Atlas Lithium filed its Q3 2025 financial statements on November 14, 2025, showing a cash balance of $20.98 million and current assets of $23.55 million against current liabilities of $6.38 million, which translates to a current ratio of 3.69 and working capital of $17.17 million. The company’s balance sheet remains free of long‑term debt, giving it a solid liquidity cushion to fund the next phase of the Neves lithium project.
The company posted a net loss of $6.95 million for the quarter, a 23% improvement from the $9.03 million loss reported a year earlier. EPS for the period was –$0.35, beating the consensus of –$0.64 by 45%, a result driven by tighter operating costs and lower interest expense relative to the prior year. The improvement in loss and EPS reflects disciplined cost management amid ongoing capital expenditures.
Despite the positive liquidity picture, Atlas Lithium’s cash burn remains steep. EBITDA for the twelve months ended September 30 was –$36.8 million, and the company’s free cash flow was negative, indicating that the $20.98 million cash balance will be depleted in the next 12–18 months if spending continues at the current pace. The company also carries $10.41 million of debt as of June 2025, but the debt is short‑term and the cash position comfortably covers it, leaving the company with a net working capital cushion.
Procurement activity for the Neves project accelerated in the quarter, with 17 companies bidding on earthworks, 14 on administrative and operational buildings, 11 on civil works, and 12 on mechanical assembly. The breadth of bids signals strong industry confidence and positions Atlas to secure competitive pricing. The definitive feasibility study completed in August 2025 projects a 145% after‑tax internal rate of return and a $539 million after‑tax net present value, underscoring the project’s attractive economics.
Chairman and CEO Marc Fogassa said the company’s “robust cash position and minimal debt provide us with the financial foundation to execute our development strategy while maintaining operational flexibility.” Engineering VP Eduardo Queiroz added that the “exceptional level of contractor interest validates the attractiveness of our Neves Project.” The company remains on track to secure the “Portaria de Lavra” mining concession, which authorizes continuous mining operations in Brazil.
While the company’s liquidity and procurement momentum are encouraging, investors remain cautious due to the high cash burn and the need to transition from a development to a production‑phase company. Management has not issued new guidance for the next quarter, but the strong economics of the Neves project and the company’s ability to secure competitive bids suggest a path toward eventual profitability.
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