LiTHOS Group Ltd. ("LiTHOS" or the "Company"), a leader in innovative lithium extraction technologies, filed its Fiscal Year-End (FYE) audited financial statements on July 29th, 2024. For the full report, please click here. The Company wishes to highlight the following:
Investment in Growth Initiatives:
LiTHOS continues to invest in its growth initiatives, with notable expenditures in business development, corporate development, and AcQUA™ technology. These investments are essential for driving future growth and value creation for our shareholders.
Revenue Growth Potential:
The acquisition of AcQUA™ patent-pending electro-pressure membrane process for lithium chloride recovery. This acquisition significantly enhanced LiTHOS' technical capabilities and enabled the Company to secure multiple paid pilot brine processing projects with top-tier lithium producers.
Financial Highlights:
Increased Financing Activities to Invest in AcQUA™ Commercialization: LiTHOS management raised $3.5 million in cash cumulative through financing activities, up substantially from $956,824 in FY 2023.
Strengthened Balance Sheet - LiTHOS increased investment to $857,068 in Tangible Assets in the AcQUA™ facility. This demonstrates the company's commitment to prudent investment of working capital and strengthening its balance sheet to uplist in the US equity markets.
Positive Grant Income: LiTHOS recognized $783,568 in grant income from highly competitive Federal US Department of Energy and Colorado State grants. This non-dilutive source of cash contributed to the company's improved cash flow and enabled further investment in cutting-edge AcQUA lithium extraction technology.
Increased Cash Position: As of April 30, 2024, the company reported a cash balance of $691,178, a healthy increase from $577,669 at the end of the previous fiscal year. This solid cash position provides a strong foundation for ongoing and future projects.
Scott Taylor, CEO of LiTHOS, stated, "We are thrilled with the progress we have made in reducing our debt, securing financing, and making strategic acquisitions. These steps are crucial as we advance our innovative lithium extraction technologies and position LiTHOS for long-term success. Our acquisition of Aqueous Resources LLC and the recognition of significant grant income are pivotal milestones that will propel our growth strategy forward."
Financial Summary:
Total Assets: Increased to $26.2 million as of April 30, 2024, from $17.2 million as of April 30, 2023, showcasing our robust asset base.
Shareholders' Equity: Increased to $23.3 million from $16.8 million over the same period, reflecting the value created for our shareholders.
Net Loss: Reported a net loss of $7.3 million for the fiscal year ended April 30, 2024, compared to a net loss of $2.0 million for the previous year. The loss underscores our commitment to investing in future growth through business, corporate and technology development.
