Iondrive (ION) H2 2025 earnings summary

Executive summary

• Achieved significant progress in commercialising proprietary urban mining technology for critical mineral recovery from end-of-life batteries and e-waste, with strong validation of the Deep Eutectic Solvent (DES) process and expansion into new feedstocks and geographies.

• Completed robust Pre-Feasibility Study (PFS) confirming scalability and economic viability of DES battery recycling, and advanced pilot plant engineering, targeting commissioning in late 2025 to early 2026.

• Secured $8 million in capital through two placements, attracted new institutional investors, and received multiple government grants to support technology development and pilot plant construction.

• Divested legacy South Korean exploration assets to focus fully on DES technology, reducing annual costs and streamlining operations.

Financial highlights

• Net loss after tax for FY2025 was $4.62 million, an improvement from a $6.12 million loss in FY2024.

• Revenue and other income totaled $1.71 million, including R&D tax incentives and JV reimbursements.

• Cash and cash equivalents at year-end were $5.87 million, up from $2.76 million in the prior year.

• No dividends declared for the year.

Outlook and guidance

• Focus remains on expanding commercial partnerships, delivering the pilot plant, and unlocking new DES platform applications.

• Pilot plant construction approved, with commissioning expected from December 2025 through early 2026, supported by a $3.9 million government grant.

• Anticipates additional revenue streams from graphite recovery and e-waste recycling initiatives.