Financial Performance - The net loss for the three months ended March 31, 2025, was CAD 12,680,000, compared to a net loss of CAD 12,169,000 for the same period in 2024[5]. - Operating expenses for Q1 2025 totaled CAD 3,756,000, an increase from CAD 3,344,000 in Q1 2024, driven by higher general and administrative costs[5]. - The company reported a basic and diluted loss per share of CAD 0.86 for Q1 2025, slightly improved from CAD 0.87 in Q1 2024[5]. - For the three months ended March 31, 2025, the net loss was CAD 12,680,000 compared to a net loss of CAD 12,169,000 for the same period in 2024, reflecting a slight increase in losses[69]. - The basic and diluted loss per share for Q1 2025 was CAD (0.86), compared to CAD (0.87) in Q1 2024, indicating a marginal improvement in loss per share[69]. - Other non-operating expenses for Q1 2025 totaled CAD (3,861,000), up from CAD (2,076,000) in Q1 2024, primarily due to increased interest expenses[68]. - The Company reported an operating loss of $3,756 for the three months ended March 31, 2025, compared to a loss of $3,344 for the same period in 2024, indicating a year-over-year increase of approximately 12.3%[92]. Assets and Liabilities - As of March 31, 2025, total assets amounted to CAD 151,432,000, a slight decrease from CAD 151,447,000 as of December 31, 2024[4]. - Current liabilities increased to CAD 81,984,000 from CAD 71,973,000, primarily due to a rise in accounts payable and accrued liabilities[4]. - Shareholders' equity decreased to CAD 53,803,000 from CAD 64,318,000, reflecting the net loss and other comprehensive losses[4]. - As of March 31, 2025, the company reported an accumulated deficit of $287,572, up from $274,892 as of December 31, 2024, indicating ongoing financial challenges[15]. - As of March 31, 2025, the total fair value of assets was CAD 5,259,000, while total liabilities amounted to CAD 91,281,000, indicating a significant liability burden[75]. - The fair value of convertible notes payable was CAD 68,020,000 as of March 31, 2025, reflecting the company's significant debt obligations[75]. Financing and Investments - The company received a government loan of $5,267 from FedNor in 2024 and was awarded US$20,000 by the U.S. Department of Defense for refinery construction[17]. - The company completed a private placement raising US$1,000 and issued secured convertible notes totaling US$4,000 in late 2024[17]. - The Company raised approximately US$3,500 in gross proceeds from a non-brokered private placement, with $1,333 (US$928) recorded as subscription payable as of March 31, 2025[55]. - The Company is actively seeking additional financing options, including government grants and strategic partnerships, to enhance liquidity[17]. - The Company has ongoing discussions for a non-binding letter of intent for $20,000 from the Federal government, with no guarantee of final agreement[34]. Shareholder Information - As of March 31, 2025, the Company had 14,836,172 common shares outstanding, an increase from 14,809,197 shares as of December 31, 2024[52]. - The Company completed a share consolidation on December 31, 2024, at a ratio of 1 new share for every 4 pre-consolidation shares[53]. - During the three months ended March 31, 2025, the Company issued 26,975 common shares for the exercise of restricted share units[55]. - The Company implemented an employee share purchase plan in 2024, reserving 250,000 common shares for issuance under the plan[56]. Operational Focus - The company is focused on constructing an integrated battery materials facility and optimizing its cobalt refinery[13]. - The company is assessing growth scenarios for a recycled battery material program, indicating a strategic focus on sustainability[13]. - The company aims to ensure sufficient cash for future refinery expansion and exploration activities while complying with debt covenants under convertible notes[71]. Debt and Interest - The balance of Convertible Notes Payable increased to $68,020,000 as of March 31, 2025, up from $63,963,000 at the end of 2024, representing a rise of about 6.4%[51]. - The accrued interest as of March 31, 2025, was $6,260,000, compared to $2,799,000 as of December 31, 2024, indicating a significant increase of approximately 123.5%[42]. - The Company issued additional 2028 Notes amounting to $9,157,000 (US$6,521,000) on November 27, 2024, as payment-in-kind for all outstanding accrued interest[41]. - The 2027 Notes bear an interest rate of 12.0% per annum and are secured by substantially all of the Company's assets, with a maturity date set for November 12, 2027[46]. - The Company has commitments totaling $146,024, which includes convertible notes payments of $128,997 due by 2028[88]. Market Performance - Electra Battery Materials Corporation is listed on both the TSXV and NASDAQ, enhancing its market presence[11]. - The Electra share price decreased to US$1.080 as of March 31, 2025, down from US$1.807 at the end of 2024, reflecting a decline of approximately 40.2%[49].
Electra Battery Materials (ELBM) - 2025 Q1 - Quarterly Report