The company highlights key investments; Q2 revenue up 1.3 percent year-to-year.
Canada-based Neo Performance Materials, which specializes in producing metal alloys and rare earth magnets, reported a revenue of $170.4 million during the second quarter of 2023 in its earnings report published Friday. This is a 1.3 percent year-to-year increase, the company added. Compared to last quarter’s net loss, the company managed to earn an adjusted net income of $2.5 million in the quarter or $0.05 per share.
The company cites “high volumes for value-added rare earth products outside of China” as the main reason for the rise in revenue and cashflow which enabled the investments in multiple rare earth projects in Europe: Neo’s subdivision Magnequench is building a rare earth magnet production facility in Narva, Estonia for which it recently acquired the European magnet manufacturer SG Technologies Group Limited. To complete the rare earth magnet value chain, Neo also highlighted the ongoing investment into rare earths exploration in Greenland under its Neo North Star division.
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