Iofina (IOF) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $54.5 million in FY2024, up 9% year-over-year, with strong iodine production and sales growth.

• Expanded iodine production to 634 metric tons, a 13% increase year-over-year, and brought a new plant (IO#10) online, with IO#11 under construction.

• Maintained a strong balance sheet with $6.8 million in cash and net cash of nearly $3 million at year-end.

• Continued investment in growth, safety, and R&D, including new iodine derivatives and an animal feed additive.

Financial highlights

• Revenue rose to $54.5 million (+9% YoY), with $46.7 million from iodine and derivatives.

• Iodine derivative sales grew 31% to $16.9 million, while non-iodine sales slightly declined.

• Gross profit decreased from $15.6 million to $13.2 million due to higher royalties and production costs.

• Adjusted EBITDA was $7.6 million (down from $10.8 million), and operating profit was $5 million (down from $8.6 million).

• Net profit after tax was $2.9 million, with EPS of $0.015 (vs. $0.034 prior year).

Outlook and guidance

• Forecasting production of about 300 metric tons of iodine in H1 2025, with further growth expected as IO#11 comes online.

• IO#12 plant expected to begin construction before year-end 2025, with ongoing evaluation of new sites beyond Oklahoma.

• Iodine market demand remains strong, with prices expected to stay in the mid-$60s to $70+ per kilo.

• Continued focus on expanding iodine derivatives and new product development.