Iofina (IOF) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenue of $29.2m, up 12.3% year-over-year, with record iodine production and strong demand for both crystalline iodine and derivatives.

• Gross profit rose 21.2% to $6.3m, and adjusted EBITDA increased 43.5% to $3.3m, reflecting operational leverage and higher iodine prices.

• Profit before tax surged 218% to $3.5m, aided by $1.8m in Employee Retention Tax Credits (ERTC) received in H1 2025.

• Net debt stood at $0.8m after significant capex, with cash maintained at $6.4m.

Financial highlights

• Revenue: $29.2m (+12% YoY); Gross profit: $6.3m (+22% YoY); Adjusted EBITDA: $3.3m (+40% YoY).

• Operating profit: $1.8m (+63% YoY); Profit before tax: $3.5m (+218% YoY); Net profit: $2.5m (+313% YoY).

• Crystalline iodine sales: 208MT (+9% YoY); Average price: $74.27/kg (+11% YoY).

• Iodine derivative sales: $9.2m (+16% YoY); Non-iodine sales: $3.1m (-34% YoY, due to delayed sale).

• Capex: $5.3m, mainly for new plant construction; cash flow from operations: $1.7m.

Outlook and guidance

• H2 2025 crystalline iodine production expected at 400-440MT, with new IO #11 plant ramping up.

• Iodine spot prices expected to remain above $70/kg; market demand remains robust.

• Board confident in meeting full-year market expectations; further plant construction planned before year-end.