REG - ATOME PLC - Unaudited Half Year Results 2025
29/08/2025 07:00
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RNS Number : 1038X ATOME PLC 29 August 2025
29 August 2025
ATOME PLC
("ATOME", "the Company", or "the Group")
Unaudited Results for the Six Months Ended 30 June 2025
Business Update
ATOME (AIM: ATOM), the world-leading low-carbon fertiliser developer and the
UK's only dedicated international industrial scale low-carbon fertiliser
company, is pleased to announce its unaudited results for the six-month period
ended 30 June 2025 which are set out below together with a business update.
H1 2025 Operational Highlights:
· Hy24, the world's leading clean hydrogen infrastructure fund,
secured as anchor and lead equity investor for the Villeta project ("Villeta")
with the signing of Heads of Terms for a contemplated $115 million investment
· Signed the definitive $465 million fixed-price, lump-sum EPC contract
with Casale and commencement of detailed engineering work
· Creation of ATOME POWER, a new division to progress plans for an up
to 400MW solar generation facility in Paraguay with the potential to deliver
significant income streams for the group
H1 2025 Financial Highlights:
· For the six months ended 30 June 2025, ATOME recorded a loss of
US$3.1 million (H1 2024: US$2.8 million), with US$6.6 million of costs
capitalised at at 30 June 2025 in relation to the 145MW Villeta Project (30
June 2024: US$6.2 million)
Post H1 2025 Events:
· The European Investment Bank being the lending arm of the
European Union was the first of the multilateral lenders to give in-principle
Board approval to US$135 million of senior debt financing for Villeta
· The Green Climate Fund, the world's largest climate fund,
approved US$50 million of concessional finance for Villeta
· Significant work on due diligence and documentation has and is
continuing to take place to achieve final milestones to enable Final
Investment Decision ("FID") and commencement of site works on Villeta before
end of this year
Business Update
ATOME continues to make expeditious progress on its flagship Villeta project,
with news on signing of the definitive offtake agreement with Yara and
constitution of the club for the equity part of the Project Finance for
Villeta now expected during the course of September, leading on to the
targeted FID and commencement of construction later this year.
ATOME has a significant pipeline of projects including in relation to ATOME
POWER and views the future with increasing confidence as it focuses on
maintaining momentum and continues to evaluate opportunities to expand the
current portfolio of interests.
The Company's latest Corporate Presentation can be found on the Company's
website at www.atomeplc.com (http://www.atomeplc.com)
Statement by Olivier Mussat, CEO:
"ATOME has made considerable progress in the first six months of the year as
stated here and as referred to in the Current Trading section of the market
announcement of our 2024 full year results which was issued 2 months ago.
"The Villeta project is expected be the largest low-carbon fertiliser
production facility in the world when it comes on stream. With news of signing
the definitive offtake agreement with Yara, constitution of the Project equity
club and of the multilateral lenders in the Project Financing expected in the
coming weeks, we will then be well set to navigate our course for FID and
commencement of construction by the end of the year.
"With a growing pipeline of potential projects, including relating to ATOME
POWER, once Villeta is under construction, our Company will be uniquely
positioned to expand its platform and exploit the benefit of its position,
know-how, developed engineering and design, management expertise and
commercial offtake experience to take advantage of opportunities as they
arise. With an exciting rest of the year in prospect and the culmination of
what we have been working towards for the last 3 years we view the outlook for
ATOME with growing confidence.
"We wish to express our thanks and appreciation to the Paraguay government and
authorities for their continued support for our projects. We are grateful to
stakeholders, projected partners and our colleagues for their hard work and
loyalty in pursuit of the Company's objectives.
"The team has been very busy over the summer and Shareholders can now expect
an increasing flow of market announcements as we move to the final phases
towards FID."
The 2025 Half Year Report and Financial Statements will be made available at
https://www.atomeplc.com/ (https://www.atomeplc.com/)
In accordance with Rule 17 and Schedule Two of the AIM Rules by way of update,
Peter Levine was appointed a non-executive director of President Petroleum
S.A. (Argentina) on 21 September 2023 which has now been placed into
liquidation at the application of that company on 12 August 2025.
For further information on ATOME, please visit the Company's Curation Connect
showcase at: https://app.curationconnect.com/company/Atome-71605
(https://app.curationconnect.com/company/Atome-71605)
For more information, please visit https://www.atomeplc.com
(http://www.atomeplc.com/) or contact:
ATOME PLC +44 (0) 113 337 2210
Nikita Levine, Investor Relations info@atomeplc.com
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish, Michael Cornish
Stifel (Joint Broker) +44 (0) 20 7710 7600
Jason Grossman, Ashton Clanfield
SP Angel (Joint Broker) +44 (0) 20 3490 0470
Richard Hail, Jen Clarke
FTI Consulting (Communications Adviser) +44 (0) 20 3727 1000
Elizabeth Adams, Ben Brewerton atome@fticonsulting.com
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain. The person who arranged for the
release of this announcement on behalf of the Company was Peter Levine,
Chairman.
About ATOME
ATOME PLC is an AIM-listed company targeting green fertiliser production with
445-megawatt of projects in Paraguay and a further pipeline of potential
projects in Central America. ATOME has now created its ATOME POWER division
which is in the early stages of developing a significant green power
generation and infrastructure business. ATOME's projects are situated at the
heart of one of the world's largest food export hubs - the Mercosur region in
the Southern Cone of South America with the Argentinian and Brazilian markets
next door. ATOME's production will disrupt the region's heavy dependence on
imported fossil fuel generated fertilizer, contributing to regional food
security goals.
ATOME's first project in Villeta, Paraguay, benefits from a 145MW renewable
power purchase agreement and 43 hectares of land in a tax-free zone. Front End
Engineering Design studies have been completed and the Definitive Offtake
Agreement signed with Yara International, the leading international fertiliser
company, for offtake of all of Villeta's green fertiliser production. In early
2025, ATOME announced Hy24, the leading clean hydrogen asset manager, as
anchor and lead equity investor in the project, and confirmed the signing of
the US$465 million fixed-price EPC contract with leading ammonia and
fertiliser engineering specialist Casale S.A. The Company is now negotiating
the project finance with a view to commencing work in 2025. There is a further
up to 300MW of renewable power reserved for ATOME in Paraguay.
In Costa Rica, The National Ammonia Corporation S.A. was formed in 2022 with
local partner Cavendish S.A. based in Costa Rica to develop green fertiliser
projects for the region. As well as straddling the Pacific and Atlantic
Oceans, Costa Rica is a democratic Central American country. In agriculture,
Costa Rica is the second largest supplier of pineapples in the world and is in
the top ten banana growers.
All power for ATOME is from 100% renewable sources and all chosen sites are
located close to the power and water sources and export facilities to serve
significant domestic and then international demand. Approximately a third of
human-caused GHG emissions is linked to food production according to UN data,
and fertiliser use and production is the source of more emissions than the
shipping and aviation industries combined. ATOME's green Calcium Ammonium
Nitrate product will contribute to decarbonising the food sector from the
bottom up, getting to the root of the food value chain's emissions. ATOME's
renewably-generated fertiliser is both clean and promotes high crop yields,
unlike conventional nitrogen fertiliser which has a heavy carbon footprint.
The Company has a green-focused Board which is supported by major shareholders
including Peter Levine, Schroders, a leading fund manager, and Baker Hughes, a
global technology company operating in the energy and industry sectors.
Other information
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Financial Review to 30 June 2025
The condensed financial statements present the half-year results for the six
months ended 30 June 2025 for ATOME PLC, a low carbon fertiliser project
development company listed on AIM, with large-scale projects in South and
Central America concentrating on energy and food security.
Operating loss attributable to the Group's equity holders was in line with
expectations and totalled US$2.5 million (US$2.4 million and US$6.9 million
for the six months ended 30 June 2024 and for the year ended 31 December 2024,
respectively). As the Villeta project has advanced, other directly
attributable costs totalling cumulatively US$6.6 million were capitalised as
at 30 June 2025 (US$6.2 million as at 30 June 2024 and US$6.4 million as at 31
December 2024).
Net cash used by operating activities totalled US$1.4 million
(US$1.6 million for the six months ended 30 June 2024 and US$2.3 million for
the year ended 31 December 2024, respectively), with cash used by investing
activities totalling US$0.23 million (US$1.3 million for six months ended 30
June 2024 and US$1.6 million for year ended 31 December 2024, respectively).
Operating deficit and cash outflows to investing activities were financed
primarily by investment fees advanced by Hy24 totalling US$2m (US$2.4 million
for the six months ended 30 June 2024 and US$3.6 million in the year ended 31
December 2024 by net proceeds from share placings) with support available in
the form of a shareholder facility as previously announced to the market
The results of the Group are presented in US Dollars as all its budgeting,
cost management and future trading is or will be denominated in US Dollars.
The foreign exchange gains and losses arising from translation from the Group
entities functional currency to US Dollars are taken to the Translation
reserve on the statement of financial position.
6 months 6 months Year ended
to 30 June to 30 June 31 Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Loss before tax (2,500) (2,541) (7,079)
Net cash used by operating activities (1,430) (1,552) (2,272)
Proceeds from issue of shares (net of expenses) 49 2,444 3,672
Net debt (247) (700) (508)
Cash balance 361 77 167
Condensed Consolidated Statement of Comprehensive Income
6 months 6 months Year ended
to 30 June to 30 June 31-Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
Note US$000 US$000 US$000
Continuing operations
Administrative expenses 3 (2,534) (2,430) (6,946)
Operating loss (2,534) (2,430) (6,946)
Finance Income 6 16 26
Finance costs (158) (129) (159)
Foreign exchange gain 186 2 -
Loss before taxation (2,500) (2,541) (7,079)
Loss for the period from continuing operations (2,500) (2,541) (7,079)
Non-controlling interest 1 (197) (187)
Loss for the period attributable to the equity holders (2,499) (2,738) (7,266)
Other comprehensive income net of tax
Items that may subsequently be reclassified to profit or loss
Exchange differences on translation of foreign (573) (74) (14)
operations
Total comprehensive loss for the period (3,072) (2,812) (7,280)
attributable to the equity holders of the Parent
Loss per share from continuing operations US cents US cents US cents
Basic loss per share from continuing operations 4 (5.23) (6.30) (16.13)
Diluted loss per share from continuing operations 4 (5.23) (6.30) (16.13)
Condensed Consolidated Statement of Financial Position
30-Jun 30-Jun 31-Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Note
ASSETS
Non-current assets
Intangible assets 5 6,173 5,854 6,010
Goodwill 2 2 2
Property, plant and equipment 6 1,367 1,223 1,312
7,542 7,079 7,324
Current assets
Trade and other receivables 7 1,130 1,178 755
Cash and cash equivalents 361 77 167
1,491 1,255 922
TOTAL ASSETS 9,033 8,334 8,246
LIABILITIES
Current liabilities
Trade and other payables 8 6,671 3,249 4,367
Borrowings 9 135 33 135
6,806 3,282 4,502
Non-current liabilities
Non-current portion of leases 8 - 15 2
Borrowings 9 608 777 675
608 792 677
TOTAL LIABILITIES 7,414 4,074 5,179
EQUITY
Share capital 134 121 127
Share premium 24,755 19,725 23,153
Retained earnings (24,309) (17,282) (21,810)
Translation reserve (679) (166) (106)
Share option reserve 1,730 1,862 1,713
Equity attributable to owners of the parent 1,630 4,260 3,077
Non-controlling interest (11) - (10)
TOTAL EQUITY 1,619 4,260 3,067
TOTAL EQUITY AND LIABILITIES 9,033 8,334 8,246
Condensed Consolidated Statement of Changes in Equity
Share capital and premium Retained earnings Other Reserves Total Non-controlling interest Total
US$000 US$000 US$000 US$000 US$000 US$000
Balance as at 1 January 2024 (14,544) 1,667 4,113 (197) 3,916
16,990
Share-based payments - - 103 103 - 103
Offer of shares to public 2,919 - - 2,919 - 2,919
Costs of issue of new shares (63) - - (63) - (63)
Transactions with owners 2,856 - 103 2,959 - 2,959
Loss for the period - (2,541) - (2,541) - (2,541)
Non-controlling interest share in comprehensive loss (197) - (197) 197 -
Exchange differences on translation - (74) (74) - (74)
Total comprehensive loss - (2,738) (74) (2,812) 197 (2,615)
Balance as at 30 June 2024 19,846 (17,282) 1,696 4,260 - 4,260
Share-based payments - - (149) (149) - (149)
Offer of shares to public 3,496 - - 3,496 - 3,496
Costs of issue of new shares (62) - - (62) - (62)
Transactions with owners 23,280 (17,282) 1,547 7,545 - 7,545
Loss for the period - (4,538) - (4,538) - (4,538)
Non-controlling interest share in comprehensive loss 10 - 10 (10) -
Exchange differences on translation - - 60 60 60
Total comprehensive loss - (4,528) 60 (4,468) (10) (4,478)
Balance as at 1 January 2025 23,280 (21,810) 1,607 3,077 (10) 3,067
Share-based payments - - 17 17 - 17
Offer of shares to public 1,608 - - 1,608 - 1,608
Costs of issue of new shares - - - - - -
Transactions with owners 1,608 - 17 1,625 - 1,625
Loss for the period - (2,500) - (2,500) - (2,500)
Non-controlling interest share in comprehensive loss 1 - 1 (1) -
Exchange differences on translation - (573) (573) - (573)
Total comprehensive loss - (2,499) (573) (3,072) (1) (3,073)
Balance as at 30 June 2025 24,889 (24,309) 1,051 1,630 (11) 1,619
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2025
6 months 6 months Year ended
to 30 June to 30 June 31-Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Cash flows from operating activities
Cash used in operating activities - (note 10) (1,430) (1,552) (2,272)
(1,430) (1,552) (2,272)
Cash flows from investing activities
Purchase of intangible assets (231) (1,361) (1,622)
Interest received 6 16 26
(225) (1,345) (1,596)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses) 49 2,444 3,672
Investment fees advanced 2,000 - -
Proceeds from borrowings - - 195
Finance costs (158) (3) (154)
Repayment of borrowings (67) - (195)
Repayment of obligations under leases (14) (12) (27)
1,810 2,429 3,491
Net increase/(decrease) in cash and cash equivalents 154 (468) (377)
Opening cash and cash equivalents at beginning of period 167 550 550
Exchange (losses)/gains on cash and cash equivalents 39 (5) (6)
Cash and cash equivalents at end of period 361 77 167
Notes to the Financial Statements
Six months ended 30 June 2025
1. Nature of operations and general information
ATOME PLC (the Company) is a public company limited by shares and incorporated
in England in the United Kingdom under the Companies Act 2006. The address of
the Company's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG.
The Company's and its subsidiaries' (the Group) operations and principal
activities include planning, development and execution of the projects to
produce low carbon fertiliser using renewable energy. The Company is quoted on
the AIM market of the London Stock Exchange (ticker: ATOM), and is
headquartered in Leeds, UK, with offices in Asunción, Paraguay and Costa
Rica.
These condensed consolidated interim financial statements (the interim
financial statements) have been approved for issue by the Board of Directors
on 28 August 2025. The financial information for the six months ended 30 June
2025 and 30 June 2024 was neither audited nor reviewed by the auditor. The
Group's audited statutory financial statements for the year ended
31 December 2024 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified, did not
include a reference to matters to which the auditors drew attention by way of
emphasis except for potential material uncertainty that may arise around the
Company's ability to continue as a going concern, and did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
2. Basis of preparation
The interim financial statements do not include all the information required
for full annual financial statements and should be read in conjunction with
the consolidated financial statements of the Group for the year ended 31
December 2024, which have been prepared in accordance with UK adopted
International Accounting Standards.
These financial statements have been prepared under the historical cost
convention, except for any derivative financial instruments which have been
measured at fair value. The accounting policies adopted in the 2025 interim
financial statements are the same as those adopted in the financial statements
for the year ended 31 December 2024, as included in the 2024 Annual report,
and which are expected to be adopted in the financial statements for the year
ended 31 December 2025.
6 months 6 months Year ended
to 30 June to 30 June 31 Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
3 Administrative expenses
Directors' fees and staff costs (including non-executive Directors) 1,059 1,005 4,110
Cost of issue for existing shares - 75 -
Share-based payments 17 103 162
Depreciation 13 13 29
Other 1,445 1,234 2,645
2,534 2,430 6,946
Notes to the Financial Statements
Six months ended 30 June 2025 - continued
4 Loss per share
Net loss for the period attributable to the equity holders of the Parent (2,499) (2,738) (7,266)
Company
Number Number Number
'000 '000 '000
Weighted average number of shares in issue 47,794 43,462 45,053
Loss per share from continuing operations US cents US cents US cents
Basic (5.23) (6.30) (16.13)
Diluted (5.23) (6.30) (16.13)
5 Intangible Assets
Total
US$000
Cost
At 1 January 2024 4,512
Additions 1,342
At 30 June 2024 5,854
Additions 156
At 1 January 2025 6,010
Additions 163
At 30 June 2025 6,173
Net Book Value 30 June 2025 6,173
Net Book Value 30 June 2024 5,854
Net Book Value 31 December 2024 6,010
Notes to the Financial Statements
Six months ended 30 June 2025 - continued
6 Property, plant and equipment
Land Leased
Assets Assets Other Assets Total
US$000 US$000 US$000 US$000
Cost
At 1 January 2024 918 103 253 1,274
Additions - - 19 19
At 30 June 2024 918 103 272 1,293
Reclassification to other assets (12) - 12 -
Additions - - 105 105
Disposals - (47) - (47)
At 1 January 2025 906 56 389 1,351
Additions - - 68 68
At 30 June 2025 906 56 457 1,419
Depreciation
At 1 January 2024 7 50 - 57
Charge for the period - 13 - 13
At 30 June 2024 7 63 - 70
Reclassification to other assets (7) - 7 -
Charge for the period - 12 4 16
Disposals - (47) - (47)
At 1 January 2025 - 28 11 39
Charge for the period - 13 - 13
At 30 June 2025 - 41 11 52
Net Book Value 30 June 2025 906 15 446 1,367
Net Book Value 30 June 2024 911 40 272 1,223
Net Book Value 31 December 2024 906 28 378 1,312
Notes to the Financial Statements
Six months ended 30 June 2025 - continued
6 months 6 months Year ended
to 30 June to 30 June 31 Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
7 Trade and other receivables
Outstanding on share issue 562 791 450
Other receivables 241 285 220
Prepayments 327 102 85
1,130 1,178 755
8 Trade and other payables
Current
Other payables 6,655 3,222 4,340
Current portion of leases 16 27 27
6,671 3,249 4,367
Non-current
Non-current portion of leases - 15 2
- 15 2
6,671 3,264 4,369
9 Borrowings
Current
Bank loan due < 1 year 135 33 135
135 33 135
Non-current
Bank loan due > 1 year 608 777 675
608 777 675
743 810 810
Notes to the Financial Statements
Six months ended 30 June 2025 - continued
10. Reconciliation of operating profit to net cash outflow from operating
activities
6 months 6 months Year ended
to 30 June to 30 June 31 Dec
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
US$000 US$000 US$000
Loss from operations before taxation (2,534) (2,430) (6,946)
Interest accretion on lease liability 1 1 2
Depreciation and impairment of property, plant - - (5)
and equipment 13 13 29
Foreign exchange difference (476) (67) 41
Placing costs expensed - 75 -
Payments in kind for shares placed 1,496 337 3,025
Share-based payments 17 103 (46)
Operating cash flows before movements in
working capital (1,483) (1,968) (3,900)
Decrease/(increase) in receivables (262) 32 114
Increase/(decrease) in payables 315 384 1,514
Net cash used in operating activities (1,430) (1,552) (2,272)
11. Capital commitments
The Group's outstanding capital commitments in relation to its projects
totalled US$2.3 million as at 30 June 2025.
12. Share capital
In May 2025, the Company issued 2,445,909 new ordinary shares ("Subscription
Shares") at a price of £0.50 per share being approximately a 29% premium to
the middle market price of the shares of the company as at the close of
business on 21 May 2025. Gross proceeds totalled US$1.6 million, of which
$1.1 million was offset against amounts payable to directors and employees,
the balance of US$0.5m being added to share receivables which is being settled
in kind.
-ends-
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