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AMG Reports Strong Second Quarter 2025 Results

Core Insights - AMG Critical Materials N.V. reported a strong second quarter in 2025, with revenue of $439 million, a 20% increase from $364 million in the same period of 2024 [1] - Adjusted EBITDA reached $71 million, marking a 79% increase compared to $39 million in the second quarter of 2024, driven primarily by the AMG Technologies segment [1][5] Financial Performance - Revenue for Q2 2025 was $439 million, up 20% from $364 million in Q2 2024 [1][9] - Adjusted gross profit was $97 million, a 60% increase from $60 million in Q2 2024 [8][9] - Operating profit surged to $33.6 million, a 225% increase from $10.3 million in the same quarter last year [9] - Net income attributable to shareholders was $11.5 million, compared to a loss of $11 million in Q2 2024 [9] - Adjusted EBITDA margin improved to 16.1% from 10.8% year-over-year [9] Segment Performance - AMG Technologies segment achieved an adjusted EBITDA of $53 million, nearly tripling from $18 million in Q2 2024, driven by a high order backlog and strong profitability from AMG Antimony [5][20] - AMG Lithium's revenue decreased by 3% to $37 million, primarily due to a 38% decline in lithium market prices and a 22% decrease in lithium concentrate volumes [11][14] - AMG Vanadium's revenue fell by 4% to $161 million, attributed to lower volumes of ferrovanadium and titanium alloys, despite increased sales prices [14][15] Operational Developments - The lithium hydroxide refinery in Bitterfeld was successfully commissioned in May 2025, with production ramping up and qualification processes with customers advancing [3] - AMG Vanadium successfully bid for significant quantities of spent catalyst in Saudi Arabia and the Middle East, which will help stabilize supply deliveries [7][18] Liquidity and Financial Health - As of June 30, 2025, AMG had total liquidity of $462 million, including $262 million in unrestricted cash and $200 million available on its revolving credit facility [8][27] - The company recorded a net finance cost of $13 million, up from $8 million in Q2 2024, due to foreign exchange losses and decreased interest income [28] Outlook - The company raised its adjusted EBITDA outlook for 2025 from $170 million to $200 million or more, reflecting strong performance in the first half of the year despite low lithium and vanadium prices [29]