Syrah Resources reports wider loss amid production halt

Syrah Resources Limited announced a net loss after income tax of $59.8 million for the half-year ended June 30, 2025, compared to a $67.1 million loss in the prior corresponding period. Revenue from continuing operations plummeted to $2.0 million from $19.0 million in H1 2024, attributed to the suspension of production at Balama until June 2025. The company recorded a gross loss of $33.4 million, up from $25.0 million, reflecting continued fixed operating costs.

Total assets stood at $671.5 million as of June 30, 2025, down from $692.1 million at December 31, 2024. Cash and cash equivalents decreased from $87.5 million to $42.8 million, with $12.2 million being unrestricted. Subsequent to the period, Syrah announced an institutional placement and entitlement offer to raise A$70 million and secured forbearance agreements with the DOE and DFC regarding loan defaults.

The company is addressing a notice from Tesla Inc regarding an alleged default on an offtake agreement to supply natural graphite AAM from Vidalia. A material uncertainty regarding Syrah's ability to continue as a going concern exists until a satisfactory restructuring of the DFC loan is achieved.