Albemarle reported a net loss of US$1.1 billion in Q3 2024.
Its energy storage net sales dropped 55% year-on-year, and 8% quarter-on-quarter to US$767 million. Adjusted EBITDA for the energy storage segment declined 76% to US$143 million, down US$462 million from the same period last year.
According to Albemarle, Q3 2024 lithium sales volume reached 59,000 metric tonnes of lithium carbonate equivalent (LCE), up from 53,000 tonnes in Q2. Around two-thirds of the lithium chemical volumes are sold under index-referenced, variable-priced contracts with an average duration of 2-5 years, subject to a three-month price lag and sometimes featuring price floors and ceilings. The management said the contract mix won't change substantially, but there would be growth to look forward to in more spot sales.
Albemarle will continue to focus on reducing costs and managing capital expenditures, which are set to fall by 50% in 2025 to a range of US$800-$900 million.
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