Livent Releases 3rd Quarter 2022 Results.

PHILADELPHIA:

-- Record Financial Performance Achieved in Third Quarter --

-- Capacity Expansions Remain on Track --

-- Increasing Midpoint of 2022 Full Year Adjusted EBITDA Guidance --

Livent Corporation (NYSE: LTHM) today reported results for the third quarter of 2022.

Revenue was $231.6 million, up 6% and 124% from the second quarter of 2022 and the prior year, respectively. Reported GAAP net income was $77.6 million, 29% higher than the previous quarter, and 37 cents per diluted share. Adjusted EBITDA was $110.8 million, 17% above the previous quarter and over seven times higher than the prior year, and adjusted earnings per diluted share were 41 cents. Continued strength in lithium market conditions and in customer demand throughout the third quarter supported higher sequential volumes and favorable product mix.

"Lithium demand has remained robust despite some near-term supply chain disruptions and global macro concerns," said Paul Graves, president and chief executive officer of Livent. "Published lithium prices moved higher in the third quarter amid continued favorable market conditions. Livent achieved higher realized prices and delivered increased volumes to customers."

Capacity Expansion

As planned, the Company's 5,000 metric ton expansion of lithium hydroxide in Bessemer City was mechanically completed in the third quarter and is in the early stages of producing and qualifying product with customers. Livent continues to champion U.S. based lithium production and its leading domestic footprint positions the company to take advantage of incremental long-term growth opportunities available under the recently enacted Inflation Reduction Act (IRA), which amongst other features, provides incentives to invest in localized supply chains for energy storage.

The Company remains on schedule to deliver on all its announced capacity expansions. The first 10,000 metric tons expansion of lithium carbonate in Argentina is expected to be mechanically complete by year-end 2022 and in production by the first quarter of 2023. Livent is also on track to add the next 10,000 metric tons of lithium carbonate capacity in Argentina by the end of 2023. Together, this will nearly double Livent's total available LCEs (1) from 2021 levels.

Additionally, Livent has secured a location and begun work to add an additional 15,000 metric tons of lithium hydroxide capacity in China. This production asset will be located in the province of Zhejiang and is expected to...