5E Advanced Materials(US:FEAM)2022-11-09 16:00Financial Performance - The company reported a net income of $4.6 million for Q3 2022, a significant improvement from a net loss of $9.5 million in Q3 2021[74]. - General and administrative expenses decreased by $955 thousand, primarily due to the absence of one-time costs from the previous year[76]. - Project expenses decreased by 25% to $3.6 million in Q3 2022 from $4.8 million in Q3 2021[74]. - Net cash used in operating activities increased by 62% to $(7.8 million) in Q3 2022 from $(4.8 million) in Q3 2021[83]. Cash Position - Cash and cash equivalents increased to $74.2 million as of September 30, 2022, compared to $31.1 million as of June 30, 2022[80]. - The company believes its current cash balances are sufficient to fund operations for at least the next 12 months[81]. Financing Activities - The company completed a $60 million private placement of Senior Secured Convertible Notes in August 2022[72]. - The company recognized a derivative gain of $13.9 million due to the change in fair value of the embedded conversion feature of its convertible notes[77]. Commitments and Agreements - The company had purchase order commitments of $21.7 million for construction works in progress and other expenses[88]. - The company entered into a research agreement with Boston College for the advancement of boron-based materials research in solar energy systems[72].