Pilbara Minerals Revenue, Margin, Profit: Six Key Numbers
Pilbara Minerals reported $1.254 billion in annual revenue, a 92.5% three-year CAGR, and swung to a $257 million profit. Net debt is negative, leverage is low at 17.1%, and return on equity sits at 7.7%.
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Pilbara Minerals, the ASX-listed lithium producer, reported annual revenue of $1.254 billion for its last financial year, with a three-year compound annual growth rate of 92.5%. Gross margin came in at 42.2%, and the company swung to a profit of $257 million from a loss of $51 million three years earlier.
The company owns 100% of the Pilgangoora hard-rock lithium operation in Western Australia, the world's largest independent spodumene mine. It sells the lithium-bearing concentrate through long-term agreements with automaker Great Wall and South Korean steel producer POSCO, as well as through spot sales on its Battery Material Exchange platform.
Net debt stood at negative $1.071 billion, meaning cash and equivalents exceeded total borrowings. The debt-to-equity ratio was 17.1%, indicating leverage is low relative to shareholder equity. Return on equity was 7.7% for the fiscal year.
Revenue growth and the swing to profit reflect the surge in lithium demand tied to electric-vehicle and renewable-energy supply chains. As a pure-play spodumene producer, however, Pilbara's top line remains tied to the global lithium price, which has shown sharp swings in recent years.
The company's financial position leaves it with capacity to fund expansion or weather a downturn in lithium prices. The low return on equity relative to some industrial peers may reflect the capital-intensive nature of hard-rock mining, but investors typically compare it against other lithium producers rather than the broader market.
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