Iondrive (ION) H2 2024 earnings summary

Executive summary

• Achieved significant progress in battery recycling technology, focusing on Deep Eutectic Solvent (DES) process, with strong validation from large-scale bench trials and independent verification.

• Completed acquisition of londrive Technologies Pty Ltd, securing exclusive licenses for three battery technologies from the University of Adelaide.

• Board renewal and CEO appointment aligned with strategic shift to battery technology and critical minerals exploration.

• Raised $2 million in June 2024 to fund PFS completion, industry collaborations, and pilot plant planning.

Financial highlights

• Net loss after tax for FY2024 was $6.12 million, an improvement from $8.04 million loss in FY2023.

• Revenue included $401,829 from KoBold JV reimbursement and $40,440 in interest income.

• No dividends declared for the year.

• Cash and cash equivalents at year-end were $2.76 million, down from $4.21 million in FY2023.

• Total assets at 30 June 2024 were $4.99 million; net assets were $4.04 million.

Outlook and guidance

• PFS for DES battery recycling technology on track for completion by October 2024.

• Planning underway for pilot plant in FY2025, with European market as a key focus.

• Ongoing industry collaborations and benchmarking studies to optimize process economics and scalability.