Financial Data and Key Metrics Changes - First quarter revenue was $391 million, down from $425.6 million in the prior year, reflecting an 8% decrease [10][25] - Gross profit for the quarter was $102.8 million, with a margin of 26.3%, a slight increase of 10 basis points compared to the same period in 2024 [11] - Operating income was $44.5 million, with an operating margin of 11.4%, improving by 40 basis points year-over-year [11][25] - Net income for the first quarter was $31.8 million, or $2.64 per diluted share, compared to $32.1 million, or $2.57 per diluted share in the previous year [11][26] - Total debt was $216.8 million, with net debt of $16.5 million, a significant improvement of $83.2 million or 91.7% compared to the first quarter of 2024 [16] Business Line Data and Key Metrics Changes - The Industrial Equipment division reported record net sales of $227.1 million, representing 12.5% organic growth compared to the first quarter of 2024 [13][20] - The Vegetation Management division's net sales were $163.9 million, a 26.8% reduction year-over-year, but showed a 2.6% sequential improvement [12][21] - Operating income for the Industrial Equipment division was $31.2 million, or 13.7% of net sales, reflecting a 20 basis point improvement from the previous year [13][20] - The Vegetation Management division's operating income was $13.3 million, or 8.1% of net sales, down from $21.7 million and 9.7% in the prior year [21] Market Data and Key Metrics Changes - The backlog for the Industrial Equipment division was $513 million, down 8.3% year-over-year but up 6.6% sequentially [20] - Order bookings in the Vegetation Management division improved nearly 18% year-over-year and 3% sequentially [22] - Agricultural equipment orders in North America were up 26% year-over-year, indicating a recovery in demand [22][23] Company Strategy and Development Direction - The company is focused on driving growth and optimizing operations while maintaining a strong balance sheet [16][27] - There is an active pursuit of acquisition opportunities, with a notable increase in the number of meaningful scale opportunities available [27][28] - The company aims to achieve a 15% margin target in the Vegetation Management division as markets recover [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the company's position and outlook for the remainder of 2025, despite ongoing risks from tariffs and global market uncertainties [26][27] - The governmental and industrial contractor markets are expected to continue strong, with no significant changes in spending patterns [38] - The company anticipates sequential improvements in both sales and margins for the Industrial Equipment and Vegetation Management divisions in Q2 [80] Other Important Information - The company approved a quarterly dividend of $0.30 per share, reflecting its commitment to delivering long-term value to shareholders [16] - Interest expense decreased by $2.9 million compared to the same period in 2024, driven by lower debt levels [11] Q&A Session Summary Question: What are the pain points from tariffs? - Management indicated that about 70% of consolidated revenue comes from the U.S., with minimal impact from tariffs on production shifts from Canada to the U.S. [30][31] Question: What is the impact of tariffs on customer demand? - Management noted that demand might change primarily in non-governmental markets, with governmental spending remaining strong [37][38] Question: What drove the 40 basis point increase in operating margin despite lower sales? - Cost reduction initiatives and facility consolidations were key drivers of the improved operating margin [44][49] Question: What is the outlook for M&A activity? - M&A remains the first priority, with several large transactions and smaller tuck-in opportunities actively pursued [50][51] Question: What is the expectation for vegetation revenues in the back half of 2025? - Management expressed optimism for a gradual increase in vegetation revenues, supported by improving order bookings and dealer restocking [55][56] Question: Are there further cost reduction initiatives planned? - While major cost reduction initiatives are complete, there are ongoing efforts to gain efficiencies from recent facility consolidations [63][65] Question: How will steel prices impact costs? - Management has largely passed on steel price increases to the market and closely monitors steel costs across facilities [76][77] Question: What is the outlook for Q2 relative to Q1? - Expectations for Q2 include sequential improvements in both sales and margins for the Industrial Equipment and Vegetation Management divisions [80]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $142 million, reflecting a 6.5% decrease from $152 million in the same period last year [12][30] - Adjusted EBITDA was $11.1 million compared to $18.2 million in the prior year quarter [13][32] - Net loss attributable to FAT Brands was $46 million or $2.73 per diluted share, compared to a net loss of $38.3 million or $2.37 per share in the prior year [31] Business Line Data and Key Metrics Changes - System-wide sales were $571.1 million, down 1.8% compared to the previous year's quarter [13] - The Casual Dining segment saw same-store sales increase approximately 1.6%, driven by Buffalo's Cafe and Ponderosa and Bonanza locations [14] - Factory revenue decreased by about 7%, attributed to lower same-store sales and the absence of Smoky Bones locations [54] Market Data and Key Metrics Changes - Domestic system-wide sales outperformed international sales for the quarter, although there was an encouraging rebound in international locations towards the end of Q1 [13] - Digital sales at Roundtable Pizza increased by 5% sequentially from Q4 2024 to Q1 2025 [16] Company Strategy and Development Direction - The company is focused on expanding its brand presence with commitments for over 1,000 new locations already in the pipeline [14] - A strategic move involved spinning off Twin Hospitality Group Inc, which is now listed separately on Nasdaq [7] - The company aims to enhance production capabilities at its Georgia facility, particularly in cookie dough and dry mix manufacturing [15][26] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence is mixed, with consumers being apprehensive and focused on value [40][41] - The company is committed to debt reduction and leveraging its robust pipeline of growth opportunities [29] - Management expressed confidence in achieving full annual equity target raises over the next twelve months despite current market volatility [10][44] Other Important Information - The company has temporarily paused FAT's common dividend and started accruing the FAT Series B preferred dividend until certain financial thresholds are met [11] - The company is focused on refranchising its Fazoli's locations, which could generate approximately $20 million to $25 million in proceeds for debt reduction [59] Q&A Session Summary Question: Impact of cookie facility utilization increase - Management aims to increase the cookie facility's revenue from $15 million to $25 million annually with improved utilization [34][35] Question: Consumer focus on value - Management noted that consumers are looking for great food and experiences to justify prices, indicating a continued focus on value [40][41] Question: Smoky Bones negative impact on EBITDA - Management estimated a couple million dollars negative impact from Smoky Bones on adjusted EBITDA for the quarter [66][67] Question: Timeline for finding a new CEO - The executive search for a new CEO is progressing well, with expectations to conclude within the quarter [73] Question: Incremental adjusted EBITDA from new stores and factory - Management anticipates achieving the targeted incremental adjusted EBITDA over the next couple of years [77]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $142 million, reflecting a 6.5% decrease from $152 million in the same period last year [12][30] - Adjusted EBITDA was $11.1 million compared to $18.2 million in the prior year quarter [13][32] - Net loss attributable to FAT Brands was $46 million or $2.73 per diluted share, compared to a net loss of $38.3 million or $2.37 per share in the prior year [31] Business Line Data and Key Metrics Changes - Domestic system-wide sales outperformed international sales, with system-wide sales totaling $571.1 million, down 1.8% year-over-year [13] - The Casual Dining segment saw same-store sales increase approximately 1.6%, driven by Buffalo's Cafe and Ponderosa and Bonanza locations [14] - Factory revenue was off about 7%, attributed to lower same-store sales and the absence of Smoky Bones locations [53] Market Data and Key Metrics Changes - The company observed an encouraging rebound in international locations towards the end of Q1, indicating potential for future growth [13] - Digital sales at Roundtable Pizza increased by 5% sequentially from Q4 2024 to Q1 2025 [16] Company Strategy and Development Direction - The growth strategy is based on three elements: organic expansion with over 1,000 new locations in the pipeline, strategic acquisitions, and enhancing production capabilities [14][15] - The company is focused on reducing leverage and improving cash flow, with plans to raise between $75 million and $100 million in equity in 2025 [10][11] - A remodeling initiative aims to refresh 5% of all stores in 2025, increasing to 10% in 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence is mixed, with consumers being apprehensive and focused on value [40][41] - The company is optimistic about achieving its full annual equity target raise over the next twelve months despite current market volatility [10][11] - Management expects to see a significant reduction in litigation expenses in Q2 2025 [60] Other Important Information - The company has initiated a comprehensive executive search for a new CEO following the transition of Joe Hummel [9][73] - The foundation has awarded 10 grants in 2025, indicating a commitment to community engagement [28] Q&A Session Summary Question: Impact of cookie facility utilization increase - Management aims to increase the cookie facility's revenue from $15 million to $25 million annually with improved utilization [34][35] Question: Consumer focus on value - Management acknowledged that consumer confidence is event-driven and emphasized the importance of providing a great experience to justify prices [40][41] Question: Delay in equity raise post-Twin Peaks IPO - Management indicated that there is no immediate pressure to raise funds and is waiting for market conditions to improve [43][44] Question: Year-over-year impact of Smoky Bones - Management estimated a couple million dollars negative impact from Smoky Bones on adjusted EBITDA [66][67] Question: Timeline for new CEO search - Management stated that the executive search is progressing well and should conclude soon [73][74] Question: Incremental adjusted EBITDA from new stores and factory - Management expects to achieve the targeted incremental adjusted EBITDA over the next couple of years [76]

Financial Data and Key Metrics Changes - Total company revenue for Q1 2025 was $680 million, a decrease of 5% year over year, aligning with the outlook of down 4% to 7% [16] - Adjusted EBITDA for Q1 2025 was $136 million, a 22% decrease year over year, primarily due to lower political advertising revenue and AMS revenue [21] - Cash and cash equivalents totaled $717 million at quarter end, with net leverage at 2.8 times [23] Business Line Data and Key Metrics Changes - Advertising and marketing services (AMS) revenue was $286 million, a 3% decrease year over year, impacted by macroeconomic headwinds and the Super Bowl airing on Fox [17] - Distribution revenue was flat year over year at $380 million, affected by a temporary service disruption and subscriber declines [19] - Digital advertising revenue showed year-over-year growth, continuing momentum from the previous quarter [18] Market Data and Key Metrics Changes - Advertising demand remains closely tied to overall economic sentiment, with consumer confidence softening, leading to a cautious approach from some advertisers [17] - Approximately 45% of traditional subscribers are up for renewal in 2025, presenting opportunities for value capture [20] Company Strategy and Development Direction - The company is focused on five key areas: building a strong team culture, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and cutting unnecessary spending [6][7] - Recent sports rights deals have been secured across various leagues, enhancing local broadcasting capabilities [13] - The company is adapting to an evolving regulatory landscape, with potential for deregulation and M&A opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong market position and the ability to navigate economic pressures [25] - The outlook for Q2 2025 anticipates total company revenue to decline in the 4% to 7% range year over year, primarily due to lower political advertising revenue [24] - Management emphasized the importance of executing with discipline and unlocking operational efficiencies [25] Other Important Information - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the 2024-2025 period [22] - The effective tax rate guidance for 2025 has been lowered to a range of 22% to 23% due to expected tax refunds [24] Q&A Session Summary Question: Regarding FCC and deregulation opportunities - Management noted that the FCC is supportive of local broadcasters and that deregulation could unlock M&A opportunities, but specifics depend on the full landscape and pricing [30][31] Question: Advertising environment changes - Management indicated that Q2 is expected to be softer than Q1, with no cancellations but a cautious advertising environment due to lower consumer confidence [32][33] Question: M&A appetite and potential - Management expressed excitement about M&A opportunities, emphasizing the importance of capital allocation and the potential for significant savings through consolidation [40][62] Question: Premion performance - Management reported that Premion revenues remain flattish quarter to quarter, with local advertising continuing to grow while national revenues decline [42] Question: Spectrum usage and revenue potential - Management acknowledged the potential for new revenue streams from spectrum leasing and the importance of evolving technology for over-the-air television [48][49]

Core Viewpoint - Peloton has raised its revenue forecast for fiscal year 2025, but the company reported a larger-than-expected loss in Q3 due to ongoing weak demand post-pandemic, with revenue declining 13% year-over-year, marking the third consecutive quarter of sales decline [1] Group 1: Financial Performance - In Q3, Peloton reported a loss of $0.12 per share, exceeding analyst expectations of $0.06 per share [1] - Revenue for the quarter was $624 million, slightly above Wall Street's expectation of $619 million, but still insufficient to instill confidence in the new CEO's turnaround efforts [1] - Hardware sales, including bikes and treadmills, fell by 27%, while app subscription revenue decreased by 4%, leading to a total paid membership drop to 6.1 million, down approximately 500,000 year-over-year [2] Group 2: Strategic Shifts - The company is transitioning from hardware sales to focus on live and on-demand fitness subscription services, a shift necessitated by declining sales post-pandemic [1] - Peloton has adjusted its annual revenue forecast to approximately $2.46 billion to $2.47 billion, with adjusted EBITDA projected between $330 million and $350 million, indicating a positive outlook on cost-cutting measures [2] Group 3: Market Conditions and Challenges - Consumer spending on non-essential items has decreased due to economic uncertainty, with the U.S. consumer confidence index declining for four consecutive months and inflation expectations reaching a 42-year high in April [1] - The company faces additional challenges from tariffs, with a 10% tariff on most of its hardware sourced from Taiwan and higher tariffs on apparel imported from China, which are expected to reduce free cash flow by $5 million in Q4 [3] Group 4: Leadership and Future Plans - The new CEO, Peter Stern, has been working to stabilize the company since his appointment in January, implementing cost control measures that resulted in a 23% reduction in operating expenses, primarily from lower marketing and sales costs [3] - Peloton plans to announce a forward-looking plan for fiscal year 2026 soon, indicating ongoing strategic changes within the company [3]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $1,000,000,000 for Q1 2025, an increase of 8% year over year, marking the highest quarterly growth since June 2022 [4][24]. - Operating profit for the quarter was $81,000,000, representing a 180 basis point improvement over the prior year period, with an operating margin of 7.8% [27]. - GAAP net income was $49,000,000, or $1.94 per diluted share, compared to $37,000,000, or $1.44 per diluted share in the prior year [29]. Business Line Data and Key Metrics Changes - RV OEM net sales totaled $531,000,000 for Q1 2025, up 15% year over year, driven by an 18% increase in North American travel trailer and fifth wheel wholesale shipments [6][24]. - Aftermarket net sales were $222,000,000, a 6% increase year over year, supported by higher volumes in the RV and marine aftermarket [10][26]. - Adjacent Industries OEM net sales decreased by 2% to $293,000,000, primarily due to lower sales in the marine sector [13][25]. Market Data and Key Metrics Changes - The company anticipates wholesale shipments in 2025 to range between 320,000 and 350,000 units, reflecting consumer demand headwinds and economic uncertainty [32]. - April sales increased by 3% year over year, with RV sales up 7%, while adjacent sales rose by 9% due to the TransAir acquisition [32]. Company Strategy and Development Direction - The company aims to achieve $5,000,000,000 in revenue by 2027, focusing on organic growth without including acquisitions [34]. - Recent acquisitions of Freedom Seating and TransAir are expected to strengthen the company's position in the bus market, which is less susceptible to economic cycles [5][16]. - The company is actively diversifying its supply chain to mitigate tariff impacts, with a goal to reduce reliance on Chinese suppliers from 35% to approximately one-third by the end of the year [18][60]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious confidence for the second and third quarters, acknowledging inflationary pressures and market volatility affecting consumer behavior [21][22]. - The company is focused on aligning its cost structure and capital deployment with real-time market signals to adapt to changing conditions [21][22]. Other Important Information - The company generated $43,000,000 in operating cash flow for the quarter, significantly up from the previous year, and maintained a strong balance sheet with net debt around 2x EBITDA [17][30]. - The company continues to return capital to shareholders, with a dividend yield over 5% and share repurchases totaling $28,300,000 during the quarter [17][31]. Q&A Session Summary Question: What is the annualized revenue opportunity for the recent acquisitions? - The combined annualized revenue opportunity for TransAir and Freedom Seating is estimated at approximately $200,000,000, with expectations for accretive results moving forward [39]. Question: What has been the measurable impact of tariffs on retail demand? - Currently, there has not been significant movement in retail prices on dealer lots, but changes are expected with model year pricing in June and July [42][43]. Question: What is the expected revenue for Q2? - Revenue is expected to be flattish year over year, with RV OEM sales projected to be up about 5% [44][99]. Question: How is the company mitigating tariff impacts? - The company is implementing pricing strategies, negotiating with vendors, and diversifying its supply chain to mitigate tariff impacts, with potential price increases in the range of 3% to 9% [50][54]. Question: What categories are most impacted by supply chain diversification? - The most impacted categories include appliances, furniture, and axles and suspension products, while windows and chassis are less affected as they are primarily sourced in the U.S. [67][68].

通用汽车(GM.N)首席执行官：我们将在合理的情况下采取额外的缓解措施，包括成本削减目标。 ...

Financial Data and Key Metrics Changes - The company reported net sales of over $7.6 billion and adjusted EBITDA of $1.252 billion, with an adjusted EBITDA margin of 16.4%, showing double-digit growth compared to the same period last year [13][14]. - Adjusted EBITDA margin improved significantly, reflecting a focus on costs, quality, and efficiency, alongside benefits from the synergy program [14][15]. - The company expects full-year adjusted EBITDA to be between $5 billion and $5.2 billion, with second-quarter adjusted EBITDA projected at approximately $1.2 billion [20]. Business Line Data and Key Metrics Changes - North America segment delivered net sales of $4.7 billion with adjusted EBITDA of $785 million and an adjusted EBITDA margin of 16.8%, showing significant margin improvement due to higher selling prices [15][16]. - EMEA and APAC segment reported net sales of $2.6 billion with adjusted EBITDA of $389 million and an adjusted EBITDA margin of 15.1%, demonstrating resilience despite a challenging environment [17]. - Latin America segment achieved net sales of $500 million with adjusted EBITDA of $115 million and an adjusted EBITDA margin of over 22%, driven by pricing initiatives [18]. Market Data and Key Metrics Changes - In North America, corrugated box pricing increased while box volumes decreased by 4.7% year-on-year [16]. - EMEA region saw corrugated box volumes broadly flat, with a 1.5% increase on a same-day basis, while higher box prices were offset by cost headwinds [17]. - Latin America experienced a 6.3% decline in corrugated box volumes on a same-day basis, primarily due to challenges in Argentina, but pricing initiatives helped maintain strong results [18]. Company Strategy and Development Direction - The company is focused on becoming the highest-performing company in its sector, with a strong emphasis on operational improvements and capital optimization [7][8]. - A synergy program is on track to deliver £400 million in synergies by the end of 2025, with additional opportunities identified for further operational improvements [19]. - The company is committed to investing in its asset base to enhance quality, service, and innovation, with plans to implement 25 new converting machines starting in 2026 [8][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future success despite geopolitical uncertainties, citing a resilient business model primarily serving the FMCG sector [15]. - The company noted a steadying of order books in April after a weak March, but remains cautious about significant demand recovery in the near term [48][50]. - Management highlighted the importance of consumer confidence for demand recovery, particularly in the North American market, while expressing optimism about the European market [61][62]. Other Important Information - The company announced the closure of over 600,000 tonnes in paper capacity across the U.S., Mexico, and the Netherlands, aimed at strengthening operations and improving long-term returns [9][10]. - The company is implementing approximately 140 quick win projects in North America expected to deliver around $50 million in additional EBITDA [11]. Q&A Session Summary Question: Can you elaborate on the assumptions for your 2025 guidance? - Management indicated that they do not anticipate significant box volume improvement, likely due to their value strategy, and are monitoring the potential for a second price hike in Europe [25][31]. Question: Will CapEx in 2026 be much higher than in 2025? - Management stated that CapEx plans for 2026 are not yet determined and will depend on the future environment and growth opportunities [26][30]. Question: What are the cost savings associated with the mill closures? - The full-year impact of the two mill closures is estimated to be $50 million to $60 million in incremental EBITDA, with approximately $100 million in capital savings over five years [42][43]. Question: How is the company addressing tariffs and cross-border trade? - Management has been adjusting supply chains to comply with tariffs, noting minimal immediate impact but acknowledging potential demand destruction if tariffs lead to broader economic issues [88]. Question: What is the expected timing for the benefits from the mill closures? - Benefits from the closures are expected to be realized in the second half of the year, following a required process for notifying affected employees [94].

Financial Data and Key Metrics Changes - The company reported net sales of over $7.6 billion and adjusted EBITDA of $1.252 billion, with an adjusted EBITDA margin of 16.4%, showing double-digit growth compared to the same period last year [11][12] - Adjusted EBITDA margin improved significantly, reflecting a relentless focus on costs, quality, and efficiency, alongside the benefits of the synergy program [11][12] Business Line Data and Key Metrics Changes - North America segment delivered net sales of $4.7 billion with adjusted EBITDA of $785 million and an adjusted EBITDA margin of 16.8%, showing significant margin improvement due to higher selling prices [12][13] - EMEA and APAC segment achieved net sales of $2.6 billion with adjusted EBITDA of $389 million and an adjusted EBITDA margin of 15.1%, demonstrating resilience despite a challenging environment [14][15] - Latin America segment reported net sales of $500 million with adjusted EBITDA of $115 million and an adjusted EBITDA margin of over 22%, significantly higher than the previous year [15][16] Market Data and Key Metrics Changes - In North America, corrugated box pricing increased while box volumes decreased by 4.7% on a same-day basis [12][13] - EMEA and APAC saw corrugated box volumes broadly flat, with a 1.5% increase on a same-day basis, while higher box prices were offset by cost headwinds [14][15] - Latin America experienced a 6.3% decline in corrugated box volumes on a same-day basis, primarily due to challenges in Argentina [16] Company Strategy and Development Direction - The company aims to become the highest performing in its sector, focusing on operational improvements and a disciplined approach to capital allocation [5][6] - A synergy program is on track to deliver $400 million in full run-rate synergies by the end of 2025, with additional opportunities identified for operational focus [17][19] - The company is committed to optimizing its asset base and reducing costs, including the closure of over 600,000 tonnes in paper capacity [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future success despite geopolitical uncertainties, citing a strong geographic footprint and product portfolio [12][19] - The outlook for demand remains cautious, with management not banking on a significant recovery but expecting some improvement in the second half of the year [46][58] - The company is actively managing costs and has seen improvements in order books as of April, indicating a potential stabilization in demand [45][46] Other Important Information - The company has authorized an investment of around $25 million for 25 converting machines to be implemented in 2026, aimed at lowering operating costs [6][7] - The company is focused on maintaining agility in capital allocation, allowing for adjustments based on market conditions [26][31] Q&A Session Summary Question: Can you elaborate on the assumptions behind your 2025 guidance? - Management indicated that they do not anticipate significant box volume improvement and are focused on profitability rather than volume [26][27] Question: What are the expected impacts of the new machines on CapEx in 2026? - Management has not finalized the CapEx number for 2026, emphasizing flexibility based on market conditions [24][25] Question: What are the cost savings associated with the mill closures? - The full-year impact of the two mill closures is expected to yield an incremental EBITDA of $50 million to $60 million and approximately $100 million in avoided maintenance capital over five years [39][40] Question: How is the company managing economic downtime? - The planned $100 million downtime is a one-off for Q2, with expectations for improved output in subsequent quarters [93][94] Question: What is the impact of tariffs on cross-border trade? - Management has adjusted supply chains in response to tariffs, with minimal immediate impact but ongoing uncertainty affecting consumer confidence [84][85] Question: How do quick win projects fit into the synergy targets? - Quick win projects are part of the broader synergy targets, contributing to the overall goal of achieving $400 million in synergies [100][102]

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6]. Core Insights - The overall lithium concentrate production for Q1 2025 decreased by 2% quarter-on-quarter to 133,000 tons, while shipments fell by 11% to 127,000 tons [1]. - The average realized price for lithium concentrate was $844 per ton, reflecting a 2% increase from the previous quarter [1]. - Mt Marion's lithium concentrate production for Q1 2025 was 140,000 tons, a 21% increase quarter-on-quarter but a 23% decrease year-on-year, with production expectations for FY2025 adjusted to 185,000-200,000 tons [2][3]. - Wodgina's lithium concentrate production for Q1 2025 was 126,000 tons, showing a 17% quarter-on-quarter increase and a 29% year-on-year increase, attributed to improved recovery rates and fresh ore supply [4]. Summary by Sections Lithium Mining - Mt Marion's Q1 2025 shipment volume was 138,000 tons, a 25% increase quarter-on-quarter but a 9% decrease year-on-year, with an average grade of 4.4% [2]. - The average sales price for Mt Marion lithium concentrate was $845 per ton, a 4% increase from the previous quarter [3]. - Wodgina's Q1 2025 shipment volume was 118,000 tons, a 3% decrease quarter-on-quarter and a 13% decrease year-on-year, with an average grade of 5.3% [7][8]. Iron Ore - Onslow Iron's Q1 2025 production was 3.43 million tons, a 23% decrease quarter-on-quarter, with an average realized price of $89 per ton [9][14]. - The production guidance for Onslow Iron has been slightly adjusted down to 8.5-8.7 million tons for FY2025 [9]. - The offshore cost for Onslow Iron was $58 per wet ton, with a guidance range of $60-70 per wet ton maintained [9][15]. Mining Services - The total mining volume for Q1 2025 was 62 million tons, a decrease of 6 million tons quarter-on-quarter, primarily due to reduced output from Yilgarn Hub and Bald Hill [17]. - The expected mining volume for FY2025 is at the lower end of the guidance range (280-300 million tons), with growth anticipated in Q2 2025 [17].