Iondrive (ION) Q2 2025 earnings summary

Executive summary

• Completed Pre-Feasibility Study (PFS) validating the economic and technical feasibility of proprietary Deep Eutectic Solvent (DES) battery recycling technology, showing a 36% reduction in capital costs versus conventional methods.

• Achieved recovery rates exceeding 95% for lithium, cobalt, nickel, and manganese across various black mass feedstocks, confirming scalability and minimal solvent losses.

• Strong market demand for sustainable battery recycling solutions, driven by global EV adoption and regulatory requirements.

• Strategic partnerships established with TNO (Netherlands) and participation as the largest industry partner in the $15 million ARC Battery Recycling Training Centre.

• Two key leadership appointments: Hugo Schumann as Non-Executive Director and Lewis Utting as Commercial Director.

Financial highlights

• Raised $6 million in capital at a 16.7% premium to the last traded price, with $2 million completed and $4 million pending shareholder approval.

• Net cash inflows for the quarter totaled $1,476,000, with a consolidated cash balance of $4,071,000 as of 31 December 2024.

• Operating cash outflows were $756,000, primarily for R&D, offset by a $406,000 R&D tax incentive and $250,000 in cost reimbursements from KoBold.

• Financing activities contributed $2,231,000, mainly from the placement and option exercises.

Outlook and guidance

• Pilot plant construction at the University of Adelaide targeted for completion by end of 2025 to validate DES process at scale.

• Independent economic modelling (NPV, IRR) to be finalized in the March quarter.

• Announcement of full European consortium membership expected in the March quarter.

• Actively seeking non-dilutive funding in Australia and the EU to support development and commercialization.

• Ongoing scale-up testing and technology optimization, including LFP and direct recycling.