities for the quarter: $644,000.

• Net cash from financing activities: $1.91 million for the quarter.

Outlook and guidance

• Monthly shipments of ~150 tonnes targeted from India JV, with new orders quoted above US$4,500/t.

• Stage 2 feasibility study for India JV aims to double capacity to 4,000tpa at low capex.

• Full capacity production at India JV expected during Q3 2025 after ETP installation.

• Maniry Project awaiting final government and environmental approvals, with construction to follow.